Eclipse Ventures: Betting Big on the Physical World
By [News Editor]
Eclipse Ventures, founded by Lior Susan in 2015, has consistently focused on digitizing the physical world. That thesis yielded a spectacular result this week when portfolio company Cerebras Systems went public.
"85% of global GDP is tied to the physical world."
The firm’s $6.5 million Series A investment in Cerebras in 2016 generated a total return of $2.5 billion when the semiconductor company went public this week. Eclipse invested a total of $147 million in Cerebras, achieving a 17-fold return at the IPO price of $185 per share.
The Software Moat is "Gone"
According to Susan, the landscape has shifted dramatically. He noted that shares of TSMC and Micron recently hit all-time highs, and founders are increasingly building startups at the intersection of hardware and software.
"The real moat in software is gone, as AI tools enable code generation, but manufacturing wafers requires machines, silicon, and clean rooms."
A Wave of Capital and Momentum
The strategy is attracting massive capital. Eclipse's portfolio companies in robotics, energy, and defense raised nearly $15 billion from outside investors last year, with $4.5 billion raised in Q1 2026 alone. For context, earlier—in its first eight years—portfolio companies raised less than $4 billion.
Recent follow-on rounds include:
- $1.2 billion for Wayve
- $650 million for True Anomaly
- $270 million for Bedrock Robotics
- $200 million for Oxide Computer
Eclipse was the Series A investor for all four.
Five Forces Aligned
Susan attributed the momentum to a rare convergence of factors: AI as an infrastructure input and enabler of robotics, as well as capital, customer demand, talent, and policy alignment—including U.S. government subsidies and favorable regulation.
"This is the first time in American history since Henry Ford and Carnegie that these five forces are aligned, making it the best time to build such companies."