Burn Rate - The Venture Insider Podcast [AI-Translated]

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss Swiss startup sentiment, the shift from SaaS to Physical AI and the new Swiss Startup Agenda. In the news segment, they cover the new Swiss Startup Days sentiment barometer showing slightly improved optimism, the Technology Fund's 13 new portfolio companies as an example of growth financing beyond equity, and the structural VC shift from software to hardware, chips, robotics and Physical AI – with global investments rising from USD 4.2B to USD 26B between 2019 and 2025. In the focus topic, Michael Stucki, CEO of the Swiss Startup Asso...

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss the state of the Swiss ecosystem, Nvidia's role as an AI financier and the biggest fundraising mistakes founders make. In the news segment, they cover the Swiss Startup Days 2026 in Bern with 1,500 attendees and the question of how accessible the Swiss startup ecosystem really is. They then look at two new deep-tech investments from the HSG START Accelerator: Aithon Robotics and Surface Cleantech. Finally, they analyze Nvidia's massive venture engagement of USD 18.6 billion in a single quarter and whether it's smart ecosystem strategy or ve...

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss mega seed rounds, fast follow-on financings and whether Legal AI still has a future. In the news segment, they cover five Swiss scale-ups awarded the SEF.Growth High Potential Label, the recovery of the Swiss crowdfunding market to CHF 629 million in 2025, and the phenomenon of billion-dollar seed rounds in the AI sector. In the focus topic, they analyze fast follow-on financing rounds. What used to take 12 to 18 months now happens in weeks. They discuss the drivers, the signaling effects on the market, risks for pr...

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss the Swiss and European venture market in April 2026. In the news segment, they cover the ZKB Pionierpreis Technopark 2026, won by RTDT Laboratories with a sensor system for wind turbines, the bankruptcy of Farmy as a cautionary tale about pandemic booms and missing unit economics, and the launch of AcceleratorX, a new European AI accelerator focused on market access rather than coaching. In the focus topic, they analyze the Burn Rate Market Snapshot for April 2026. Around CHF 222 million was invested across 28 rounds. The discussion covers th...

In this special episode of Burn Rate – The VC Insider Podcast – we record live for the first time: at the BEA Expo in Bern, as part of the KMU-Impulsprogramm. Guy Giuffredi talks with Sebastian Betschen, founder of Almer Technologies and now CEO of Realwear, about building a hardware startup from Bern that reached global relevance. Almer was founded in 2021 and developed lightweight augmented reality glasses for industrial applications. In early 2025, Almer was acquired by Realwear, a global leader in industrial AR and wearable technology. Shortly after, Sebastian took over as CEO of the combined company. The conversation covers what it take...

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss Physical AI, a new Swiss unicorn and the question of how to become a great VC. In the news segment, they cover the Sifted ranking of Europe's top Physical AI hubs – with Zurich ranking #2 by deal count – the unicorn status of vVARDIS following a strategic investment from Apollo, and the structural shift in the US seed market toward larger rounds and growing bifurcation. In the main topic, Oliver Flückiger from Vibe VC joins the show. Together they discuss how early-stage investing is changing when MV...

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss current developments in the Swiss startup and venture capital ecosystem. In the news segment, they cover the Stanford AI Index 2026, where Switzerland ranks first globally for AI talent per capita, Swiss founders featured on the Forbes Europe 30 Under 30 list, and Goldman Sachs’ investment in BLP Digital. The focus is on AI talent, international visibility, and how Swiss AI scale-ups are building global relevance through enterprise process automation. In the featured topic, they are joined by Mathias Ruch, founder and CEO of CV VC Labs. The...

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss current developments in the Swiss and European venture capital landscape. In the news segment, they cover the first closing of Herbert Fund I, the growing compute bottleneck in the AI market, and the latest Innosuisse certificates awarded to Swiss startups. The focus is on new fund models without follow-ons, the strategic importance of compute for AI adoption, and the breadth of substantial Swiss startups beyond short-term hype cycles. In the featured topic, they analyze the current state of VC fundraising in Europe. While headline nu...

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss a structural shift in the venture capital market. In the news segment, they cover the current shift from software to hardware, the new quantum partnership between ETH Zurich and IBM, and the ambitious potential SpaceX valuation ahead of a possible IPO. The discussion focuses on defensibility in the age of AI, Europe’s opportunities in strategic technologies, and the growing role of narrative-driven valuations in tech. In the featured topic, they analyze the underappreciated shift in VC from spray-and-pray investing to a small number of t...

