Whether they want their piece and whether the companies want to give it to them are two different stories. I expect that series A/B investors with $5 million t

Whether they want their piece and whether the companies want to give it to them are two different stories. I expect that series A/B investors with $5 million to throw in at a $25 million valuation are getting a lot of deal flow here, since that's larger than a grant will reasonably get you. The seed stage is where an appropriately-sized chunk of government money is still readily available, especially if you are a spin-off of a well-known research group. This realistically means that in things like battery technology and carbon capture, YC and other seed funds will get the dregs.