Eclipse has raised $1.3 billion in fresh capital in its largest fundraise to date, as the venture capital firm doubles down on startups building in capital-intensive sectors like AI infrastructure, robotics, manufacturing and defense.
The raise includes $720 million for early-stage investments and $591 million for later-stage deals, according to regulatory filings on Tuesday. The funds were backed by U.S.-based limited partners, including university endowments, foundations and hospital systems.
A Bigger Bet On ‘Hard Tech’
Founded in 2015, Eclipse focuses on "physical industries,” meaning sectors that blend software with real-world production.
Its portfolio includes AI chipmaker Cerebras Systems, autonomous driving startup Wayve and battery supply chain firm Redwood Materials. The firm was also an early backer of chip designer Nvidia Corp (NASDAQ:NVDA).
The new fundraising surpasses Eclipse’s previous $1.23 billion raise in 2023, underscoring growing investor appetite for industrial and deep-tech plays.
‘This Is The Best Time To Build,’ CEO Says
"I used to say this is the best time to build since Henry Ford… I've changed it to: this is the best time to build in this country, period," Founder and CEO Lior Susan said in a Bloomberg Tech interview.
Susan pointed to five forces now aligning — capital, policy, technology, talent and customer demand — creating conditions for a new industrial cycle.
The raise comes as capital floods into "hard tech," driven by AI advances and geopolitical pressures, including a U.S. manufacturing push under President Donald Trump. Eclipse recently co-led a $220 million round for VulcanForms, while peers like Valar Atomics and Anduril Industries are drawing multi-billion-dollar valuations, highlighting strong investor appetite beyond software.
More Than Venture Capital
"We don't think of ourselves as venture capital… we call ourselves operators with capital," Susan said, emphasizing the hands-on approach required to build companies in sectors like semiconductors, mining and aerospace.
The firm has hired talent from companies like Tesla (NASDAQ:TSLA) and Rivian (NASDAQ:RIVN) to support the founders operationally, in a bid to shift away from traditional capital-only investing.
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