Eclipse partners with innovators transforming the physical economy — strengthening the resilience, competitiveness, and security of critical systems.
Palo Alto, CA
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When Eclipse Partner Jiten Behl joined @Rivian in 2015, the company had a big vision, but little else.
In the first episode of our new Operators with Capital series, Jiten shares lessons from building Rivian’s West Coast operations from scratch and why the right team is the foundation of every great company.
bit.ly/4jW3jb5
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Congratulations @jimkxa and @tenstorrent team!
We raised $1.5B to deploy Galaxy globally.
Thanks to our lead investors Trace Capital and Innovation X for backing that growth.
More to come: tenstorrent.com/newsroom/ten…
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Eclipse retweeted
You're not wrong @jordihays
But that was just the warm-up
@EclipseVentures
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Eclipse retweeted
@kevinmpeterson1 joined @foxglove's @adrianmacneil at Disrupt this week on why deep tech companies stall between prototype and production.
Thanks to @kirstenkorosec at @TechCrunch for having us. Session linked below.
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Oxide co-founder @bcantrill believes every VC wants to be contrarian, but most get cold feet when an actual contrarian bet is staring them in the face.
"Everybody loves contrarian. But no one actually wants a zero."
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Monster hire by @Mind_Robotics
Ford’s former EV and software chief will run Rivian’s robotics spinoff at a time of maximum hype for physical AI. theverge.com/transportation/…
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Eclipse retweeted
So, @adamhjk is spot-on here -- and to a degree that was honestly surprising. Aren't all startups either fundmakers or zeroes? As it turns out, no -- or at least not to the degree that we were...
It took us a while to see the pattern, but because of this starkly bifurcated potential outcome, we were REALLY divisive within partnerships: over and over again, we had partnerships tell us that their normally genteel firm had nearly come to blows over Oxide. (Always when they passed, BTW!) The level of discord was surprising: there were partners who quit their firms over Oxide (more than one!) -- and there was one who LEFT VENTURE after their firm passed on Oxide (!!).
Of course, it wasn't over Oxide per se, but rather over the disagreement about us, as it highlighted a deep fracture in the firm -- one that went to the heart of what venture capital MEANS. For us, for our advocates, and for the partners that championed us within their firms, we were the epitome of what VC should be -- and when their partnership passed, it caused them to question their own career trajectory.
Which of course made it that much more satisfying when we discovered firms like @EclipseVentures: they saw what we saw -- and were unafraid.
So to the ones who invested, thank you for being believers; it is obviously thrilling for us to make good on your belief in us. And to the ones that lost the fight over Oxide within their partnerships: we see you, and we know that you believed in us too -- and hope that your career since has been blessed with colleagues who share your boldness!
When Oxide was an early idea, I wound up in several conversations with investors about it. The bet was always a good one: that what enterprises will want is to own the compute layer, and that great software married to great hardware unlocks it.
It's the kind of bet that venture capital is made for. If they're right, Oxide can win in a huge market that's grown fat and happy, and provides systems everyone hates to work with - it can be a huge company. If they're wrong, well - it goes to zero and burns a lot of capital as it goes down.
Not every investor could see it - sometimes because they didn't like the bet, sometimes because it didn't fit their own investment thesis, sometimes because the idea of building real world things was too much. But Bryan and Steve could see it, and they found the folks who could, and the proof is here: a profitable new enterprise hardware company, growing its own at-scale manufacturing.
It makes me proud of my friends who built it, and it's the kind of success that makes me glad I choose to make a career building venture backed startups. Sometimes the good ones win!
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We first backed @oxidecomputer at the seed stage in 2019, and today we're proud to lead its $445M Series D.
What started as a bold vision is now a profitable business with demand outpacing supply.
This is what building from idea to industrial scale looks like.
More from Eclipse Partner @SethWinterroth: bit.ly/4hReUWa
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Last week, @The_TrueAnomaly brought together 500+ A&D engineers, operators, and warfighters at our new Long Beach location.
Our adversaries aren’t slowing down in space. Neither can we. Thankfully, @jollyrogersta and the team at True Anomaly are leading the way 🇺🇸
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“In the U.S., we’ve figured out vibe coding. In China, they’ve figured out vibe manufacturing.”
Following a recent trip to China, Eclipse Partner @charlythuo draws on his experience scaling manufacturing at @Tesla and @Rivian to share his perspective on China's robotics advantage and what it means for U.S. companies.
More from @BusinessInsider's @ryajetha: bit.ly/4zlQdZ9
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Eclipse retweeted
"Electron E1 is shipping, customer demand is accelerating, and the same architecture is scaling from physical AI to the datacenter." Greg Reichow, Partner, @EclipseVentures
#ElectronE1 #EnergyEfficiency
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Eclipse retweeted
Reshoring lasts when American factories win on cost, speed and quality. ⚙️
Thanks to @cantorfitzgerld for hosting CEO Kevin Kassekert @kakassekert alongside Jon Biele (OSC) and Toby Symonds (IperionX) at today's Defense Tech & Space Economy Summit. #DefenseTech #Reindustrialization #letsbuild
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What if physics stopped being a bottleneck to building the physical world?
