This is the third of three posts about early-stage VCs with capital available for climate tech investments. Part one covered the climate and energy specialists; part two covered deep-tech and multi-sector physical-industry funds.
Defense, space, and US-onshoring funds want many of the same things climate founders do — critical minerals, a hardened grid, advanced materials, nuclear and energy. They’re well-funded and actively deploying capital. To win them over, you might need to take climate out of your deck entirely, but if that’s the price to pay to ensure you have the funds needed to scale, then it’s worth it.
We’ve compiled a list of investors that announced or closed new funds over the past year. For each fund, we flag why we included it and then list its recent checks (past ~18 mo.) in full, both on- and off-thesis, to give you a sense of how they’re allocating their capital and to what extent they might be a fit for you.
a16z American Dynamism
Raised: $1.18B — American Dynamism Fund II (Jan ’26)
Typically first invests at: Seed–growth (multi-stage)
Focus: aerospace, defense, manufacturing, industrials, energy
Leads vs participates: Frequent Lead
Why it’s here: Mandate explicitly spans energy and industrials. They led recent rounds for grid-transformer maker Heron Power and US rare-earth producer Mariana Minerals.
Recent investments:
- Westmag — drone motors & robot actuators, Seed, Jun ’26, $11M (lead)
- Ulysses Ecosystem Engineering — autonomous underwater defense drones, Series A, Apr ’26, $38M (lead)
- Mind Robotics — AI industrial robots (Rivian spin-out), Series A, Mar ’26, $500M (co-lead)
- Heron Power — solid-state grid transformers, Series B, Feb ’26, $140M (co-lead)
- Pryzm — AI for defense procurement, Seed, Dec ’25, $12.2M (lead)
- Diode Computers — AI circuit-board design tools, Series A, Jul ’25, $11.4M (lead)
- Mariana Minerals — US critical-minerals mining & refining, Series A, Jul ’25, $85M (lead)
Overmatch
Raised: $250M — Overmatch Fund II (Mar ’26)
Typically first invests at: Seed–Series A
Focus: defense, AI, space, robotics, energy (‘sovereign stack’)
Leads vs participates: Rarely Leads
Why it’s here: Energy is an explicit pillar of their ‘sovereign stack’ thesis, and the portfolio covers the full energy chain: home-battery firm Base Power, solar-plus-storage Exowatt, and critical-minerals explorer Earth AI.
Recent investments:
- Sygaldry Technologies — quantum-accelerated AI servers, Series A, Apr ’26, $139M
- Chariot Defense — modular battlefield power distribution, Series A, Feb ’26, $34M
- Code Metal — AI code translation for embedded systems, Series A, Nov ’25, $36.5M
- Earth AI — AI critical-minerals exploration, Series B, Jan ’25, $20M
- Overland AI — ground-vehicle autonomy software, Series A, Jan ’25, $32M
Geodesic Capital
Raised: $250M — Geodesic Alliance Fund (Jun ’25)
Typically first invests at: Seed–Series B
Focus: US–Japan national security: defense, space, robotics, critical minerals, semiconductors
Leads vs participates: Occasional Lead
Why it’s here: Critical minerals sits inside their US–Japan supply-chain-security thesis; most checks are defense and space, but they backed clean rare-earth refiner Phoenix Tailings.
Recent investments:
- Legora — AI workspace for lawyers, Series D (extension), Apr ’26, $50M
- Firestorm Labs — expeditionary additive manufacturing for drones, Series B, Apr ’26, $82M
- Portal Space Systems — maneuverable transorbital spacecraft, Series A, Apr ’26, $50M (co-lead)
- Smack Technologies — national-security AI lab, Series A, Mar ’26, $32M (co-lead)
- Phoenix Tailings — clean US rare-earth metals refining, Series B (B-3 amplification), Feb ’26, $40.2M
- Trener Robotics — physical-AI platform for robotics, Series A, Feb ’26, $32M
- Fieldguide — AI accounting & audit automation, Series C, Feb ’26, $75M
- Grid Aero — autonomous cargo aircraft, Series A, Jan ’26, $20M (co-lead)
J2 Ventures
Raised: $250M — Brookhaven Fund (Nov ’25)
Typically first invests at: Seed–Series A
Focus: dual-use national security: advanced computing, cyber, comms, AI, health (+ critical minerals)
Leads vs participates: Frequent Lead
Why it’s here: National-security thesis including a domestic-infrastructure pillar; recent investment skews to semiconductors and defense AI, but they backed Principal Mineral’s US rare-earth and critical-minerals processing.
