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Lux Capital is a venture capital firm founded in 2000 by Peter Hebert, Robert Paull, and Josh Wolfe. Headquartered in New York City, with an additional office in Silicon Valley, Lux Capital focuses on investing in emerging technologies that operate at the intersection of science and technology. The firm has grown significantly since its inception, currently managing over $7 billion in assets under management (AUM), with its latest fund, Lux Ventures IX, closing at $1.5 billion in January 2026.
The firm employs a team of over 40 professionals, many of whom possess technical backgrounds in science and engineering. This diverse expertise allows Lux to systematically mine academia and government labs for innovative opportunities. Lux Capital has established itself as a leader in deep tech investing, particularly in sectors such as artificial intelligence, robotics, biotechnology, and advanced manufacturing.
Notable milestones include being one of the earliest institutional backers of defense technology, exemplified by their investment in Anduril Industries, which has reached a valuation of $30.5 billion. Lux Capital's commitment to supporting contrarians and outsiders in emerging science and technology has positioned it as a unique player in the venture capital landscape.
Lux Capital invests across a wide range of sectors, including artificial intelligence, climate technology, defense and dual-use technology, aerospace, robotics, biotechnology, advanced manufacturing, computational imaging, semiconductors, synthetic biology, and healthcare technology. The firm targets investments at all stages, from pre-seed to growth equity, with check sizes ranging from $100,000 to $100 million.
The investment thesis emphasizes long-term bets on contrarians and outsiders who challenge the status quo. Lux Capital is known for its willingness to invest pre-product and pre-company, a rarity in the venture capital space. The firm systematically identifies technological opportunities by mining academic and government labs, ensuring a unique deal flow that is often not accessible to other investors.
Lux Capital's approach to investing is characterized by a strong emphasis on dual-use and defense technology, making it one of the earliest backers in this field. The firm also operates Lux Labs, a company creation arm that supports the development of new ventures from the ground up, further enhancing its investment strategy.
Lux Capital boasts an exceptional deep tech portfolio that includes several notable companies:
Josh Wolfe: Co-founder and Managing Partner. Wolfe is known for his public commentary on technology and investing, with a strong focus on deep tech and defense.
Peter Hebert: Co-founder and Managing Partner. Hebert has extensive experience in venture capital and technology investments.
Deena Shakir: Partner with expertise in health and biotechnology investments.
Shaq Vayda: Partner with a focus on technology and operational support for portfolio companies.
Lan Jiang: Partner specializing in advanced manufacturing and robotics.
Brandon Reeves: Partner with a background in technology investments.
Grace Isford: Partner with expertise in venture capital and technology.
Shahin Farshchi, PhD: Partner focusing on semiconductors and hardware technologies.
David Yang: Partner with a focus on emerging technologies and innovation.
To pitch Lux Capital, founders should prepare a detailed pitch deck that includes information about the technology, market opportunity, team, and financial projections. The preferred channel for submissions is through their website or via email.
Including a clear narrative about how the startup's technology aligns with Lux's focus on deep tech and contrarian innovation is crucial. Founders should also highlight any connections to academia or government labs, as this aligns with Lux's investment strategy.
Response times can vary, but founders should expect to hear back within a few weeks. Warm introductions are encouraged, as they can facilitate a more favorable review process.
Lux Capital offers the 𝑓(LUX) Fellowship, which provides $15,000 non-dilutive grants, mentorship, and networking opportunities for undergraduate students working on innovative projects in physical, computational, and life sciences. The program includes a kick-off event in New York and a final retreat in the Bay Area.
On January 7, 2026, Lux Capital closed its latest fund, Lux Ventures IX, at $1.5 billion, marking the largest fund in the firm's history. This fund focuses on investments in science and defense technologies.
Throughout 2024 and 2025, Lux Capital has continued to actively invest in defense and AI sectors, further solidifying its position as a leader in deep tech innovation. The firm's AUM crossed the $7 billion mark during this period, reflecting its growing influence in the venture capital landscape.
Lux Capital has also been involved in company creation through its Lux Labs initiative, which supports the development of new ventures from the ground up.
What are Lux Capital's investment criteria?
Lux Capital invests in emerging technologies across various sectors, including AI, climate, defense, and biotechnology. The firm focuses on contrarian founders and companies that challenge the status quo, often investing at pre-product and pre-company stages.
How can I apply or pitch to Lux Capital?
Founders can reach out to Lux Capital through their website or via email. A well-prepared pitch deck that outlines the technology, market opportunity, and team is essential. Warm introductions are preferred but not mandatory.
What makes Lux Capital different from other VC firms?
Lux Capital's unique approach includes a strong emphasis on deep tech investments, a willingness to invest before a product exists, and a systematic mining of academic and government labs for deal flow. Their team comprises professionals with technical backgrounds, providing a distinct advantage in understanding the science behind investments.
What is the geographic scope of Lux Capital's investments?
The firm primarily invests in North America, with a focus on companies emerging from academia and government labs across the United States.
What is the typical fund size and check size for Lux Capital?
Lux Capital's funds have grown significantly, with the latest fund, Lux Ventures IX, closing at $1.5 billion. The firm invests between $100,000 and $100 million in its portfolio companies.
What kind of post-investment involvement does Lux Capital have?
Lux Capital provides operational support, mentorship, and access to its extensive network of scientists, engineers, and industry experts. The firm is actively involved in the growth of its portfolio companies, often participating in board meetings and strategic discussions.
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