Name: 為什麼歐洲價值 52 億美元的國防科技產業才剛剛起步？ (Why Europe's $5.2 Billion Defense Tech Boom Is Just Getting Started)
Uploaded: 2025-10-07T18:22:47.000Z
Duration: 11 min 44 s

This is one of the headsets we are using to reproduce the mixed reality version of the Advanced Comandpos.

這是我們用來重現 Advanced Comandpos 混合實境版本其中一款的頭戴裝置。

This is Gustavo Medina, the CEO of XRF AI.

這位是 XRF AI 的執行長 Gustavo Medina。

He founded the startup in late 2022 with one mission, to help improve decision making during crises.

他在 2022 年底創立這家新創公司，目標是協助改善危機期間的決策。

In September 2024, the company raised 2.3 million euros in seed funding, riding the wave of investor interest in Europe's growing defense tech sector.

在 2024 年 9 月，該公司在歐洲國防科技產業日益增長的投資熱潮中，成功募得 230 萬歐元的種子輪融資。

According to the NATO Innovation Fund, venture capital investment in deep tech, defence, security and resilient startups has grown from $159 million in 2014 to $5.2 billion in 2024, a 32 fold increase in just a decade.

根據北約創新基金的說法，深度科技、國防、安全和韌性新創公司的創投投資，已從 2014 年的 1.59 億美元成長到 2024 年的 52 億美元，短短十年內成長了 32 倍。

VC firms invest in early stage companies in exchange for a stake in their future growth.

創投公司會投資早期階段公司，以換取其未來成長的股份。

And when their money floods a sector, it can signal an industry on the cusp of rapid expansion.

當他們的資金湧入某個產業時，這可能預示著該產業即將快速擴張。

While we've seen a massive frenzy and demand for defence investments, and

儘管我們看到國防投資出現了巨大的狂熱和需求，

that's in both public and private markets.

這同時也體現在公共和私人市場。

And one example of this is Spotify CEO Daniel Ek's venture capital firm, which held a 600 million euro funding round for the defence tech firm Helsing earlier this year.

而其中一個例子就是 Spotify 執行長 Daniel Ek 的創投公司，該公司今年稍早為國防科技公司 Helsing 完成了 6 億歐元的募資。

You might know Helsing for its drones, which are used for underwater surveillance and military strikes.

你可能知道 Helsing 的無人機，它們用於水下偵察和軍事打擊。

Across Europe, startups are building unmanned vehicles for land, sea and air, developing quantum based warfare sensors, and

在歐洲各地，新創公司正在打造陸海空無人載具，開發基於量子技術的戰爭感測器，以及

creating AI powered systems for cyber surveillance.

創建用於網路監控的 AI 驅動系統。

There has been a fundamental shift in defence economics across Europe.

歐洲的國防經濟已經發生了根本性的轉變。

It's not just an increase in defence spending, it's what is defence.

這不只是國防支出的增加，而是「什麼是國防」的定義。

So why are investors betting on European defence tech and what more needs to be done for the sector to truly compete at a global level?

那麼，為什麼投資者會押注歐洲國防科技，以及該產業要真正與全球競爭還需要做些什麼？

We have seen a huge ramp up in investment and defence in Europe over the last three years now, and

在過去三年裡，我們看到歐洲的國防投資大幅增加，

it's really driven by the threat posed by Russia's full scale invasion of Ukraine in February 2022.

這主要是由俄羅斯在 2022 年 2 月全面入侵烏克蘭所帶來的威脅所驅動。

But also it's the perception now that Europe needs to fund more of its own Security.

但現在的觀念是，歐洲需要資助更多自身的安全。

In March 2025, the European Union announced its Rearm Europe plan, which mobilizes up to billion euros in defence spending.

歐盟在 2025 年 3 月宣佈了「歐洲重整軍備」計畫，將動用高達數十億歐元的國防開支。

And a few months later, NATO leaders, most of them European, committed to ramping up their defence budgets to 5% of their country's GDP after months of pressure from the us.

