A deep tech capital raise
Deep tech raises fund science that takes years to reach revenue, so investors judge technical milestones, the team and IP more than metrics. Show a milestone plan with the capital each step needs, list grants and government contracts, and settle export control and foreign investor questions before you open the room.
Folder index
- 01 Overview Deck, milestone plan, capital needed per milestone.
- 02 Technical results Test data, prototype reports, external validation.
- 03 Roadmap Engineering plan, manufacturing path, bill of materials at scale.
- 04 Non-dilutive funding Grants, research contracts, terms and reporting duties.
- 05 IP Patents, university licenses, government rights in inventions.
- 06 Export control Classification analysis, licenses, access restrictions.
- 07 Foreign investment review CFIUS analysis for foreign investors, counsel only.
How this raise works
Quantum, robotics, advanced materials, semiconductors, space and similar companies raise from specialist deep tech funds, corporate investors and government-linked programs. Rounds are often staged to technical results, and non-dilutive money such as SBIR or STTR awards and research contracts can be a meaningful part of funding.
Technical diligence is deep and often run by outside experts. Investors want lab results, prototypes, test data, the bill of materials at scale and the path to manufacturing. The IP position, including who owns inventions made under government funding or university agreements, gets close review.
National security rules can shape the raise. Technology subject to export controls (EAR or ITAR) limits who can see technical files, and a foreign investor in a US business working on critical technology may trigger a CFIUS review, in some cases a mandatory filing. Settle these questions with counsel before granting access.
Best data rooms for this raise
The 16 rooms re-ranked with this raise's weights. Permission control carries the most weight here.
- Investor tracking 20%
- Permission control 30%
- Raise workflow 20%
- Investor onboarding 15%
- Cost of a raise 15%
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Full deal room with AI, a listed price and a 14-day free trial.
Price $149 a month Trial 14-day free trial Features 8 of 12 listed -
Long-running M&A platform with layered permissions and fast support.
Price Priced on request Trial Free trial available Features 9 of 12 listed -
Bank-grade platform for large processes, with AI and a mobile app.
Price Priced on request Trial Demo on request Features 10 of 12 listed -
One of the oldest deal rooms, common on bank-led transactions.
Price Priced on request Trial Demo on request Features 8 of 12 listed -
Deal room with AI and readiness tools for preparing a process.
Price Priced on request Trial Free trial available Features 8 of 12 listed -
Easy, reliable deal room favored by mid-market advisers.
Price Priced on request Trial Free trial available Features 7 of 12 listed -
Simple flat-rate deal room with signing and Q&A.
Price $250 a month Trial Free trial available Features 8 of 12 listed -
Deal room with a listed monthly price and an open API.
Price $299 a month Trial Free trial available Features 7 of 12 listed -
European deal room strong in real estate, with AI features.
Price Priced on request Trial Demo on request Features 8 of 12 listed -
Content cloud with watermarks and signing, priced per user.
Price $15 a user a month Trial Free trial available Features 9 of 12 listed
Places 11 to 16: SmartRoom (7.2), ShareVault (7.1), DealRoom (7.0), Venue by DFIN (6.3), Digify (6.1), DocSend (5.7)
Folder index for the room
A starting index for this raise. Number the folders so the order survives exports and investors can cite them in questions.
- 01 OverviewDeck, milestone plan, capital needed per milestone.
- 02 Technical resultsTest data, prototype reports, external validation.
- 03 RoadmapEngineering plan, manufacturing path, bill of materials at scale.
- 04 Non-dilutive fundingGrants, research contracts, terms and reporting duties.
- 05 IPPatents, university licenses, government rights in inventions.
- 06 Export controlClassification analysis, licenses, access restrictions.
- 07 Foreign investment reviewCFIUS analysis for foreign investors, counsel only.
- 08 TeamTechnical leadership, advisers, key hires needed.
- 09 CommercialDesign partners, letters of intent, target customers.
- 10 Corporate and financialsCharter, cap table, budget, runway.
Features this raise needs
| Feature | Why | Ellty | iDeals | Datasite | Intralinks | Ansarada | Firmex |
|---|---|---|---|---|---|---|---|
| View-only files | Files can be read but not saved or printed, and the setting can change mid-raise without a new invite. | ||||||
| Dynamic watermarks | Stamps the reader and a timestamp over every page, so a PPM that leaks carries its source with it. | ||||||
| Investor activity log | A per-investor record of opens, pages and minutes, which tells the IR team who is in diligence and who stalled. | ||||||
| 2-step verification | A code or an approval on a second device every time someone logs in. | ||||||
| Q&A module | LPs and lead investors post questions on a file; the deal team routes each one, drafts a reply and decides who sees it. |
Setting up the room
- 01
Classify the technology
Get an export control classification before any technical file is shared.
- 02
Screen investors
Check foreign ownership of each investor and whether a CFIUS filing may apply.
- 03
Release technical files in tiers
Share summaries widely and detailed data only with named technical reviewers.
- 04
Show grant terms
Include award terms and any government rights in resulting inventions.
- 05
Plan by milestone
Present what each tranche of capital proves and when.
Common mistakes
- Sharing controlled technical data with foreign persons without checking export rules.
- Taking a foreign investor without a CFIUS analysis.
- Unclear ownership of inventions made under university or government funding.
Calculators for this raise
Or take the four-question quiz and check the raise checklist.
Questions and answers
What makes a deep tech raise different?
Long timelines to revenue, heavy technical diligence, a larger role for grants and government contracts, and export control or foreign investment questions.
Can foreign investors join a deep tech round?
Often yes, but a foreign investment in a US critical technology business may need a CFIUS review or filing. Ask counsel first.
How do I protect technical files?
Classify them, limit detailed files to named reviewers, use view-only access and watermarks, and keep a full access log.