Rootstock VC

I have been investing in early stage technology businesses for 10+ years now, with a significant portfolio across digital, cyber, and Defence. I have worked on the VC team at a state level sovereign wealth firm. I really enjoy looking at businesses that take a little more time to understand and where the potential market opportunity is not immediately self evident. I'm a strong presence in the less mature businesses in my portfolio, providing support and guidance when it is requested in areas of strategy and capital raising.

Rootstock VC is an investment syndicate backing early-stage companies at the intersection of defence, cyber, and dual-use technology. Founded by a military veteran with first-hand operational experience, Rootstock brings more than capital to the table. We bring mission credibility, strategic networks, and a deep understanding of the problems these technologies are built to solve.

The name says it all. A rootstock is the hardy foundation onto which a more delicate plant is grafted, providing the strength, resilience, and established root system that gives it the best chance to thrive. That's the role we play for our portfolio companies: a grounded, battle-tested partner in the earliest and most critical stages of growth.

Feel free to check out my LinkedIn. 

MY APPROACH

My focus these days is in dual use businesses. 

1. Veteran, Defence founders, or benefit to Defence. High quality founders that know the space really well from lived experience, understand the customer and the risks of a semi monopsony startup. I need to believe that the founders have the ability to navigate the landscape of the Defence sector and have the grit to keep going in the face of constant bureaucratic friction. I'm also looking for founders that will reinforce success with their capital reserve and not try to force a failing action. 
2. Market Opportunity. I like businesses that may use Defence as a 'safe harbour' for TRL advancement and non dilutive funding but where there is likely to be civilian applications implied in the technology. While the civilian opportunity may not be a focus for some time, some critical imagination on my part envisages a civilian customer in the future. I also like investing in platforms that can be turned to a number of different opportunities just in case the first GTM opportunity doesn't pan out.
3. Strong Demand Signal. Because the process to get to Defence procurement can be long and quite opaque to outsiders, there needs to be an insider's view on how important the product is for Defence. I look for companies where there is a clear pain point that Defence is trying to solve, and they are actively engaging from multiple units/departments to get your product into service. 

Things you won't see from me: I generally avoid low barriers to entry and shallow tech. (ecommerce, FMCG, retail, Real Estate). Anything "hot" and attracting an outsized amount of capital and high valuations. Previously crypto, now pure AI investments. 

Nuance on the Defence technology sector: Australia's industrial base and magazine depth are areas of genuine concern to me. I would welcome the opportunity to invest at scale in sovereign defence manufacturing. Although structuring deals that deliver an acceptable risk-reward balance for equity holders remains a real and often limiting challenge in this sector; one I work hard to solve creatively.

My approach to defence technology is grounded in the moral framework I developed through military service. I am comfortable investing in weapon systems and platforms designed to project military force, including dual-use technologies or platforms such as drones that can carry ordnance. I draw a clear line, however, at systems whose primary purpose is use against civilians or that approach the boundaries of the Laws of Armed Conflict. Mass surveillance technology, for example, falls outside my mandate. 

Sometimes a situation is less clear, for example with ISR platforms, which can serve either legitimate battlespace awareness or the suppression of civilian populations depending on how they are deployed. I will make an investment decision after careful consideration of these questions and document my rationale in the investment memo so that co-investors can see the reasoning and hold me accountable to it.

Selected investments

• Seitec (C-UAS / Defence)
• Ares Armaments (sovereign C-UAS munitions)
• Cydarm (cyber response management)
• Tide Foundation (zero trust cyber)
• TomorrowX (data & AI)
• Okra Solar (last-mile energy)

Adrian Waters. - Investor, startup mentor, veteran

My formative professional experience is as an Australian Army officer. I served in the Royal Australian Infantry Corps as a general service officer and earned my wings as a paratrooper. After military service, I transitioned to finance via Big 4 management consulting before spending time in the venture team of a Victorian Government sovereign wealth fund, curating and developing deals end-to-end.

My passion is early-stage technology businesses, where I have built a diverse portfolio spanning fintech, cyber security, Defence, energy, and digital marketplace platforms. I lean deliberately on my military domain expertise when evaluating dual-use investments, as the intersection of sovereign capability and commercial technology is where I believe the most asymmetric opportunities currently exist in Australia.

Beyond capital deployment, I serve as a Non-Executive Director at Seitec, an Australian sovereign ESIC developing seismic ordnance-location and counter-UAS technology, where I lead company strategy and support the CEO on capital raising. I also give back through pro-bono advisory work for founders I believe in, providing capital raising support, deal structuring guidance, and board-level strategic input where I see genuine potential for positive societal impact.

Edge in dual-use investing

• Operator perspective (Infantry officer, paratrooper, and veteran. I understand what capability gaps look like)
• Venture rigour (Led end-to-end due diligence, from deal flow to IC presentation)
• Domain network (Active relationships across Defence, cyber, and the sovereign Australian startup ecosystem, accelerating deal flow and founder access)
• Governance capability (AICD-qualified director with active board experience, adding value beyond the cheque with maturity-scaled governance)