幾個月後，北約領導人（其中大部分是歐洲國家）在美國的壓力下，承諾將國防預算提高到國家 GDP 的 5%。

It's the question over the commitment or reliability of the US as an ally in the region.

這關乎美國作為該地區盟友的承諾或可靠性問題。

歐洲在重整軍備方面還有很多工作要做。

Over recent decades, its capabilities have slipped.

過去幾十年來，其能力已經下滑。

While the us, China and Russia have surged Ahead on equipment, personnel and expenditure.

而美國、中國和俄羅斯在裝備、人員和支出方面都已大幅領先。

And with new tech offering fresh ways to boost military capabilities, the industry is shifting focus from hardware to software, especially deep tech.

隨著新科技提供了增強軍事能力的嶄新方法，該產業正將焦點從硬體轉向軟體，特別是深度科技。

Think cutting edge advances in science and engineering like quantum computing, AI, biotech and space innovation.

想像一下科學和工程方面的尖端進展，例如量子計算、XRF AI、生物科技和太空創新。

Between 2022 and 2024, European startups made up the largest share of VC funding in a few key deep tech, quantum cryptography, grid technology and quantum computers and processors.

在 2022 年到 2024 年間，歐洲新創公司在幾個關鍵的深度科技、量子加密、電網技術以及量子電腦和處理器領域，佔據了創投融資的最大份額。

These pieces of tech enable faster and more secure communication channels, both on the battlefield and to counter gray zone threats.

這些技術能夠實現更快、更安全的通訊管道，無論是在戰場上還是用來應對灰色地帶威脅。

Think economic coercion, cyber attacks, proxy warfare, and even undermining or overthrowing governments In Europe.

想像一下經濟脅迫、網路攻擊、代理人戰爭，甚至顛覆或推翻歐洲各國政府。

Gray zone activities led by Russia quadrupled between 2022 and 2023 and then nearly tripled between 2023 and 2024.

俄羅斯領導的灰色地帶活動在 2022 年到 2023 年間增加了三倍，然後在 2023 年到 2024 年間又幾乎增加兩倍。

We're currently looking in two segments of defense tech, the one we've always looked at, which is cyber, and

我們目前關注國防科技的兩個領域，一個是我們一直關注的網路安全，

then on physical defense we spend time on dual use and defensive defense.

另一個是實體國防，我們會花時間研究雙重用途和防禦性國防。

We have historically been early stage investors across all technology, enterprise, fintech, cyber and consumer.

我們歷來都是所有技術、企業、金融科技、網路安全和消費領域早期階段的投資者。

So one of the trends that I'm really interested in is the software defined defense.

所以我非常感興趣的一個趨勢是軟體定義國防。

So that's bringing in the software element to overlay the hardware.

這就是將軟體元素引入，疊加在硬體之上。

Technology is at the center of no less than nine defence initiatives launched by the European Commission since 2017.

科技是歐洲委員會自 2017 年以來發起的九項國防計畫的核心。

There's the research branch of the European Defence Fund, for example, which prioritises autonomous systems, AI and advanced modular microchips known as chiplets, or the EU Defence Innovation Scheme as part of the edf, which encourages applications for advanced sensors, human machine corporation and biotechnologies.

例如，歐洲國防基金的研究分支，它優先考慮自主系統、AI 和稱為 chiplets 的先進模組化微晶片，或是 EDF 中的歐盟國防創新計畫，鼓勵申請先進感測器、人機協作和生物技術。

These funding channels come in addition to member states own investments like Germany's €500 billion infrastructure fund and the €1 billion NATO innovation fund.

這些資金管道，再加上成員國自身的投資，例如德國的 5000 億歐元基礎設施基金和 10 億歐元的 NATO Innovation Fund。

The the world's first multi sovereign venture capital fund.

這是全球首個多主權創投基金。

Historically, infrastructure based defense had been a mismatch with the venture capital like fund and funding cycles because you had this really wide gap between innovation and actually like procurement and use.

