# "Bei Foundation Models ist das Rennen gelaufen": VREY, Early-Stage-Fonds & Europas Kapitallücke – Luis Sperr (kopa ventures) & Till Stenzel (SET Ventures)

Page: https://stenobird.com/podcast/startup-insider-6744721/bei-foundation-models-ist-das-rennen-gelaufen-vrey-early-stage-fonds-europas-kapitall-cke-luis-sperr-kopa-ventures-till-stenzel-set-ventures
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Podcast: [Startup Insider](https://stenobird.com/podcast/startup-insider-6744721)
Published: 2026-05-07T02:00:00+00:00
Episode link: https://startup-insider.com/alle-podcast-folgen/
Audio file: https://afp-912057-injected.calisto.simplecastaudio.com/d2790bdf-c937-4878-8f59-941f6b6b4ef5/episodes/3442e5a6-294d-4165-bfda-e2c322029bf3/audio/128/default.mp3?aid=rss_feed&awCollectionId=d2790bdf-c937-4878-8f59-941f6b6b4ef5&awEpisodeId=3442e5a6-294d-4165-bfda-e2c322029bf3&feed=ZQdsoEnZ
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Duration seconds: 2498

## Resource

Venture capitalists discuss the emergence of specialized vertical AI models and the strategic importance of energy-tech investments. The conversation highlights the competitive landscape in solar energy startups and the structural challenges facing European early-stage funds.

## Highlights
- Main idea: The era of generalist AI is shifting toward specialized, vertical models trained for specific industrial use cases
- Practical takeaway: Success in energy-tech startups, like Vray, depends on strong founder teams capable of navigating complex infrastructure integration
- Failure mode: The widening 'capital gap' in Europe, where smaller fund sizes and limited LP diversity create a disadvantage compared to US-based pension fund allocations
- Market trend: Increased convergence and potential M&A activity among energy management and building infrastructure providers
- Investment insight: Fundraising is no longer a 'given' as LPs demand higher scrutiny and more disciplined deployment in the current economic climate

## Topics

Venture Capital, Energy Tech, Artificial Intelligence, Solar Energy, Early-Stage Funding, Deep Tech, Infrastructure Investment, European Startup Ecosystem

## Chapters
- 1:00 — Introduction to SET Ventures and Copa Ventures: An introduction to the guests and their respective focuses on Energy-Tech and sustainable deep-tech investments.
- 7:40 — Energy Storage and Grid Dynamics: A discussion on the importance of energy consumption patterns and the role of storage in the evolving power grid.
- 11:00 — The Rise of Vertical AI Models: Analyzing how specialized AI models for industrial use cases will complement general foundation models.
- 14:20 — Case Study: Vray and Solar Innovation: Deep dive into the Vray investment and the potential for acquisition by infrastructure and utility giants.
- 27:40 — The Shifting VC Landscape: Examining how new large-scale funds are moving away from generalist B2B SaaS toward specialized AI and deep-tech.
- 34:20 — Europe's Capital Gap and LP Constraints: A look at the structural differences between European and US venture capital, specifically regarding pension fund involvement.

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## Transcript

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