The discussion opens with fresh 2025 VC barometer data, highlighting Italy’s structural gap in VC funding per capita relative to GDP despite improving deal activity. The conversation then dives into climate deep tech, examining how AI-driven materials discovery could address rare earth bottlenecks and enable next-generation clean technologies. A featured case is Rara , a university spin-off applying AI to novel materials research, showing how data and experimentation become the true moat. The episode also analyzes a major digital health growth round combining equity, bank financing, and M&A strategy as a repeatable European pattern. It closes with reflections on Italian funds investing abroad and what this signals for the maturity and international reach of Italy’s VC ecosystem.

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