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    Non-Dilutive Funding

    Capital that does not require giving up equity, such as grants or debt.

    Reviewed by Christian Espinosa, Founder, Blue Goat CyberLast reviewed May 5, 2026

    Definition

    Non-dilutive funding includes government grants (NIH SBIR/STTR, BARDA, ARPA-H), foundation grants, venture debt, revenue-based financing, and strategic milestone payments - capital that does not require issuing equity.

    What this means in practice

    SBIR Phase I/II grants are a common MedTech bridge from idea to first equity round. Venture debt typically arrives after a Series B and extends runway with minimal dilution.

    Primary references

    3 sources
    Link health: 1 verified 2 bot-blocked· last checked 2026-05-09
    NIH·1SVB·1PitchBook·1
    1. 1
      NIH SBIR/STTR
      Bot-blocked
      NIHseed.nih.gov
    2. 2
      Silicon Valley Bank - Healthcare Reports
      Verified
      SVBsvb.com
    3. 3
      PitchBook - MedTech Coverage
      Bot-blocked
      PitchBookpitchbook.com

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