Investments

ABL Space Systems: The first lean, profitable space business.

ABL Space is a defense technology company developing modular, rapidly deployable wall systems designed for force protection in austere or contested environments. Their flagship product is a prefabricated barrier system that can be delivered via military aircraft or ground transport and assembled in under an hour with minimal personnel or equipment. It’s engineered to provide ballistic, blast, and shrapnel protection in situations where traditional force protection infrastructure is unavailable or too slow to deploy.

The solution is especially relevant for forward operating bases, expeditionary missions, and homeland security scenarios, offering a fast, lightweight, and scalable alternative to traditional HESCO barriers or concrete T-walls.

Archer Aviation**: Vertically Integrated Electric Airline

We believe: The company that can build an electric aircraft that has high performance, low cost, high safety and low noise, will have the ability to unlock a new dimension of travel. The third dimension of urban mobility is the air. Morgan Stanley has the Urban Air Mobility TAM at $1T by 2040 and $9T by 2050.

Archer has executed on key strategic partnerships with United Airlines who is a launch customer & operating partner, Stellantis who is a manufacturing and supply chain partner, and the US Air Force for flight testing. Archer is posed to be one of a very small group to bring electric air mobility to the masses.

**Realized; NYSE:ACHR - IPO 2021

Blue Energy

Blue Energy is designing power plants that can be mass-produced now, in the world as it is, as a stepping stone to the world we want. Like the digital revolution, success will drive innovation into next-generation form factors and use cases. It starts by building a great product that the world loves.

Blue Energy de-risks nuclear construction through fixed-price contracting at fab yards and shipyards, enabling project finance.

The world needs a lot more energy. Nuclear power is singular in its ability to deliver reliable, clean, and abundant electricity anywhere in the world at scale. With the technology we have today, we can enter an era of energy abundance and maintain a healthy planet and Blue Energy was started to realize this vision.

Chaos Industries: New US Defense Co.

Chaos is an exciting new multi-domain defense company that sits at a historical intersection between critical geopolitical issues, technological transformation, and the re-engagement between Silicon Valley and the US industrial defense communities. The founding team includes senior alumni from Palantir and Raytheon, as well as co-founders of Epirus, bringing the institutional knowledge of what does and doesn’t work, as well as deep relationships at the highest levels in DC and the DoD.

A breakthrough generation of dual-use technology companies has emerged and is changing the status quo: technological barriers to entry are lower thanks to distributed engineering, software enabled platforms and agile manufacturing. In addition to this, Defense & Industrial technologies are now intrinsically linked from a global security perspective.

The founding team includes senior alumni from Palantir and Raytheon, as well as co-founders of Epirus, bringing the institutional knowledge of what does and doesn’t work, as well as deep relationships at the highest levels in DC and the DoD

Chirp Robotics: Hardening the Frontline Against the Drone Threat.

Chirp Robotics is a defense technology company building next-generation autonomous systems designed to neutralize aerial threats at scale. As the modern battlefield increasingly relies on low-cost, expendable drones, Chirp is delivering the "counter-mass" required to protect personnel and critical infrastructure. By blending deep embedded systems expertise with a fast, iterative development model, Chirp creates reliable, low-cost interceptors that shift the economic advantage back to the defender. Their mission-driven engineering team is focused on fielding capable, battle-ready systems in record time to meet the urgent needs of frontline operators.

Divergent 3D: AI powered manufacturing

Divergent is “category-defining” within AI & software-enabled hardware. They have built the first modular digital factory for the automotive industry, which also has capabilities for aerospace, defense, and a variety of other sectors. Kevin Czinger, founder and CEO, was ranked in 2022 as one of the top 5% of CEOs in the world in the small companies category, and is trailblazing several verticals with Divergent. Consider “Czinger”, for example, a wholly owned subsidiary of Divergent 3D, and their 21C (the world’s first 3D printed hypercar) which is turning heads and is a prime example of the magic that can occur when you combine highly trained AI & ML models with advanced manufacturing systems. At its first visit to the hallowed racetrack at Lagunas Secas, the Czinger 21C smashed the previous lap record by over 2 seconds, previously held by McLaren.

Divergent is “category-defining” within AI & software-enabled hardware. They have built the first modular digital factory for the automotive industry, which also has capabilities for aerospace, defense, and a variety of other sectors.

