Among many modern frontier technologies, the robotics market alone is expected to surpass $200B in the next 5 years, with a growth rate of almost 15%. The global market for deep tech has generated an astounding array of hardware applications in recent years—much of this thanks to funding from venture capital (VC) firms who are enthusiastic and confident about where “hard tech” is headed.1
At Hardfin, we’re in daily conversations with leaders who are innovating at hardware companies. For companies that are looking for financing to close the gap for hardware, we’re often asked about which venture firms they should engage. We compiled a list of top VC firms that focus on this sector. That focus has many names—it is sometimes called hard tech (or hardtech), deep tech (or deeptech), frontier tech, supply chain, industrials, and more.
Many such firms focus on companies across a wide range of industries and sizes, so we grouped them only roughly. This is a high-level resource to guide hardware businesses looking to raise equity capital from VCs.
AlleyCorp Robotics: Invests in early stage robotics and automation innovation across both hardware and software. Average check size is $1M, and the firm invests primarily at the pre-seed and seed stages. Portfolio companies include Appetronix (aka SJW Robotics), Renovate Robotics, Mapless AI, Dexai Robotics, and Civ Robotics.
Bee Partners: Pre-seed funding to deeptech companies building within one of three vectors: human-machine interaction, machine-to-machine learning, and biological machines. Check sizes range from $500k to $1.5M. Portfolio companies include Rapid Robotics, Carbon Robotics, and InnerPlant.
Bolt: Pre-seed investments into startups combining hardware and software technology. Bolt leads or co-leads the first round of financing in over 90% of its portfolio companies. Average check size is $250k, with some investments reaching $1M. Portfolio companies include Carbon Robotics, Core Wellness (acquired by Hyperice), Desktop Metal, EverCharge, and Companion.
Dynamo Ventures: Invests in companies that are redefining global supply chains and rethinking the concept of mobility. Focus on enterprise business models at the pre-seed or Seed stage in verticals like transportation & logistics, autonomous cars, construction technology, and manufacturing. Check sizes range from $250k to $1.5M, with a sweet spot of $875K. Portfolio companies include Plus One Robotics, Gatik, Stord, and SVT Robotics.
Eniac Ventures: Leads Seed rounds across consumer, enterprise and deep tech, with a special focus on AI as a layer that powers these sectors. Average check size is between $200k and $1.2M, with a sweet spot of $700k. Portfolio companies include READY Robotics, Sea Machines Robotics, Fox Robotics, Bedrock, and Model-Prime.
HAX (part of SOSV): Focuses on pre-seed hardtech startups working on sustainability across climate, industrial automation, and human health. The firm’s partners are building new robotics, sensors, connectivity, electronics, critical materials, and infrastructure. Initial investments are $250k. Portfolio companies include Forward Robotics, CleanRobotics, Unbox Robotics, Neupeak Robotics, Neptune Robotics, PIX Moving, and Tensorfield Agriculture.
Humba Ventures: Pre-seed and seed fund investments focused on emerging sectors and technologies like robotics & manufacturing, climate & energy, and defense & security. Investments range from $250k to $750k for checks with a high engagement model, though Humba occasionally writes $50k-$100k scout checks. Portfolio companies include WindBorne Systems, Treeswift, and Volition.
Morado Ventures: Focuses on high-growth, seed-stage technology companies, with a particular emphasis on “data-fueled” businesses. Focus areas include AI, data infrastructure, industrial internet, robotics & autonomy, computer vision, and health. Portfolio companies include Camp Six Labs, Everest Labs, Hyphen, Modbot, Tortuga Agtech, and ViaBot.
New Stack Ventures: Leads or co-leads pre-seed and seed rounds with focuses in the B2B SaaS, fintech, ecommerce, supply chain, cyber, proptech, and healthcare categories. Particular focus on companies outside of Silicon Valley. Check size is $500k to $1.5M. Portfolio companies include WithMe, Phood, Jiobit, and Model-Prime.
Root Ventures: Invests in deeptech companies at the seed stage operating in the fields of hardware & robotics, tools & infrastructure, and data science. As engineers themselves, they specialize in leading initial funding for founders tackling new technical opportunities. Initial investments typically range from $2M to $3M. Portfolio companies include Dusty Robotics, nTop, Seismic, and TruckLabs.
