Wayve, Cerebras backer Eclipse Ventres secures $1.3B across two funds to back physical AI startups -- TFN

While leading tech companies focused on software over the past decade, Eclipse Ventures has maintained that the next wave of innovation will centre on the physical world. The firm now has $1.3 billion in new capital to advance this vision.

Based in Palo Alto and founded by Lior Susan in 2015, Eclipse Ventures has closed two new funds: a $591 million fund for early-stage investments and a larger fund for later-stage companies in its core sectors. This is Eclipse's largest raise to date, surpassing the $1.23 billion raised in 2023 and bringing total assets under management to about $10 billion.

Recent investments include Wayve, a UK-based autonomous vehicle software company; Redwood Materials, which recycles battery materials; Arc, which builds electric boats for commercial and defence use; Bedrock Robotics, which develops self-driving construction vehicles; and Mind Robotics, an industrial robotics lab. Eclipse also backs Cerebras, an AI chipmaker whose founder, Lior Susan, serves on the board.

The portfolio spans hardware, infrastructure, and AI systems, creating an integrated ecosystem rather than isolated investments.

Eclipse acts as an operational partner, sharing resources, customer networks, and manufacturing expertise across its portfolio companies. The goal is to help startups move from prototype to production faster. In sectors where reaching revenue quickly is crucial, this support matches the importance of funding.

The timing of this fundraise shows a wider change in how venture capital views the physical world. Geopolitical pressures on supply chains, new government interest in domestic manufacturing, and fast progress of AI systems that can manage industrial processes have all made this sector more appealing to institutional investors than five years ago.