Deep tech — companies built around hard scientific or engineering breakthroughs in areas like robotics, advanced materials, semiconductors, and space — requires patient capital and technically literate investors willing to underwrite longer development timelines. Heading into 2025, a specific set of US venture firms has built reputations as credible, active partners for deep tech founders. Here are ten worth knowing.
DCVC (Data Collective)
DCVC is a Palo Alto-based firm founded in 2011 by Matt Ocko and Zachary Bogue [5]. With over $4 billion under management, the firm operates as a pure-play deep tech venture capital investor, focused on applying computational power to address massive, multi-sector problems including aerospace, climate, health, and industrial automation [1]. DCVC distinguishes itself through a high ratio of published scientists to MBAs on its investment team, allowing it to evaluate deep-seated technical risks in areas like gene therapy or advanced robotics [2]. A notable portfolio company is Planet Labs (now NYSE: PL), where DCVC led early investments to pioneer commercial satellite imagery [1]. Another is Agility Robotics, a leader in bipedal locomotion, where DCVC has been a long-term partner as the company scales its humanoid fleet [5].
Lux Capital
Lux Capital was founded in 2000 by Peter Hébert, Robert Paull, and Josh Wolfe [1]. Based in New York and Menlo Park, Lux manages over $7 billion in assets, focusing on frontier technology across defense, space, and advanced manufacturing [5]. Lux is known for its contrarian investment thesis, "We believe before others understand," seeking to back founders tackling high-stakes engineering and scientific challenges [5]. The firm’s team frequently provides strategic input on company building and long-term positioning [4]. A standout portfolio investment is Anduril Industries, where Lux participated early to support the company’s evolution into a modern defense tech giant [1, 2]. Another key investment is Applied Intuition, an infrastructure company building software-defined systems for the autonomous vehicle and defense sectors, where Lux has supported the company’s growth from early stages [2].
Eclipse Ventures
Eclipse Ventures is an industrial-tech focused firm founded in 2015 by a team of experienced operators based in Palo Alto [3, 4, 5]. Eclipse manages funds dedicated to the "physical economy," backing startups that bridge software and hardware to rebuild resilient industrial supply chains, energy infrastructure, and manufacturing processes [1, 3, 4]. The firm’s differentiator is its operational DNA; its partners have collective experience in shipping hardware, managing factories, and navigating the complex regulatory environments of physical industries [1, 3]. A key portfolio company is Samsara, which provides industrial IoT solutions for fleet management and remote monitoring, reflecting Eclipse’s focus on the digital-industrial convergence [1, 3]. Another is Redwood Materials, a critical leader in the battery material supply chain, which Eclipse has backed as part of its focus on energy transition [5].
Playground Global
Playground Global was founded in 2015 in Palo Alto by Andy Rubin, Bruce Leak, Matt Hershenson, and Peter Barrett [1]. The firm manages roughly $1.7 billion and focuses on early-stage deep tech companies spanning next-generation compute, automation, energy transition, and engineered biology [1, 4, 5]. Playground differentiates itself by offering hands-on technical and operational support to founders, leveraging an in-house team of engineers and scientists to help navigate complex engineering roadmaps [2, 4]. A major portfolio success is Relativity Space, a company revolutionizing the space industry through 3D-printed rocket technology, where Playground supported the company’s capital-intensive path to launch [1]. Another notable holding is PsiQuantum, which is focused on building a commercially viable fault-tolerant quantum computer, illustrating the firm’s appetite for fundamental scientific risk [1, 3].
8VC
8VC is an Austin and San Francisco-based firm founded in 2015 by Joe Lonsdale and Jake Medwell [2, 5]. Managing approximately $6 billion, 8VC invests across enterprise software, biology, healthcare, logistics, and defense [1, 2, 5]. The firm is notable for its "Build Program," where it creates companies internally to solve systemic industry inefficiencies, often recruiting founders directly to lead them [4]. 8VC’s team of investors includes former operators and policymakers who maintain a "principled contrarian" approach [1]. A key portfolio success is Palantir Technologies (an early Lonsdale co-founding effort), while more recently, the firm has backed Saronic, a company reviving U.S. naval shipbuilding through autonomous surface vehicles, showcasing its focus on national security [1, 4].
Founders Fund
Founders Fund was founded in 2005 in San Francisco by Peter Thiel, Ken Howery, and Luke Nosek [1]. As of 2025, the firm manages roughly $17 billion in assets, focusing on backing radical, world-changing technology across all stages [1, 3]. The firm is legendary for its long-term conviction in "contrarian" ideas and its appetite for extremely capital-intensive businesses [1]. Founders Fund was the first institutional investor in both SpaceX and Palantir, bets that have come to define the firm’s historical influence on the aerospace and defense sectors [1, 3]. In the AI and fintech space, the firm has been a prominent supporter of Stripe, helping it scale its global payments infrastructure, and has recently invested in Cognition to push the boundaries of AI software engineering [1, 5].
