According to a regulatory filing, 8VC, a venture capital firm established by Joe Lonsdale, the founder of Palantir, is aiming to secure nearly $1 billion for its sixth fund.
The firm, which is based in Austin, is looking to raise approximately 14% more than its previous flagship fund of $880 million, which concluded in February 2023. TechCrunch has reached out to the firm for their commentary.
Over the past decade since its inception, 8VC has invested in more than 600 companies, including notable names such as Asana, Flexport, hims and hers, and Elon Musk’s The Boring Company, according to data from PitchBook. However, the firm’s investments in defense-related sectors, reflecting Lonsdale’s background, have garnered the most interest.
In 2022, 8VC was an early investor in Saronic, which produces robotic boat drones capable of surveillance and reconnaissance. Since then, Saronic has completed two funding rounds and is in discussions to raise $500 million at a valuation of $3 billion, as reported by Forbes.
Other notable investments by 8VC in the defense technology space include Overland AI, a startup creating autonomous vehicles for national defense and security uses. Following Overland’s recent $32 million Series A funding round, Lonsdale expressed to Axios that the company is poised to become the “next great defense prime.”
Health technology and life sciences also represent a significant area of focus for the firm, accounting for over 25% of 8VC’s deals, which include biotechs Senti Bio and Vir that are now publicly traded.
In 2020, Lonsdale transitioned 8VC’s headquarters from Silicon Valley to Austin, citing the city’s greater acceptance of “ideological diversity.”
Though Lonsdale is not officially part of the PayPal mafia, he did intern at the company for two summers. Subsequently, he held an executive position at Clarium Capital, a hedge fund once founded by Peter Thiel.
Beyond founding Palantir, Lonsdale also co-founded Addepar, a platform for wealth management and investment software, reportedly raising $250 million at a pre-money valuation of $3.25 billion.
Compiled by Techarena.au.
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