# The VC case for 'full stack deeptech'

- Show: [Catalyst](https://hardwarepodcasts.com/podcast/catalyst)
- Published: 2026-01-08
- Length: 52m
- Page: https://hardwarepodcasts.com/podcast/catalyst/2026-01-08-the-vc-case-for-full-stack-deeptech

## Summary

Ian Rountree, founder and partner at the deep tech venture firm Cantos, joins host Shayle Kann to unpack Rountree’s investment thesis, which prioritizes 'full stack' hardware startups and 'weird' unique companies while avoiding those selling technology to incumbents. They discuss why long sales cycles in industrial sectors like automotive and mining kill startups, the dangers of 'commercializing science' without product-market fit, and why owning physical assets (like mineral rights) captures more value than licensing software. The conversation highlights specific examples such as Earth AI and KoBold Metals in mining, Salsogen in chemicals, and Crusoe in energy/compute, illustrating how vertical integration and cost advantages in commodity markets mitigate technical risk.

## Chapters

- [0:07](https://hardwarepodcasts.com/podcast/catalyst/2026-01-08-the-vc-case-for-full-stack-deeptech#t=7) Introduction and Investment Thesis Overview
- [5:42](https://hardwarepodcasts.com/podcast/catalyst/2026-01-08-the-vc-case-for-full-stack-deeptech#t=342) Why Selling Tech to Incumbents Fails
- [12:46](https://hardwarepodcasts.com/podcast/catalyst/2026-01-08-the-vc-case-for-full-stack-deeptech#t=766) The Pitfalls of Commercializing Science
- [30:22](https://hardwarepodcasts.com/podcast/catalyst/2026-01-08-the-vc-case-for-full-stack-deeptech#t=1822) Full Stack Deep Tech and Mining Examples
- [38:15](https://hardwarepodcasts.com/podcast/catalyst/2026-01-08-the-vc-case-for-full-stack-deeptech#t=2295) Commodities, Cost Advantage, and Market Risk
- [44:37](https://hardwarepodcasts.com/podcast/catalyst/2026-01-08-the-vc-case-for-full-stack-deeptech#t=2677) Wave Makers vs. Wave Riders and Founder Archetypes
- [48:51](https://hardwarepodcasts.com/podcast/catalyst/2026-01-08-the-vc-case-for-full-stack-deeptech#t=2931) The Case for 'Weird' End-of-One Companies

## Topics

- [Fundraising & investors](https://hardwarepodcasts.com/topic/fundraising)
- [Validation & product-market fit](https://hardwarepodcasts.com/topic/validation-and-product-market-fit)
- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Hiring & workforce](https://hardwarepodcasts.com/topic/hiring-and-workforce)
- [Growth, exits & acquisitions](https://hardwarepodcasts.com/topic/growth-exits-and-acquisitions)

## Most relevant to

early-stage companies

## Mentioned

- Cantos (company)
- Earth AI (company)
- KoBold Metals (company)
- Salsogen (company)
- Crusoe (company)
- Chaos Industries (company)
- Y Combinator (company)
- Energy Impact Partners (company)
- Latitude Media (company)
- Catalyst (company)

## Related episodes from other shows

- [Deep Tech Investing](https://hardwarepodcasts.com/podcast/oxide-and-friends/2022-08-02-deep-tech-investing) (Oxide and Friends)
- [S3 E4: An Impact Hardware VC's Playbook with Carlota Ochoa from Extentia](https://hardwarepodcasts.com/podcast/the-builder-circle/2025-11-11-s3-e4-an-impact-hardware-vcs-playbook-with-carlota-ochoa-from-extentia) (The Builder Circle)
- [S1 E9: Building a Strong Capital Stack for a Hardware Product with Orin Hoffman](https://hardwarepodcasts.com/podcast/the-builder-circle/2023-07-25-s1-e9-building-a-strong-capital-stack-for-a-hardware-product-with-orin-hoffman) (The Builder Circle)
- [178: Venture Capital Funding for Hardware Startups](https://hardwarepodcasts.com/podcast/product-startup/2023-06-01-178-venture-capital-funding-for-hardware-startups) (Product Startup)
- [An Interview with Eric Klein](https://hardwarepodcasts.com/podcast/the-amp-hour/2020-06-08-an-interview-with-eric-klein) (The Amp Hour)

## Citing this page

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