過去，基於基礎設施的國防與創投基金和融資週期不太相符，因為創新與實際採購和使用之間存在巨大的鴻溝。

The easiest example of this is, you know, fighter jet gets sold on year T0, it gets into production on T + 20.

最簡單的例子是，戰鬥機在 T0 年售出，T+20 年才投入生產。

That's outside of like a VC investible asset.

這超出了創投可投資資產的範圍。

We were profitable from the very first day, but

我們從第一天起就開始獲利，但

at some point we thought that we wanted to buy time.

有些時候我們覺得我們想爭取時間。

We went really, really fast and now we are thinking about starting a new process because we want to go even faster and start working on these autonomous vehicles.

我們真的、真的跑得很快，現在我們正在考慮啟動一個新流程，因為我們想跑得更快，並開始著手開發這些自動駕駛車輛。

The speed of innovation has picked up on the defense physical side and that has been matched with also a speed of procurement on the government side and so now suddenly businesses that historically were out of scope for us have come into scope by marrying cutting edge tech, dual use and a client that's actually predictable in a reasonable time.

國防實體領域的創新速度加快了，政府的採購速度也跟上來了，所以現在原本對我們來說不在範圍內的企業，突然之間因為結合了尖端科技、雙重用途以及一個能在合理時間內預期的客戶，而進入了我們的投資範圍。

Another reason venture capitalists have traditionally shied away from defence investments is because their backers, known as limited partners or LPs, often have strict rules about where their money can go.

創投傳統上迴避國防投資的另一個原因是，他們的資金提供者，也就是所謂的有限合夥人或 LP，通常對他們的資金去向有嚴格的規定。

Part of that is because in the private space, private equity funds sometimes have restrictions on where they can invest.

這部分原因是因為在私人領域，私募基金有時對他們的投資標的有設限。

In terms of companies, geographies and sectors.

在公司、地理區域和產業方面。

And more broadly, there has been ethical concerns around how the products that these companies make are used, if they're going to be used in warfare or military campaigns.

更廣泛地說，人們對這些公司製造的產品的用途一直存在道德疑慮，例如是否會用於戰爭或軍事行動。

That has put off a lot of investors in the past.

What we're seeing is a few entities start to revise those exclusionary policies to try and build in the potential for greater investment in defence.

我們看到一些機構開始修改這些排除性政策，試圖為增加國防投資的可能性鋪路。

Startups seeking investment, particularly from the European Investment Fund's Defence Equity facility, need to demonstrate a dual use purpose.

尋求投資的新創公司，特別是來自歐洲投資基金國防股權基金的新創公司，需要證明其產品具有雙重用途。

Products that can be applied in both military and civilian settings.

也就是說，產品可以同時應用於軍事和民用領域。

We have two huts in terms of different markets.

我們在不同市場上有兩個主要方向。

And for VCs, it's easier being a dual use company.

對創投來說，身為一家雙重用途的公司會比較容易。

I guess at some point every contract, every funding, every resources we got from government for them.

我想最終，他們從政府那裡獲得的每一份合約、每一筆資金、每一項資源。

Now in Spain at least, it's easy to justify like, okay, we are investing on these guys, we are giving them this contract, but

現在至少在西班牙，很容易證明，好的，我們正在投資這些公司，我們給他們這份合約，但是

what they are doing, we can also use it for wildfires.

他們所做的，我們也可以用於野火應對。

創投公司也發生了同樣的情況。

The NATO innovation Fund also requires tech to have a dual use to access its funding.

北約創新基金也要求技術具有雙重用途才能獲得其資金。

Startups are connected to businesses and defence departments across NATO's 32 member countries.

這些新創公司與北約 32 個成員國的企業和國防部門都有聯繫。

NATO has a different approach in terms of startups.

北約在新創公司方面有不同的做法。

They have an exercise in Poland every year called C Weeks.

他們每年在波蘭都會舉辦一個叫做 C Weeks 的演習。

So we make an exercise with Italian army.

所以我們跟義大利軍隊一起做演習。

他們當時正在使用相同的通訊協定。

So we got there, we deploy our system and make the test and it works.

