Industrial Vanguard Vol. 32 - Hard Tech Special Edition

Introduction

Instead of our usual headline rundown, we’re offering a curated reading list on hard‑tech investing from deep‑tech VC playbooks to venture‑studio models and LP allocation trends. Each piece pares lasting lessons you can revisit long after this week’s news cycle fades.

Playbooks & Landscape

• BCG — An Investor’s Guide to Deep Tech
  Summary: Maps the deep-tech stack (from foundational science to commercialization), the roles of public funding and corporates, and how investors can structure milestone-based financing to de-risk technical programs.
  Why it matters: A clear framework for staging capital and aligning timelines with validation gates.
  Read More: https://www.bcg.com/publications/2023/deep-tech-investing

• Albion VC × Beauhurst — Deep Tech & Future of Compute (2025)
  Summary: Data-rich survey of European deep tech, from photonics and quantum to AI infrastructure, with fundraising patterns and exit routes.
  Why it matters: Helps calibrate valuations, round dynamics and where compute bottlenecks are creating opportunity.
  Read More (PDF): https://albion.vc/app/uploads/2025/05/AlbionVC-x-Beauhurst-deeptech-future-of-compute-report_2025-FINAL.pdf

Investors & Sourcing

• Seedtable — 30 Best Active Deep Tech Investors (2025)
  Summary: A practical roster of active funds with stage focus and thematic interests (materials, robotics, energy, space, compute).
  Why it matters: Shortens your outreach list to the GPs most likely to lead.
  Read More: https://www.seedtable.com/investors-deep-tech

• Vestbee — Top Deep-Tech VC Funds in Europe (2025)
  Summary: European-focused rundown of firms, typical check sizes, and areas of concentration.
  Why it matters: Useful for cross-border syndicates and EU grants + venture stacks.
  Read More: https://www.vestbee.com/blog/articles/top-deep-tech-vc-funds-investing-in-europe

• NFX Signal — Top Deep-Tech Seed Investors
  Summary: Community-maintained list that surfaces seed-stage partners by theme and activity.
  Why it matters: Great for founders matching thesis fit at pre-seed/seed.
  Read More: https://signal.nfx.com/investor-lists/top-deeptech-seed-investors

• Growth Equity Guide — Deep-Tech VC Firms (overview)
  Summary: Explains how specialist firms differ from generalists on technical diligence, lab access, and follow-on strategy.
  Why it matters: Helps founders choose a lead aligned with the “valley of death” realities.
  Read More: https://growthequityinterviewguide.com/venture-capital/sector-focused-venture-capital/deep-tech-venture-capital-firms

LP Perspectives & Fund Mechanics

• VCJ — Guide to VC Secondaries Buyers (2024/25)
  Summary: Who’s buying venture secondaries, what pricing looks like, and how GPs/LPs use secondaries for liquidity.
  Why it matters: Hard-tech timelines are long—secondaries can keep syndicates healthy without forcing premature exits.
  Read More: https://www.venturecapitaljournal.com/guide-to-vc-secondaries-2024/

• GoingVC — Complete Guide to VC Fund Metrics
  Summary: Clear definitions of TVPI/DPI/RVPI, pacing and reserves—with examples.
  Why it matters: Speak the allocator’s language when raising continuation vehicles or hard-tech opportunity funds.
  Read More: https://www.goingvc.com/post/the-complete-guide-to-venture-capital-fund-metrics

Venture Studios & Company-Building

• The Engine (MIT) — What is Tough Tech?
  Summary: A crisp definition of “tough tech,” its infrastructure needs, and why place-based ecosystems matter.
  Why it matters: Aligns stakeholders on the non-software ingredients (labs, pilots, partnerships) required to scale.
  Read More: https://engine.xyz/what-is-tough-tech

• HBR — Is a Venture Studio Right for You?
  Summary: Pros/cons of the studio model, governance structures, and when it fits capital-intensive ideas.
  Why it matters: Studios can pre-validate tech and customer demand before spinning out a financeable company.
  Read More: https://hbr.org/2022/12/entrepreneurs-is-a-venture-studio-right-for-you

• Paul O’Brien — Building a Tough-Tech Venture Studio
  Summary: Practical notes on equity, risk management and why studios must “manufacture” startups with early customer codesign.
  Why it matters: A nuts-and-bolts complement to HBR—useful for corporates and repeat founders.
  Read More: https://seobrien.com/building-a-venture-studio

• Proto Ventures — R&D Venture Studio Playbook (announcement)
  Summary: Turning institutional R&D into venture-backable companies via structured discovery and IP stewardship.
  Why it matters: Shows how universities/labs can industrialize company creation.
  Read More: https://protoventures.substack.com/p/announcing-the-launch-of-the-r-and

• The Engine — Advice for Tough-Tech Founders
  Summary: Pattern-matched guidance on milestones, partnerships, and fundraising cadence for science-heavy startups.
  Why it matters: A concise checklist you can hand to portfolio founders.
  Read More: https://engineventures.com/news/building-a-tough-tech-company-is-hard-this-advice-can-help

Culture & Narrative

• MaC VC — The State of Tech & Culture: A Return to Hard Tech
  Summary: Argues the pendulum is swinging from pure software back to atoms and infrastructure, catalyzed by geopolitics and AI-accelerated R&D.
  Why it matters: Helps explain the macro thesis to boards, LPs and recruits.
  Read More: https://macventurecapital.com/news/