Welcome to a new episode of the EUVC Podcast, where we bring you the people and perspectives shaping European venture.
Today, we’re joined by Adrian Locher, co-founder and GP at Merantix Capital, the Berlin-based AI venture capital firm and venture studio that’s just planted its flag in London. Known for building and investing in AI-first companies from the ground up, Mirantix operates at the intersection of venture creation, community, and applied AI consulting — a model Adrian argues is especially well-suited to the AI age.
In this conversation, we dive into the reality of the studio model, what makes it work (and not), and why Adrian believes validation with paying customers before a single line of code is written is the ultimate early-stage filter.
🎯 This Episode’s Themes:
London calling: why now for Merantix Capital’s UK expansion
The “three pillars” model: studio, ecosystem, and consulting
Validation before MVP — and why PowerPoints can win paying clients
Deep tech vs “wrapper” AI companies: how to go beyond the hype
AI regulation in Europe — and why application > technology focus
Europe’s competitive advantage in deep, regulated industries
🎧 Here's what's covered:
02:00 | Why Merantix Capital Chose Berlin Over Silicon Valley — and Why London’s Next
05:00 | The Three Pillars: Studio, Community, and Consulting
08:00 | Deep Tech vs Wrapper AI — Going Beyond the Hype
11:00 | Why Many Venture Studios Fail — and Where Merantix Capital Adds Value
16:30 | PowerPoint to Paying Customers — The Validation-First Approach
20:00 | Why AI Makes the Studio Model More Relevant Than Ever
30:00 | Regulating AI — Why Europe Should Target Applications, Not Tech
36:00 | Europe’s Edge in Healthcare, Manufacturing, and Finance
44:00 | The Future of Venture Studios — Where They’ll Win by 2030
49:00 | Betting on Neurotech — Frontier Opportunity or Too Soon?
🎧 Watch it here or add it to your episodes on Apple or Spotify. Chapters for easy navigation are available in the app.
✍️ Show Notes
From Berlin to London
Adrian shares why Merantix Capital started in Berlin a decade ago, and why London’s AI and academic ecosystem makes it the logical next base for expansion.
The Mirantix Model
Three interconnected pillars:
Venture Studio & VC — Ideating, validating, and funding AI-first companies
Ecosystem & Community — Berlin Campus, London AI Hub, and AI House at WEF
Consulting Arm (Momentum) — Helping governments and corporates implement AI
Validation Before Code
Merantix Capital aims for paying customers before a company is even incorporated — often closing design partners on a product vision slide deck alone.
Deep Tech Focus
No quick wrappers. Merantix Capital builds application-layer AI companies deeply embedded in their industries, often with IP-based, value-chain-integrated models.
Regulation and Europe’s Edge
Adrian argues Europe should regulate AI applications, not the tech itself, and double down on sectors where it’s already globally dominant: healthcare, pharma, advanced manufacturing, finance.
2030 Vision
The studio model won’t replace traditional VC, but will dominate in complex, regulated industries. Expect entirely new company-building paradigms from AI agents as founders to blockchain-native orgs.
💡 Investor Takeaway
The AI boom is lowering the cost and time to validate ideas making the venture studio model more powerful, especially for complex B2B deep-tech plays. Mirantix proves you don’t need an MVP (or even a full team) to start building, you just need the right network, process, and paying customers.
🤗 Join the EUVC Community
Looking for niche, high-quality experiences that prioritize depth over breadth? Consider joining our community focused on delivering content tailored to the experienced VC. Here’s what you can look forward to as a member:
Exclusive Access & Discounts: Priority access to masterclasses with leading GPs & LPs, available on a first-come, first-served basis.
On-Demand Content: A platform with sessions you can access anytime, anywhere, complete with presentations, templates, and other resources.
Interactive AMAs: Engage directly with top GPs and LPs in exclusive small group sessions — entirely free for community members.
