In this episode of Fault Lines, Augustin Sayer sits down with Damian Cristian, co-founder of rule30, a London fund where an algorithm picks the startups. Marc Andreessen says venture capital will be the last job AI takes over; Damian disagrees. A mathematician from Transylvania who ran a venture builder in London, he found early-stage investing too random, with no feedback loops, and spent years building a system that studies a thousand companies a week and learns from every decision.

They talk about skill, luck and brand in VC, why pre-seed is the hardest stage to pick, the three years of data work behind the model, live testing inside European investment committees, the demo fund now investing with almost no human in the loop, and the next step: an "investor in your pocket" that founders can talk to on WhatsApp. Damian also shares which VCs he thinks will be replaced, why incumbents won't lead the change, and why he is betting on the hard tech that "feeds the machine god".

[00:00:00] Will AI replace VCs? Andreessen's claim

[00:01:05] Meet Damian Cristian: from Transylvania to London

[00:01:52] Why early-stage VC feels random

[00:04:07] Skill, luck or brand: what really drives returns

[00:06:20] Is venture capital a roulette table?

[00:09:27] Rebuilding VC as a self-learning system

[00:11:06] Eight months in an Airbnb to build a startup picker

[00:12:39] Why pre-seed is the hardest stage to pick

[00:14:01] Lovable, Real Madrid and the football scout analogy

[00:16:11] 2019: betting a career on the problem

[00:17:02] Laughed at in fundraising meetings

[00:18:07] Rebuilding every founder's data, point in time

[00:21:01] The VC myths about repeat and young founders

[00:22:03] Model drift after ChatGPT

[00:23:07] Live testing inside European investment committees

[00:25:32] Why rule30 raised its own fund

[00:25:55] Where humans still step in

[00:28:45] The catch-22 of picking unicorns

[00:29:37] Cutting through the noise of "AI VCs"

[00:32:07] Convincing LPs with sandboxes and TVPI tests

[00:34:25] Delusional or onto something?

[00:35:13] Can there be only one AI-native VC?

[00:36:03] Which VCs will be replaced

[00:37:26] Why incumbents won't lead the change

[00:38:40] Building the brand between London and San Francisco

[00:39:54] An investor in your pocket, on WhatsApp

[00:41:45] How long does a tech moat last?

[00:44:16] Feeding the machine god: energy, chips and hard tech

[00:45:43] Contrarian, but not too weird

[00:49:00] Selling shoes to the shoemaker

Fault Lines Podcast is for informational and entertainment purposes only. Nothing in this podcast constitutes investment, financial, legal, or tax advice, nor a recommendation to buy, sell, or hold any security or pursue any investment strategy. Nothing here is an offer to sell or a solicitation of an offer to buy any security or interest in any fund. The views expressed are those of the host and guests in their personal capacity and do not represent the views of OVNI Capital LLC, OVNI Capital SAS, or any affiliated entity. Opinions expressed by guests are their own. Information is believed accurate as of the recording date but is not guaranteed. Listeners should consult their own professional advisors before making any financial decisions.

Hosted by Audiomeans. Visit audiomeans.fr/politique-de-confidentialite for more information.

In this episode of the OVNIs Podcast, host Marie Outtier welcomes Nare Janvelyan, investor at Voyager, for a deep dive into the unlikely path that brought her from Harvard’s chemical physics labs to the world of climate-tech venture capital. Nare retraces her journey from researching nanomaterials to advising late-stage startups in San Francisco, then ultimately finding her place in climate-focused VC—where her scientific background, consulting experience, and passion for global impact naturally converge. She explains how this blend allows her to evaluate technologies from first principles, understand commercialization challenges, and support founders building ambitious, world-changing companies.

Together, they explore how Voyager structures its investment lens across North America and Europe, what gives the team its multidisciplinary edge, and how climate tech founders can bridge the gap between deep science and market realities. Nare also shares insights on battery technologies, space-based manufacturing, geopolitical contradictions around climate, and the traits she believes are essential for mission-driven entrepreneurs. The conversation ends with a dynamic quick-fire round—from overrated buzzwords to her recommended reading—offering both inspiration and clarity for anyone curious about the future of climate innovation.

