Twenty years ago, SaaS had no rule of 40. Brannon Jones's take is that deep tech is in that same stretch now: the rules are still unwritten.
I talk with Brannon Jones, investor on AlleyCorp's deep tech team, about why they started the vertical in robotics, how they underwrite hardware with a value-creation multiple instead of SaaS metrics, and what that looks like in the portfolio: EyeBot's 90-second eye exam kiosk, Portal Space's satellite thrusters, and Aescape's robotic massage table (which he says raised $83M). We also get into why AlleyCorp hasn't backed a humanoid yet, and why he thinks a lot of embodied-AI demos are still pick and place.
You'll like this if you raise for a robotics company, invest in hardware, or want an operator-turned-investor view of New York deep tech. The portfolio walk (about 15:43–56:00) is concrete; the investing framework (56:08 on) is the densest stretch.
EPISODE LINKS
- Brannon Jones X: https://x.com/robotjonez
- Brannon Jones LinkedIn: https://www.linkedin.com/in/jones-brannon
- AlleyCorp website: https://alleycorp.com
- AlleyCorp LinkedIn: https://www.linkedin.com/company/alleycorp
PODCAST LINKS
- Podcast Website: https://audrownashpodcast.com/
- YouTube: https://www.youtube.com/@audrow
- Apple Podcasts: https://podcasts.apple.com/us/podcast/audrow-nash-podcast/id1716486786
- Spotify: https://open.spotify.com/show/74jWpWiLwsasY2QHtDcl8I?si=6c92796bf9554162
TIMECODES
0:00 Cold open
0:23 AlleyCorp and Brannon Jones
3:26 What deep tech means at AlleyCorp
10:14 New York vs West Coast portfolio
15:43 Deep tech portfolio overview
17:11 EyeBot eye exam kiosk
22:25 Why deep tech vs SaaS
28:46 Portal Space satellite thrusters
32:35 Aescape massage robot
44:39 Valar Atomics
49:24 Koop Technologies
50:58 Glacier recycling robots
54:46 Civ Robotics solar surveying
56:08 Funding robotics without SaaS playbooks
1:09:50 Market-focused startups
1:14:17 Early robotics investments
1:23:40 Humanoids and value creation
1:28:32 Deglobalization and China
1:32:48 Hype vs pick and place
1:38:19 Key takeaways