Deep tech ventures require years of patient capital, yet most of them reach Series B without any revenue at all. Our General Partner Matthias Winter explains why traditional metrics like monthly recurring revenue and churn rates simply don't apply when you're building quantum computers or photonic processors in the most recent Aulium Podcast, and why that's exactly the point.
This conversation unpacks how Constructor Capital conducts due diligence when the technology is still in university labs and the market won't exist for another five years. Matthias walks through the real bottlenecks: 90% of potential investments fail because the underlying research isn't distinctive enough, not because founders lack commercial drive. He describes why spending months validating scientific publications and consulting Nobel laureates matters more than projecting unit economics, and why companies like QuEra can raise $200 million before proving product-market fit in any conventional sense.
- Why revenue is often a distraction for deep tech founders in the early years, building the technology matters more than pilot contracts
- How Constructor Capital validates breakthroughs: scientific reputation, publication history, and lab visits trump financial models
- Why Europe's deep tech ecosystem has strong university spin-outs but still pushes founders to relocate to the US at scale
- What Google and NVIDIA's investments in quantum computing signal about which modalities might actually win
- The surprising failure mode: brilliant scientists who can't handle operational complexity when the team grows past 30 people
Listen to full episode at Aulium's Spotify
