Eclipse Ventures

Eclipse Ventures Research Document Executive Summary Eclipse Ventures is a specialized venture capital firm focused on transforming physical industries through technology and operational excellence. Based in Palo Alto with an additional office in New York City, the firm invests across pre-seed to early-growth stages in companies addressing critical infrastructure gaps in manufacturing, logistics, supply chain, transportation, healthcare, and climate technology. With over 100 portfolio companies and a team of operators-turned-investors, Eclipse brings hands-on expertise and strategic guidance to founders rebuilding essential industries. Investment Thesis Eclipse's core thesis centers on the observation that "digital transformation is everywhere except for where it matters." The firm believes the world's physical industries—manufacturing, logistics, supply chain, transportation, healthcare infrastructure, and energy—have failed to keep pace with technological innovation. They are ripe for transformation through digitization, automation, and physical AI. Key Thesis Points: Physical Industries Are Broken : US manufacturing contribution to GDP has declined from 27% to 12%. Supply chain vulnerabilities were exposed during the pandemic. Transportation systems are inefficient and clogged. Healthcare infrastructure cannot keep pace with scientific innovation. Technology as Enabler : The firm invests in companies leveraging AI, robotics, computer vision, automation, and software systems to rebuild these essential industries from the ground up. Operator Advantage : Eclipse partners are former executives from companies like Apple, Amazon, Bridgewater, and Samsara. This operational expertise provides unique value to founders navigating complex, capital-intensive businesses. Patient Capital for Hard Problems : Eclipse recognizes that solving physical industry problems requires patient capital, deep networks, and strategic guidance—not just funding. Investment Approach Eclipse operates three distinct investment vehicles: 1. Venture Equity (VE) Stage : Day Zero to product-market fit Unique Model : Co-founding from idea to validated concept Thesis : Support experienced operators and principal engineers at career inflection points to start new ventures Support : Idea validation, thesis development, access to scientific and business expertise, investor introductions, network leverage Goal : Rapidly validate and refine new ventures before scaling 2. Early-Stage Stage : Seed round through initial viability and early customer base Focus : Industry-changing products, services, and experiences in physical industries Support : Investment, mentorship, strategic hands-on guidance, operational expertise Approach : Partner with founders from early days through product-market fit 3. Early Growth Stage : Proven technological value proposition, entering go-to-market phase Focus : Companies transitioning from "Zero to One" to "One to Ten" Support : Scaling methodology, domain expertise, strategic connections Goal : Transform promising startups into high-performance, generational companies Sector Focus & Coverage Eclipse invests across six primary industry categories: Industrial & Manufacturing Automation of manufacturing processes Computer vision for quality control Additive manufacturing and advanced manufacturing infrastructure Examples: VulcanForms (digital manufacturing infrastructure), Bright Machines (electronics assembly automation) Logistics & Supply Chain Warehouse automation Supply chain visibility and optimization Last-mile delivery innovation Workforce solutions for logistics Examples: 6 River Systems (warehouse automation), Mytra (robotics for physical tasks), Jitsu (last-mile delivery) Transportation & Mobility Autonomous vehicles and aviation Electric vehicle platforms Marine electrification Urban mobility solutions Examples: Wayve (embodied intelligence for autonomous mobility), Reliable Robotics (automated aviation), Arc (electric watercraft) Healthcare Infrastructure Cell and gene therapy manufacturing Digital health solutions Biotech manufacturing automation Precision medicine delivery Examples: Cellares (cell therapy manufacturing), Lucira Health (molecular diagnostics), SafelyYou (AI for dementia care) Advanced Compute & AI AI infrastructure and computing Semiconductor and chip design High-performance compute systems Quantum computing Examples: Cerebras (AI computing systems), Tenstorrent (next-generation computing), Efficient Computer (energy-efficient processors) Climate Tech & Energy Battery technology and recycling Renewable energy innovation Carbon management Industrial decarbonization Examples: Redwood Materials (battery recycling, recent $350M Series E), Enovix (energy storage), Tandem PV (advanced solar) Team & Leadership The team composition reflects Eclipse's operator-first