Khosla Ventures
Khosla Ventures was founded in 2004 in Menlo Park by Vinod Khosla, a Sun Microsystems co-founder [1]. Managing about $15 billion, the firm backs technically ambitious "science experiments" across AI, climate, health, and food sectors from seed through growth stages [1, 4, 5]. The firm is known for its willingness to fund high-failure-rate technologies that have the potential to produce massive, category-defining outcomes [4]. A landmark investment was OpenAI, where Khosla Ventures was the first institutional VC to back the company in 2018 [4, 5]. The firm also backed DoorDash, a logistics and food delivery giant, early in its journey, and Impossible Foods, an early pioneer in the plant-based protein sector [1, 5].
Andreessen Horowitz (American Dynamism)
Andreessen Horowitz (a16z) was founded in 2009 in Menlo Park by Marc Andreessen and Ben Horowitz [4]. Its dedicated American Dynamism practice focuses on "reshoring" and supporting companies that serve the national interest, such as defense, aerospace, and industrial infrastructure [2, 3]. The practice distinguishes itself by its deep policy expertise and dedicated team helping founders navigate the complexities of government sales and regulatory environments [1, 3]. A flagship portfolio company is Anduril Industries, an emblematic investment for the practice as it rebuilds domestic defense capacity with autonomous tech [3, 5]. Another is Skydio, which has emerged as a key player in domestic drone manufacturing for public safety and defense applications [3].
General Catalyst
General Catalyst was founded in 2000 by Joel Cutler and David Fialkow in Cambridge, Massachusetts [1, 5]. Now managing over $43 billion, the firm invests globally with a strong focus on "Health Assurance" and enterprise AI [1, 5]. Its investment model is highly distinctive, having even acquired a hospital system to create a real-world testing environment for its healthcare portfolio companies [2, 4]. A key portfolio company is Stripe, where the firm has provided long-term support as the company built its global financial infrastructure [1]. Another is Anthropic, where General Catalyst has made a massive, multi-fund commitment as the company advances its frontier AI model development [1, 3].
Shield Capital
Shield Capital was founded in 2021 by Philip Bilden and Raj Shah in Washington, D.C. and Palo Alto [1, 2]. Managing over $500 million, the firm specializes in "dual-use" technologies that serve both commercial customers and national security markets [1]. The firm’s team is uniquely composed of former military, intelligence, and defense procurement leaders, giving it an unparalleled edge in helping startups navigate government contracts and defense supply chains [3, 4]. A notable portfolio investment is Albedo, a high-resolution satellite imagery company serving commercial and government end-users [2]. Another is Elroy Air, which is developing autonomous aerial cargo systems to address logistics gaps, a key focus for both commercial and military interest [2].
Why deep tech diligence looks different
Deep tech investors typically run longer, more technical due diligence processes than software-focused funds, often bringing in outside technical advisors to validate core claims before committing capital. A firm evaluating a novel battery chemistry, a new semiconductor process, or a robotics platform needs to assess not just the market opportunity but also the underlying physics or engineering risk — whether the technology can actually scale from a lab prototype or pilot line to commercial volumes at a viable cost. That often means multi-week or multi-month technical diligence sprints involving PhD-level reviewers, third-party lab testing, or site visits to manufacturing facilities, which is considerably more involved than the product and go-to-market diligence typical of a SaaS deal.
Founders should also expect more scrutiny of their IP position and manufacturing or supply chain plans than a typical SaaS due diligence process would involve. Investors will frequently ask for freedom-to-operate analysis, details on any licensed or jointly-owned IP from academic institutions or national labs, and a clear-eyed view of key supplier dependencies, since many deep tech products rely on specialized components, materials, or equipment that can be difficult to source at scale. Capital efficiency is also judged differently: boards and investors in deep tech companies tend to track milestone-based progress — such as a working prototype, a pilot customer deployment, or a specific performance benchmark — rather than purely top-line revenue growth, especially in the early stages before a product reaches commercial maturity.
How founders should approach fundraising timelines
Because deep tech development cycles are longer than typical software cycles, founders raising from these firms should plan fundraising timelines around technical milestones rather than calendar-driven round cadences. It is common for deep tech companies to raise larger, less frequent rounds specifically to fund a discrete technical milestone — for example, building and testing a full-scale prototype — rather than following the tighter 12-to-18-month fundraising cycle common among software startups. Founders should also be prepared to bring in investors with genuine domain expertise in their specific technical area, since a general-purpose growth investor may lack the context to properly underwrite highly specialized technical risk.
Closing thoughts
Deep tech fundraising rewards founders who can translate complex technical risk into a clear, milestone-based narrative for investors. If you're preparing a Series A or growth round for a deep tech company, book a free consult with Quantum Growth Advisors to discuss investor targeting and positioning.