In this episode, Moritz Pill, who leads fundraising at Borobotics — a Swiss geothermal drilling spin-off from ETH Zurich — walks through how a deep-tech hardware startup builds its funding stack. He shares the company's journey from local angels and drilling-industry strategics to Swiss public programs (InnoSwiss, VentureKick) and specialist VCs like Underground Ventures. The conversation covers why hardware rounds are milestone-driven, how to blend angel, strategic and VC capital, the supply-chain realities of prototyping in Europe, and why customer-led development matters as much in hardware as in software.