A complete Series A financial model for Deep Tech startups. Revenue model, unit economics, hiring plan, cash flow projections, and funding scenarios — structured for investor review.
Projection Horizon
5 years (monthly for Years 1-2, annual for Years 3-5)
Model Tabs
8 core tabs
Format
Excel + Google Sheets
Scalability of the revenue model and efficiency of the go-to-market. Series A investors validate that the growth engine is repeatable and unit economics improve with scale.
Deep tech models need a TRL-gated financial model. Revenue assumptions should only start after TRL 6 (system demonstrated in relevant environment). Investors are experienced at seeing commercial revenue modeled too early in the TRL progression.
Government grant and milestone funding model in early stages, transitioning to commercial revenue post-TRL 6. Include a funding bridge showing how grants cover capital expenses before commercial revenue.
Series A models are reviewed by investment committee analysts. Include a data room version with formula audit trail turned on. Avoid hardcoded numbers in cells — every input should flow from the assumption dashboard.
Three scenarios: upside (125% of plan), base (100%), and downside (70%). Include key assumption levers for each scenario and the capital required in each path.
A Series A Deep Tech financial model should cover 5 years (monthly for Years 1-2, annual for Years 3-5) of projections with these tabs: Executive Summary Model, Revenue Model with Cohorts, Unit Economics Dashboard, Headcount Plan by Department, Departmental P&L, Cash Flow Forecast, Funding Scenarios, Sensitivity Analysis. Scalability of the revenue model and efficiency of the go-to-market. Series A investors validate that the growth engine is repeatable and unit economics improve with scale.
Government grant and milestone funding model in early stages, transitioning to commercial revenue post-TRL 6. Include a funding bridge showing how grants cover capital expenses before commercial revenue. The key revenue drivers are: SBIR Phase I, II, III grant awards; DoD or government contract revenue; Strategic partner development contracts; Early commercial customer revenue (post-TRL 6).
Deep Tech unit economics at the Series A stage should include: Cost per prototype unit vs. target production unit cost; COGS reduction curve from R&D to manufacturing scale; Gross margin at 1,000 unit scale vs. 100,000 unit scale; Break-even volume at target production cost. Deep tech models need a TRL-gated financial model. Revenue assumptions should only start after TRL 6 (system demonstrated in relevant environment). Investors are experienced at seeing commercial revenue modeled too early in the TRL progression.
Series A models are reviewed by investment committee analysts. Include a data room version with formula audit trail turned on. Avoid hardcoded numbers in cells — every input should flow from the assumption dashboard. Start with the smallest unit of your business (one customer, one transaction, one seat) and build up from there. Every assumption should have a source or benchmark you can defend in an investor meeting.
Three scenarios: upside (125% of plan), base (100%), and downside (70%). Include key assumption levers for each scenario and the capital required in each path.
Get the Deep Tech Series A financial model as a pre-built Excel and Google Sheets template. Assumptions dashboard, revenue model, unit economics, and cash flow — ready to customize.
Includes Excel file, Google Sheets version, and model documentation guide