Funding Deterrence, with Tommy Hendrix (Managing Partner at Decisive Point)

Valley of Depth

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 early
• Why some military problems aren’t venture-scale
• What it takes to build “weapons-grade” startups
• The ethics of AI-enabled kill chains
• Private capital’s role in a new Cold War
• How the next great defense companies will be born

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 - Intro
01:14 – From Green Beret into venture
04:02 – Deployments that have shaped Tommy's venture career
10:54 – What is broken in the US's current procurement process for defense tech?
14:51 – A future without humans in the kill chain
18:42 – 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 nuclear
32:19 – How helping a portfolio company go through bankruptcy gave Decisive Point a new lens for investment strategies
34:49 – How does the firm make decisions
37:37 – Companies that were good for the nation but difficult to justify long-term venture
39:54 – Must-haves for the US to win the tech race
42:55 – Tech gaps that need more focus
47:00 – Qualities of a founder Tom is looking for
49:22 – What Tom carried over from his military career into his investing career
52:01 – The driving force behind Decisive Point

• Show notes •

Decisive Point’s website — https://www.decisivepoint.com/

Decisive Point’s socials — https://x.com/decisivepointvc

Tommy’s socials — https://x.com/thomasehendrix

Mo's socials — https://twitter.com/itsmoislam

Payload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspace

Ignition’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.com
• Ignition: www.ignition-news.com
• Tectonic: www.tectonicdefense.com