EP 102: He Raised $76M With No Defense Tech Background | Nelson Mills Founder of VATN Systems

From VC intern to $76M raised, here’s how it really happened.He raised $76M in two years—without ever working in defense tech.Nelson Mills, co-founder and CEO of a fast-growing underwater defense startup. Shares how he went from a VC intern to leading a company building autonomous undersea vehicles and why the maritime defense space became the perfect opportunity. He breaks down how he validated the market, assembled a world-class team, and raised more than $76M across multiple rounds. What you’ll learn in this episode:How Nelson raised $3.5M pre-seed, $13M seed, and a $60M Series A as a first-time founderWhy fundraising looks easy from the outside—and why it isn’t the biggest mindset shift Nelson made going from VC to founderWhat he’d do differently if he had to raise again tomorrowWhy raising capital ≠ success (and what actually matters)Subscribe & get our free investor/buyer list at thunder.vc.Raising capital?Get a list of vetted VCs for FREE here: https://web.thunder.vc/list-of-investors-vcs-for-founders?utm_source=YouTube&utm_medium=Video&utm_campaign=Episode102&utm_id=%24100M++ExitsGet the latest fundraising insights, news, and tips:https://blog.thunder.vc/funding-101?utm_source=YouTube&utm_medium=Video&utm_campaign=Episode102&utm_id=%24100M++ExitsHere's what you're in for:00:00 Intro00:06 From VC intern to founder01:18 Finding the opportunity in underwater defense02:56 Technical challenges & innovations07:23 Building investor relationships10:57 Inside the seed round23:17 Hiring & talent strategy26:31 Competing in defense tech28:24 Customer-driven product thinking29:29 Why lobbying starts on day one32:49 Navigating government sales34:23 Capital strategy & funding options37:28 Scaling hardware & supply chain44:18 Building a company with family46:00 Nelson’s advice for defense-tech founders48:38 Final thoughtsABOUT NELSON MILLSNelson Mills is the founder and CEO of Vatn Systems, an underwater vehicle startup building some of the world’s lowest-cost, high-production UUVs. In just 15 months, he led the company from concept to TRL 7, raising more than $3.5M in venture capital and assembling a team pushing the boundaries of maritime tech.Before launching Vatn, Nelson led hull development at Pure Watercraft, a marine electrification company backed by over $170M in funding. He later moved into venture capital, with roles at Link Ventures, Lux Capital, and Global Founders Capital, giving him a unique lens on product development, capital strategy, and scaling deep-tech companies.Nelson holds both a BA and an MBA from Columbia University and brings a blend of engineering insight, founder grit, and investor perspective to everything he builds.You can reach out to Nelson Wills through:LinkedIn: https://www.linkedin.com/in/millsn/ ABOUT JASON KIRBYJason Kirby is the co-founder of Thunder, a tech-enabled investment bank helping founders reach their ideal target outcomes through capital strategy and M&A. He is a serial entrepreneur with four exits and decades of experience in fundraising, M&A, and business building. In his career, he has coached hundreds of entrepreneurs on fundraising, investing, capital strategy, M&A, and business development. He’s transacted over $135M and his firm Thunder has transacted over $200M+You can reach out to Jason through:Email: [email protected]: https://www.linkedin.com/in/jasonrkirby/ABOUT $100M EXITSMy goal is simple: to equip founders with the knowledge, inspiration, and guidance to navigate the labyrinthine world of capital strategy to take your company where you ultimately want it, by interviewing founders and investors who have already done it. For most, it’s a dream to sell for $100M+, but for others it’s too cash flow or IPO. Founders doing over $5M in revenue will benefit the most from this podcast. Be sure to subscribe and let me know who you want me to interview next.