Burn Rate - The Venture Insider Podcast [AI-Translated]

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss Physical AI, a new Swiss unicorn and the question of how to become a great VC. In the news segment, they cover the Sifted ranking of Europe's top Physical AI hubs – with Zurich ranking #2 by deal count – the unicorn status of vVARDIS following a strategic investment from Apollo, and the structural shift in the US seed market toward larger rounds and growing bifurcation. In the main topic, Oliver Flückiger from Vibe VC joins the show. Together they discuss how early-stage investing is changing when MVPs can be built in days rather than months. The conversation covers vibe coding, agent-native workflows, new signals beyond classic pitch decks and the question of what makes a startup investable when speed is no longer a differentiator. The listener question explores the path into venture capital: Should you jump in directly or gain operational startup experience first? Topics include fund career architecture, the role of domain expertise and how funds can develop young talent into real investors. Rounded out by four deals of the week: Bubble Robotics (Autonomous ocean robotics, USD 5M pre-seed) 9T Labs / Biwi (Deep-tech asset deal for carbon composite technology) Bug Bounty Switzerland (Cybersecurity, CHF 12M Series A) Polariton Technologies (Photonics exit to Marvell Technology) An episode about Physical AI as a Swiss opportunity, new VC models for the vibe coding era, career paths in venture capital and what happens when deep-tech IP doesn't disappear but lives on industrially.

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss current developments in the Swiss startup and venture capital ecosystem. In the news segment, they cover the Stanford AI Index 2026, where Switzerland ranks first globally for AI talent per capita, Swiss founders featured on the Forbes Europe 30 Under 30 list, and Goldman Sachs’ investment in BLP Digital. The focus is on AI talent, international visibility, and how Swiss AI scale-ups are building global relevance through enterprise process automation. In the featured topic, they are joined by Mathias Ruch, founder and CEO of CV VC Labs. The discussion focuses on the latest CV VC Top 50 Report, the development of Crypto Valley, blockchain funding in Switzerland, and how Zug is positioning itself in the global blockchain ecosystem. In the listener question, they discuss the myth of the one-person unicorn. Based on the case of Medvi, they explore AI-first company building, ultra-lean teams, external platform infrastructure, regulatory risks, and whether AI is fundamentally changing the early stages of startup formation. The episode concludes with four transactions of the week: Daphne Technology (methane abatement, growth financing) BLP Digital (AI enterprise automation, secondary) Cosaic (food-biotech ingredients, seed extension) Planetary (fermentation infrastructure, Series A) An episode about AI talent, Swiss startup visibility, blockchain maturity, AI-first organizational models, and the scaling of industrial deep tech and food tech.

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss current developments in the Swiss and European venture capital landscape. In the news segment, they cover the first closing of Herbert Fund I, the growing compute bottleneck in the AI market, and the latest Innosuisse certificates awarded to Swiss startups. The focus is on new fund models without follow-ons, the strategic importance of compute for AI adoption, and the breadth of substantial Swiss startups beyond short-term hype cycles. In the featured topic, they analyze the current state of VC fundraising in Europe. While headline numbers suggest an early recovery, capital remains highly concentrated around established managers, specialized funds, and a small number of hot sectors. The discussion explores market bifurcation, the pressure on emerging managers, and the question of who is actually benefiting from the recovery. In the listener question, they discuss the right timing for first investor conversations. The focus is on what counts as validation before revenue, why real demand matters more than positive feedback, and when fundraising without revenue can still make sense. The episode concludes with four transactions of the week: Terra Quantum (SPAC deal and Nasdaq plans) Centiel (pre-IPO financing ahead of SIX listing) Insurteam (travel insurtech and European expansion) An episode about fund strategy, AI infrastructure, market selection in Europe, and when a startup idea becomes a truly investable case.

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss a structural shift in the venture capital market. In the news segment, they cover the current shift from software to hardware, the new quantum partnership between ETH Zurich and IBM, and the ambitious potential SpaceX valuation ahead of a possible IPO. The discussion focuses on defensibility in the age of AI, Europe’s opportunities in strategic technologies, and the growing role of narrative-driven valuations in tech. In the featured topic, they analyze the underappreciated shift in VC from spray-and-pray investing to a small number of targeted big bets. Topics include the return of traditional VC firms, the extreme concentration of capital around a few AI platforms, the role of strategic investors, and the increasing monopoly risk in the AI infrastructure layer. In the listener question, they break down ARR and why so many startups are now communicating this metric so aggressively. The focus is on storytelling, predictability, unit economics, and how meaningful recurring revenue really is for young AI and SaaS companies. The episode concludes with four transactions of the week: Delta Labs (AI customer simulation, Seed) Covalo (ingredient data infrastructure, Seed extension) Lobby (AI for group bookings, early stage) Connectome (neurotech and brain tracking, Pre-Seed) An episode about hardware defensibility, quantum ambition, venture capital concentration, AI market logic, and which metrics actually matter in today’s startup environment.