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss new dynamics in the Swiss and European venture capital landscape. In the news segment, they analyze the first cohort of Project Switzerland, discuss the acquisition of Zurich-based AI startup Starmind by Capacity, and break down the appointment of Michael Stucky as the new CEO of the Swiss Startup Association. Key themes include scaling challenges in the Swiss ecosystem, the growing importance of platforms in AI, and the role of policy advocacy for startups. In the featured segment, they cover the Burn Rate Market Snapshot fo...

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss new dynamics in the Swiss and global venture capital landscape. In the news segment, they cover the Digital Shapers 2026, break down the latest European Deep Tech Report by Dealroom and Lakestar, and discuss the first closing of the new climate-tech VC Vitamin C. The focus is on Europe’s deep tech opportunity, Switzerland’s role as a bridge between research and capital, and how selective climate-tech investing is shaping the next industrial wave. In the featured segment, they are joined by Wanja Humanes, CEO and Ma...

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss new dynamics in the Swiss and international venture capital market. In the news segment, they analyze Kickfund’s highly scalable VC model with more than 100 portfolio companies in less than two years, discuss the new Startup Selection Switzerland ranking launched by NZZ and ZHAW, and break down Yann LeCun’s record-setting billion-dollar seed round as a sign of increasingly extreme power-law dynamics in the AI market. The featured topic is a conversation with Frank Floessel, Head of ETH Entrepreneurship. They discuss ETH Zurich’s record y...

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi break down the most important startup deals from February 2026 in the Swiss venture ecosystem. In the Burn Rate Market Snapshot, they review a quieter Swiss funding month with around CHF 100 million invested across 15 disclosed rounds, discuss positive ecosystem signals from ETH, EPFL, the Swiss Startup Association and the startup support ranking, and touch on Constructor Capital’s first fund closing. The European view also points to a selective but active market environment, with capital continuing to concentrate around AI infrastructure and deep tech. In the Deep...

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss recent developments in the Swiss venture capital ecosystem. In the news segment, they analyze ETH Zurich’s record year with 46 new ventures, the rebound in invested capital highlighted by the EY Startup Barometer, and Switzerland’s strong performance in the Financial Times European startup support ranking. The featured topic explores Oomnium’s growth financing platform together with founder Leandro Davies, including its approach to community investing, deal sourcing and the use of AI in due diligence. In the listener question, they discuss whether SPACs could be...

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi break down the latest developments in the Swiss and international venture capital landscape. In the news segment, they analyze the record number of startup liquidations in Switzerland in 2025 and explain why rising shutdowns and recovering investment volumes are not contradictory, but typical for a delayed market cycle. They also discuss a growing trend in venture capital: leading funds investing simultaneously in direct competitors — particularly in AI — and what this means for loyalty, governance, and founder–investor dynamics. Finally, they examine Europe’s quantum boom, where record fun...

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi break down key developments across the Swiss and global venture capital landscape. In the news segment, they analyze the record year of EPFL with 39 new spin-offs and CHF 701m in funding, discuss the new startup reform agenda introduced by the Swiss Startup Association, and examine the launch of the $10 billion mega-fund by Thrive Capital. Key structural questions include: Is Switzerland better at building deep-tech companies than scaling them? Who fills the Series B financing gap? And is venture capital evolving into a concentrated mega-fund, mega-winner po...

Here is the English version of your Spotify description for Episode 82, in your standard Burn Rate format: In this episode of Burn Rate, Max Meister and Guy Giuffredi analyze the most important startup deals from January 2026 in the Swiss venture capital ecosystem. In the Burn Rate Market Snapshot, they break down around CHF 496 million invested across 19 financing rounds, discuss the strong acceleration compared to December, recent exits without disclosed prices, and key ecosystem signals around the ETH Deep Tech Summit, Project Switzerland, and the Swiss Venture Capital Report. A look at Europe shows a stable but highly selective market with...

