Investment Glossary of Terms

Investment glossary of terms

�ʹڲ�Ʊ Investment Portfolio

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Did you know that you can invest directly into �ʹڲ�Ʊ affiliated companies and technologies?

Our Investment Portfolio showcases some of �ʹڲ�Ʊ's most promising new techologies and deep tech companies. These startups & spinouts have been through years of research and development on their path to commercialisation and represent the leading edge of their respective fields.

The below terms are commonly used to describe the developmental stages of young companies and new technologies.

Technology Readiness Level

Technology Readiness Levels (TRL) are a measurement system used to assess the maturity level of a particular technology. Projects progress from basic research (TRL 1) all the way to being a proven system and ready for full commercial deployment (TRL 9). Below is a brief description of each level.

Investment stage

Our startup and spinout companies are sorted into seven key stages of fundraising. These categories are tied to expected levels of business activity and company maturity.

Technology Readiness Level: TRL 1-4 - proof of concept, early lab validation stages.

Typical Investors: University funds, angel syndicates, government grants and other grant distributors.

Commercial Traction: Early assessment of market and customers.

Risk Profile: High technical risk, market fit and commercialisation risk.

Team Size: <5: Typically includes the founder(s), strategic advisors or interim executives, and first hires across core business functions.

Early version of the startups commercial plan is still in development, with iterations to be expected.

First time a company is raising capital.
Technology Readiness Level: TRL 4–6 – validating the prototype, early functional testing.

Typical Investors: Early-stage VCs, specialist deeptech VCs, family offices, university-affiliated funds.

Commercial Traction: Initial pilot discussions, early LOIs or partnerships forming.

Risk Profile: Technical feasibility improving, often regulatory hurdles and market adoption remain key challenges.

Use of Funds: Capital typically used for team buildout and pilot execution.

Team Size: <10: Core leadership team begins to take shape as the company prepares for scale.

Refined commercial plan with clearer customer segments and use cases.

First institutional capital round, often with priced equity and board formation.
Technology Readiness Level: TRL 6-8 - pilot-ready, validated in relevant environments.

Typical Investors: Early-stage VCs, specialist deeptech VCs, corporate VCs, university funds, and government co-investment programs.

Commercial Traction: Active pilots being conducted, early revenue and contracted deployment underway.

Risk Profile: Lower technical risk; execution challenges remain around regulatory timelines, operational scale-up, and converting early interest into long-term contracted customers.

Use of Funds: Manufacturing, Go-to-market activities, team building.

Teams Size: 10-50 team members.
Technology Readiness Level: TRL 7–9 – system qualified, ready for operational deployment.

Typical Investors: Growth-stage VCs, strategic investors, corporates with channel access.

Commercial Traction: Scaling deployments, revenue-generating, repeat customers.

Risk Profile: Technology is proven; risks shift to scaling delivery, locking in long-term customer contracts, and defending market position against incumbents and fast followers.

Use of Funds: Scaling operations, expanding sales activities, team building.

Team Size: 50+��
Technology Readiness Level: TRL 9 – fully operational, deployed in real-world environments.

Typical Investors: Growth equity funds, late-stage VCs, strategic corporates.

Commercial Traction: Multi-year contracts secured, repeatable revenue, expanding customer base.

Risk Profile: Focus shifts to margin discipline, international expansion, and defending market share against incumbents and fast followers.

Use of Funds: Capital deployed for scaling manufacturing, expanding sales and support infrastructure, and entering new markets.

Team Size: 100+��

Board and governance structures mature; preparing for liquidity events.

Rounds: Series C+
Technology Readiness Level: TRL 7-9

Typical Investors: Strategic Acquirers, PE firms, corporates seeking IP, talent or market access.

Commercial Traction: proven product-market fit, strong customer acquisition strategy and retention.

Risk Profile: Acquisition & integration risks, cultural alignment, M&A negotiations.

Acquisition is usually driven by IP defensibility, talent acquisition or market consolidation,
Technology Readiness Level: TRL 9

Typical Investors: Public market investors, Institutional funds.

Commercial Traction: Strong unit economics, scaled revenue.

Risk Profile: Market volatility, pressures to maintain growth.

Use of Funds: IPO typically used for R&D acceleration of new products and category expansion.

Governance fully institutionalised; investor relations and public reporting become core functions.