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss new dynamics in the Swiss and European venture capital landscape. In the news segment, they analyze the first cohort of Project Switzerland, discuss the acquisition of Zurich-based AI startup Starmind by Capacity, and break down the appointment of Michael Stucky as the new CEO of the Swiss Startup Association. Key themes include scaling challenges in the Swiss ecosystem, the growing importance of platforms in AI, and the role of policy advocacy for startups. In the featured segment, they cover the Burn Rate Market Snapshot for March. With more than CHF 300 million invested, the market shows a strong increase compared to the previous month—driven mainly by a few large deep-tech rounds across AI, semiconductors, space, and digital health. At the same time, capital remains highly selective and increasingly international. In the listener question, they explore a key trend in AI fundraising: different valuations within the same funding round. The discussion covers supply-demand dynamics, signaling effects, and the risks this creates for future rounds. The episode concludes with a deep dive into Rivia, a Zurich-based healthtech startup operating at the intersection of clinical trials and agentic AI. They analyze the structural problem of fragmented trial data, Rivia’s data-engine-first approach, key use cases, and its positioning as a potential operating layer for clinical trials. An episode about deep-tech scaling, AI market dynamics, global capital flows, and the next generation of data-driven healthtech platforms.

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss new dynamics in the Swiss and global venture capital landscape. In the news segment, they cover the Digital Shapers 2026, break down the latest European Deep Tech Report by Dealroom and Lakestar, and discuss the first closing of the new climate-tech VC Vitamin C. The focus is on Europe’s deep tech opportunity, Switzerland’s role as a bridge between research and capital, and how selective climate-tech investing is shaping the next industrial wave. In the featured segment, they are joined by Wanja Humanes, CEO and Managing Partner of Kickfund. The discussion explores Kickfund’s unconventional VC model, building a portfolio of over 100 startups in less than two years, deliberately avoiding board seats, and positioning itself as an index-style fund for Swiss deep tech. In the listener question, they analyze the acquisition of Rivr by Amazon and the broader question of whether European startups are being sold too early. Topics include growth capital, IPO pathways, scaling dynamics, and the mindset required to build global market leaders. The episode concludes with four transactions of the week: RIVR (robotics exit to Amazon) Kandou AI (AI interconnect chips, Series A) PAVE Space (orbital transfer vehicles, Seed) An episode about deep-tech ambition, new VC models, early exits, climate-tech investing, and how Europe can not only build but also scale global technology leaders.

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss new dynamics in the Swiss and international venture capital market. In the news segment, they analyze Kickfund’s highly scalable VC model with more than 100 portfolio companies in less than two years, discuss the new Startup Selection Switzerland ranking launched by NZZ and ZHAW, and break down Yann LeCun’s record-setting billion-dollar seed round as a sign of increasingly extreme power-law dynamics in the AI market. The featured topic is a conversation with Frank Floessel, Head of ETH Entrepreneurship. They discuss ETH Zurich’s record year with 46 new ventures, the new ETH start-up label, faster licensing processes, and how ETH is evolving from an incubator into a broader startup and scale-up engine. In the listener question, they explore whether consumer startups are making a comeback. The focus is on new success factors such as product quality, omnichannel distribution, repeat purchase behavior, and much more disciplined unit economics than during the first D2C wave. The episode concludes with four transactions of the week: Hyperscale Power (solid-state transformers, Seed) Seprify (cellulose-based industrial materials, Series A) Rivia (agentic AI for clinical trials, Series A) Rhonexum (cryogenic electronics for quantum computing, Pre-Seed) An episode about new VC models, ecosystem transparency, ETH entrepreneurship, consumer revival, and next-generation deep-tech infrastructure.

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi break down the most important startup deals from February 2026 in the Swiss venture ecosystem. In the Burn Rate Market Snapshot, they review a quieter Swiss funding month with around CHF 100 million invested across 15 disclosed rounds, discuss positive ecosystem signals from ETH, EPFL, the Swiss Startup Association and the startup support ranking, and touch on Constructor Capital’s first fund closing. The European view also points to a selective but active market environment, with capital continuing to concentrate around AI infrastructure and deep tech. In the Deep Dive, they analyze four very different but highly substantive transactions: Rapidata (USD 8.5M Seed) as an AI infrastructure play for programmable human feedback, Optiml (EUR 8M Seed) as a real-estate decision intelligence platform for decarbonization and capex planning, Metafuels (USD 24M Series A) as a climate-tech company building synthetic aviation fuel, and L.E.S.S. (USD 22M Series C) as a photonics and industrial scale-up focused on nano-active fiber lighting. The episode highlights how Swiss startups are scaling across very different layers of the value chain — from AI infrastructure and proptech to climate tech, photonics, and industrial deep tech.

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss recent developments in the Swiss venture capital ecosystem. In the news segment, they analyze ETH Zurich’s record year with 46 new ventures, the rebound in invested capital highlighted by the EY Startup Barometer, and Switzerland’s strong performance in the Financial Times European startup support ranking. The featured topic explores Oomnium’s growth financing platform together with founder Leandro Davies, including its approach to community investing, deal sourcing and the use of AI in due diligence. In the listener question, they discuss whether SPACs could be making a comeback and if they represent a viable alternative to traditional IPOs for European scale-ups. The episode concludes with four transactions of the week: L.E.S.S. (nano-fiber lighting technology, Series C) Verretex (circular composite materials) Fainite (physics-based AI for engineering simulations) Xsensio (wearable biosensing platform, Series A) An episode about deep-tech innovation, venture capital dynamics, startup support infrastructure, and the next stage of growth in the Swiss startup ecosystem.

