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Janus Venture Journal

Intelligence
Dispatches

Perspectives on capital markets, deep tech, and the craft of building enduring ventures. Written by practitioners, for founders.

Featured

Capital Markets February 2026  ·  8 min read

The Architecture of Non-Dilutive Capital: Why Most Founders Leave Money on the Table

India's innovation ecosystem sits atop a vast, largely untapped reservoir of government grants, sovereign funds, and strategic debt instruments. The founders who learn to navigate this landscape retain control — and build faster.

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Capital Jan 2026

Tranched Structures: Aligning Investor Risk with Founder Milestones

How splitting a round into milestone-linked tranches can reduce dilution, extend runway, and align incentives across the cap table.

5 min read
Deep Tech Jan 2026

Semiconductor Startups and the Art of the Government Grant

India's PLI and CHIPS-equivalent programs remain dramatically underutilised by early-stage founders. A practical guide to navigating the application landscape.

7 min read
Founders Dec 2025

What Institutional Investors Actually Read in a Pitch Deck

A family office partner reads 300 decks a year. Here is what earns a second look — and what gets a deck closed in three slides.

6 min read
Capital Dec 2025

Family Offices vs. Venture Funds: Choosing the Right Institutional Partner

The difference between a family office and a VC isn't just check size. It's time horizon, governance expectations, and what they want from founders post-close.

5 min read
Deep Tech Nov 2025

Valuing Pre-Revenue Deep Tech: Methods That Actually Hold Up in Negotiations

DCF doesn't work. Comparable multiples barely work. Here are the frameworks sophisticated investors actually use when pricing early-stage hardware and IP.

9 min read
Founders Nov 2025

The Narrative Premium: Why Story Accounts for 40% of Valuation

Two identical businesses with different narratives will raise at materially different valuations. The craft of translating technical complexity into institutional prose is a skill — and it's learnable.

6 min read

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