S2E1: The Tech War in the Grey Zone – Eric Slesinger on Backing Europe’s Most Strategic Innovations

Welcome back to the Slice Pod for Season 2!

In a world where the lines between technology, defense, and national security are increasingly blurred, Eric Slesinger stands out as a unique figure in the world of early stage VC. As the Founder and General Partner of 201 Ventures, he brings a rare combination of experience from his time as a mechanical engineer, at the CIA, and as an investor at In-Q-Tel, the U.S. intelligence community's venture capital arm.

At 201 Ventures, Eric has adopted a highly focused approach, concentrating on a select portfolio of companies in defense, cybersecurity, and other national security-driven technologies. Perspectives that now guide his investment strategy. “What I’m doing in venture is not just about returns; it’s about advancing technologies that can make a real difference in global security,” Eric explains. Eric’s concentration on fewer, higher-impact investments is something he’s passionate about: “When we make a bet, we go all in. We’re not trying to diversify for the sake of it, but instead invest deeply in companies that align with our mission of driving strategic, meaningful impact,” he shares.

At Slice, we understand the alpha in managers that stay highly disciplined and concentrated - there’s this beauty to conviction, ownership, and discipline we find in very few managers, and know it’s rare when we find one.

It’s clear his transition from national security to deep tech investing was an evolution with many learnings along the way into the role as a solo GP, but one that’s grounded and consistent in the core principles of humility and service (and a lot of memes).

We've all witnessed the explosive (pun intended) surge in deep tech, particularly American Dynamism, over the past few years. This trend has transformed sleepy towns like El Segundo into booming tech hubs, far from the quiet silver town it was once known to be. In 2022, venture capital firm Andreessen Horowitz (a16z) launched a dedicated $500 million American Dynamism fund, focusing on startups tackling critical national issues, but they aren’t the only player in the game. The defense tech landscape has seen an unprecedented influx of venture capital, with investors deploying a whopping $31 billion to defense-related companies in 2024 alone.

Eric's unique background positions him at the forefront of this revolution in Europe. His expertise allows him to navigate the intricate web of cutting-edge technology, security imperatives, and real-world applications in a way few others can. This skill set is particularly valuable in the new "Silicon Defense" landscape, where companies like Anduril are mass-producing autonomous weapons and partnering with AI giants to integrate advanced technologies into national security missions. Eric's insights are what's needed to identify the next game-changing innovation in this rapidly evolving sector.

One of the most significant milestones for Eric and 201 Ventures is to be the first fund to have the involvement of the NATO Innovation Fund as an institutional investor. “Having NATO as a partner is one of the highest forms of validation we could have received,” Eric explains. “It’s about more than just capital. It's a recognition that our work is essential to the future of global security.”

Kudos to Eric for such a high achievement. It’s very difficult for a small first time fund run by a solo GP to get funding from an institutionalized investor who will be there to support subsequent funds. It’s also a big recognition that the strategic investments Eric is making in emerging deep-tech companies align with NATO’s mission of supporting technological sovereignty across member states. As Eric notes, “For NATO to back us, to be the first to take this step, means that our focus on early-stage defense tech is directly aligned with the future of the alliance.” The NATO Innovation Fund, which targets cutting-edge technology for defense and security, believes Eric's focus on the “grey zone” – technology that straddles defense and commercial use – makes him uniquely positioned to lead the charge in this space.

Through this investment, NATO's involvement reinforces not just the relevance but the urgency of the work Eric and his team are doing to advance security through tech. We see it as a stamp of approval for a fund that is doing far more than backing startups; it’s helping to shape the future of global defense.

A term that comes up frequently in our conversation with Eric is “greyzone warfare” a concept that shapes his entire investment philosophy. Greyzone warfare refers to the tactical, often invisible conflict that exists between outright war and peace. It’s a complex, murky space, and one where technology plays a critical role. For Eric, understanding the geopolitical landscape and its evolving dynamics is key to identifying investment opportunities that can address these needs. “The greyzone is where the next big shifts in technology will come from. Our investments are about recognizing those shifts early and supporting the companies that can make a real difference,” he explains.

By focusing on this space, 201 is positioned to back technologies that not only respond to the current needs of defense but anticipate future threats and challenges. It’s a forward-thinking approach, backed by Eric’s deep expertise and understanding of global security dynamics.

On a human level, what we thought truly stands out about Eric’s approach to venture is his humility. Despite the impressive track record and high-profile investors backing his fund, Eric remains grounded in his service-oriented mindset. His focus isn’t on flashy exits or chasing the next hot trend, it’s about solving real-world problems that can shape the future of global security. “Venture capital is not just about making money; it’s about solving problems that matter, and that’s what we’re doing here,” he states firmly.

It also helps him identify his ideal founder: “a PhD that can win a bar fight.” There’s a relentless, scrappy determination he looks for. The kind of person who will find (or fight) a way through any challenge.

Eric’s story is one you won’t want to miss. If you enjoyed this episode, share this episode with a friend and subscribe to our substack…we’ve got a lot more managers to share with you this season.

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