Recent investments:
- Flashpass — AI workforce reskilling for governments, Seed, Apr ’26, $4.1M (lead)
- Lumia — blood-flow-tracking smart earrings, Seed, Nov ’25, $7M
- VectorWave — neuromorphic RF inference chips, Seed, Jun ’25, $2.5M (co-lead)
- Phoenix Semiconductor — domestic legacy-chip manufacturing, Seed, Jun ’25, $5.5M (co-lead)
- Musubi — AI content-moderation platform, Seed, Feb ’25, $5M (lead)
- Holly — AI government-hiring platform, Pre-seed, Jan ’25, $2.2M (lead)
- Druid Software — private 4G/5G cellular core, Strategic Growth, Jan ’25, $20M (co-lead)
Ridgeline
Raised: $180M — Fund II (Dec ’25)
Typically first invests at: Pre-seed–Seed (later stages via follow-on)
Focus: applied deep tech: manufacturing, logistics, energy, defense
Leads vs participates: Occasional Lead
Why it’s here: Energy and industry are core to their applied-deep-tech thesis, and they have invested across the climate stack: mineral-extractor BlueShift, electric-truck maker Harbinger, and carbon-removal firm Eion.
Recent investments:
- LGND — geospatial Earth-data AI, Seed, Jul ’25, $9M
- Knox Systems — AI-managed FedRAMP cloud, Seed, Jul ’25, $6.5M
- MesoMat — smart-rubber tire sensing, Seed, Jun ’25 (lead)
- BlueShift — ocean-powered critical-mineral extraction, Pre-seed, Mar ’25, $2.1M
Riot Ventures
Raised: $152M — Fund III (Oct ’25)
Typically first invests at: Seed–Series A
Focus: hard engineering: energy & nuclear, space, defense, robotics
Leads vs participates: Occasional Lead
Why it’s here: Hard-engineering thesis includes energy and nuclear. First checks include advanced-reactor company Valar Atomics’ seed and critical-materials manufacturer Deterrence.
Recent investments:
- EnduroSat — small-satellite manufacturing, Series B, Oct ’25, $104M
- Blue Water Autonomy — autonomous naval ships, Seed, Apr ’25, $14M
- Deterrence — automated energetics manufacturing, Seed, Jan ’25, $10.1M (lead)
First In
Raised: $148M — First In Fund 3 SBIC Critical Technologies (Mar ’26)
Typically first invests at: Pre-seed–Seed
Focus: defense, security software, autonomy, advanced manufacturing
Leads vs participates: Occasional Lead
Why it’s here: Advanced manufacturing is part of their SBIC ‘critical technologies’ mandate; most checks are cyber and defense AI, but they backed Hybron’s rapid carbon-fiber composite manufacturing.
Recent investments:
- Rilian — agentic AI security orchestration, Seed, Apr ’26, $17.5M (co-lead)
- SCATR — data-in-motion cybersecurity, Series A, Apr ’26, $12.6M (lead)
- Hybron — rapid carbon-fiber composite manufacturing, Seed, Apr ’26, $25M
- Vanguard Defense — data security for AI training, Seed, Mar ’26, $5M (lead)
- Smack Technologies — national-security AI lab, Series A, Mar ’26, $32M
- Portal Space Systems — maneuverable transorbital spacecraft, Seed, Apr ’25, $17.5M
Scout Ventures
Raised: $125M — Scout Ventures Fund V (Mar ’26)
Typically first invests at: Seed–Series A
Focus: national security & dual-use: AI, autonomy, space, advanced energy, advanced materials
Leads vs participates: Frequent Lead
Why it’s here: They name ‘Advanced Materials Science’ and ‘Advanced Energy’ as core sectors, and the portfolio spans solar (XPonent), power transmission (FluxWorks), and nanomaterials (UbiQD).