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi break down the latest developments in the Swiss and international venture capital landscape. In the news segment, they analyze the record number of startup liquidations in Switzerland in 2025 and explain why rising shutdowns and recovering investment volumes are not contradictory, but typical for a delayed market cycle. They also discuss a growing trend in venture capital: leading funds investing simultaneously in direct competitors — particularly in AI — and what this means for loyalty, governance, and founder–investor dynamics. Finally, they examine Europe’s quantum boom, where record funding levels are positioning the region as a serious deep-tech contender. Key structural questions include: Are we at the end of the startup market correction — or just entering the real stress test? Is the traditional VC loyalty model eroding in the age of AI infrastructure investing? And can Europe build a sustainable quantum ecosystem with global relevance? In the featured topic, the discussion centers on whether the state should act as a growth-stage venture capital provider. Based on a recent policy debate, they analyze scaling gaps, international capital flows, governance implications, pension fund allocations, and market-oriented alternatives such as fund-of-funds structures. In the listener question, they explore founder role transitions during the scale-up phase. Is moving from CEO to CTO or Executive Chairman a red flag — or a sign of maturity? The episode breaks down founder-stage fit, professionalization, board dynamics, and why company-first thinking matters to investors. The episode concludes with three transactions of the week: Rapidata (AI human feedback infrastructure, Seed) Metafuels (Sustainable Aviation Fuel, growth stage) KA-EX (Consumer health brand, US expansion follow-on) An episode about market cycles, capital discipline, AI infrastructure, Europe’s quantum momentum, innovation policy, and how startups evolve into scalable global companies.

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi break down key developments across the Swiss and global venture capital landscape. In the news segment, they analyze the record year of EPFL with 39 new spin-offs and CHF 701m in funding, discuss the new startup reform agenda introduced by the Swiss Startup Association, and examine the launch of the $10 billion mega-fund by Thrive Capital. Key structural questions include: Is Switzerland better at building deep-tech companies than scaling them? Who fills the Series B financing gap? And is venture capital evolving into a concentrated mega-fund, mega-winner power-law game? In the featured segment, we welcome Jürg Schwarzenbach, co-founder and president of Aare Ventures. We discuss angel investing, deal selection, early-stage execution risk, and why organized business angel networks are increasingly shaping Switzerland’s pre-seed ecosystem. In the listener question, we analyze SPV structures and a potential pre-IPO investment in SpaceX. We break down fee layering, effective entry valuation, liquidation preferences, downside risk, and whether such an opportunity should be viewed as venture investing or as a highly illiquid pre-IPO growth trade. The episode concludes with four transactions of the week: - Algorized (Physical AI, Series A) - Optiml (Real Estate AI, Seed) - Axmed (Impact health platform, non-dilutive grant) - Porters (AI-native banking operations, Pre-Seed) A deep dive into spin-off momentum, regulatory reform, mega-fund dynamics, angel investing mechanics, and the real risk profile behind SPV opportunities.

Here is the English version of your Spotify description for Episode 82, in your standard Burn Rate format: In this episode of Burn Rate, Max Meister and Guy Giuffredi analyze the most important startup deals from January 2026 in the Swiss venture capital ecosystem. In the Burn Rate Market Snapshot, they break down around CHF 496 million invested across 19 financing rounds, discuss the strong acceleration compared to December, recent exits without disclosed prices, and key ecosystem signals around the ETH Deep Tech Summit, Project Switzerland, and the Swiss Venture Capital Report. A look at Europe shows a stable but highly selective market with a clear concentration around AI-driven companies. In the Deep Dive, they examine three very different but substance-driven deals: Swissto12 (financing > EUR 100M) for the industrialization of GEO small-satellite infrastructure, Chiral Nano (Seed, USD 12M) as a wafer-scale manufacturing platform for nanomaterials, and Sparkli (Pre-Seed, USD 5M) as an AI-native learning platform for children. The episode highlights how Swiss deep tech is scaling across the full value chain — from space infrastructure and semiconductor manufacturing to AI-driven consumer interfaces.

In this episode of Burn Rate, Max Meister and Guy Giuffredi cover the latest signals from Switzerland’s venture ecosystem — recorded on Thursday, February 5. In the news segment, they discuss the first closing of Constructor Capital Fund I ($110M), the new cohort of the Microsoft for Startups Switzerland AI Tech Accelerator, and a look back at 20 years of Venture Leaders with standout ecosystem results. The main segment is a deep dive into the Swiss Venture Capital Report 2026 (“Trend Reversal”), featuring an interview with Thomas Heimann (co-initiator and co-author). Together, they unpack what’s really behind the headline numbers: record activity in early-stage funding, continued pressure in later-stage rounds, the importance of international investors, and why AI — despite the hype — still isn’t the dominant driver of funding volumes in Switzerland. In the listener Q&A, Max and Guy explain what a Founder Associate actually does, how the role differs from a traditional assistant, and what makes it a value-add versus a potential red flag from an investor’s perspective. To wrap up: Deals of the week featuring Orama VR ($4.5M late-seed), Schole AI ($3M+), and Haelixa (€2M pre-Series A). Episode partners: Are Ventures and Wenger Vieli.

