SOSV is the world's most active deep tech, pre-seed venture firm, funding amazing founders right at inception—often their first check—through its HAX (hard tech) and SOSV SF/NY (formerly IndieBio, bio and broader deep tech) programs. Its mission is the dramatic betterment of human and planetary health via advanced technology, anchored on the megatrends of decarbonization and re-industrialization. SOSV adds science risk and regulatory risk on top of standard execution risk, so it cares about a working prototype, credible IP, and serious customer prospects who understand the technology—not slide polish or technology 'wow' for its own sake.
An urgent, expensive, real-world problem that founders are desperate to solve—mission-driven, not money-driven. SOSV backs people in it for the change in the world they believe in, tackling needs in slow-moving sectors.
“We need people who are desperate to solve a problem.” — Lessons Learned from SOSV’s 400 Deep Tech Investments
“People have to be in it not for money. You have to be in it for the change in the world you want to believe in.” — Sean O'Sullivan
“You need to be solving urgent and expensive problems for people.” — Sean O'Sullivan
“Slow-moving sectors have great needs. That also means potential exits to non-tech players.” — Benjamin Joffe
A working prototype that demonstrates the core function (even if ugly, bulky or expensive), built at the intersection of two or more disciplines, with credible/patentable IP. SOSV wants the core technology working 'in the lab' (TRL 5-6) unless founders have a strong track record.
“Do they have a working prototype demonstrating the core function? We do not worry if it is ugly, bulky, or expensive.” — Funding Deep Tech Startups: Evaluating Science Risk, Team Risk and Your Own Biases
“Most early stage VCs want to see the core technology already working ‘in the lab’ (TRL 5-6) unless founders have a solid track record.” — Benjamin Joffe
“Do they have credible patents or potentially patentable technology?” — Benjamin Joffe
“We can now simulate and validate designs in the cloud before ever touching physical materials.” — Duncan Turner
Validated demand, not technology hype. SOSV wants founders to ascertain real demand even when a technology impresses, because the 'wow' is usually orthogonal to profit. For biotech, the market question becomes 'how many patients will it reach?'
“With rare exceptions, the ‘wow’ is often orthogonal to profits.” — Funding Deep Tech Startups: Evaluating Science Risk, Team Risk and Your Own Biases
“Try to ascertain demand even if you’re impressed by a technology.” — Benjamin Joffe
“Team, technology, market all together. Unless you have all of it you have none of it.” — Sean O'Sullivan
“Have you done it before? How many patients will it reach? Will the FDA approve? Can you raise?” — Po Bronson
At pre-seed, a working prototype plus serious prospects who understand the technology—an early proof point that demand exists. Later rounds require as much customer traction and buy-in as possible. SOSV explicitly does not expect revenue or polish at first check.
“Do they have serious prospects who understand your technology? This early proof point will do wonders to convince us!” — Funding Deep Tech Startups: Evaluating Science Risk, Team Risk and Your Own Biases
“want to see as much customer traction as possible. Prove a market exists, have some buy-in from customers.” — Sean O'Sullivan
“Do they have a working prototype demonstrating the core function? We do not worry if it is ugly, bulky, or expensive.” — Benjamin Joffe
Aligned, coachable, mission-driven founders who pair deep technical capability with business sense. Founder issues are the number one risk; alignment on timeframe and motivation is essential, and the inability to take advice or over-promising is disqualifying. After science checks out, team is the biggest early-stage risk.
“If the science checks out and the market looks promising, your biggest risk at early stage is the team.” — Funding Deep Tech Startups: Evaluating Science Risk, Team Risk and Your Own Biases
“Founder issues are number one, number two and number three.” — Sean O'Sullivan
“You really have to have huge alignment among founders in terms of what you’re in it for, what your timeframe is, why you care about this area.” — Sean O'Sullivan
“Inability to take advice and be open-minded. Over-representing and under-delivering.” — Sean O'Sullivan
A path to profit, not just an impressive technology. Highly technical teams often lack business skills, so SOSV scrutinizes whether the team can turn the science into a viable business. Demand and economics matter more than the 'wow' factor.
“With rare exceptions, the ‘wow’ is often orthogonal to profits.” — Funding Deep Tech Startups: Evaluating Science Risk, Team Risk and Your Own Biases
“Startups rarely die because they can’t achieve a technical milestone. Highly technical teams will often lack skills on the business front for sales, marketing, management, financing and more.” — Benjamin Joffe
“Some startups can get to market with less than $1 million thanks to efficient resources.” — Benjamin Joffe
Genuine differentiation—SOSV will only fund another company in a crowded space if the approach is really different. It makes up its own mind on whether the technology is defensible rather than chasing hype, and it looks past surface appearance to find under-recognized opportunities.
“It’s important to disambiguate between the pretty simple concept of ‘backing our founders to the death’ and ‘making up our own mind.’” — Venture’s ‘Rule of Five’ and SyntheX’s $550 million collaboration with Bristol Myers-Squibb
“They knew they would be funding pure science risk. But they believed it could work, and if it did, it could be huge.” — Po Bronson
“If you can see past an underwhelming appearance will find great opportunities.” — Benjamin Joffe
A convergence of disciplines and tech enablers (cloud, 4/5G) creating new deep tech opportunities, aligned to the megatrends of decarbonization and re-industrialization and the betterment of human and planetary health. SOSV wants founders attacking what was previously thought impossible.
“Tech sectors are converging giving birth to more deep tech startups, supported by tech enablers (cloud, 4/5G, etc.).” — Deep Tech Investing 101
“Our goal is to back founders ready to harness the great human health and decarbonization megatrends of our times.” — Sean O'Sullivan
“Nothing is normal in the new biotech; it’s inherently cross-disciplinary and purposefully attacks preconceptions of what can’t be done.” — Po Bronson
A credible plan to reach the next milestone and to raise the subsequent round—'Can you raise?' is part of SOSV's funding test. Founders should understand the technologies, processes and timelines required to get to the next step rather than over-promising.
“Have you done it before? How many patients will it reach? Will the FDA approve? Can you raise?” — Venture’s ‘Rule of Five’ and SyntheX’s $550 million collaboration with Bristol Myers-Squibb
“Don’t be fooled by the make-up, and understand the technologies, processes and timelines involved to get to the next step.” — Benjamin Joffe
“Over-representing and under-delivering.” — Sean O'Sullivan
“Founder issues are number one, number two and number three.”
“Do they have a working prototype demonstrating the core function? We do not worry if it is ugly, bulky, or expensive.”
“It’s important to disambiguate between the pretty simple concept of ‘backing our founders to the death’ and ‘making up our own mind.’”
“We can now simulate and validate designs in the cloud before ever touching physical materials.”