Lux Capital Raises Its Largest Fund to Date
Lux Capital, a venture capital firm with a 25-year track record in frontier science and advanced technologies, has closed its ninth fund at $1.5 billion, marking the largest fundraise in the firm’s history. The milestone underscores continued investor confidence in deep-tech venture strategies, even amid a broader slowdown in fundraising activity across the U.S. venture capital market.
Defying a Challenging VC Fundraising Climate
The timing of Lux Capital’s new fund stands out. 2025 has seen a 10-year low in the number of new U.S. venture funds raised, according to data from PitchBook. Despite this contraction, limited partners continue to commit capital to Lux, reflecting the firm’s long-term performance and early positioning in sectors now viewed as strategically critical.
Early Leadership in Defense Technology
Long before global geopolitical tensions elevated defense technology to a priority investment category, Lux Capital had already established itself as an early backer in the sector. The firm was a seed-stage investor in Anduril, a defense technology company last valued at $30.5 billion, and Applied Intuition, an autonomous vehicle software startup that secured contracts with the Pentagon and reached a valuation of $15 billion last year.
These investments highlight Lux’s ability to identify defense-related innovation well ahead of broader market interest.
Ahead of the Curve on Artificial Intelligence
Lux Capital has also demonstrated foresight in artificial intelligence, backing AI startups before the surge in adoption following the launch of ChatGPT. Its early-stage AI portfolio includes Hugging Face, Runway AI, and MosaicML. MosaicML was later acquired by Databricks for $1.3 billion in 2023, delivering a notable exit for the firm.
Proven Track Record of Major Exits
Beyond AI and defense technology, Lux has realized significant returns across other advanced technology sectors. The firm benefited from its investment in Recursion Pharmaceuticals, an AI-driven drug discovery company that went public in 2021, and from the sale of Auris Health, a pioneer in surgical robotics. Auris Health was acquired by Johnson & Johnson for up to $6 billion in 2019.
Assets Under Management Reach $7 Billion
With the close of its ninth fund, Lux Capital’s total assets under management now stand at $7 billion, further strengthening its position as a leading investor in frontier technologies spanning defense, artificial intelligence, healthcare, and advanced scientific innovation.
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