Wave Function Ventures, led by former SpaceX engineer Jamie Gull, closes a $15 million fund I to support the founders of Deep Tech Hardware.
The $15 million Fund I final closure has been announced by Wave Function Ventures. According to one estimate, the fund is worth $15.1 million. The company was founded to collaborate with deep tech entrepreneurs who are developing hardware solutions to address the most pressing issues facing the globe.
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Investment Strategy and Focus
Wave Function Ventures focusses on making investments in vital deep tech industries such as energy, robotics, aerospace, defence, and infrastructure. From the very beginning, the firm collaborates with the founders.
The fund has already made nine investments across these deep tech industries. Airship Industries (aerospace), Persona AI (humanoid robotics), and Deep Fission (nuclear energy) are a few examples of current portfolio firms. These portfolio companies have already shown great traction, as seen by the numerous follow-on investments they have obtained from prestigious companies. Jamie Gull expects to use this capital to execute roughly 25 seed or pre-seed investments.
In certain cases, the company is willing to make pre-incorporation investments, enabling lone general partner Jamie Gull to help founders transform their early rough concepts into attractive product plans and visions.
“There’s never been a better time to build in hardware and create the next generation of huge companies with enduring legacies,” Gull said, expressing his belief in the current building environment. He also added that “building something that truly matters” is the best part of the job. Because deep tech firms may scale and gain a stronger competitive edge than traditional software companies using non-venture finance like government contracts or asset-backed loans, he thinks the industry is poised for significant returns over the next ten to twenty years.
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Investment Activity and Strategy
Wave Function collaborates with innovators from the very beginning and makes investments in vital deep tech sectors:
- Aerospace, defence, energy, robotics, and infrastructure are important sectors.
- Target Investments: Gull anticipates using this fund to make about 25 seed or pre-seed investments.
- Early Engagement: In some circumstances, the company is willing to make investments prior to formation. At this point, Gull helps creators transform their early concepts into compelling plans and aspirations for their products.
Nine investments across its focus industries have already been made by Fund I. Existing portfolio companies include, for example:
- Deep Fission (energy from nuclear)
- Humanoid robotics, or Persona AI
- Aerospace Airship Industries
The businesses in the present portfolio have shown great momentum, obtaining numerous follow-on investments from prestigious corporations.
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Investors in Funds
High-Net-Worth (HNW) people, engineers, and founders are examples of Limited Partners (LPs) in Fund I. Additionally, the fund received institutional support from sizable Family Offices and the Fund of Funds. Gull did not specify the fund’s anchor LP.
The company intends to concentrate on “building and backing and supporting incredible founders tackling the world’s most pressing problems,” as well as growing Wave Function Ventures into a preeminent hardware investment firm, now that Fund I has formally closed.
Summary
The $15 million Fund I of Wave Function Ventures, which is devoted to investing in early-stage deep tech hardware firms, reached their final closure. Jamie Gull, a former SpaceX engineer and co-founder of Talyn Air with a wealth of experience creating and leaving hardware startups, founded the fund as a sole general partner. Wave Function Ventures frequently provides funding at the pre-incorporation stage and focuses on industries such as aerospace, defense, energy, robotics, and infrastructure. Strong early momentum in the deep tech field is indicated by the sources, which also note that Fund I has made nine investments to date and that its portfolio businesses have successfully obtained follow-on funding from additional investors.
