Valley of Depth

Logistics rarely makes headlines, but it wins or loses wars. Rune Technologies is betting that the future of contested sustainment won’t be built on warehouses and spreadsheets, but on software. The company recently raised a $24M Series A to accelerate that vision.On this episode of Valley of Depth, we’re joined by Rune co-founder and CEO David Tuttle to talk about how the company is reimagining military logistics from the ground up. We trace Rune’s path from early prototypes to today’s TyrOS platform, discuss the cultural inertia inside the Pentagon, and unpack what it means to build software that commanders can trust under fire.We also get into:The founding story of Rune and the early technical unlocksBuilding TyrOS and winning adoption with frontline commandsWhat it takes to design software soldiers actually want to useWhy logistics is becoming a strategic lever in great power competitionThe long-term vision for software-defined sustainment…and much more.This episode is brought to you by World Space Business Week, taking place September 15–19 in Paris. WSBW is one of the leading annual gatherings for the global space industry, bringing together executives, investors, government officials, and innovators from across commercial, defense, and satellite sectors. Learn more at wsbw.com.• Chapters •00:00 – Intro01:02 – WSBW01:27 – The story behind the name "Rune"03:02 – What is Rune building?04:34 – David's background and how he ended up founding Rune08:10 – Why David and Peter Goldsborough had to make Rune exist10:43 – Logistics in warfare13:02 – How logistics are still being tracked today and why it’s outdated17:05 – How TyrOS changes the logistics of the battlefield21:56 – Operating in denied or degraded environments24:54 – Who's using Rune's products right now and future scaling29:20 – What has surprised David the most31:08 – Pilot to program of record with the DoD33:39 – Competitive landscape36:01 – Will Rune stay in Defense?37:30 – Will software like Rune's change military doctrine?40:28 – Software making decisions in life-or-death scenarios42:45 – Contrarian beliefs about defense tech46:12 – Milestones to look out for at Rune47:32 – What does the US military look like if Rune succeeds?48:59 – What does David do for fun? • Show notes •Rune’s website — https://www.runetech.co/Mo's socials — https://twitter.com/itsmoislamPayload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspaceIgnition’s socials — https://twitter.com/ignitionnuclear / https://www.linkedin.com/company/ignition-nuclear/Tectonic’s socials  — https://twitter.com/tectonicdefense / https://www.linkedin.com/company/tectonicdefense/Valley of Depth archive — Listen: https://pod.payloadspace.com/ • About us •Valley of Depth is a podcast about the technologies that matter — and the people building them. Brought to you by Arkaea Media, the team behind Payload (space), Ignition (nuclear energy), and Tectonic (defense tech), this show goes beyond headlines and hype. We talk to founders, investors, government officials, and military leaders shaping the future of national security and deep tech. From breakthrough science to strategic policy, we dive into the high-stakes decisions behind the world’s hardest technologies.Payload: www.payloadspace.comIgnition: www.ignition-news.comTectonic: www.tectonicdefense.com

Tommy Hendrix is Managing Partner at Decisive Point, a venture firm backing early-stage companies developing critical national security technologies. In this episode of Valley of Depth, we unpack what it really means to fund the future of national defense and how venture capital is becoming a tool of statecraft.A former Green Beret turned investor, Tommy brings rare insight into the geopolitical stakes, bureaucratic hurdles, and human motivations behind the new national security startup wave. From combat deployments in Iraq to due diligence in D.C., he’s seen the full arc of how technology shapes power.We get into Decisive Point’s playbook, from why it was built, to how it supports founders navigating the defense industrial complex. Tommy also shares lessons from working inside the machine, the firm’s approach to incubation, and how they decide when a startup can actually shift the deterrence equation.We also dive into:The strategic case for funding earlyWhy some military problems aren’t venture-scaleWhat it takes to build “weapons-grade” startupsThe ethics of AI-enabled kill chainsPrivate capital’s role in a new Cold WarHow the next great defense companies will be bornThis episode is brought to you by World Space Business Week, taking place September 15–19 in Paris. WSBW is one of the leading annual gatherings for the global space industry, bringing together executives, investors, government officials, and innovators from across commercial, defense, and satellite sectors. Learn more at wsbw.com.• Chapters •00:00 - Intro01:14 – From Green Beret into venture04:02 – Deployments that have shaped Tommy's venture career10:54 – What is broken in the US's current procurement process for defense tech?14:51 – A future without humans in the kill chain18:42 – What has changed with defense tech investors?24:05 – How does Tommy pick the right companies to invest in?28:57 – Tommy's work in nuclear32:19 – How helping a portfolio company go through bankruptcy gave Decisive Point a new lens for investment strategies34:49 – How does the firm make decisions37:37 – Companies that were good for the nation but difficult to justify long-term venture39:54 – Must-haves for the US to win the tech race42:55 – Tech gaps that need more focus47:00 – Qualities of a founder Tom is looking for49:22 – What Tom carried over from his military career into his investing career52:01 – The driving force behind Decisive Point • Show notes •Decisive Point’s website — https://www.decisivepoint.com/Decisive Point’s socials — https://x.com/decisivepointvcTommy’s socials — https://x.com/thomasehendrixMo's socials — https://twitter.com/itsmoislamPayload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspaceIgnition’s socials — https://twitter.com/ignitionnuclear /  https://www.linkedin.com/company/ignition-nuclear/Tectonic’s socials  — https://twitter.com/tectonicdefense / https://www.linkedin.com/company/tectonicdefense/Valley of Depth archive — Listen: https://pod.payloadspace.com/ • About us •Valley of Depth is a podcast about the technologies that matter — and the people building them. Brought to you by Arkaea Media, the team behind Payload (space), Ignition (nuclear energy), and Tectonic (defense tech), this show goes beyond headlines and hype. We talk to founders, investors, government officials, and military leaders shaping the future of national security and deep tech. From breakthrough science to strategic policy, we dive into the high-stakes decisions behind the world’s hardest technologies.Payload: www.payloadspace.comIgnition: www.ignition-news.comTectonic: www.tectonicdefense.com 

Billy Thalheimer, cofounder and CEO of Regent, an aerospace engineer building electric sea gliders that skim above water. He discusses float, foil, fly tech, hydrofoils and blown-wing propulsion. He explains maritime-first regulation, coastal mobility replacing short flights, defense interest in Indo-Pacific logistics, and scaling dual-use manufacturing.

