Question 1

What is "dual-use" technology and why do investors treat it differently?

Accepted Answer

Dual-use refers to technologies with both civilian and defence/security applications — such as advanced sensors, autonomy, AI, space, advanced materials, and cybersecurity. Investors approach them with additional diligence around export controls, end-user restrictions, and LP mandates. The upside is access to defence budgets, sovereign capital, and government grants alongside commercial revenue, which often translates into stronger margins and longer customer contracts.

Question 2

How long does a typical fundraising round take for a deep-tech company?

Accepted Answer

From kick-off to wired funds, expect 4–9 months for a seed or Series A in deep-tech and dual-use — longer than a pure SaaS round because of the technical diligence, regulatory checks, and the smaller pool of qualified investors. Companies that come in investment-ready (clean data room, validated TRL claims, credible go-to-market) compress this materially. We typically advise founders to start conversations 6 months before they need cash in the bank.

Question 3

What is TRL (Technology Readiness Level) and why do investors ask about it?

Accepted Answer

TRL is a 1–9 scale, originally from NASA and now standard across the EU and NATO, that describes how mature a technology is — from basic principles (TRL 1) to a system proven in operational environment (TRL 9). Investors use it as shorthand for risk: capital cost, time-to-revenue, and the gap between today and a commercial product. Misstating TRL is one of the fastest ways to lose investor trust, so we help founders present it accurately and tie it to a credible development plan.

Question 4

What's the difference between dilutive and non-dilutive funding for defence tech?

Accepted Answer

Dilutive funding (VC, angels, strategic investors) buys equity and is best suited to scaling commercial traction. Non-dilutive funding — Horizon Europe, EDF, EIC Accelerator, Innovate UK, NSSIF, national defence innovation funds — covers high-risk R&D without giving up ownership. Most successful deep-tech companies blend both: grants and defence contracts to de-risk technology, equity to commercialise it. Sequencing the two correctly can be the difference between a clean cap table and a stalled round.

Question 5

Do you work with pre-seed and seed deep-tech founders, or only later stage?

Accepted Answer

We work across pre-seed through Series B. Earlier stage work focuses on investment readiness, narrative, and warm investor introductions; later stage work involves more structured process management, syndicate construction, and term-sheet negotiation. We are selective about who we take on — we only engage when we believe we can materially improve the outcome.

Question 6

Which European and UK investors actively back dual-use companies?

Accepted Answer

The active landscape includes specialist funds (NATO Innovation Fund, NSSIF, Project A, Expeditions Fund, MD One, 201 Ventures), generalist deep-tech funds with dual-use mandates (Lakestar, Plural, Atomico, IQ Capital, Octopus Ventures), and corporate venture arms from primes and integrators. Beyond the visible names, sovereign and family-office capital plays a quietly significant role. Our network spans 120+ EU/UK investors with relevant mandates.

Question 7

How does the export-control regime affect fundraising for defence tech?

Accepted Answer

EU dual-use regulation (Regulation 2021/821) and UK export control law restrict who can buy, license, and in some cases invest in defence-relevant technology. This affects investor eligibility, due-diligence timelines, and post-close commercial freedom. Founders who address export classification, end-user controls, and FDI screening early in the process avoid surprises in late-stage diligence — and signal operational maturity to serious investors.

Question 8

What's included in a Kayros engagement — and what isn't?

Accepted Answer

A typical engagement includes investment-readiness diagnostics, narrative and pitch materials, data-room construction, targeted investor sourcing, process management, and term-sheet support. We do not act as a regulated broker-dealer, do not take success fees structured as securities placement, and do not work on engagements outside our deep-tech and dual-use focus. Every engagement is governed by an NDA and tailored to the company's stage and capital strategy.