French Tech: AI and Quantum on the Rise, Crypto Absent

French Tech Records Its Third Best Semester Since Covid

French venture capital is regaining momentum. According to the latest barometer published by EY, French start-ups raised €4.6 billion in the first half of 2026, marking a 65% increase compared to the same period in 2025.

However, the market is becoming more selective. With 280 deals completed compared to 311 a year earlier, fewer companies are receiving funding, but with significantly larger amounts. The average ticket now exceeds €16 million, up from less than €9 million a year ago.

French Tech AI posted impressive figures in 2025:

• 1,114 start-ups
• 45,000 jobs
• funding up 23%.

But one figure deserves attention: without Mistral, investments would drop by 26%.

Alone, the seven operations exceeding €100 million account for nearly half of the amounts raised in the semester. This concentration reflects, according to EY, the emergence of a "conviction venture capital" willing to massively finance companies identified as future global leaders.

AI, Quantum, Space: The Big Winners of the Semester

Software, including artificial intelligence, dominates significantly with over €1.7 billion raised, accounting for nearly 40% of the capital invested in the semester. However, it is noted that some fundraising rounds represent a particularly high proportion of the total.

The most emblematic operation remains that of Advanced Machine Intelligence (AMI Labs), which raised €890 million in its seed round. Alongside it, France can count on Mistral and H Company in AI, Pasqal, Alice & Bob, and Quobly in quantum, as well as Verkor, Electra, and GravitHy in energy. The space sector is also thriving with Exotrail, Latitude, and Unseenlabs.

Fintechs are also experiencing a spectacular rebound in value, while Life Sciences continue their progression. EY emphasizes that France now has the "most comprehensive technology portfolio in Europe."

Crypto: The Major Absentee from the Rankings

One sector, however, is missing: cryptocurrencies and blockchain. No crypto project is among the major fundraising highlighted by the EY barometer, even though fintech broadly is experiencing a rebound. This apparent decline contrasts with previous years, where players like Ledger or Sorare boosted the statistics.

This relative disinterest of French venture capital funds in crypto stands in stark contrast to the dynamism observed across the Atlantic and in major financial institutions, where traditional players are multiplying initiatives in digital assets. Vanguard is now hiring a crypto manager, while Morgan Stanley is launching a pricing offensive on Ethereum and Solana ETFs.

Moreover, cryptocurrencies continue to attract a portion of the French population, who now trust Bitcoin more than stocks to protect their purchasing power, according to a recent Bitstack study.

A European Race for Technological Sovereignty

The French rebound remains modest compared to its neighbors. The United Kingdom leads significantly with €14.6 billion raised (+97%), followed by Germany at €5.9 billion (+66%). London capitalizes on AI and computing, while Berlin focuses on defense, robotics, and space.

For Franck Sebag, a partner at EY and author of the barometer, "this is not just a semester of venture capital: it is a semester of technological sovereignty." It remains to be seen whether France can transform its diverse portfolio into champions capable of scaling up, and whether crypto will regain its place in this dynamic.

Source: EY -- Venture Capital Barometer in France, 1st Half of 2026