Schematic Ventures: Focuses on “digital industrial venture capital” on early-stage technology companies within the supply chain, manufacturing, commerce infrastructure, and transportation sectors. Typically leads $1-1.5M rounds in pre-seed and seed companies or participates with $500k checks. Portfolio companies include Plus One Robotics, SVT Robotics, Flock Freight, and Pandion.
Uncork Capital: A seed-stage firm that focuses on B2B applications & services, developer tools & infrastructure, consumer & marketplaces, and hardware & frontier tech. Average initial investment is $2M; check sizes range from $1.5M to $4M. Portfolio companies include TruckLabs, Presso, August, Fitbit, and Molekule.
Blue Bear Capital: Invests in high-growth technology companies across the energy, infrastructure, and climate industries, with a particular focus on companies that apply AI and data-driven technologies to these sectors. Average check size is $2M, and the firm invests primarily at the Series A stage. Portfolio companies include TruckLabs, FreeWire Technologies, and Everactive.
Construct Capital: Early-stage investments in companies rebuilding foundational industries. The firm is focused primarily on five themes: decentralized manufacturing, supply chain visibility, automation, transportation, and mobility. Average check size is $4M, and the firm invests primarily at the seed and Series A stages. Portfolio companies include Kinetic, Chef Robotics, Verve Motion, and Impulse Labs.
Cybernetix Ventures: Invests in pre-seed, seed, and Series A startups in robotics, automation, and AI. Key industries are advanced manufacturing, logistics & warehousing, engineering & construction, and healthcare & medical devices. Check sizes range from $100k to $5M, with a sweet spot of $1.5M. Portfolio companies include Instock, Kewazo, Realtime Robotics, Raise Robotics, and Rugged Robotics.
DCVC: Invests in entrepreneurs using deeptech and AI to unlock potential across sectors. Investments address key themes of climate change, human health, the operations of physically-intensive industries, defense, security, and space. Check sizes range from $5M to $25M in a typical round, and the firm invests primarily at the Series A and Series B stages. Portfolio companies include Agility Robotics, Remedy Robotics, Blue River Technology, Halter, and Proprio.
The Engine Ventures: Invests in pre-seed, seed, and Series A startups with founding teams committed to positive social impact. Focuses include climate change, human health, and advanced systems. Check sizes range from $250k to $9M, with an average check size of $3M. Portfolio companies include RISE Robotics, ISEE, AtmosZero, Axoft, and HyperLight.
G2 Venture Partners: Invests in technology companies at their inflection points that are working to revolutionize traditional industries (the transportation, manufacturing, energy, agriculture, supply chain, technology and logistics sectors). Sweet spot is Series B and investments range from $15M to $25M in a typical round. Portfolio companies include Locus Robotics, Carbon, AssetWatch, and Seegrid.
Grep VC: Invests in early-stage robotics-as-a-service (RaaS) companies building robots that perform narrow skills applied to giant markets—primarily service robots rented to enterprise companies. Portfolio companies include Electric Sheep Robotics, Peanut Robotics, and Zippedi.
Grit Ventures: Invests in “the clean machine revolution,” partnering with innovators in automation, supply chain & logistics, sustainability, and connectivity. Vertical focus areas include AI, robotics, energy, materials, and space. Grid primarily leads pre-seed and seed rounds, with occasional investments in Series A. Check sizes range from $250k for the earliest companies to several million ($10M+) in later-stage investments. Portfolio companies include Agtonomy, Apptronik, Canvas, Diligent Robotics, and ViaBot.
Heartland Ventures: Invests in early-stage, high-growth startups that the firm connects to its corporate LPs and customer base in the heartland of the US. Focus on bringing innovative technology to traditional Midwestern industries (e.g., manufacturing, construction, logistics, and real estate). Heartland invests at the pre-seed, seed, and Series A stages; average check size is $1.5M. Portfolio companies include Third Wave Automation, StrongArm Technologies, Grabango, and Fulfilld.
Intuitive Ventures: Seed to Series B investments in companies reimagining the future of minimally-invasive care. Focus on precision diagnostics, MedTech/frontier device companies, focal therapeutics, and digital health. Check sizes range from $100k to $5M, with an average check size of $1.5M. Portfolio companies include Neocis, Capstan Medical, and Endogenex.
Ironspring Ventures: Partners with innovators across the industrial supply chain. Sectors of focus include transport & logistics, construction, alternative energy & renewables, and manufacturing. Average check size is $2.5M and investments range from $1M to $4M; the firm invests primarily at the seed to Series B stages. Portfolio companies include AIM Intelligent Machines, Plus One Robotics, Harbinger Motors, and Icon.