所以我們就去了，部署了我們的系統進行測試，而且它奏效了。

But the real operation in Europe so far, it's always training.

不過到目前為止，歐洲的實際運作，一直都是訓練。

Probably at the end of this year, the Spanish army will use our technology in a real scenario.

可能在今年年底，西班牙軍隊就會在真實情境中使用我們的技術了。

Despite the recent momentum, Europe still has work to do to get up to speed, especially when compared to the US.

儘管近期勢頭強勁，但歐洲在追趕進度方面仍有許多工作要做，特別是與美國相比。

Between 2021 and the third quarter of 2024, US defence tech startups received nearly $5 billion in investment.

在 2021 年到 2024 年第三季之間，美國的國防科技新創公司獲得了近 50 億美元的投資。

That's 2.4 times the volume invested in European defence tech startups.

這相當於歐洲國防科技新創公司投資金額的 2.4 倍。

不過，這些資金究竟從何而來呢？

In Europe, local investors are active in early and breakout stage rounds.

在歐洲，當地投資者在早期和突破階段的募資中相當活躍。

Yet it's North American investors who are Leading the charge in later stage deals exceeding $200 million.

然而，在超過 2 億美元的後期交易中，是北美投資者領先。

And these large scale investments are fueling expansion, paving the way for IPOs and delivering stronger returns here in Europe.

而這些大規模投資正在為擴張注入動力，為首次公開募股鋪平道路，並為歐洲帶來更豐厚的回報。

It's new for everyone in Europe we have this mindset of national champion and that's going to be very, very hard to small companies in Europe to grow up fast enough.

對歐洲的大家來說，我們有國家冠軍的心態是件新鮮事，這會讓歐洲的小公司很難足夠快速地成長。

In the United States, for example, the government gave 22 billion to Andri to build mixed reality military helmets.

例如，美國政府就撥款 220 億美元給 Andri，用於打造混合實境軍用頭盔。

So that's not happening in Europe, not definitely in Spain.

這在歐洲是沒有的，在西班牙尤其沒有。

So now we need to try to convince them that the innovation is coming from us.

所以現在我們需要試著說服他們，創新是來自我們的。

There is the risk that the marketplace is getting potentially overheated because there's the increased interest, increased investment.

市場有可能因為興趣和投資的增加而變得過熱，這是有風險的。

It can be quite a difficult marketplace to map.

這個市場要摸透，其實有點難。

I don't think it's therefore that's surprising that you had oversubscribed funding rounds for companies like Helsing.

所以像 Helsing 這種公司，募資超額也不是那麼令人意外。

And it's because they're established in terms of the recapitalization efforts.

這都是因為他們在資本重組方面已經站穩腳步了。

If the funding levels increase too fast, then domestic industry might not be able to respond and you're looking at purchases from other exporters.

如果募資金額成長太快，國內產業可能無法應對，你就會看到從其他出口商那裡採購。

Meanwhile, Russia is ramping up production of long range drones, reportedly manufacturing thousands a month.

同時，俄羅斯正在加緊生產長程無人機，據說每月產量達數千架。

As this capability grows, Europe's challenge will be scaling up its own domestic production of defense tech to keep pace.

隨著這項能力的增長，歐洲的挑戰將是如何提升自身的國防科技國內產量來跟上腳步。

A lot of market watchers are saying that this will probably take years to actually trickle down into companies bottom lines.

許多市場觀察家表示，這可能需要好幾年才能真正反映到公司的營收上。

And the companies themselves have said that they can't really start to ramp up production until they get the orders.

而這些公司自己也說，在接到訂單之前，他們其實無法開始增加產量。

So we're still waiting for the budgets to really kick in.

所以我們還在等預算真正到位。

Things like the squeeze on rare earth minerals that we've seen this year, that's sort of contingent on Europe's relationship with China, because China is such a massive supplier of these minerals, but

像是今年我們看到的稀土礦物供應緊縮，這有點取決於歐洲和中國的關係，因為中國是這些礦物的主要供應國，但