EARTH AI:

Earth AI is a critical metals discovery business that leverages AI to address the two major main points that have plagued the sector for hundreds of years: the cost & time it takes to discover, prove out, and eventually mine for critical minerals. They do this through both innovations in software (AI) and deep innovation in the drilling process (hardware). Importantly, they are focused on metals that are critical to the energy transition, of which the global demand far outstrips the economically available supply

Figure: Autonomous Humanoids

Figure is building autonomous humanoid robots to deploy and automate manual labor globally. They have built the world's #1 AI & robotics team with 100 years of combined experience. The founder, Brett Adcock, has scaled two previous startups raising $1B+ and two successful exits in Vettery & Archer Aviation.

At $42T, global manual labor is one of the largest markets on earth. We are facing an unprecedented labor shortage and aging population in critical warehouse & logistics industries. Recent unlocks in compute power, simulation and AI make this very moment an ideal time for humanoid robotics to be deployed—much faster than conventional wisdom would assume.

Figure is building autonomous humanoid robots to deploy and automate manual labor globally. They have built the world's #1 AI & robotics team with 100 years of combined experience.

Fuse Energy: Fusion Energy

Fuse Energy is accelerating proven fusion technology, engineering the fastest practical clean energy, and is part of the next generation of pulsed power fusion. Fuse is on a mission to redefine pulsed power—an essential step to realizing the most practical fusion approach: Magnetized-Liner Inertial Fusion (MagLIF). Fuse is the only US company committed to MagLIF.

Achievement of net energy (where energy produced is greater than energy used) via nuclear fusion would be momentous for the $15T global energy market—and GDP. Fusion has been proven but now faces a complex engineering problem. By focusing on MagLIF, the team at Fuse is forging a realistic commercial path with a fraction of the CapEx needs of peers (each Tokemakmagnet costs >$1B). The team has 100+ years of Fusion experience, 30+ patents filed, and has already produced 1T+ Neutrons with Mini-Z.

By focusing on MagLIF, the team at Fuse is forging a realistic commercial path with a fraction of the CapEx needs of peers

Genies: Virtual Identity

Genies is Gen Z’s leading avatar technology company empowering humans to create their own avatar ecosystems. Genies provides tools that allow users to create their own avatars, avatar wearable fashion lines, avatar worlds, and avatar interactive experiences in web3. The company has 99% celebrity avatar market share through its partnerships with Universal Music Group and Warner Music Group as their “official avatar and digital goods provider with thousands of Genie creators including Justin Bieber, Migos, Cardi B, and J Balvin. The convergence of the digital and physical world is well on its way with emerging technologies capturing our imaginations, and with virtual worlds and virtual economies larger than some sovereign states.

The convergence of the digital and physical world is well on its way with emerging technologies capturing our imaginations with virtual worlds and virtual economies the size of, or larger than, sovereign states.

Impulse Space: In-Space Logistics

Impulse Space provides in-space logistics in both LEO (low earth orbit) and GEO (Geostationary Earth Orbit). This includes last mile payload delivery, debris mitigation and repositioning, enablement of Earth reentry for in space manufacturers, satellite life extension, and payload delivery to Mars (2024 mission scheduled). Founded by Tom Mueller, SpaceX employee #1, designer of the Falcon 1 & 9 and the key architect behind SpaceX's pole position in the ever-expanding Space Economy. Impulse has the engineering talent to do everything in house at a fraction the cost of the defense primes. Their orbital transfer vehicle (going up on Starship this year) costs ~$15M to build, can sell multiple missions on each for $80-100M, and will eventually be able to 3D print one vehicle per day—all in house.

Isembard: Reclaiming the Western Industrial Base through Software

Isembard is a distributed manufacturing company built to solve the supply chain crisis for critical industries. By deploying modular, highly automated factory units controlled by their proprietary MasonOS, Isembard delivers high-precision components for aerospace, defense, and energy at a speed traditional machine shops cannot match.

Their "software-first" approach automates everything from quoting to quality control, allowing for a resilient, decentralized network of production sites across the UK and US. Isembard isn't just making parts; they are forging the industrial acceleration required to secure national prosperity and mission-critical supply chains.

The New Industrial Corporation: Financing the Next Generation of Industrial Champions.