In this episode of Burn Rate, Max Meister and Guy Giuffredi discuss the key signals shaping the Swiss venture capital ecosystem. Guy shares insights from the ETH Deep Tech Summit, with over 1'000 participants, around 100 spin-offs from ETH, EPFL, PSI and EMPA, and clearly rising international investor interest. In the news segment, the episode covers the final closing of b2venture Fund V (€150m), the first closing of the new Vi Partners fund (CHF 150m), and PitchBook data showing Switzerland among the global leaders in VC funding per capita. The discussion also touches on “Neolabs” – AI startups raising billions for pure research without products or revenues. In the main topic, the episode breaks down exit waterfalls using the Brex deal to show why contractual terms such as liquidation preferences often matter more than headline valuations. The listener question explains what zombie funds are and why they are becoming more common in the current market. The episode closes with the most notable deals of the week, including Oviva, Tech5 and Sparkli.

In this episode of Burn Rate, Max Meister and Guy Giuffredi break down the key developments shaping the Swiss venture capital ecosystem at the start of 2026. In the news section, they discuss the exit of Zurich-based mobility fintech MyBikePlan to Germany’s JobRad Group, the €192 million mega-round raised by battery storage player Terralayr, and the upcoming generational transition at global VC firm Index Ventures following an exceptional year of exits. The main topic of the episode focuses on Project Switzerland. Guest Michael Sauter, Project Lead of the initiative, joins the discussion to explore how Project Switzerland aims to close the scaling gap between product–market fit and global expansion. The conversation highlights why traditional accelerator models often fall short at this stage and how a peer-to-peer approach with experienced founders as role models is designed to support ambitious Swiss scale-ups. In the listener question, the episode addresses “investor ghosting” during fundraising. The discussion provides context on why delayed or missing responses are common in VC processes and outlines structured, professional ways founders can follow up without damaging relationships. The episode concludes with a roundup of the deals of the week: SWISSto12 raising over €100 million for the industrialization of its HummingSat platform, Ex Nunc Intelligence closing a USD 2.15 million pre-seed round for trustworthy legal AI infrastructure, noriware securing CHF 4 million ahead of its plastic-free packaging launch, and AlphaLum raising CHF 3.4 million to scale next-generation optics and sensing for smart glasses. The episode highlights a strong and diverse start to the VC year, with continued momentum in deep tech and industrial innovation.

In this episode, Max Meister and Guy Giuffredi break down the most important startup deals from December 2025 in the Swiss venture ecosystem. In the Burn Rate Market Snapshot, they contextualize CHF 250m invested across 22 rounds, discuss a strong month for biotech M&A (including acquisitions by Grupo Landsteiner), SK Capital’s majority takeover of Swyx Biopharma, the sale of Homebuddy, and the newly published Swiss VC performance study by the University of Basel, SECA, and Deep Tech Nation. In the Deep Dive, they analyze four standout transactions: Asaya’s USD 26.6m Series B for AI-powered airport operations, Gravis Robotics’ USD 23m Series B for autonomous construction machinery, Neural Concept’s USD 100m Series C for AI-driven engineering simulation, and the cybersecurity startup Soverely’s USD 2.6m Pre-Seed round for secure smartphone environments. The episode illustrates how Swiss deep tech is scaling into critical infrastructure across aviation, construction, engineering, and digital sovereignty.

In this episode, Max Meister and Guy Giuffredi discuss the key developments shaping the Swiss startup and venture capital ecosystem at the start of 2026. The news segment covers the first closing of Übermorgen Ventures’ climate-tech fund at CHF 55 million, a new IFJ report showing record company formations alongside a sharp rise in bankruptcies, and the 10-year anniversary of Tenity, which is repositioning itself with a stronger focus on AI-enabled digital finance built on blockchain technologies. The focus topic is the team’s predictions for 2026. They outline which sectors are expected to benefit from renewed momentum, including AI as a core infrastructure technology, resilience and security solutions, AI-driven healthcare, and, over longer horizons, robotics, industrial deep tech and defense. At the same time, they highlight areas losing attractiveness, such as generic AI tools without defensible advantages, commoditized feature SaaS, and capital-intensive consumer tech models. For Europe and Switzerland, the discussion points to growing relevance in substance-driven technologies and critical applications, while the US is expected to remain dominant in large platforms. Within AI, 2026 is framed as a year of industrialization, with real value emerging primarily from enterprise AI and enabling infrastructure, increasingly constrained by energy availability. On liquidity, the outlook is for selective IPOs, more strategic M&A activity and a rising role for secondaries. Fundraising is expected to remain demanding but fairer, with a clear focus on fundamentals and execution.

In this episode, Max Meister and Guy Giuffredi discuss the key developments from the Swiss startup and venture-capital ecosystem. Topics include the launch of the EPFL and UBS AI Launchpad to support AI spin-offs, SwissHealth Ventures doubling the size of its evergreen digital-health fund to CHF 100 million, and Switzerland heading toward a record M&A year in 2025 despite a strong Swiss franc. The main deep dive focuses on the first comprehensive performance study of Swiss venture-capital funds, published by the University of Basel together with SECA and Deep Tech Nation Switzerland. Based on real cash-flow data and covering more than CHF 3.5 billion in committed capital across vintages from 2000 to 2024, the study closes a major data gap in the market. It shows that Swiss VC funds invest around 30% of their capital and about 50% of their deals in Swiss startups, and that their performance is broadly in line with European benchmarks, with younger vintages outperforming on average. A fund-of-funds simulation further indicates that diversified VC exposure can deliver institutionally relevant returns. In the listener question of the week, the hosts explain what “normal” vesting periods look like in startups, why four years with a one-year cliff remains the standard, and how competitive AI talent markets are leading to selective deviations from this model. The episode concludes with the transactions of the week, including the acquisition of HomeBuddy, Assaia’s $26.6 million Series B, and new financings at Ionic Wind, Soverli, and Aukera Therapeutics.