In this episode of Burn Rate, Max Meister and Guy Giuffredi cover the latest signals from Switzerland’s venture ecosystem — recorded on Thursday, February 5. In the news segment, they discuss the first closing of Constructor Capital Fund I ($110M), the new cohort of the Microsoft for Startups Switzerland AI Tech Accelerator, and a look back at 20 years of Venture Leaders with standout ecosystem results. The main segment is a deep dive into the Swiss Venture Capital Report 2026 (“Trend Reversal”), featuring an interview with Thomas Heimann (co-initiator and co-author). Together, they unpack what’s really behind the headline numbers: record activity in early-s...

In this episode of Burn Rate, Max Meister and Guy Giuffredi discuss the key signals shaping the Swiss venture capital ecosystem. Guy shares insights from the ETH Deep Tech Summit, with over 1'000 participants, around 100 spin-offs from ETH, EPFL, PSI and EMPA, and clearly rising international investor interest. In the news segment, the episode covers the final closing of b2venture Fund V (€150m), the first closing of the new Vi Partners fund (CHF 150m), and PitchBook data showing Switzerland among the global leaders in VC funding per capita. The discussion also touches on “Neolabs” – AI startups raising billions for pure res...

In this episode of Burn Rate, Max Meister and Guy Giuffredi break down the key developments shaping the Swiss venture capital ecosystem at the start of 2026. In the news section, they discuss the exit of Zurich-based mobility fintech MyBikePlan to Germany’s JobRad Group, the €192 million mega-round raised by battery storage player Terralayr, and the upcoming generational transition at global VC firm Index Ventures following an exceptional year of exits. The main topic of the episode focuses on Project Switzerland. Guest Michael Sauter, Project Lead of the initiative, joins the discussion to explore how Project Switzerland aims to close the scal...

In this episode, Max Meister and Guy Giuffredi break down the most important startup deals from December 2025 in the Swiss venture ecosystem. In the Burn Rate Market Snapshot, they contextualize CHF 250m invested across 22 rounds, discuss a strong month for biotech M&A (including acquisitions by Grupo Landsteiner), SK Capital’s majority takeover of Swyx Biopharma, the sale of Homebuddy, and the newly published Swiss VC performance study by the University of Basel, SECA, and Deep Tech Nation. In the Deep Dive, they analyze four standout transactions: Asaya’s USD 26.6m Series B for AI-powered airport operations, Gravis Robotics’ USD 23m Seri...

In this episode, Max Meister and Guy Giuffredi discuss the key developments shaping the Swiss startup and venture capital ecosystem at the start of 2026. The news segment covers the first closing of Übermorgen Ventures’ climate-tech fund at CHF 55 million, a new IFJ report showing record company formations alongside a sharp rise in bankruptcies, and the 10-year anniversary of Tenity, which is repositioning itself with a stronger focus on AI-enabled digital finance built on blockchain technologies. The focus topic is the team’s predictions for 2026. They outline which sectors are expected to benefit from renewed momentum, including AI as a core infra...

In this episode, Max Meister and Guy Giuffredi discuss the key developments from the Swiss startup and venture-capital ecosystem. Topics include the launch of the EPFL and UBS AI Launchpad to support AI spin-offs, SwissHealth Ventures doubling the size of its evergreen digital-health fund to CHF 100 million, and Switzerland heading toward a record M&A year in 2025 despite a strong Swiss franc. The main deep dive focuses on the first comprehensive performance study of Swiss venture-capital funds, published by the University of Basel together with SECA and Deep Tech Nation Switzerland. Based on real cash-flow data and covering more than...

In this episode, Max Meister and Guy Giuffredi break down the most important developments in the Swiss startup and venture capital ecosystem in November 2025. We open with the Market Snapshot, covering investment volumes, deal activity, and exits — including a strong month with CHF 425M invested and the acquisition of SixPeaks by AstraZeneca. In the Deep Dive, we analyze four standout deep-tech transactions that capture where Swiss innovation and venture capital are heading: – the $50M Series A of Flexion Robotics, building the software “brain” for autonomous humanoid robots, – the $16M Seed round of Mimic Robotics, bringing human-level dexterity to industrial robots through in...

In this episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi break down the most important developments in the Swiss and European startup ecosystem. We start with the Boldbrain Startup Challenge 2025, where Healthtech, Biotech and AI companies dominated the top spots. We then dive into Black Forest Labs’ $300M Series B — the one-year-old German AI startup whose Flux models are now considered among the world’s leading image-generation systems. We also analyse the winners of the Swiss Technology Award 2025, highlighting major trends in nanotechnology, precision medicine and industrial innovation. Our deep dive focuses on new data from Sta...