Playground Global: Focuses on connected hardware, robotics, quantum & next-generation computing, AI, industrial automation & logistics, and engineered biology. Typically leads $3M to $15M initial investments in seed and Series A companies. Portfolio companies include Agility Robotics, RightHand Robotics, Velo3D, Boxbot, and Relativity Space.
Supply Chain Ventures: Makes early-stage investments in young, revenue-producing companies that use information technology, data analytics, and AI to enhance supply chain management. Check sizes range from $25k to $10M, with a sweet spot of $500K. Portfolio companies include ISEE, Leaf Logistics, SupplyShift, Descartes, and ShipMonk.
TechNexus Venture Collaborative: Deploys “collaboration capital” (typically seed and Series A) to companies that operate in AI/ML, VR, AR, IoT, analytics, and robotics. Particular focus on marine, outdoor, aviation, audio, and first response. Check sizes range from $250k to $4M. Portfolio companies include Sea Machines Robotics, Invert Robotics, 3AM Innovations, and Artiphon, and Tonal.
True Ventures: Partners with founders in personal wellness, robotics, therapeutics, climate technologies, ocean exploration, and more. Investments are primarily seed and Series A, with an average investment of $1-2M in a typical round. Portfolio companies include Bear Flag Robotics, Dextrous Robotics, Diligent Robotics, Fitbit, and Peloton.
Eclipse Ventures: Multi-stage investments (seed, Series A, and Series B) in companies making massive physical industries such as manufacturing, logistics, transportation, construction, agriculture, and healthcare more efficient, resilient, and profitable. Initial check sizes range from $200k to $5M, with an average check size of $2.5M. Portfolio companies include Simbe Robotics, Clearpath Robotics, 6 River Systems, ForSight Robotics, Reliable Robotics, and Kindred.
F-Prime Capital: Invests in companies in two primary sectors: healthcare (therapeutics, medtech, and health IT & services) and technology (enterprise software, fintech, and frontier tech). While they’re primarily early-stage investors, F-Prime will back exceptional teams at any stage. Investments range from $100k to $10M with a $5M sweet spot. Portfolio companies include RightHand Robotics, Burro, and Teleo.
GGV Capital: Multi-stage investments (seed to growth stage) in global companies across cybersecurity, enterprise tech, fintech, SMBTech, and artificial intelligence. Investments typically range from $20M to $50M. Portfolio companies include Geek+ Robotics, Clobotics, Avidbots, Arevo, XPENG, and Tile.
Lux Capital: Invests in seed, Series A, and Series B ventures at the intersection of technology and the sciences: 3D printing, machine learning, AI, manufacturing & robotics, satellites & drones, computational imaging & recognition, neuroscience & biology. Check sizes range from $1M up to $25M in a typical round. Portfolio companies include Veo Robotics, Strateos, Multiply Labs, Impulse Space, and Recursion Pharmaceuticals.
Shasta Ventures: Focuses on early-stage startups SaaS, cybersecurity, infrastructure, data intelligence, low code, computer vision, and consumer & hardware. Pre-seed through Series A, with occasional investments in Series B. Typical check sizes range from $2M to $10M. Portfolio companies include Fetch Robotics (acquired by Zebra), Starship Technologies, Nest (acquired by Google), and Zwift.
Standard Investments (previously 40 North Ventures): Invests in early to late-stage companies focused on technology and business model innovation—primarily in the manufacturing, digital technologies, transportation & mobility, sustainability, environmental technology, and industrial sectors. Portfolio companies include AssetWatch, ARRIS Composites, Albedo, Carbon, Saildrone, and Everactive.
As your organization scales into modern hardware business models, you’ll encounter a myriad of operational challenges implementing recurring commercial structure. Everything grows in complexity from managing contract terms for asset deployments to making sense of the asset lifecycle.
Ultimately your finance team will need help with hardware financial operations. And of course you’ll have a whole new set of stakeholders who will want detailed financial data in your board meetings. Luckily, Hardfin was built from the ground-up to support hardware companies with hardware-as-a-service solutions. Now you can easily offer your hardware as a subscription.
Want to know more? We’d love to chat with you.
1. We enjoy “hard tech” as a pun, both because it’s hardware technology, but also because hardware is hard.