Recent investments:
- Casimir — energy-harvesting semiconductor chips, Seed, May ’26, $12M (lead)
- Worldscape.ai — AI geospatial intelligence, Seed, Mar ’26, $6M (lead)
- FluxWorks — contactless magnetic gears, Seed, Jan ’26, $5M (lead)
- PiLogic — ‘exact AI’ for defense, Seed, May ’25, $4M (co-lead)
- Usul — AI for federal contracting, Seed, May ’25, $3.3M (lead)
- Valarian — isolation-first secure infrastructure, Seed, May ’25, $20M (co-lead)
Balerion Space Ventures
Raised: $90.4M — Fund II (May ’26) (first close toward a $200M target)
Typically first invests at: Seed–Series B
Focus: space, defense, advanced manufacturing, nuclear/energy
Leads vs participates: Occasional Lead
Why it’s here: Beyond space, the thesis names nuclear/energy and advanced manufacturing. They co-led American-magnesium producer Magrathea and back advanced-reactor firms Antares and Valar Atomics.
Recent investments:
- Vast — commercial LEO space stations, Series A, Mar ’26, $300M (lead)
- Samara Aerospace — modular spacecraft bus, Seed, Jan ’26, $10M (lead)
- Antares Industries — factory-built nuclear microreactors, Series B, Dec ’25, $96M
- Valar Atomics — high-temperature nuclear reactors, Series A, Nov ’25, $130M
- Space Kinetic — satellite payload-deployment systems, Seed, Sep ’25, $12M (lead)
- Zeno Power — radioisotope nuclear batteries, Series B, May ’25, $50M
- Magdrive — metal-propellant plasma thrusters, Seed, Feb ’25, $10.5M
Veteran Ventures Capital
Raised: $60M — Veterans Fund II (Aug ’25)
Typically first invests at: Seed–Series A
Focus: aerospace & defense, dual-use deep tech, advanced materials
Leads vs participates: Rarely Leads
Why it’s here: Dual-use deep-tech mandate with a focus on advanced materials. They backed Cambium Biomaterials (AI-designed high-performance polymers spanning defense, aerospace, and renewable energy) and carbon-fiber maker Hybron.
Recent investments:
- Hybron Technologies — carbon-fiber composite manufacturing, Seed, Apr ’26, $25M
- Vatn Systems — autonomous underwater vehicles, Series A, Dec ’25, $60M
- Turion Space — space domain awareness & satellite servicing, Series A, Dec ’24
Pax Ventures
Raised: $50M — Pax Ventures Fund I (Mar ’26)
Typically first invests at: Pre-seed–Series A
Focus: reindustrialization: defense, energy, manufacturing, aerospace, robotics
Leads vs participates: Rarely Leads
Why it’s here: Reindustrialization thesis includes energy and manufacturing. Their portfolio spreads across the physical economy: critical minerals (Mariana), grid-edge power (Chariot Defense), and nuclear (Standard Nuclear).
