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On the Burn Rate – The Venture Insider Podcast, Max Meister and Guy Giuffredi deliver exclusive news, insights, and background stories in every episode. This podcast offers a critical perspective on the most exciting deals and topics from the Swiss and global startup scene.
https://www.burnrate.ch/
https://www.linkedin.com/in/guy-giuffredi-45399751/
https://www.linkedin.com/in/mboelck/
Newsletter: https://burnrate-vc.beehiiv.com/
https://www.burnrate.ch/
https://www.linkedin.com/in/guy-giuffredi-45399751/
https://www.linkedin.com/in/mboelck/
Newsletter: https://burnrate-vc.beehiiv.com/
35 Episodes
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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.
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