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What does it really take to turn deep tech breakthroughs into investable, scalable businesses?
Deep tech sits at the intersection of advanced science and long‑term capital. In this episode, Andy explains how breakthroughs emerging from universities and research institutions can evolve into commercially viable companies - and why this journey differs fundamentally from traditional software‑led venture investing.
The discussion highlights innovations such as hyperspectral imaging, which can detect medical conditions like anaemia from a single photograph. These examples illustrate how deep tech is opening up new possibilities across healthcare, industry, and climate‑related challenges. Andy also outlines why collaboration with universities, research institutions, and governments is often essential to successfully scale these technologies.
Andy shares his perspective on the most investable areas within deep tech, including:
- AI, particularly where it is rooted in proprietary data, hardware, or scientific insight
- Biotechnology, spanning diagnostics, therapeutics, and platform technologies
- Climate tech, where innovation plays a central role in the energy transition
Across each of these areas, successful companies combine technical excellence with a clear, if longer‑term, path to commercialisation.
The episode also challenges common misconceptions about deep tech investing. Compared with software businesses, deep tech ventures typically involve longer development cycles, greater technical and regulatory complexity, and higher capital requirements. Andy explains why traditional metrics such as ARR often fail to reflect progress in this space, and why investors need a different framework for assessing risk and value.
Drawing on examples, the conversation shows how deep tech businesses can deliver significant long‑term returns when backed with patience, technical understanding, and conviction.
Andy concludes with practical guidance for institutional investors considering deep tech, emphasising the importance of long‑term thinking, specialist expertise, and close collaboration with founders. For investors prepared to take this approach, deep tech offers a compelling opportunity within venture portfolios.
Find out more about our deep tech strategy here.