[00:00:00] Introduction - Marie welcomes Nare & her “unexpected” Harvard PhD background

[00:01:13] From lab to business - leaving academia for management consulting in San Francisco

[00:03:01] Discovering venture - why climate tech VC was the perfect fit

[00:04:47] Joining Voyager - culture, team composition & what makes the fund unique

[00:08:16] Deep tech in practice - materials event & the example of Lida’s microwave furnace

[00:12:11] From scientist to founder - what Voyager looks for in deeply technical teams

[00:12:56] Transatlantic lens - investing across North America & Europe, policy and culture gaps

[00:19:25] Batteries & China - Electroflow, LFP, and why “copy-paste” from China won’t work

[00:23:24] Changing her mind - carbon capture, hydrogen hype & what doesn’t fit VC

[00:26:08] Space manufacturing - why making materials in orbit could change everything

[00:29:03] Mission & urgency - climate founders, grit, and the immigrant mindset

[00:30:39] Quick-fire round - overrated buzzwords, hydrogen, book rec & closing

Fault Lines Podcast is for informational and entertainment purposes only. Nothing in this podcast constitutes investment, financial, legal, or tax advice, nor a recommendation to buy, sell, or hold any security or pursue any investment strategy. Nothing here is an offer to sell or a solicitation of an offer to buy any security or interest in any fund. The views expressed are those of the host and guests in their personal capacity and do not represent the views of OVNI Capital LLC, OVNI Capital SAS, or any affiliated entity. Opinions expressed by guests are their own. Information is believed accurate as of the recording date but is not guaranteed. Listeners should consult their own professional advisors before making any financial decisions.

Hosted by Audiomeans. Visit audiomeans.fr/politique-de-confidentialite for more information.

In this episode of Fault Lines, Augustin Sayer sits down with Nicolas Sauvage, founder and President of TDK Ventures, to unpack how he built a corporate venture capital fund designed to avoid the traditional pitfalls of CVC. Nicolas shares the unlikely story behind its creation—from discovering corporate venture capital at Stanford and hearing “no” repeatedly inside TDK, to eventually convincing the company’s leadership to launch the fund in 2019.

The conversation explores what makes TDK Ventures different: treating entrepreneurs as customers, building investment convictions from first principles, and refusing to see financial returns and strategic value as competing objectives. Nicolas explains why the real mission is exploration—finding the technologies, founders and future market leaders that could become TDK’s next major business pillar—and shares the culture and investment process behind a portfolio that has grown to more than 50 companies.

[00:00:00] Meet Nicolas Sauvage and TDK Ventures
[00:03:35] Discovering Corporate Venture Capital at Stanford
[00:08:45] Why Corporate VCs Fail
[00:11:26] Strategic vs. Financial Returns: The Wrong Question
[00:14:00] Convincing TDK to Launch a Venture Fund
[00:19:47] The “Killer Slide” That Won Over TDK’s CEO
[00:23:23] What Success Really Means for TDK Ventures
[00:26:52] Building the Culture Behind TDK Ventures
[00:29:15] Creating “Equal Win” Partnerships With Startups
[00:30:19] Why CVCs Fail When They Disappoint Entrepreneurs
[00:32:32] How TDK Ventures Won Its First Investment
[00:35:20] Building a Mission-Driven Investment Team
[00:38:29] Going Deep: How TDK Ventures Builds Investment Conviction
[00:42:00] The Investment Process and First-Principles Thinking
[00:48:39] Final Takeaways and Closing Thoughts

Fault Lines Podcast is for informational and entertainment purposes only. Nothing in this podcast constitutes investment, financial, legal, or tax advice, nor a recommendation to buy, sell, or hold any security or pursue any investment strategy. Nothing here is an offer to sell or a solicitation of an offer to buy any security or interest in any fund. The views expressed are those of the host and guests in their personal capacity and do not represent the views of OVNI Capital LLC, OVNI Capital SAS, or any affiliated entity. Opinions expressed by guests are their own. Information is believed accurate as of the recording date but is not guaranteed. Listeners should consult their own professional advisors before making any financial decisions.

Hosted by Audiomeans. Visit audiomeans.fr/politique-de-confidentialite for more information.