New Deep Tech Fund Wave Function Ventures Raises $15 Million to Back Hardware Innovators
The landscape of deep tech investment is evolving rapidly, and 2025 marks a pivotal year with the debut of Wave Function Ventures, a fund that has just closed its inaugural round at $15 million[1][2][3][4]. This new fund is set to play a crucial role in fueling early-stage hardware startups working on some of the world’s most pressing technological challenges.
The Vision Behind Wave Function Ventures
Wave Function Ventures was founded by Jamie Gull, a solo general partner with a rare blend of engineering expertise and entrepreneurial acumen. Gull’s background is particularly notable: he worked as an engineer at SpaceX, contributing to the Falcon 9 reentry system, and later served as an aircraft designer at Scaled Composites[1][2]. He is also the co-founder of Talyn Air, a deep tech company that completed the Y Combinator program and was successfully acquired—bringing hands-on experience from both startup creation and venture fundraising.
Gull’s unique combination of skills, spanning hardware development, startup leadership, and Department of Defense contracting, gives Wave Function Ventures a distinctive edge. This background enables the fund not only to provide capital, but also to guide founders through the tumultuous early phases of company-building, when uncertainty is at its highest[1][2].
Deep Tech Focus: Sectors and Strategy
Unlike many funds that concentrate on software, Wave Function Ventures is laser-focused on hardware-driven deep tech, targeting sectors such as:
- Aerospace
- Defense
- Energy
- Robotics
- Infrastructure[1][2][4]
The fund’s approach is unusually early-stage, often investing at the seed and pre-seed level—in some cases, even before a company is officially incorporated[1][2]. This allows Gull to work closely with founders, helping them refine ideas, shape product visions, and build strategic roadmaps from the ground up.
Wave Function Ventures aims to deploy its capital across roughly 25 companies. So far, the fund has already invested in nine startups operating within its core verticals[2]. The early momentum is promising, as several portfolio companies have secured follow-on investments from top-tier venture capital firms, indicating strong market validation[1].
The Rationale: Why Deep Tech, and Why Now?
The timing of Wave Function Ventures’ launch coincides with a broader resurgence in investor interest in hardware and deep tech, sectors that had previously been overshadowed by the software boom[1][2]. Recent advances in manufacturing technologies, improvements in global supply chains, and an urgent need to address existential global challenges—like climate change, energy security, and national defense—have set the stage for a new wave of hardware innovation.
Jamie Gull sees this as a generational opportunity: “There’s never been a better time to build in hardware and create the next generation of huge companies with enduring legacies. And the best part is building something that truly matters,” he explains[1]. Gull’s optimism reflects a growing consensus that hardware and deep tech will be essential for solving problems that software alone cannot address.
The Backers: Who’s Behind the Fund?
Wave Function Ventures’ limited partners (LPs) comprise a diverse mix of high-net-worth individuals, founders, engineers, institutional fund of funds, and large family offices[1][2]. This strategic blend not only brings financial capital but also deep industry connections and expertise, which can be critical for helping startups navigate regulatory, technical, and market hurdles.
Although the anchor LP remains undisclosed, the fund’s backing reflects confidence from both the investment community and those with hands-on experience in technology and entrepreneurship[2].
Value Proposition: Beyond Capital
What sets Wave Function Ventures apart is its commitment to founder support. Jamie Gull leverages his technical and operational background to help entrepreneurs overcome the most uncertain and high-risk stages of company development[2]. The fund’s approach is hands-on, providing guidance on everything from product development to go-to-market strategy and fundraising. This can be particularly valuable in deep tech, where the path to commercialization is often longer and more complex than in consumer software.
Early Portfolio and Traction
With nine investments already made, Wave Function Ventures is off to a strong start[2]. These portfolio companies span its key focus areas, and several have already attracted attention from prominent investors. This early traction is a testament to both the quality of the startups selected and the value-add that the fund brings to the table.
Looking Ahead: Building for Impact
With its first fund closed, Wave Function Ventures is now fully engaged in its mission: identifying, investing in, and supporting founders building hardware solutions to the world’s most critical problems[1][4]. The firm aspires to become the go-to partner for ambitious deep tech entrepreneurs, helping to usher in a new era of hardware innovation.
As hardware and deep tech regain their place at the forefront of venture investment, funds like Wave Function Ventures are poised to have an outsized impact—not only on their portfolio companies, but on the broader technological landscape. Their work promises to accelerate the development of solutions that matter, forging a future where technology tackles humanity’s toughest challenges.
Original source: TechCrunch – New deep tech fund Wave Function Ventures raises $15 million
The post Wave Function Ventures Launches $15M Fund to Propel Hardware Innovation first appeared on Limited Liability Solutions: AI-driven Mergers & Acquisitions.
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