In this episode, Max Meister and Guy Giuffredi break down the most important developments in the Swiss startup and venture capital ecosystem in November 2025. We open with the Market Snapshot, covering investment volumes, deal activity, and exits — including a strong month with CHF 425M invested and the acquisition of SixPeaks by AstraZeneca. In the Deep Dive, we analyze four standout deep-tech transactions that capture where Swiss innovation and venture capital are heading: – the $50M Series A of Flexion Robotics, building the software “brain” for autonomous humanoid robots, – the $16M Seed round of Mimic Robotics, bringing human-level dexterity to industrial robots through intelligent robotic hands, – the CHF 9.6M growth financing of Spacetek Technology, a University of Bern spin-off translating space-grade mass spectrometry into semiconductor manufacturing, – and the CHF 4.6M Seed round of BTRY, an Empa spin-off developing next-generation thin-film solid-state batteries. We discuss what these deals reveal about the horizontalization of robotics, why dexterity has become the key bottleneck in automation, how space technology is unlocking yield gains in chip fabs — and why battery innovation only scales when materials science, manufacturing, and go-to-market strategy align. A deep-tech-heavy month that shows Switzerland remains a global frontrunner in robotics, semiconductors, and energy storage.

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi break down the most important developments in the Swiss and European startup ecosystem. We start with the Boldbrain Startup Challenge 2025, where Healthtech, Biotech and AI companies dominated the top spots. We then dive into Black Forest Labs’ $300M Series B — the one-year-old German AI startup whose Flux models are now considered among the world’s leading image-generation systems. We also analyse the winners of the Swiss Technology Award 2025, highlighting major trends in nanotechnology, precision medicine and industrial innovation. Our deep dive focuses on new data from Startupticker and the Swiss Startup Radar: Switzerland now counts 350 scale-ups and 18 unicorns, driven largely by Deeptech, industry-focused software, robotics, biotech and AI. We discuss what this means for founders, investors and the future competitiveness of the ecosystem. In the listener question, we explore Revenue Linked Notes — a financing instrument gaining traction as capital becomes more selective and investors seek earlier cashflows. We explain how RLNs work, why they are trending, and where the risks lie. Finally, we wrap up with the deals of the week, including fresh rounds from Gravis Robotics, Cerrion AI, Saporo, Xcert AI, K2 Photonics, Swisspod and Enshift.

In this episode, Max Meister and Guy Giuffredi break down the most exciting developments of the week in the startup and VC ecosystem. We discuss Flexion’s impressive $50M Series A to build the “brain” of humanoid robots, the new European Spinout Report 2025 where Switzerland dominates Europe’s deep-tech spin-off landscape, and Google’s strong return to the AI frontier with Gemini 3. Our deep dive focuses on M&A as the megatrend of 2026: together with our guest Bernhard Trösch (Everstride Partners), we analyze how buyer profiles, price levels, and “silent M&A” have shifted — and what founders must do now to prepare for professional exit processes. In this week’s listener question, we unpack the State of European Tech Report 2025: why optimism is returning, why deeptech is accelerating, and why Europe still struggles with its persistent exit gap despite a multi-trillion-dollar ecosystem. We also spotlight the transactions of the week, including DEXTER’s $150M raise, Sunflower Labs’ recent milestones, the new Spacetek financing, Vivent Biosignals (€7.5M), and Tasteomics.

This week Max Meister and Guy Giuffredi cover several major highlights from the Swiss tech ecosystem: the new CHF 172m Swisscanto Growth Fund, Wyss Zurich’s impressive 10-year track record, and why Peter Thiel fully exited his Nvidia position — adding fuel to the ongoing debate around an AI market bubble. Our deep dive features Malaica, a health-tech startup reinventing pregnancy and postpartum care in Kenya, now launching an opportunity on Oomnium. In our listener question, we discuss whether a potential AI bubble could burst and what this means for founders — including which types of startups are most at risk and which stand to benefit. Plus: our deals of the week, including BTRY, Forgis, Delvitech, Albatross, and the SixPeaks acquisition by AstraZeneca.

Burn Rate – Deal of the Month: Nexthink, DeepJudge, and Corintis In this episode, Max Meister and Guy Giuffredi dive into the most exciting developments in the Swiss startup and VC ecosystem of October 2025. After a full market snapshot covering all financing rounds, total investment volumes, and exits, the episode moves into a deep dive on three standout transactions: – the >USD 3B exit of Nexthink to Vista Capital Partners, – the USD 42M Series A of DeepJudge, the Legal AI ETH spin-off, – and the USD 24M Series A of Corintis, a microfluidic chip-cooling startup. We break down what these deals reveal about the current state of the Swiss VC market, the international signal they send, and what founders, investors, and the broader deep-tech ecosystem can learn from them.

