I wrote my master’s thesis on Code Division Multiple Access, or CDMA, a wireless communication technology that originated from military needs in World War II. CDMA uses a technique called direct sequence spread spectrum, which spreads a signal across a wide bandwidth so that it appears as random noise. This made it far better at encryption, resisting jamming, and avoiding eavesdropping. Needless to say, it was perfect for military environments long before it found its way into everyday communication.
A startup company called Qualcomm was beginning to commercialize CDMA. I spent countless hours studying their technical papers, which demonstrated how a technology with military grade robustness could also be applied to large scale commercial mobile networks. Working on that thesis in the 90s was also the first time I encountered the idea of dual use, the concept of a technology that can be used in both military and civilian environments, and one that has existed since the post–World War II era.
Geopolitics Has Recentered Dual Use
Fast forward to today. Geopolitics has returned to the foreground. Defence budgets around the world are rising. Countries are rethinking supply chains and rediscovering the importance of technological sovereignty. The focus is no longer only on wartime capability but also on the resilience of civilian systems that society relies on every day.
In this environment, dual use has moved from the background to the forefront of national strategy. In the AI era we are in, governments everywhere are looking for new technologies that strengthen national security and economic competitiveness at the same time. Technologies that once seemed far removed from defence are now recognized as essential.
A Tailwind for Deep Tech
For Two Small Fish Ventures, none of this comes as a surprise. Deep tech has always lived at the intersection of what is scientifically hard and what is societally important. Today, it naturally lends itself to dual use.
Breakthroughs in the five areas that TSF invests in — vertical AI platforms, physical AI, AI infrastructure, advanced computing hardware, and smart energy — were never designed to be solely military. Yet many of these technologies have clear applications in resilience, cybersecurity, automation, sensing, communication, and energy stability.
In other words, dual use does not narrow a company’s mission. It broadens it. It is the rare case where one innovation can truly kill two birds with one stone.
Defence Technology Is Not Only About Weapons
There is a common misconception that defence technology refers only to weapons. That has never been true.
Most technologies are neutral. I am certain our national defence department uses Microsoft Office, for instance. This is a reminder that much of what defence departments buy is not lethal but operational.
To be clear, we do not invest in companies whose sole purpose is military lethal weapons systems.
Our focus remains on building companies in the areas where we believe the next frontier of computing is taking shape. When those technologies also support national resilience, that is not mission drift. It is simply the nature of deep tech.
Deep tech requires scientific and engineering breakthroughs that are difficult to copy. In a dual use environment, this becomes an essential advantage.
A New Frontier for Founders
Founders often think of defence as a separate world. That is changing. Defence is a complicated beast, and anyone who believes they can simply walk in will be disappointed. But for those who understand the landscape and can navigate it, this is a generational opportunity waiting to be captured.
When I first studied CDMA decades ago, I never imagined that a communication technique developed for the battlefield would become the backbone of commercial wireless networks.
Today, many deep tech founders are standing at a similar moment. For founders and investors in deep tech, this is the beginning of an important cycle. And we are excited to support the innovators who will define what comes next.
P.S. If you enjoyed this blog post, please take a minute to like, comment, subscribe and share. Thank you for reading!
This blog is licensed under a Creative Commons Attribution 4.0 International License. You are free to copy, redistribute, remix, transform, and build upon the material for any purpose, even commercially, as long as appropriate credit is given.