Alexander Valys, physicist/engineer who built Xcimer’s excimer-laser architecture. Conner Galloway, entrepreneur/engineer leading the roadmap from prototype lasers to fusion pilot plants. They revive Cold War excimer lasers for fast, scalable inertial fusion. They cover rapid prototype builds, a Phoenix-to-Vulcan commercial roadmap, liquid-wall neutron protection, and how this approach fits the broader fusion race.

Mikkel Vestergaard, CEO of Sceye and former humanitarian innovator behind LifeStraw and large malaria-net campaigns, discusses solar-powered helium stratospheric platforms. He explains HAPS design choices, payloads like massive MIMO and methane sensing, endurance and power solutions, telecom and defense uses, strategic partners, and the roadmap from prototypes to scalable infrastructure.

Julien Barber is an investor at Emerson Collective, a venture and policy firm founded by Laurene Powell Jobs, where he backs bold bets on decarbonization, infrastructure, and long-horizon climate technologies. Before becoming an investor, Julien researched fusion energy at MIT and co-founded a carbon-tech startup. In today’s episode, we go deep into Julien’s investing philosophy, Emerson’s unique model, and the hard tech categories he believes are most undercapitalized.We cover:Why Emerson is structured for risk others can’t takeFusion, fission, and the evolving energy stackAI’s impact on power demand and hardware accelerationHow to invest when the grid is the bottleneckBuilding conviction in hard tech when capital is scarcePublic vs. private roles in scaling fusionWhat a 7-million-fold increase in energy density may actually look like• Chapters •00:00 – Intro01:49 – From scientist to investor04:37 – Why Julien chose fusion08:57 – Investment process at Emerson10:08 – The team at Emerson12:15 – Is Emerson consensus-driven and why is it an LLC?14:07 – Under-invested areas in climate & industrial tech17:24 – Are AI valuations reasonable today?18:59 – Bottlenecks in the grid23:11 – AI energy consumption: hype or real concern?27:10 – Bridging the energy gap29:20 – Fusion’s role in the next decade31:24 – Google & Commonwealth Fusion: serious commercial signal?32:37 – Are we underinvesting in fusion?39:12 – Who will reach commercial fusion first?41:36 – 30-year future if fusion succeeds • Show notes •Emerson’s socials — https://x.com/emcollectiveEmerson’s website — https://www.emersoncollective.com/Mo's socials — https://twitter.com/itsmoislamPayload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspaceIgnition’s socials — https://twitter.com/ignitionnuclear / https://www.linkedin.com/company/ignition-nuclear/Tectonic’s socials  — https://twitter.com/tectonicdefense / https://www.linkedin.com/company/tectonicdefense/Valley of Depth archive — Listen: https://pod.payloadspace.com/ • About us •Valley of Depth is a podcast about the technologies that matter — and the people building them. Brought to you by Arkaea Media, the team behind Payload (space), Ignition (nuclear energy), and Tectonic (defense tech), this show goes beyond headlines and hype. We talk to founders, investors, government officials, and military leaders shaping the future of national security and deep tech. From breakthrough science to strategic policy, we dive into the high-stakes decisions behind the world’s hardest technologies.Payload: www.payloadspace.comIgnition: www.ignition-news.comTectonic: www.tectonicdefense.com

John Conafay, U.S. Air Force veteran and founder/CEO of Integrate, built a real-time program-management platform for complex aerospace and defense programs. He describes moving teams off spreadsheets and slide decks to multiplayer, cloud-native collaboration. Conversation covers winning a large Space Force contract, security and classified deployments, AI-native scheduling, and why internal tools fail as programs scale.

Chris Kemp, CEO of Astra, shares his rollercoaster journey of taking the company public and navigating rapid ups and downs in the space industry. He discusses the dramatic collapse of Astra's valuation and the lessons learned from the failures of Rocket 3. Kemp provides insights into the decision to take Astra private, the success of their satellite propulsion business, and the ambitious development of Rocket 4. He reflects on his leadership style, the importance of teamwork, and how Astra aims to align with national defense needs while optimizing their launch capabilities.

Jeff Thornburg, CEO of Portal Space Systems and former SpaceX propulsion lead, dives deep into the evolution of spacecraft technology and in-space mobility. He shares insights on the challenges of building rocket engines and the innovative solar thermal propulsion behind his new project, Supernova. Thornburg emphasizes the need for rapid maneuverability in defense and commercial sectors, discusses the importance of refueling in orbit, and paints a visionary picture of the future of space exploration and the transformative role of Starship in the industry.

Jordan Bramble, co-founder and CEO of Antares Nuclear, dives into the exciting world of microreactors, spotlighting their strategic importance for defense and space applications. He discusses the shifting public and political support for nuclear energy, driven by both climate concerns and national security. The conversation also touches on the complexities of nuclear fuel supply chains and the U.S.-China dynamics in nuclear technology. Bramble shares insights on how small modular reactors can complement traditional systems and the future of nuclear innovations.