Wave Function Ventures Launches $15M Fund for Deep Tech Startups
I always find it fascinating when someone with hands-on experience dives into funding the next generation of innovators. That's precisely what Jamie Gull, a Stanford-trained aeronautics expert who cut his teeth at Scaled Composites and SpaceX, is doing. After contributing to milestones like the reusable Falcon 9 rocket, he's now launching Wave Function Ventures, a fresh fund focused on early-stage deep tech.
Gull's new venture, Wave Function Ventures, just secured $15.1 million for its first fund. He's already backing startups in diverse fields, from nuclear energy to robotics and even aerospace. You know, the kind of stuff that really pushes boundaries. He plans to make around 25 seed or pre-seed investments, providing crucial early support.
Deep tech is definitely having a moment, isn't it? With increased attention on areas like aerospace and defense, it's no surprise that funding is flowing in. For example, Leitmotif recently emerged with a whopping $300 million from the Volkswagen Group, also aiming to boost hardware and manufacturing startups. It seems like the perfect environment for someone like Gull, who brings both technical expertise and entrepreneurial drive to the table.
Before launching Wave Function, Gull was already active as an angel investor, backing companies like Boom Supersonic. He also co-founded an electric vertical takeoff and landing (eVTOL) startup, Talyn Air. I think that experience gives him a unique perspective on the challenges and opportunities that deep tech startups face, and I believe it can be very valuable to new founders.
Gull believes deep tech is where the big returns will be in the next couple of decades. While these startups may need more upfront capital, they can leverage other funding sources, like government contracts. It may take patience, but it can lead to more sustainable businesses than your average software company. He seems willing to play the long game.
I recall a story about Gull's experience at Scaled Composites, where he worked on the Stratolaunch aircraft. It wasn't until many years later that he finally saw the aircraft take flight. That patience and long-term vision is very valuable in the Deep Tech world. It reminds me that truly groundbreaking innovations often take time to develop and mature.
Source: TechCrunch