The new vehicle is Lux's ninth fund and the largest the firm has raised since its founding in 2000. The fund was oversubscribed, with the venture capital firm turning away roughly $1bn in investor demand, according to its partners. Lux said the fund will target companies pursuing breakthroughs across physical, computational, and life sciences, with particular emphasis on technologies relevant to defence, aerospace, artificial intelligence, robotics, and energy. The firm's investment team plans to deploy capital through cheques ranging from $100,000 to $100m. The raise comes amid closer collaboration between Silicon Valley and Washington, as the US government seeks to accelerate investment in areas deemed strategically important. Lux has already built exposure to defence-related technologies, having backed companies such as Anduril Industries, Saildrone, and Astranis, all of which hold government contracts. Josh Wolfe, Lux co-founder and managing director, said: 'We happen to be in...
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