For biotherapeutics (the largest subsector of deeptech in terms of VC funding, receiving $17B in 2018, and also the most idiosyncratic), in general the mileston

For biotherapeutics (the largest subsector of deeptech in terms of VC funding, receiving $17B in 2018, and also the most idiosyncratic), in general the milestones are: Series A: * lead product with robust data in gold standard animal models + strong additional supporting data OR * validated, novel biology platform with a team of experienced drug hunters * path to first in class or best in class product in market with significant unmet clinical need * good IP including composition of matter (or experienced team of drug hunters who knows this is important, if too early for having this IP) * either a lead development candidate or a clear path to one (can be earlier stage if you have a really good biology platform, proven team, and tractable chemistry) * path to human POC on venture dollars (doesn't have to be on the Series A, but ideally on Series B, though later can be acceptable) * good team Series B: * same as above, plus: should be able to get through early human studies on this round Seed is pretty variable but generally you need a plan to achieve Series A readiness with your seed money Of course this is a broad generalization -- some startups license very advanced drugs from pharma and use the Series A to fund a clinical study in a new indication Note that pretty much all of these milestones relate to products, not platforms. A platform is only worth as much as the products it generates. In general Series A investment in platform companies are focused on generating the first products and getting them into preclinical development