philosophy: many partners have scaled companies, led operations at multinational corporations, or built venture capital experience at top-tier firms. Key partners include Lior Susan (Founding Partner), Aidan Madigan-Curtis (ex-Apple), and Greg Reichow, with strong operational backgrounds from companies like Amazon, Bridgewater, and Samsara. Check Size & Capital Deployment Based on portfolio analysis and website information: Pre-Seed / Venture Equity : $250K - $2M for idea validation and early product development Seed : $2M - $10M for companies with initial product and early customer validation Early Growth : $5M - $25M+ for companies approaching series A with proven value propositions Follow-on : Significant reserves (50%+ of funds) for follow-on investments Notable Recent Investments: Redwood Materials : $350M Series E (led by Eclipse) - October 2025 - Battery recycling and energy storage Cerebras : Multiple rounds - Revolutionary AI computing architecture Wayve : Multiple rounds - Autonomous mobility through embodied intelligence Tenstorrent : Multiple rounds - Next-generation computing Various 2025-2026 investments : AheadComputing, VulcanForms, and 100+ portfolio companies Portfolio Characteristics Portfolio Size & Diversity 100+ portfolio companies across industries Acquisitions : Kinema (acquired by Boston Dynamics, 2019), Kindred (acquired by Ocado, 2020), Clearmetal (acquired by project44, 2021), Vehicle.software (acquired by Google, 2022) Public Companies : Enovix (NASDAQ: ENVX), Lucira Health (NASDAQ: LHDX), Verkada (latest valuation ~$5.3B) Investment Conviction Eclipse shows strong conviction through: Multiple follow-on rounds in winners (Tenstorrent, Cerebras, Verkada, Wayve) Willingness to lead large rounds ($350M in Redwood Materials, $100M+ rounds) Patient capital approach aligned with hard tech development cycles Decision Process & Involvement Investment Decision Making Primary Style : Partnership model - multiple partners involved in sourcing and evaluation Approach : Hands-on, operator-focused due diligence Conviction : Strong conviction theses lead to bold deployment Post-Investment Involvement Board Representation : Typical for all investments, with partner involvement Operational Support : Deep hands-on guidance from operator partners Network Access : Connections to Fortune 500 companies, scientific experts, and strategic partners Timeline for Decision : Typically 6-12 weeks for seed/early-stage due to operational depth required Lead vs. Follow Lead Tendency : Strong leaders, particularly in Venture Equity and Seed rounds Portfolio Confidence : Multiple follow-on rounds indicate continued faith in companies Co-Investment : Strategic partnerships with other top-tier VCs Stage Preferences Primary Focus : Pre-Seed through Early Growth (Series A pre-launch) Pre-Seed: Venture Equity model Seed: Early-Stage investing Series A: Early Growth or selective early-stage follow-ons Typically Does NOT Invest : Later-stage (Series B+) unless existing portfolio company Consumer apps without operational complexity Software-only businesses without hardware/infrastructure dimension Non-US companies (with rare exceptions) Geographic Focus Primary Markets : US : Bay Area (HQ), NYC (secondary office), Seattle International : Selective in Europe (Germany, UK) and Israel for specific opportunities Recent Activity & Fund Status Recent Funding Rounds (2025-2026) : January 2026: VulcanForms investment January 2026: AheadComputing (Seed VC - II) December 2025: Multiple portfolio company updates November 2025: Redwood Materials $350M Series E (led) October 2025: Redwood Materials announcement Various 2025 investments across portfolio Fund Status Fund II : $80M (closed 2024) - Actively deploying Actively Deploying : Yes - recent activity through Jan 2026 indicates current deployment phase Unique Differentiators Operator-First Philosophy : Team composition prioritizes experienced operators, not just investors Venture Equity Model : Unique co-founding approach for pre-seed ideas Industry Expertise : Deep domain knowledge in physical industries, manufacturing, supply chain Patient Capital : Long holding periods and multi-round participation Hands-On Support : Not a passive investor; provides operational guidance and strategic direction Policy Engagement : Strategic focus on regulatory/geopolitical factors Network Advantage : Connections to Fortune 500 operators, Fortune 500 supply chains, government agencies Conclusion Eclipse Ventures is a top-tier operator-focused venture capital firm with deep expertise in rebuilding physical industries. They combine bold thesis, experienced operator team, patient capital, strategic network, and proven track record. The firm is ideal for founders solving critical infrastructure problems in manufacturing, supply chain, transportation, healthcare, energy, and advanced compute.