Investors at LSX Investival told early-stage biotech founders that venture capital alone is no longer sufficient to cross the 'valley of death.' Private equity and alternative financiers are prioritizing de‑risked assets, requiring platform maturity, clinical validation, or near-term commercial potential before committing capital. Speakers including Jonathan Brayman (Blackstone), Bihe Chen (Limerston Capital) and Sam Gray (Apposite Capital) emphasized that differentiated science must be paired with a clear path to commercialization; some firms now target companies with positive EBITDA or clinical proof‑points. Panelists recommended alternative financing options—royalty financing, structured deals and later-stage private equity—to bridge funding gaps. The message to founders: prepare precise data packages, show reproducible clinical signals, and align corporate strategy with investors’ preference for translational readiness.