In this episode, Max Meister and Guy Giuffredi break down the most exciting developments of the week in the startup and VC ecosystem. We discuss Flexion’s impressive $50M Series A to build the “brain” of humanoid robots, the new European Spinout Report 2025 where Switzerland dominates Europe’s deep-tech spin-off landscape, and Google’s strong return to the AI frontier with Gemini 3. Our deep dive focuses on M&A as the megatrend of 2026: together with our guest Bernhard Trösch (Everstride Partners), we analyze how buyer profiles, price levels, and “silent M&A” have shifted — and what founders must do now to prepare fo...

Swisscanto Growth-Fonds | 10 years Wyss Center | Thiel Marco sells Nvidia shares | Malaica | AI-Bubble - what's to do? | BTRY | Forgis | Delvitech | Albatross | SixPeaks

About our hosts: Max Meister and Guy Giuffredi are General Partners at Koyo Capital, with more than 30 years of combined experience in the Swiss startup and VC ecosystem.

Learn more about this episode and subscribe to our newsletter at: https://burnrate-vc.beehiiv.com/subscribe — and share it with your network!

Or get in touch with us at podcast@burnrate.ch.

Our current podcast sponsors are:

Burn Rate – Deal of the Month: Nexthink, DeepJudge, and Corintis In this episode, Max Meister and Guy Giuffredi dive into the most exciting developments in the Swiss startup and VC ecosystem of October 2025. After a full market snapshot covering all financing rounds, total investment volumes, and exits, the episode moves into a deep dive on three standout transactions: – the >USD 3B exit of Nexthink to Vista Capital Partners, – the USD 42M Series A of DeepJudge, the Legal AI ETH spin-off, – and the USD 24M Series A of Corintis, a microfluidic chip-cooling startup. We break down what these deals reveal about the curr...

In this episode, Max Meister and Guy Giuffredi discuss the most exciting developments in the European venture capital ecosystem: MYNERVA wins the Diamond Award at the 10th MassChallenge Switzerland Awards, McKinsey highlights a historic $1 trillion deep-tech opportunity for Europe, and ENSOY announces the shutdown of its production at the end of November. In the main segment, Max and Guy wrap up their four-part mini-series on the Upscaler Program. This final episode focuses on the typical growth brakes that slow down scale-ups between 10 and 50 employees — from structures and processes to leadership challenges and external bottlenecks. They also answer a listener question: Wh...

n this episode, Max Meister and Guy Giuffredi dive into the latest developments in the European venture capital ecosystem: - GetYourGuide reaches profitability for the first time with nearly €1 billion in annual revenue. - Europe’s VCs are deploying capital twice as fast as they’re raising new funds. - Andreessen Horowitz (a16z) and Sequoia Capital are launching new mega-funds totaling over $11 billion. In the deep dive, we discuss how much follow-on reserve VC funds really need — strategic discipline or costly reflex? Our listener question explores how much capital startups typically raise before reaching unicorn status. Deals of the week: ...

Burn Rate – Episode 68: Venture Partners, Angels, and AI-Science Startups Welcome to the latest edition of the Burn Rate Newsletter. We summarize the key topics from our current podcast episode – including the news of the week, the deep-dive topic, listener question, and transactions of the week. If you find our work valuable, feel free to share this newsletter within your network. News of the Week EY Entrepreneur Of The Year 2025: Two Swiss deep-tech founders took home top honors – Luc Burnier (nu glass) and Martin Fengler (Meteomatics) exemplify how Swiss research turns into global innovation. Amazon x Flink: Amazon is reportedly considering invest...

In the new episode of Burn Rate – The VC Insider Podcast, Max Meister and Guy Giuffredi discuss the latest news from the startup and VC ecosystem: Exploris Health x Roche – The Basel-based digital health startup is expanding globally with its AI-powered solution for early detection of coronary heart disease, partnering with Roche as a global distributor. YC Arena: Think Like a Partner – A Berlin student has created an online game that shows how tough YC’s selection process really is – and why clarity often beats vision. OpenAI’s Ownership Shake-up – Following major deals with Nvidia and AMD, OpenAI plans to convert into a...

