Eclipse, a venture firm based in Palo Alto, has secured $1.3 billion through two new funds to support companies transforming physical industries. Eclipse Fund VI, aimed at early-stage investments, raised $720 million, while Early Growth Fund III, targeted at companies nearing commercial scale, gathered $591 million. With this raise, Eclipse’s total assets under management reach approximately $10 billion.
Founded by Lior Susan in 2015, Eclipse operates on the belief that impactful companies in the upcoming decade will emerge from physical industries rather than software. These industries include manufacturing, robotics, energy, agriculture, and infrastructure, which represent a significant portion of the global economy but historically receive less venture capital than enterprise software.
Susan describes the fund as a “connected industrial economy,” a network of companies sharing infrastructure, talent, and insights. Eclipse backs companies in two phases: Fund VI supports early-stage companies from seed to Series A, while Early Growth Fund III aids those transitioning into commercial scale, where challenges are capital-intensive.
The firm’s investments include Cerebras, a company building AI chips, and Redwood Materials, a battery recycling company. Eclipse positions itself as operator-first, with partners who bring experience from companies like Amazon and Apple, thus appealing to founders of hardware-focused businesses.