Hardware investors operate on a different risk calculus than typical VCs. They're underwriting not just market risk but manufacturing risk, supply chain risk, and the brutal reality that your second production run might cost twice what you budgeted because a single component went end-of-life. The investors on this list have seen enough hardware deals to know that a working prototype is maybe 20% of the journey—they'll probe hard on your BOM costs, your contract manufacturer relationships, and whether you've actually stress-tested your supply chain beyond a single source in Shenzhen. Come prepared with real numbers on tooling costs, MOQs, and your path to gross margin improvement at scale. Vague answers here will end the conversation faster than a bad demo.

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One thing that separates hardware-focused funds from generalists dabbling in physical products: they often have operational resources that matter more than the check. Some have direct relationships with CMs in Asia, others run prototyping labs or can make introductions to distribution partners. Ask specifically what post-investment support looks like—a fund that can help you navigate a factory audit or renegotiate component pricing during a shortage is worth more than a slightly larger check from someone who's never dealt with a freight forwarder. Also worth noting: hardware rounds tend to be larger and spaced further apart than software, so these investors are generally expecting longer hold periods and are less likely to panic if you're not showing hockey-stick growth in year two.