The Three Categories of Hard Tech VCs

Originators, Seeders, and Scalers

Hard Tech VC is starting to stratify into three roles: Originators, Seeders, and Scalers.

In capital-intensive and technically ambitious companies, the funding journey looks different. The classic “pre-seed → seed → A” ladder doesn’t reflect how teams and technologies evolve in hard tech.

Here’s a better mental model:

1. Originators ($500K–$2M rounds)

These are conviction-driven, often solo GPs or small funds. They back ambitious technical teams before there’s legibility—before the deck is tight, before the business model is clear, often before a company even exists. They help ideas become companies. They de-risk the first 12-18 months of proving the tech works and that someone wants it.

2. Seeders ($3–5M rounds)

Seeders are underwriting company-building, not just feasibility. They (often) work with less legible founding teams—first-time founders, deep technical teams, or non-obvious markets—and help them reach the level of operational maturity where growth-stage capital can follow. They bridge the “venture readiness” gap.

3. Scalers (multi-stage platforms; Rounds $5M+)

These are the classic venture funds that can play from seed to IPO—but in hard tech, they show up most aggressively when teams are clearly on a path to become companies, not just technologies. They look for legibility: proven leadership, clear customer pull, and scalable business models. Occasionally they’ll do seed—but only for founders who have a proven ability to build the team to Series B caliber.

The best hard tech companies often pass through all three layers.

Originators unlock ambition.

Seeders shape it into a company.

Scalers fuel it with growth capital.

Hard tech needs all three.