In this episode, Max Meister and Guy Giuffredi discuss the most exciting developments in the European venture capital ecosystem: MYNERVA wins the Diamond Award at the 10th MassChallenge Switzerland Awards, McKinsey highlights a historic $1 trillion deep-tech opportunity for Europe, and ENSOY announces the shutdown of its production at the end of November. In the main segment, Max and Guy wrap up their four-part mini-series on the Upscaler Program. This final episode focuses on the typical growth brakes that slow down scale-ups between 10 and 50 employees — from structures and processes to leadership challenges and external bottlenecks. They also answer a listener question: What does a truly convincing competitive slide in a pitch deck look like? Finally, they dive into the most interesting transactions of the week, including deals from DeepJudge, Mimic Robotics, Tethys Robotics, CUE Labs and Art Recognition.

n this episode, Max Meister and Guy Giuffredi dive into the latest developments in the European venture capital ecosystem: - GetYourGuide reaches profitability for the first time with nearly €1 billion in annual revenue. - Europe’s VCs are deploying capital twice as fast as they’re raising new funds. - Andreessen Horowitz (a16z) and Sequoia Capital are launching new mega-funds totaling over $11 billion. In the deep dive, we discuss how much follow-on reserve VC funds really need — strategic discipline or costly reflex? Our listener question explores how much capital startups typically raise before reaching unicorn status. Deals of the week: - Vista Equity Partners acquires a majority stake in Nexthink (valued at $3 billion), - Qumea brings in Danish private-equity firm GRO as a strategic investor, - Exnaton raises a Series A led by 4impact and Elevator Ventures, - 21Shares is acquired by FalconX.

Burn Rate – Episode 68: Venture Partners, Angels, and AI-Science Startups Welcome to the latest edition of the Burn Rate Newsletter. We summarize the key topics from our current podcast episode – including the news of the week, the deep-dive topic, listener question, and transactions of the week. If you find our work valuable, feel free to share this newsletter within your network. News of the Week EY Entrepreneur Of The Year 2025: Two Swiss deep-tech founders took home top honors – Luc Burnier (nu glass) and Martin Fengler (Meteomatics) exemplify how Swiss research turns into global innovation. Amazon x Flink: Amazon is reportedly considering investing in Berlin-based grocery delivery startup Flink – potentially marking a strategic re-entry into the German market after shutting down Amazon Fresh. Periodic Labs: OpenAI and Google Brain veterans launched Periodic Labs with a record 300 million USD seed round to automate material science using AI and robotics – signaling a new era of AI-driven science. Deep Dive Topic In Episode 68, we discuss the evolving role of the Venture Partner – one of the least clearly defined but increasingly strategic positions in venture capital. We explore how Venture Partners bridge fund strategy, founder coaching, and technical expertise, which compensation models exist, and whether VC firms are moving toward more flexible partner networks. Guest: Andreas Schmidt, Venture Partner at Picus Capital. Listener Question Massimo from Bern asks: How do I find the right business angel – and convince them to invest? We outline five proven ways to connect with angels and three steps to win them over: a clear story, an active network, and personal visibility. Deals of the Week RetinAI, N-Dream, General Intuition, Anevo, Talpa – full deal list available in our Deal of the Week section. Tune in to Burn Rate Episode 68 – available on all podcast platforms.

In the new episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss the latest news from the startup and VC ecosystem: Exploris Health x Roche – The Basel-based digital health startup is expanding globally with its AI-powered solution for early detection of coronary heart disease, partnering with Roche as a global distributor. YC Arena: Think Like a Partner – A Berlin student has created an online game that shows how tough YC’s selection process really is – and why clarity often beats vision. OpenAI’s Ownership Shake-up – Following major deals with Nvidia and AMD, OpenAI plans to convert into a for-profit corporation. Microsoft, employees, and the nonprofit foundation are each expected to hold around 30 percent. Main Topic: Success stories from the Upscaler Program – Peter Stähli explains how experienced entrepreneurs support startups over a two-year growth journey. Listener Question: How can founders convince their board that growth matters more than short-term profitability? We discuss data-driven arguments, scenario planning, and the guiding principle of “Growth under control.” Deals of the Week: Ecorobotix, Zoundream, Neology, BigOmics Analytics and Akselos.

Burn Rate – Deal of the Month: Lakera, Auterion & Deskbird In this episode, Max Meister and Guy Giuffredi take a deep dive into the most exciting developments in Switzerland’s startup and VC ecosystem for September 2025. After a Market Snapshot reviewing all funding rounds, volumes, and exits, they explore three standout transactions in detail: – the USD 300 million exit of Lakera.AI to Check Point Software Technologies, – the USD 130 million Series B of Auterion, the ETH spin-off building autonomous drone systems, – and the USD 23 million Series B of Deskbird, a fast-scaling SaaS company redefining hybrid workplace management. The hosts discuss what these deals reveal about the health of the Swiss VC market, how they signal the country’s growing global relevance in deep tech and AI, and what lessons founders and investors can take away.

