Join guest host Dr. Mark Lewis and Meritech Capital Partners cofounder Paul Madera for a talk on Series C/D investing, how VCs judge business models, and where defense tech actually fits. A former Air Force fighter pilot turned investor, Paul helped build one of Silicon Valley’s leading late-stage venture firms. In this episode, he dives into the real economics of late-stage venture and what it takes to scale emerging defense technologies. He explains how customer dependence, not pitch decks, drives investment decisions, why AI’s compute costs are bending business models, and why there’s finally an investable pipeline for dual-use tech after years of scarcity.

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