We engaged FI Group for our 2023 UK R&D Tax claim and were thoroughly impressed with their professionalism and expertise.
Deep tech funding between Seed and Series A is the blend of equity and non dilutive capital that allows capital intensive R&D companies to reach proof points without exhausting runway. The non dilutive part comes from grants, innovation loans and R&D tax relief layered around your priced rounds.
For a deep tech CFO, that means building a stack that might include:
Non dilutive capital lets deep tech companies extend operational runway and accelerate research and development without sacrificing equity at a time when investors expect significant traction but underlying risk and burn remain high.
This service is designed for venture backed or venture ready deep tech businesses with heavy, long cycle R&D and international ambition, where CFOs need a disciplined, board level funding strategy rather than opportunistic applications.
Typical clients include:
FI Group’s Seed to Series A service is specifically tailored to these profiles and to the pressures their CFOs face: runway extension, valuation protection and compliance.
There is no single number, but well planned deep tech roadmaps often secure six or seven figure non dilutive packages over the Seed to Series A journey, spread across grants, loans and R&D tax relief. The mix depends on technology, sector, geography and risk appetite.
Key building blocks include:
Illustrative example:
A capital intensive hardware company with a multi year development plan could combine a significant Innovate UK grant, an innovation loan and robust R&D tax relief claims. Done properly, this can reduce the equity required in the next priced round and extend runway by roughly a year while still hitting technical and commercial milestones.
FI Group’s role is to quantify these options, stress test them with your investors and then execute, so the non dilutive stack is credible, realistic and deliverable.
The biggest risks for deep tech CFOs are fragmented funding, underused non dilutive options, and compliance failures that damage investor confidence or trigger enquiries. The audit highlights that current content does not yet speak clearly to these CFO concerns.
Common pitfalls:
| Risk or pitfall | CFO impact | How FI Group mitigates it |
| Over reliance on equity | Excessive dilution and pressure on valuation | Build a balanced non dilutive stack around your equity plan |
| Chasing the wrong calls | Wasted bid effort and opportunity cost | Focus on calls that genuinely fit your TRL, sector and timings |
| Ignoring interaction rules | Double funding, recoverability or subsidy issues | Map R&D tax, grants and loans together to stay compliant |
| Weak technical narrative | Low evaluator scores and investor scepticism | PhD level consultants extract a clear, defensible technical story |
| Audit and enquiry risk | Delayed cash, negative signals to future investors | Evidence first drafting, peer review and enquiry defence playbooks |
| Internal overload | Engineering and finance teams pulled off core delivery | Standardised templates, focused interviews and clear information requests |
For CFOs, the cost of inaction is real: lost non dilutive funding, higher cost of capital and board questions about why opportunities were missed.
FI Group acts as a specialist non dilutive funding partner that understands both the science and the finance of deep tech. We combine technical consultants, funding strategists and international tax specialists into one integrated team.
What you get:
As one of FI Group’s senior leaders, Dr Fawzi Abou-Chahine, Funding Director, designs cross border funding roadmaps, aligns grants and tax incentives with commercial milestones, and prepares board level business cases that stand up to scrutiny.
FI Group acts as a specialist non dilutive funding partner that understands both the science and the finance of deep tech. We combine technical consultants, funding strategists and international tax specialists into one integrated team.
What you get:
As one of FI Group’s senior leaders, Dr Fawzi Abou-Chahine, Funding Director, designs cross border funding roadmaps, aligns grants and tax incentives with commercial milestones, and prepares board level business cases that stand up to scrutiny.
We engaged FI Group for our 2023 UK R&D Tax claim and were thoroughly impressed with their professionalism and expertise.
We are extremely pleased with the R&D tax work carried out by FI Group on behalf of Stablepharma during 2024.
We've had an excellent experience collaborating with FI Group.
The smoothest way to work on R&D Tax Credit – not only are they experts of the subject but also sectors specialists.
Service was fantastic, the claim exceeded our expectations and FI Group were very fair on contract points that I wanted to negotiate on.
Excellent team work in submitting the claim.
AI hardware scale up, Seed to Series A
Medtech spinout, regulated clinical pathway
Seed to Series A deep tech funding rarely stops at the UK border. Many CFOs manage labs, pilots or commercial tests in multiple countries and need a joined up view of incentives.
FI Group’s model is built for that reality:
For UK headquartered groups, this avoids duplicated effort, inconsistent standards and missed opportunities in other jurisdictions.
Seed to Series A deep tech funding rarely stops at the UK border. Many CFOs manage labs, pilots or commercial tests in multiple countries and need a joined up view of incentives.
FI Group’s model is built for that reality:
For UK headquartered groups, this avoids duplicated effort, inconsistent standards and missed opportunities in other jurisdictions.
Innovate UK Innovation Loans provide non-dilutive finance to support late-stage R&D and early commercialisation activities. Eligible UK SMEs can now secure:
These loans specifically fund activities such as R&D, prototyping, tooling, marketing, customer testing, capital deployment, pre-commercial readiness, trials, and scale-up operations.
Innovate UK Innovation Loans provide non-dilutive finance to support late-stage R&D and early commercialisation activities. Eligible UK SMEs can now secure:
These loans specifically fund activities such as R&D, prototyping, tooling, marketing, customer testing, capital deployment, pre-commercial readiness, trials, and scale-up operations.
Deep tech funding between Seed and Series A is about extending runway and de-risking milestones without giving away more equity than you need. CFOs must combine grants, R&D tax relief and innovation loans into a coherent funding strategy. FI Group designs and delivers that non dilutive strategy alongside your equity journey.
We align your funding roadmap to investor expectations, board pressure and cash flow constraints, so you can:
Speak with FI Group’s deep tech funding team to benchmark your current Seed to Series A non dilutive position.