Have you looked into government grants? It's a very different process and set of expectations than a pitch deck, but the capital is non-dilutionary and there is a bunch of stimulus money sloshing around. Obama seems to recognize that the future US economy will be in biotech and greentech.
Just so people don't miss interpret what I'm saying: I do think we should try to prove medtech is safe and does something. But I think the quantity of proof we require slows down innovation tremendously. And the penalty we pay for bringing things YEARS to market later then we could have is human lives.
I understand why web apps are easy to understand, if done well. But opportunities in greentech and medtech seem like a huge unmet need. We have health and defense grants to fall back on, but for seed-type money we can bring a product to the medical market. That to me is where a quiet revolution is already underway.
Cleantech (and medtech) are fascinating, but I don't have the thousands of hours of focus that I've had on webtech. It feels like I'm just analyzing the numbers when I look at those deals, and that makes me a bad angel there.
I'd consider a VC fund with some background in it, though.
There are massive opportunities, and the capital cost & lead time, at least in the earliest stages, are not nearly so bad as people assume. Working on design and theory costs roughly as much as a web startup -- founder's living expenses, some time at a machine shop, a few sourced parts.
At least that's how it was for us.
I think that the valuations, if you look from afar, are can seem pretty staggering as well, but I think that burn rates can be made low with the right approach.