Valuation with different discount rates

Hello,
I'm valuating a start-up which is gonna launch a new technology. Because of that, I'm using a different, higher discount rate in the beginning of the cash flow, reflecting higher risk. The first 2 years present very negative cash flow. Because of that, the higher the rate I use in the beginning of the project, the higher the NPV, since the PV of the negative cash flow is gonna be less negative. It seems a contradiction for the investor to believe that the higher the rate he demands in the first years, the higher the company will be valued, and therefore the more money he will have to invest to keep a certain share of the company. What, if anything, am I doing wrong in this projection, and what could be a good and rational (not only mathematical) explanation for this apparent contradiction?
I'd highly appreciate any help!