Recent investments:
- Galadyne — liquid-propulsion missile systems, Pre-seed, Feb ’26, $4.8M
- Northwood Space — satellite ground-station infrastructure, Series B, Jan ’26, $100M
- Method Security — autonomous cyber-defense systems, Series A, Nov ’25, $26M
- Rune Technologies — AI military logistics software, Series A, Jul ’25, $24M
- Chariot Defense — modular battlefield power distribution, Seed, Jul ’25, $8M
- Senra Systems — software-powered wire-harness manufacturing, Series A, Jun ’25, $25M
- Nominal — hardware test & data-analysis platform, Series B, Jun ’25, $75M
- CX2 — electronic-warfare systems, Series A, May ’25, $31M
Snowpoint Ventures
Raised: $50M — Snowpoint Ventures II (Jul ’25) (SEC Form D)
Typically first invests at: Seed–Series A (also later-stage co-invest)
Focus: defense & dual-use: data, deep tech, frontier tech
Leads vs participates: Frequent Lead
Why it’s here: Stated thesis is broad defense and deep tech. They co-led advanced-reactor company Valar Atomics’ $130M round and earlier backed battery-storage maker Moxion.
Recent investments:
- Astranis — high-power GEO communications satellites, Series E, May ’26, $300M (co-lead)
- Valar Atomics — high-temperature nuclear reactors, Series A, Nov ’25, $130M (co-lead)
Also Capital
Raised: $50M — Also Capital Second Fund (Feb ’26)
Typically first invests at: Seed
Focus: deep tech: compute, autonomy, energy, space, robotics, advanced manufacturing
Leads vs participates: Occasional Lead
Why it’s here: ‘Energy’ is one of its named focus sectors. They backed electric-RV-and-battery maker Grounded, and nuclear-microreactor firm Radiant.
Recent investments:
- Andrenam — underwater acoustic sensor networks, Seed, Jun ’25, $10M
- ConductorAI — dual-use document-approval AI, Series A, Apr ’25, $15M
Forward Deployed Venture Capital
Raised: $45M — Fund II (Aug ’25)
Typically first invests at: Seed–Series A
Focus: defense, energy, industrials, dual-use deep tech
Leads vs participates: Rarely Leads
Why it’s here: Climate overlap is energy. They were an early backer of nuclear-microreactor company Oklo (now public) and back battlefield-power maker Chariot Defense.
Recent investments:
- Fortastra — orbital defense spacecraft, Seed, Dec ’25, $8M
- Method Security — autonomous cyber-defense systems, Series A, Nov ’25, $26M
- Chariot Defense — modular battlefield power distribution, Seed, Jul ’25, $8M
- ConductorAI — AI compliance approval for DoD, Series A, Apr ’25, $15M
Hyperion
Raised: $35M — Hyperion Ventures I (Feb ’26)
Typically first invests at: Seed
Focus: American hard tech: nuclear, critical minerals, semiconductors (research-led)
Leads vs participates: Rarely Leads
Why it’s here: Their thesis is broad ‘American hard tech,’ but the small portfolio leans hard into energy and minerals — solid-state-battery-materials firm Natrion, critical-minerals processor Kunin, and advanced-reactor Valar Atomics.
Recent investments:
- Antithesis — deterministic software-testing platform, Series A, Dec ’25, $105M
Also worth knowing — scale-up capital (beyond Series B): Razor’s Edge closed an oversubscribed $560M Fund IV (Sep ’25), national-security-first growth capital. It’s later-stage than this list, but relevant once you’re scaling — it backs onshored hard-tech manufacturers such as X-Bow Systems (solid-rocket-motor manufacturing) and mPower Technology (space-solar arrays).
On the radar (raising, not yet closed): A few defense and onshoring funds are raising but haven’t announced a close — worth watching if you’re in these verticals: Point72’s Deterrence Fund (~$400M target, early-stage defense, aerospace, energy); America’s Frontier Fund (~$500M target, advanced manufacturing, advanced materials, microelectronics); and MASNA Ventures ($100M target, US–Saudi defense and dual-use).
Planetary Scale is a fractional CFO and strategic-finance firm for climate-tech founders, seed to Series C. We help founders run effective fundraises and build the finance function investors expect. If a raise is on your horizon, let’s talk.
Data from the Planetary Scale fundraising database built from public announcements and regulatory disclosures. Amounts are capital raised (announced/disclosed); “new checks” = stage of first investment, not follow-on. Last updated June ’26.