In this episode, Max Meister and Guy Giuffredi discuss some of the week’s most exciting news: the planned IPO of TravelPerk (which acquired Swiss startup Yokoy), the employee share buyback at Checkout.com, and the sentencing of Charlie Javice in the U.S. Our deep dive focuses on continuation funds – with special guest Oliver Holle, founder and managing partner of Speedinvest. We explore why this fund structure is gaining traction in Europe, the opportunities it creates, and the risks involved. We also tackle a listener question on startup CEO compensation and wrap up with a roundup of the week’s most important deals.

In the new episode of Burn Rate, Max Meister and Guy Giuffredi break down the most important developments in the startup and VC ecosystem from the past week. Highlights include MoveAgain’s acquisition of MOVU, Teylor’s M&A push in fintech, the launch of the first cohort of the HSG START Accelerator, and Nvidia’s planned $100 billion investment in OpenAI. For the deep dive, we’re joined by Michael Sauter — entrepreneur, ETH spin-off founder, and author of Product-Market Fit – How to Build a Business That Scales. Together we explore why PMF isn’t a simple switch you flip but a journey — and how founders can recognize true market validation. We also take on a listener question from Lukas in Bern: Which metrics really make a startup a “VC case”? In the deals of the week, we cover four standout financings: - Auterion raises $130M to scale its drone software globally - €14M for the world’s fastest battery production technology - Deskbird secures $23M for AI-powered workplace management - Adaptyv closes $8M to launch its platform after beta Tune in to Episode 64 of Burn Rate to hear what’s shaping the conversations among founders, investors, and the startup scene.

In this episode, Max Meister and Guy Giuffredi discuss three major stories in the startup and VC ecosystem: the USD 300m exit of Lakera to Check Point, the Swiss National Bank emerging as a silent tech giant, and OpenAI’s updated financial plan with more than USD 115bn in spending through 2029. The deep dive explores how artificial intelligence is rewriting the startup playbook – inspired by Andrew Chen’s widely discussed essay. The hosts debate new team structures, the difference between AI wrappers and true innovation, and why differentiation has never been more critical. They also tackle the listener question of the week: What exactly is a venture studio, and why are more founders choosing this model? The episode wraps up with a look at the most exciting transactions of the week, including CUTISS, Bloom, Hypt, and Lemna Bio.

In this episode, Max Meister and Guy Giuffredi take a closer look at the Swiss VC ecosystem in August 2025: Which funding rounds and volumes shaped the month – and how does Switzerland compare on the international stage? The deep dive highlights three key transactions: - the CHF 180M exit of Daedalean to Destinus, - the USD 24M Series B of Loft Dynamics, - and the USD 3.4M seed round of Scanvio. Max and Guy discuss the companies, their funding history, and the investors involved. They also share their insights on the numbers behind the rounds, along with insider knowledge from conversations with the startups and their backers.

In this episode, Max Meister and Guy Giuffredi cover the week’s news, including the launch of Apertus, Switzerland’s new open-source LLM, Voliro’s acquisition of Sixpec’s intellectual property, and Enerdrape’s flagship U.S. projects. For the deep dive, they sit down with Michi Baier to unpack the ins and outs of term sheets and how deal terms have evolved in recent years. In the listener question, they discuss the KPI Net Retention Rate (NRR) — a metric increasingly scrutinized by investors, especially in AI startups. Finally, they wrap up with a quick review of the latest Swiss startup transactions.

In this episode, Max Meister and Guy Giuffredi discuss robot-powered döner deliveries, the upcoming IPO of Swedish buy-now-pay-later scaleup Klarna, and the rise of a “new” share class — Founder Preferred Shares. For our deep dive, we turn to a study by Professor Jay Ritter, examining U.S. tech IPOs from the 1990s to today and how the push to go public has evolved. We also feature the current crowdfunding round of Future Kitchens, with founder Dominik Sträuli joining us as a guest. And finally, we wrap up with a quick look at the week’s funding rounds in the Swiss startup ecosystem.

In this episode, Max Meister and Guy Giuffredi discuss a negative record: the number of Swiss startup liquidations in the first half of 2025. They then turn to the upcoming billion-franc exit of Ublox and the return of U.S. VCs to the European market. In the listener question, they address whether voting-rights shares make sense for founders in Switzerland. For the deep dive, guest Lucas Mittelmeier, VC at Heal Capital, joins to talk about the firm’s use of a voice bot as the first point of contact for startups applying for funding. Finally, they wrap up with a quick recap of all transactions announced in the Swiss startup ecosystem since the last editorial cut-off.

In this episode, Max Meister and Guy Giuffredi discuss the summer’s standout deals — including the USD 225 million exit of Daedalean to Destinus, the USD 8.9 million investment in CREAL led by Zeiss, and Modulos’ CHF 8.7 million funding round. In the news, they cover the current state of the Swiss VC ecosystem in a global context, the concentration of capital among a handful of U.S. VC funds, and plans for a USD 250 million chip fabrication facility in Switzerland. For the main topic, Peter Stähli joins for the second installment of a four-part series on the Upscaler Program. And finally, they answer a listener question on how to prepare effectively for investor meetings.