Burn Rate – Deal of the Month: Lakera, Auterion & Deskbird In this episode, Max Meister and Guy Giuffredi take a deep dive into the most exciting developments in Switzerland’s startup and VC ecosystem for September 2025. After a Market Snapshot reviewing all funding rounds, volumes, and exits, they explore three standout transactions in detail: – the USD 300 million exit of Lakera.AI to Check Point Software Technologies, – the USD 130 million Series B of Auterion, the ETH spin-off building autonomous drone systems, – and the USD 23 million Series B of Deskbird, a fast-scaling SaaS company redefining hybrid workplace management. The hosts discuss what these deals reve...

Guest: Oliver Holle - TravelPerk | Checkout.com | Frank | Continuation Fund | CEO-Salary | Corinthis | FenX | Arqu | A-Metal | Viibo

About our hosts: Max Meister and Guy Giuffredi are General Partners at Koyo Capital, with more than 30 years of combined experience in the Swiss startup and VC ecosystem.

Learn more about this episode and subscribe to our newsletter at: https://burnrate-vc.beehiiv.com/subscribe — and share it with your network!

Or get in touch with us at podcast@burnrate.ch.

Our current podcast sponsors are:

In the new episode of Burn Rate, Max Meister and Guy Giuffredi break down the most important developments in the startup and VC ecosystem from the past week. Highlights include MoveAgain’s acquisition of MOVU, Teylor’s M&A push in fintech, the launch of the first cohort of the HSG START Accelerator, and Nvidia’s planned $100 billion investment in OpenAI. For the deep dive, we’re joined by Michael Sauter — entrepreneur, ETH spin-off founder, and author of Product-Market Fit – How to Build a Business That Scales. Together we explore why PMF isn’t a simple switch you flip but a journey — an...

In this episode, Max Meister and Guy Giuffredi discuss three major stories in the startup and VC ecosystem: the USD 300m exit of Lakera to Check Point, the Swiss National Bank emerging as a silent tech giant, and OpenAI’s updated financial plan with more than USD 115bn in spending through 2029. The deep dive explores how artificial intelligence is rewriting the startup playbook – inspired by Andrew Chen’s widely discussed essay. The hosts debate new team structures, the difference between AI wrappers and true innovation, and why differentiation has never been more critical. They also tackle the listener question of the we...

Deals of the Month - August 2025 | Swiss VC Market Snapshot | Daedalean | Loft Dynamics | Scanvio Medical

About our hosts: Max Meister and Guy Giuffredi are General Partners at Koyo Capital, with more than 30 years of combined experience in the Swiss startup and VC ecosystem.

Learn more about this episode and subscribe to our newsletter at: https://burnrate-vc.beehiiv.com/subscribe — and share it with your network!

Or get in touch with us at podcast@burnrate.ch.

Our current podcast sponsors are:

Apertus | Voliro | Enerdrape | Term Sheet | NRR | Deals of the Week

About our hosts: Max Meister and Guy Giuffredi are General Partners at Koyo Capital, with more than 30 years of combined experience in the Swiss startup and VC ecosystem.

Learn more about this episode and subscribe to our newsletter at: https://burnrate-vc.beehiiv.com/subscribe — and share it with your network!

Or get in touch with us at podcast@burnrate.ch.

Our current podcast sponsors are:

RIVR | Klarna | Founder Preferred Shares | KI-Euphorie | Future Kitchen | Transaktionen der Woche

About our hosts: Max Meister and Guy Giuffredi are General Partners at Koyo Capital, with more than 30 years of combined experience in the Swiss startup and VC ecosystem.

Learn more about this episode and subscribe to our newsletter at: https://burnrate-vc.beehiiv.com/subscribe — and share it with your network!

Or get in touch with us at podcast@burnrate.ch.

Our current podcast sponsors are:

Mabylon | InkVivo | Reconnect Labs | Green Transfer | Swiss Airtainer | Evulpo | Sparklys | CrypotFund.News | Mikafi

About our hosts: Max Meister and Guy Giuffredi are General Partners at Koyo Capital, with more than 30 years of combined experience in the Swiss startup and VC ecosystem.

Learn more about this episode and subscribe to our newsletter at: https://burnrate-vc.beehiiv.com/subscribe — and share it with your network!

Or get in touch with us at podcast@burnrate.ch.

Our current podcast sponsors are: