Lux

Technology Focus Areas (Top 4): Health Care; Aerospace; AI; Semi-conductors

Series: Seed, Series A

Locations: New York, NY, Silicon Valley, CA

Lux Capital's Defense and Dual-Use Investing History

A Silicon Valley Giant in Deep Tech

Founded in 2000, Lux Capital has grown into one of the most prominent venture firms backing ambitious science and technology companies. With roughly $5 billion under management across about 10 flagship and opportunity funds, Lux operates at a scale that allows them to make big bets on capital-intensive "hard tech" opportunities.

Their latest fundraising includes Lux Ventures VIII at $1.15 billion (closed April 2023) and an earlier $800 million "Total Opportunity" fund alongside a $675 million early-stage fund in 2021. This war chest gives them flexibility to write checks ranging from seed investments around $100K to later-stage rounds up to $100 million.

Leadership with Vision and Government Connections

Lux was co-founded by Josh Wolfe and Peter Hébert, who continue to lead the firm as managing partners. Wolfe focuses heavily on defense, biotech, and deep tech investments, with his bio noting he "helped lead the firm's investments in Anduril, Echodyne, Planet, Hadrian, Osmo and Resilience." These aren't just financial bets - Wolfe sits on boards and takes an active role in building these ambitious science companies.

Hébert brings a track record of major exits including Auris Health (acquired by Johnson & Johnson for up to $6 billion), Luxtera (Cisco, $660 million), and Matterport (CoStar, $2.1 billion). This combination of vision and execution has made Lux a go-to firm for entrepreneurs tackling the world's hardest technical problems.

Long-time partners like Bilal Zuberi (partner since 2013) and Shahin Farshchi (partner since 2006) have built impressive portfolios in dual-use technologies. Zuberi led investments in Saildrone, Applied Intuition, and Orbital Insight, while Farshchi co-founded Lux's robotics and AI practice.

What makes Lux particularly effective in defense tech is their recent addition of high-profile national security advisors. Brett McGurk, former Middle East envoy, joined as a venture partner in 2025 to advise on "tech diplomacy." Retired General Raymond "Tony" Thomas III, former USSOCOM commander, serves as a venture partner guiding strategy. Former CIA Director R. James "Jim" Woolsey is another Lux venture partner.

This blend of Silicon Valley venture expertise with defense and diplomatic experience gives Lux unique credibility in both worlds.

Thought Leadership and Media Presence

Lux maintains an active voice in public debates around defense technology through their "Riskgaming" newsletter and blog. They frequently publish pieces on defense innovation, including arguments to "recapitalize America's bloated defense industrial base" with startups and investment analyses like "The TechnoWarrior Revolution" covering their investment in Israeli defense company Kela Technologies.

Josh Wolfe is particularly visible in media, giving interviews and talks on Bloomberg, Fortune, and podcasts like "Odd Lots." In November 2022, he sat down with War on the Rocks to discuss why he's drawn to national security companies. A 2022 profile in The Information dubbed his strategy as one that "blazes a controversial path in defense tech."

Lux also issues quarterly "Lux Reports" on technology trends, such as "Lux Q3 2024: The Age of Embodied Intelligence." This consistent thought leadership helps them stay at the forefront of conversations about AI, defense, and the role of venture capital in national security.

Portfolio: From Anduril to Autonomous Factories

Lux's defense and dual-use portfolio spans both current investments and major alumni successes, with their most prominent bet being Anduril Industries. Founded in 2017 by Palmer Luckey and others, this defense AI and hardware startup received early backing from Lux. Anduril has since raised over $3.5 billion and went public in March 2025 at approximately $28 billion valuation.

More importantly, Anduril is winning major contracts, including a near-$1 billion indefinite contract with U.S. SOCOM to counter unmanned threats in late 2024-2025. This demonstrates that Lux's investments aren't just achieving financial returns - they're building companies that serve real defense needs.

Current portfolio highlights include:

Applied Intuition develops autonomous vehicle simulation software for both carmakers and the Pentagon, showing how dual-use technology can serve commercial and military customers simultaneously.

Hadrian builds factory automation specifically for space and defense manufacturing, addressing the critical need to modernize America's defense industrial base.

Saildrone creates ocean data drones used by NOAA for weather monitoring and by the Navy for persistent maritime surveillance.

Airspace Intelligence provides air traffic surveillance technology with applications in both civilian and defense aviation.

Major alumni successes demonstrate Lux's ability to generate returns while building strategically important companies:

Kurion specialized in nuclear cleanup robotics and sold to Veolia for approximately $400 million, delivering a 34x return on Lux's investment. This shows how national security-relevant technologies can generate exceptional venture returns.

Planet Labs built a constellation of Earth-imaging satellites and went public via SPAC in December 2021 at roughly $2.8 billion valuation. While serving commercial customers, Planet's global imaging capabilities clearly have defense and intelligence applications.

Orbital Insight used AI to analyze satellite imagery for both commercial and intelligence applications before going public via SPAC in 2021.

Biotech with dual-use significance includes companies like Resilience, which built a biomanufacturing platform and went public in 2021 at $8.84 billion valuation. The company's ability to rapidly scale vaccine and therapeutics production became strategically critical during COVID-19.

Recursion Pharmaceuticals combines AI with drug discovery and went public in 2021. Its machine-learning platform for pathogen and drug screening has clear applications beyond commercial pharmaceuticals.

The Lux Value-Add Model

What sets Lux apart is their hands-on approach that goes well beyond providing capital. They often co-found companies or help recruit top management, provide access to industry and government networks, and place experienced advisors on boards to accelerate customer introductions.

For example, Lux helped align Anduril with DoD sponsors and set up the company's advisory board, contributing to its eventual SOCOM partnership. They've placed generals and former government officials on portfolio company boards, creating direct channels to potential government customers.

This approach of marrying deep-tech venture capital with national security needs has proven effective across multiple technology areas - from drone sensors to secure software, from autonomous vehicles to biomanufacturing platforms.

Building Companies That Matter

Lux Capital's defense and dual-use investing demonstrates that venture capital can simultaneously generate strong financial returns while building companies that strengthen national security. Their $5 billion in assets under management, experienced team combining Silicon Valley and Washington expertise, and high-profile media engagement have helped launch and scale companies at the frontiers of AI, autonomy, biotech, and space.

With over 200 investments, more than a dozen IPOs, and numerous acquisitions, Lux has proven that backing scientists and engineers working on the hardest problems can create both commercial success and strategic advantage. Their portfolio companies serve both civilian markets and defense customers, showing how dual-use technology can address the most pressing challenges while building sustainable businesses.

The firm's track record suggests they'll continue backing founders who are building technologies that matter - companies that can reshape industries while serving national interests.