@VinciPhysics is giving engineers real-time insight into how their designs will perform as they build.
Now, with a $250M Series B at a $1.5B valuation, Vinci is expanding across more physics, more engineering disciplines, and ultimately more of the hardware economy.
Eclipse believed in this vision from the beginning and are excited for what’s ahead.
For more: bit.ly/479fp9h
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Edition #17: 51 New Funds, 50 Fund of Funds LPs, Q2 2026 Performance Benchmark
The latest (September, 2026) edition of our monthly newsletter is live – a curated snapshot of the news and insights emerging managers and LPs should actually pay attention to.
5 most interesting stories from this edition:
> Only 49 of 146 funds of funds actually back emerging managers, and a list of those who make the call inside them
> @cartainc's Q2 2026 data: 64% of VC capital now goes to $100M+ funds (vs. 38% in 2017), and the median $100M-250M fund has 45% fewer LPs than four years ago
> @EricNewcomer's first VC Sentiment Report: 344 off-the-record quotes from 25 top VCs, including Midas List investors, managing $100B+ in AUM
> @samhuleatt: more LPs pay 5% upfront to skip carry, saving $700K on a 3x co-invest
> How @EclipseVentures, founded by Lior Susan with @sequoia veteran Pierre Lamond, turned a ~$147M bet on AI chipmaker @cerebras into ~$2.5B at IPO and now manages $12.5B
👉 Read it now and join a community of 4,000+ VC/LP subscribers: murphcapital.substack.com/p/…
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Eclipse retweeted
Love a 15 min segment on how bulled up @DavidGeorge83 and @jaltma are on robotics 🤖
Nice little shout-out to @EclipseVentures incubation @Mind_Robotics founded by @RJScaringe
Loved the conversation on Uncapped with @DavidGeorge83, head of growth investing at a16z. He's an incredible investor and can go deep on a huge range of topics.
We talked all about investing at this point in the AI cycle and we covered a lot of ground -- frontier vs. open source, what could make it all keep running vs. slow down, application vs. infra, robotics and autonomy, narrative and vibes, and lots more.
Hope you enjoy!
Timestamps:
(0:00) Intro
(0:23) The answer to every AI question is "and"
(1:27) Where we are in the AI buildout
(4:55) What would stop the train
(7:16) Sellers vs. buyers of tokens
(10:39) Frontier labs vs. open source
(13:18) App investing and the coding blast radius
(14:01) Legal as a category
(20:46) Consumer AI
(22:14) From reactive to proactive
(25:52) AI, autonomy, robotics, bio health
(27:49) Autonomous driving and why it's underappreciated
(30:46) Robotics and what comes next
(33:25) Benchmark's new growth fund
(34:11) Why growth investing is compelling now
(34:53) Half of private market returns happen at growth
(37:57) Product cycle vs. capital cycle
(41:54) The importance of narrative
(43:14) Why vibes really matter
(46:20) Never short a messianic founder
(49:39) How big can Andreessen Horowitz get
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Eclipse retweeted
Robotics is about to discover why there aren’t 43 Teslas.
Over the next 3-5 years, the fundraising story for Robotic companies will shift from lab demos to the factory floor.
Demos → paid pilots → volume production → profit.
Each step will eliminate companies that looked unbeatable at the previous one.
I helped scale manufacturing at @Tesla and @Rivian. Twice through that chasm.
It’s bloody hard. The demo, while necessary, barely hints at what’s coming.
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We’ve helped build ~30 of Eclipse’s 90 companies from the ground up like:
@BedrockRobotics, @peakenergytech, @Mind_Robotics, @MytraUS, ALSO, @brightmachines, and, most recently, @NoetiveAI and Prime Minute.
Why build? Because capital alone isn’t enough. Working alongside founders from day one lets us bring operating experience to the moments that matter most, and helps us stay sharp ourselves.
@MollySOShea went deep with Eclipse Founder and CEO Lior Susan on why building is core to Eclipse and what it means to be Operators with Capital.
More from their @sourceryy conversation: bit.ly/4xPaiWB
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Eclipse retweeted
Lior Susan spent a year in China
He left convinced the West needs a dramatically new approach to building physical industries:
“China essentially built a ~$20T economy based on the physical world.”
“They built the entire system on these 5 forces: talent, policy, capital, technology, & customer demand.”
“They align those 5 forces in a way that lets their economical flywheel fly & it's actually very hard to compete against them as a standalone company.”
“My view was: if we don't do it in the Western world, we're screwed.”
BREAKING: Rare Interview w/ @EclipseVentures Co-Founder & CEO Lior Susan
Eclipse turned $147M into a $2.5B Cerebras stake.
$12.5B AUM. 90 companies. 30 built in-house. $40B–$50B in portfolio commercial deals last year.
