Fractional CFO for DeepTech companies
DeepTech runs on a different financial logic from software. Companies operate for five to ten years before commercial revenue exists, funded by a stack of venture equity, sovereign and government grants, strategic prepayments, JDAs and milestone-based pilot contracts. The P&L is largely irrelevant for years; runway, milestone and non-dilutive-funding views are what boards run the company on.
We treat grant accounting, capitalised R&D and milestone-based contract revenue as core finance work. Multi-element strategic deals - JDA plus licence plus prepaid supply - are unpicked and recognised against what was delivered, not what the contract called total consideration. The cash model is driven by milestone delivery, TRL transitions and grant drawdown schedules, with sensitivities run against realistic slippage.
Flow provides financial modelling, FP&A and fractional CFO advisory to deeptech companies across advanced materials, quantum and photonics, novel computing and semiconductors, energy and fusion technology, and frontier biology platforms. Startup CFO support covers grant accounting, milestone revenue and runway modelling from pre-revenue onward.
KPIs to track for "DeepTech" startups
We're very 'KPI-driven' fractional CFOs, and we make sure to monitor the right metrics for your startup.
TRL stage
Milestones delivered
Patents granted / filed
Capitalised R&D
Non-dilutive funding secured
Strategic partnership revenue
Cash runway (months)
Burn rate
Pilot / LOI customers
Capex deployed vs plan
Financial modelling for "DeepTech" startups
As fractional CFOs, we build KPI-driven financial models that are insightful and easy to maintain.
Financial modelling is both art and science - models must be robust, but also understandable, and useful for both internal planning and VC fundraising purposes. Hire a fractional CFO who knows how to handle both sides of the equation.
Runway and burn to milestone
Cash runway modelled against TRL transitions and contractual milestones rather than calendar months, with sensitivities for typical six-to-twelve month slippage. Tells the board the date the next round has to close, not just the cash-out date.
Non-dilutive funding stack
Sovereign grants, ARPA-E / DARPA / EIC awards, tax credits and concessional debt tracked as a portfolio with award dates, drawdown schedules and reporting obligations. Quantifies how much equity each non-dilutive dollar actually saves.
Grant accounting and drawdown
Cost-reimbursable grants split between reimbursable spend, matching funds and indirect-cost recovery, with cash drawdown modelled against milestone reports. Prevents the gap between recognised grant income and actual cash hitting the bank.
Capitalised R&D and capex
Internally-developed IP, prototype lines and pilot facilities capitalised under a consistent policy, with amortisation tied to commercial-launch assumptions. Aligns the balance sheet with what strategic acquirers and Series B-plus investors expect.
Strategic and JDA revenue
Joint-development agreements, licence fees and prepaid supply unpicked into performance obligations under ASC 606, recognised against actual delivery. Stops headline 'partnership' announcements from collapsing on closer inspection.
Scenario planning to commercialisation
Base, downside and upside cases run across TRL progression, capex deployment and first commercial revenue, with capital required at each fork point. Frames the next financing as a defined milestone gate, not a continuous burn.
Founders and investors we've worked with
We've supported winning builders across DeepTech and beyond.
Hector
We acted as fractional CFO to Hector Aurumi, a Dubai-based specialist software house with AI/ML, IoT and data science expertise, providing confidential valuation guidance to the management team.
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Percepto
As a fractional CFO we performed a confidential valuation of Percepto, a Tel Aviv-based autonomous drone monitoring platform for critical infrastructure and industrial sites, supporting Elevator Fund's portfolio management.
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TBô
We acted as fractional CFO to TBô, a Zurich-based tech-enabled DTC male underwear brand, building a bottom-up financial / operating model with cohort-level KPIs and positioning the company for its next venture round.
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Onlogist
We acted as fractional CFO to Onlogist, a Hamburg-based online marketplace for last-mile vehicle transfer, providing confidential valuation guidance and operating model support.
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Marcura
We acted as fractional CFO to Dubai-based Marcura, owner of maritime payroll and B2B payments platform MarTrust, advising on the strategic e-Wallet vendor selection and supporting product/finance integration.
See moreRecent fractional CFO track record
See our fractional CFO and financial modelling experience across DeepTech and beyond.
Simple pricing
No hidden costs, no complicated long-term contracts. We understand how important flexibility is for DeepTech startups.
Per month
- Accounting / FP&A tech stack implementation
- Monthly financial statements and reporting pack
- Quarterly board pack with detailed financial analysis (with variance analysis vs. budget, relevant KPI observations etc.)
- Investor-friendly output
Per month
- Everything in Core, plus
- Operating model (via an online platform like Runway or Excel-based)
- Ongoing model maintenance, refining projections, burn/runway management
- Customer cohorts modelling, churn and retention analysis
- LTV / CAC, unit economics analysis
- Cap table management
Per month
- Everything in Grow, plus
- M&A / fundraising support; review of business plan
- Pitch deck preparation
- Investor approach strategy / list building
- Due diligence support and deal negotiation
- Valuation as required and free access to Multiples Pro
Packages shown are illustrative, final pricing is tailored to client requirements.
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We know tech inside & out.
We provide fractional CFO services to companies operating across the entire tech.
More services
We help you scale by providing fractional CFO advice, through fundraising and a successful M&A exit.
VC fundraising for DeepTech companies
We help you prepare materials, reach out to investors in our extensive network, negotiate fair term sheets and structure the VC round.
Learn moreM&A for DeepTech companies
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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