The New Industrial Corporation is an investment and project development firm dedicated to re-coupling cutting-edge technology with the domestic industrial base. Recognizing that innovation often outpaces the infrastructure required to scale, The NIC employs a novel blend of venture capital and project execution to remove obstacles to commercialization. From defense and aerospace to energy and advanced manufacturing, The NIC serves as the active infrastructure partner for founders building the essential industries of tomorrow—transforming high-potential technology into resilient, revenue-producing physical assets.

Natrion: Semi-solid state batteries

Natrion is developing battery technologies that can push the capabilities of electric vehicles (EVs) by solving the biggest issues being faced by automaker and battery manufacturers. Their proprietary semi-solid state electrolyte promises to replace liquids currently used in Lithium-Ion batteries, creating significant increases in thermal stability, improving battery durability, and vastly increasing their life-cycles. Creating a solid-state battery that is adequate for an Electric Vehicle has long been considered the sector’s holy grail given the immense TAM it would unlock, and we believe Natrion is well positioned to be a contender in this important race.

Creating a solid-state battery that is adequate for an Electric Vehicle has long been considered the sector’s holy grail given the immense TAM it would unlock

PHOSPHOR:

Phosphor is standardizing project finance using AI and advanced Natural Language Processing to streamline costs, reduce time, and increase project developer margin.  AI continues to proliferate in our world, information costs are going down, and this becomes of paramount import in many of our "hard-tech" companies once they reach escape velocity and need to build out their first large scale factory or manufacture at scale.  Phosphor has built the world's first standardization tool that allows for all of the complexities across various stakeholders within any project finance process to be run in parallel paths, allowing them to be living, breathing organisms that will update and change in real time.  These processes are inherently path dependent and need a deterministic solution.  One can think of it as the ISDA of Project finance.

Poseidon Aerospace: Building the Unmanned Backbone of Global Logistics

Poseidon Aerospace is reimagining global logistics by developing a fleet of autonomous, unmanned seaplanes designed to move cargo faster and more cost-effectively than ever before. By leveraging advanced composites and proprietary autonomous flight systems, Poseidon bypasses the limitations of traditional runway infrastructure, enabling resilient, "point-to-point" supply chains even in contested or underdeveloped environments. Founded by innovators from the next generation of aerospace leaders, the company is fundamentally shifting the cost curve of air freight to provide a scalable, unmanned backbone for the future of global trade.

Radiant Nuclear **

Radiant builds compact and portable nuclear fission reactors. Their "Kaleidos" unit, delivered on a flatbed truck, produces 1.2 MW of electricity (1k homes per year). "Kaleidos" also produces 1.9 MW of thermal power for heating or water desalination or powering a remote community, commercial facility, or military base with five years of clean energy before needing to be refueled.

An antiquated grid is failing us during a time of increasing natural disasters & extreme weather events. The need to power mission critical sites with zero downtime like military camps or cloud compute centers, is growing exponentially. "Kaleidos" will be the first nuclear alternative to diesel generators, providing 110X the energy density diesel can supply, and are "smart" units that operate autonomously and stream data back to Radiant's fleet monitoring system 24/7.

**Realized/Exited

Rainmaker

Water scarcity is not just an issue in the developing world; it's an impending calamity in the United States. California's Department of Water Resources anticipates 1.5M acres of farmland to desertify in the next decade. The Ogalala aquifer, the primary water source for the American Great Plains, is in a state of "managed depletion", endangering the viability of life west of the Mississippi. Rainmaker is solving this problem by using advanced cloud seeding technology to enhance precipitation over drought ridden regions and mitigate drought. With meteorological software specialized for identifying seeding opportunities, icing-resistant UAVs, novel nucleation agents, and new spraying mechanisms, Rainmaker can reduce the cost, improve the yield, and mitigate ecological concerns of cloud seeding.

RILIAN TECH

Rilian's mission is to help the U.S. and its allies secure global markets, protect critical infrastructure and empower the private sector with cutting-edge security solutions. They deliver on this mission through collaboration, operationalizing technology, and democratizing access to innovative solutions for established & emerging markets. 

