This keynote panel brings together leading venture investors including Milo Werner, general partner at DCVC; Ann Bordetsky, partner at New Enterprise Associates; and Greg Reichow, general partner at Eclipse, to discuss how venture capital – and particularly corporate venture capital (CVC) – is evolving in the current cycle, with a strong focus on AI and deeptech. 

Key takeaways:

  • CVCs are increasingly viewed as critical partners rather than passive capital providers, particularly in AI, where startups rely on corporates for distribution, enterprise access and go-to-market support. 
  • The bar for corporate investors has risen: to access competitive deals, they must deliver tangible commercial value, not just funding, with equity now only one component of a broader strategic relationship. 
  • Corporates can materially accelerate revenue by acting as customers, opening internal networks and enabling partnerships such as co-selling or international expansion.
  • In physical industries, CVCs offer differentiated value through operational expertise, supply chain access and proprietary data, helping startups avoid costly early mistakes.
  • Early engagement is often advantageous: partnerships can be foundational to company success, as illustrated by Tesla’s reliance on corporate partners for supply chain access rather than capital.
  • However, over-reliance on corporate capital can create financing risk if strategics cannot support future rounds, and cultural misalignment can introduce friction in fast-moving startups.
  • Many CVCs are seen as overly conservative, both commercially and in investment processes, risking exclusion from top deals due to slow diligence or cautious partnership terms.
  • Traditional VCs remain better suited to leading rounds, given their role in company building, capital formation and market signalling, while corporates play a complementary strategic role.
  • In governance, CVCs should focus less on board control and more on contributing expertise, industry insight and internal resources to support scaling.
  • Strong relationships with venture firms are essential for CVCs to access high-quality dealflow and be recommended to founders in competitive financings.

This summary was generated by AI and lightly edited by GCV staff.