A conviction-led, early-stage venture firm backed by world-class entrepreneurs and business leaders. We back the hard, physical shifts the legacy economy needs, long before they're mainstream.
Reindustrialization
Nearly $2T in announced US manufacturing investment is rebuilding the factory base, and the supplier ecosystem underneath it has to be rebuilt to match.
Healthcare under pressure
Healthcare can no longer run on more people and more patents. $200-300B in drug revenue expires by 2030, and the country will be short 187,000 physicians to replace it.
Capital gap
87.5% of the $412.7B deployed in H1 2026 went to checks of $100M or more — late and crowded. Fewer investors want to write the first check, especially into the hard stuff.
Four legacy industries being rebuilt — each measured in trillions, each reshaped by AI moving into the physical world, each with demand that survives a downturn.
Industrial & Advanced Manufacturing
AI-powered machines are stepping in to fill a 2.1 million worker shortage, helping bring manufacturing home.
Portfolio snapshot
OrbemMachCocoon Carbon
Energy & AI Infrastructure
AI racks now pull over 100kW each. Air cooling maxes out at 40. The grid can't build power fast enough to make up the difference.
Portfolio snapshot
X-EnergyFluidstackUniversal QuantumPhasic Energy
Healthcare & Applied Bio
Every part of the system is short-staffed at once — physicians, nurses, and the pipelines meant to replace expiring drugs. Software and AI are the only lever that scales faster than hiring ever could.
Re-establishing the materials, supply chains, and launch capacity lost to decades of outsourcing will be the defining industrial project of the next ten years.
Portfolio snapshot
Axiom SpaceTerrionGravitics
03 — Where we invest
Four legacy industries, rebuilt.
Four legacy industries being rebuilt — each measured in trillions, each reshaped by AI moving into the physical world, each with demand that survives a downturn.
AI-powered machines are stepping in to fill a 2.1 million worker shortage, helping bring manufacturing home.
Portfolio snapshot
OrbemMachCocoon Carbon
AI racks now pull over 100kW each. Air cooling maxes out at 40. The grid can't build power fast enough to make up the difference.
Portfolio snapshot
X-EnergyFluidstackUniversal QuantumPhasic Energy
Every part of the system is short-staffed at once — physicians, nurses, and the pipelines meant to replace expiring drugs. Software and AI are the only lever that scales faster than hiring ever could.
Re-establishing the materials, supply chains, and launch capacity lost to decades of outsourcing will be the defining industrial project of the next ten years.
Portfolio snapshot
Axiom SpaceTerrionGravitics
04 — Approach
Four commitments that decide how we work.
Four core principles drive what we fund, what we pay, and how we support founders post-investment.
By the time a category is obvious, the price already reflects it. We write the first or second institutional check into markets that are old, regulated, and physical.
02
We diagnose before we prescribe.
Platform programs solve for the average company, and no company is average. We work out the two or three things that decide your next eighteen months, and deploy a dedicated deal team against it.
03
We double down on milestones, not time.
Follow-on capital is reserved against evidence, not the calendar and not the momentum of someone else's round.
04
We stay selective on purpose.
Fewer than two new investments per investor a year is the point — it buys the attention to know your business at the level of detail where help is actually useful.
05 — Portfolio snapshot
Our Portfolio.
A track record of backing founders building purpose-driven businesses alongside world-class investors.