Lior goes deep on the $100T physical-world opportunity, Eclipse’s Venture Equity model & why free cash flow beats gross margin.
Fund Stats:
› $1.3B raised in April across Fund VI + Early Growth III
› 17x on Cerebras at the $185 IPO price
› Portfolio companies raised $15.9B in 2026 alone
› 30 of 90 companies built in-house through Venture Equity
› $40B–$50B in commercial deals signed across the portfolio last year
"We never thought of ourselves as venture capital. We call it operators with capital because we are operators with capital."
Founded in 2015 by Lior Susan alongside Silicon Valley legend Pierre Lamond, who worked with Gordon Moore at Fairchild Semiconductor, helped build National Semiconductor & spent nearly 3 decades at Sequoia.
Eclipse bet early on the physical world across semiconductors, manufacturing, robotics, defense, energy & infrastructure.
Portfolio: @andrewdfeldman x @cerebras, Parallax, Prime Minute, Anduril, Wayve, Redwood Materials, VulcanForms, Bedrock Robotics, True Anomaly, Ursa Major, Oxide, Bright Machines, Verkada, Mytra, Peak Energy, The Nuclear Company, Reliable Robotics, Skyryse, Mind Robotics & ALSO.
𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒
(00:00) Lior Susan, Founder & CEO at Eclipse
(01:02) The story behind Eclipse
(02:35) How Lior met Pierre
(05:54) The culture Pierre brought to the team
(07:33) Why physical companies need operators
(11:21) How Eclipse decides what to build
(12:35) How Mind Robotics was spun out of Rivian
(15:41) Why Lior started Eclipse
(18:21) Why building physical companies is so hard
(20:53) Why there are only 3 major memory companies
(21:51) Why hardware can beat SaaS economics
(24:33) Inside Eclipse’s physical industry bet
(29:15) This is the best time to build
(31:01) The Redwood Materials story
(32:35) The "Second Act" of physical companies
(33:20) Building moats in the Physical World
(34:05) Why on-prem infrastructure is coming back
(36:01) Building the "Eclipse Economy"
(40:08) Why physical infrastructure creates jobs
(41:19) From banana farmer to VC
(43:37) What it really means to support a portfolio company
(46:00) Who inspires Lior?
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The @efficient_hq team is rethinking general-purpose computing from the ground up to deliver more performance with a fraction of the energy.
Today, the team announced a $97M Series B to scale from physical AI to the data center.
More on today's news from @Reuters' @StephenNellis: bit.ly/4jAKDxg
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Eclipse retweeted
BREAKING: Rare Interview w/ @EclipseVentures Co-Founder & CEO Lior Susan
Eclipse turned $147M into a $2.5B Cerebras stake.
$12.5B AUM. 90 companies. 30 built in-house. $40B–$50B in portfolio commercial deals last year.
Lior goes deep on the $100T physical-world opportunity, Eclipse’s Venture Equity model & why free cash flow beats gross margin.
Fund Stats:
› $1.3B raised in April across Fund VI + Early Growth III
› 17x on Cerebras at the $185 IPO price
› Portfolio companies raised $15.9B in 2026 alone
› 30 of 90 companies built in-house through Venture Equity
› $40B–$50B in commercial deals signed across the portfolio last year
"We never thought of ourselves as venture capital. We call it operators with capital because we are operators with capital."
Founded in 2015 by Lior Susan alongside Silicon Valley legend Pierre Lamond, who worked with Gordon Moore at Fairchild Semiconductor, helped build National Semiconductor & spent nearly 3 decades at Sequoia.
Eclipse bet early on the physical world across semiconductors, manufacturing, robotics, defense, energy & infrastructure.
Portfolio: @andrewdfeldman x @cerebras, Parallax, Prime Minute, Anduril, Wayve, Redwood Materials, VulcanForms, Bedrock Robotics, True Anomaly, Ursa Major, Oxide, Bright Machines, Verkada, Mytra, Peak Energy, The Nuclear Company, Reliable Robotics, Skyryse, Mind Robotics & ALSO.
𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒
(00:00) Lior Susan, Founder & CEO at Eclipse
(01:02) The story behind Eclipse
(02:35) How Lior met Pierre
(05:54) The culture Pierre brought to the team
(07:33) Why physical companies need operators
(11:21) How Eclipse decides what to build
(12:35) How Mind Robotics was spun out of Rivian
(15:41) Why Lior started Eclipse
(18:21) Why building physical companies is so hard
(20:53) Why there are only 3 major memory companies
(21:51) Why hardware can beat SaaS economics
(24:33) Inside Eclipse’s physical industry bet
(29:15) This is the best time to build
(31:01) The Redwood Materials story
(32:35) The "Second Act" of physical companies
(33:20) Building moats in the Physical World
(34:05) Why on-prem infrastructure is coming back
(36:01) Building the "Eclipse Economy"
(40:08) Why physical infrastructure creates jobs
(41:19) From banana farmer to VC
(43:37) What it really means to support a portfolio company
(46:00) Who inspires Lior?
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