In this episode, Max Meister and Guy Giuffredi discuss current topics such as Climeworks' USD 162 million financing round led by Partners Group, the planned USD 1 billion fundraise by Mistral with MGX, and how the talent war for top AI researchers has massively inflated employee equity packages — as the OpenAI case illustrates. The main topic dives into Switzerland’s potential to emerge as a global winner in the race for talent. In the listener question, we explore why exit transaction figures are rarely made public in Switzerland and how the Beekeeper deal actually played out. Finally, we take a closer look at RTDT’s pre-seed round.

In this episode, Max Meister and Guy Giuffredi discuss current topics such as the record number of new company incorporations in the first half of 2025 and Peter Thiel’s headline-making interview in the New York Times. Our main topic is a deep dive into the newly published Swiss Deep Tech Report, which outlines both the opportunities and challenges in Switzerland’s Deep Tech ecosystem. We then tackle the listener question: “How much strategy is allowed in fundraising – and where does it cross the line into deliberate deception?” Finally, in our Deal of the Week, we unpack the CHF 15 million Series B round of Boost Inc.

In this episode, Max Meister and Guy Giuffredi dive into current topics including the 2025 Climate Foundation Switzerland awards for 11 climate-focused innovations, the stealthy retreat of OpenAI and Jony Ive’s iO project, and Andreessen Horowitz’s investment in the controversial “Cheat at Everything” startup Cluely. Our main segment focuses on the return of defense technologies in Europe – and how startups in this space are suddenly seen as investable again. We then speak with Kevin Schmid, co-founder of Bakery Bakery, about their current fundraising campaign on the Oomnium platform. Finally, our Transaction of the Week is a deep dive into the CHF 4.2 million Series A2 round of the Swiss dental startup Odne.

In this episode, Max Meister and Guy Giuffredi discuss current topics such as the W.A. de Vigier Foundation Awards being granted to six startups, Helsing’s €600 million Series D, and the acquisition of 23andMe out of bankruptcy by founder Anne Wojcicki. In our main segment, we talk about the Upscaler program with Peter Stähli—entrepreneur, investor, and Head of Entrepreneurship at the Upscaler—before answering a listener question. As our Transaction of the Week, we take a deep dive into the USD 11 million Series A extension of ETH spin-off Voliro.

In this episode, Max Meister and Guy Giuffredi discuss current topics including the Swiss Economic Forum Startup Awards, which went to DePoly, Kyan Health, and Lumvin; the Trends in Artificial Intelligence report by Mary Meeker and Bond Capital; and the growing a16z scout network in Europe. Our main topic focuses on the challenges faced by startups in their growth stage – the so-called scale-ups. We also answer a listener question: “Do I have to hold my general assembly by the end of June – and what happens if I don’t?” Our transaction of the week is a deep dive into Jua.ai’s USD 15 million Series A round.

In this episode, Max Meister and Guy Giuffredi discuss current topics such as the SUD Barometer, which was conducted for the first time this summer at the Startup Days in Bern, Microsoft’s CHF 400 million investment in Switzerland, and Hailey Bieber’s USD 1 billion sale of her beauty brand Rhode. Our main topic is the often-overlooked issue of mental health among founders. We explore why it deserves more attention. In the listener question segment, we answer: “How do you as investors evaluate startup teams before making an investment?” And in our Deal of the Week, we take a deep dive into the EUR 15 million Series A round of Hedera DX.

In this episode, Max Meister and Guy Giuffredi discuss current topics including GlycoEra’s USD 130 million Series B led by Novo Nordisk, OpenAI’s USD 6.4 billion acquisition of LoveFrom, and OnlyFans’ reported USD 8 billion sale ambitions. Our main segment focuses on Switzerland’s ongoing startup award season. In the listener question, we explore the risks of the current illiquidity in venture capital. Finally, our "Deal of the Week" spotlights the crowdfunding campaign by Sonix on OOmnium.

In this episode, Max Meister and Guy Giuffredi discuss current topics such as the mass layoffs at Climeworks, the new MITdesignX–Le Rosey accelerator program in Rolle, and Nvidia’s investment in quantum computing startup PsiQuantum. Our main topic focuses on the quiet rise of the Swiss venture capital scene in 2025. We then take a closer look at Perivision’s crowdfunding campaign on OOmnium, and wrap up with the $42 million Series B round raised by Hilo (formerly Aktiia).

In this episode, Max Meister, Maximilian Boelck, and Guy Giuffredi discuss current topics such as the USD 65 million Series A round of Haya Therapeutics, the CHF 36.5 million investment by the Canton of Baselland in a new MedTech Innovation Hub, and the new funding program for spin-offs launched by the University of St. Gallen. In our main segment, we share our impressions from the Startup Days. We then answer the listener question: “How can startups motivate and retain employees when traditional participation models like ESOPs are losing their appeal?” Finally, we take a closer look at the CHF 4.4 million Series A round of PSI spin-off novoMOF.

In this episode, Max Meister, Maximilian Boelck, and Guy Giuffredi discuss current topics including the USD 2 billion funding round of Thinking Machines Lab and the extensive control rights secured by Mira Murati, the rebranding move that forces Planted to remove the word “chicken” from its packaging, and the debt restructuring of SwissShrimp AG. In our main segment, we explore why more and more startups are being acquired by other startups—and what challenges come with it. We then answer a listener question: “How do VCs actually make money?” Finally, we take a closer look at the USD 3 million pre-seed round raised by ETH spin-off Manukai.