R·E·LOAD Energy

R·E·LOAD rapidly deploys powerparks to serve gigawatt-scale demand in partnership with clean energy developers and infrastructure capital. R·E·LOAD links hyperscalers, clean energy developers and infrastructure capital to quickly deliver powerparks at optimal sites. Their Ensemble™ software reimagines these sites with optimized power solutions that are quickly deployable and financeable. Ensemble™ also adapts dispatch to continuously maximize resiliency and stakeholder value using real-time economic and equipment signals.

The United States faces unprecedented energy demand to enable data center growth, presenting a shock to the electricity grid. Over the last 7 years, R·E·LOAD’s leadership has structured over 8.5GW of clean energy supply contracts and associated financings; 4.1 GW directly enabled the expansion of hyperscaler datacenter capacity.

** Acquired by Scale Microgrids

ReadyAI

ReadyAI gives creators and businesses low-cost and time-saving tools to build the most up-to-date and accurate AI applications for their audience. Built on the Bittensor network, ReadyAI has revolutionized data tagging and data structuring for text data. The innovative approach vastly increases the accuracy of AI applications through metadata and synthetic data generation for vector databases. These vector databases allow you to control your data while still leveraging the leading models from OpenAI, Anthropic and Meta.

Stealth: EV OEM

EV 2.0 - New electric vehicle entrants haven’t focused on challenging the status-quo, they have merely attempted to create a 2% better Tesla. No one has redefined the experience, pulled the threads at the questions of what a modern car shopper actually wants, or maximized the possibilities around modern manufacturing.

This team, based in the US, Italy & Amsterdam brings incredible pedigree (Ferrari, Ford EV) and a vision to rethink Production, Refurbishment, Customer Acquisition and more. By reducing complexity, they are shifting the cost curve freeing up capital so it can be deployed where it matters: design, safety and user experience. We believe this is the next Rivian-sized story.

EV 2.0 - New electric vehicle entrants haven’t focused on challenging the status-quo, they have merely attempted to create a 2% better Tesla.

Terminal Industries

Titan Dynamics: Decentralizing the Future of Aerospace Manufacturing.

Titan Dynamics is transforming aerospace from a hardware-heavy industry into a software-defined one. By combining proprietary AI-driven design tools with vertically integrated additive manufacturing, Titan enables the rapid production of mission-specific UAS at a fraction of the cost of legacy systems. Their "deployable drone factories" allow operators to go from design to flight-ready aircraft in under 24 hours, effectively eliminating fragile supply chains. With multiple U.S. DoD contracts and combat-proven platforms, Titan is providing the scalable, attritable mass required for the modern battlefield and high-frequency commercial logistics.

Venus AeroSpace: The future of hypersonics

Venus Aerospace is building dual-use rocket engines and thrusters powering hypersonic drones and spaceplanes. The team hails from NASA, Virgin Orbit, and Blue Origin and is building the world's first Spaceplane that can fly at hypersonic speeds in Low-Earth Orbit, allowing for a commercial flight from NY to Tokyo in ~1 hour. With that as the eventual commercial use case, they are now finding initial customer traction within the DoD who is currently underwriting several Venus programs.

While the eventual commercial travel case is catchy and we believe eventually achievable, the non-dilutive government interest in Venus' proprietary thruster engines is more interesting to us. The DoD has cited hypersonics as their highest priority (flying a drone at Mach 6 over the Donbass in Ukraine completely undetected, as an example). Because Venus's technological breakthroughs provide the fastest way to reusable hypersonic vehicles, we expect the government will continue to underwrite the company alongside private investment.

Venus Aerospace is building dual-use rocket engines and thrusters powering hypersonic drones and spaceplanes.

Vest: Investment Tools in LATAM

Opportunity exists for better investment platforms in Mexico, Colombia and Brazil as they remain extremely difficult to access markets. Lack of access to financial markets leads to unhealthy savings behaviors, such as relying on cash or zero-interest savings deposits. Inflation, especially in many emerging markets, steadily eats away at the value of local currency assets. Without asset appreciation and compounding interest, global wealth inequality only continues to worsen.

We believe Vest, a LatAm app-based investment platform, will help to solve this problem by providing access to financial markets of the developed world, further democratizing finance and investment as we know it. Vest will provide the financial access and insights needed for base-case investment purposes, but will also open up distribution and tap into latent demand for more sophisticated products.

Opportunity exists for better investment platforms in Mexico, Colombia and Brazil as they remain extremely difficult to access markets.