New Deep Tech Fund Wave Function Ventures Raises $15 Million: Backing Hardware Innovators in a Surging Market
Silicon Valley’s deep tech scene just got a fresh infusion of capital, with Wave Function Ventures announcing the close of its debut $15.1 million fund aimed at supercharging hardware startups tackling humanity’s toughest challenges—from climate tech to aerospace breakthroughs.
As deep tech funding 2025 heats up, this launch spotlights a booming sector where venture dollars are flowing into hardware-heavy ventures, up 28% year-over-year according to PitchBook data. Wave Function Ventures deep tech fund positions itself as a founder-first powerhouse, led by solo general partner Jamie Gull, a serial entrepreneur whose track record spans SpaceX engineering to DoD contracts—making it a magnet for ambitious builders in an era of AI-driven hardware revolutions.
The fund’s final close, revealed today via PR Newswire, comes hot on the heels of Gull’s pivot from angel investing to institutional-scale backing. With nine investments already in the books—spanning stealth-mode climate sensors to next-gen propulsion systems—Wave Function isn’t wasting time. “We’ve moved fast because the best founders are shipping prototypes now, not in five years,” Gull told TechCrunch exclusively, crediting his hands-on ethos for the rapid deployments.
Gull’s journey reads like a deep tech playbook. Fresh off a Stanford master’s in aeronautics in 2007, he traded lecture halls for the Mojave Desert, landing a key role on SpaceX’s Falcon 9 program where he honed rapid prototyping skills amid rocket test fireworks. That grit carried him through founding roles at hardware startups, securing multimillion-dollar defense pacts, and even an acquisition exit that netted seven figures. By 2023, he’d angel-backed 15 early-stage outfits, spotting a gap: Deep tech founders needed more than checks—they craved operational war stories to navigate the “valley of death” between lab and launch.
Enter Wave Function Ventures, named for the quantum mechanics staple symbolizing probabilistic futures—fitting for a fund betting on high-risk, high-reward hardware plays. The $15M Fund I targets pre-seed and seed stages, with check sizes from $250K to $1.5M, emphasizing U.S.-based teams in hardware, manufacturing, and cleantech. Unlike software-centric VCs, Gull’s outfit leans into non-dilutive levers like government grants (think SBIR Phase II windfalls) and asset financing to stretch runways without crushing equity.
This isn’t Gull’s first rodeo with funding ecosystems. His SpaceX days overlapped with the Falcon 1’s scrappy launches, teaching him that “uncertainty is the only constant in deep tech.” Now, he’s channeling that into Wave Function’s thesis: Hardware moats—built on patents, supply chains, and regulatory nods—will outlast SaaS hype, delivering 10x returns over the next decade. Early bets include a Bay Area firm engineering modular fusion reactors and a Texas outfit digitizing wildfire detection via drone swarms, both already prototyping with DoD nods.
The timing couldn’t be sharper. Deep tech investments hit $28 billion globally in Q2 2025 alone, per Dealroom, fueled by geopolitical shifts like U.S. CHIPS Act subsidies and Europe’s Green Deal mandates. Wave Function joins a wave of specialized funds, like Leitmotif’s $300M Volkswagen-backed vehicle earlier this year, but stands out with Gull’s solo GP structure—agile decision-making minus committee drag. “Big LPs want in on deep tech’s trillion-dollar TAM, but they need GPs who’ve touched the metal,” Gull noted, hinting at institutional backers from aerospace giants to climate philanthropies.
Industry voices are buzzing with endorsement. “Jamie’s the guy who turns napkin sketches into flight-ready hardware—Wave Function will be a force multiplier for overlooked founders,” raved a former SpaceX colleague turned VC scout in a LinkedIn post today. On X, TechCrunch’s funding reveal sparked 2.5K likes and threads dissecting Gull’s playbook, with users like @DeepTechDaily tweeting: “From Falcon 9 fairings to fund I closes—Gull’s hardware cred is unmatched. Who’s pitching next?” Skeptics? A smattering question the solo model’s scalability, but early LP commitments suggest confidence runs deep.
For U.S. innovators and investors, Wave Function’s raise ripples through economy and tech landscapes. Deep tech employs 2.5 million Americans in high-wage roles, per Brookings, and this fund could juice job creation in rust-belt manufacturing hubs as hardware repatriates amid tariff talks. Lifestyle perks? Affordable cleantech from backed startups means cheaper EVs and smarter homes for middle-class families, aligning with Biden’s net-zero push—though Trump’s potential 2026 return could turbocharge DoD flows.
Politically, it underscores bipartisan bets on innovation: Blue-state VCs eye climate angles, while red-leaning LPs salivate over defense adjacencies. Tech integration? Wave Function mandates AI audits for portfolio firms, blending quantum-inspired models with hardware sims to slash dev cycles by 40%.
User intent here skews founder-focused: Searches for “Wave Function Ventures deep tech fund” spiked 120% post-announce, per Google Trends, as entrepreneurs hunt pitch decks. To manage outreach, hit up jamie@wavefunction.vc with a one-pager—Gull prioritizes “shippers over talkers.” Track via their X handle @jamiegull for office hours drops.
As Fund I deploys fully by Q1 2026, Gull teases a sophomore vehicle twice the size, eyeing international co-invests in EU battery labs.
In wrapping up, Wave Function Ventures’ $15 million raise cements its spot as a deep tech funding 2025 frontrunner, with Jamie Gull’s hardware savvy set to unearth the next SpaceX—poised for outsized impacts as global challenges demand bolder builds ahead.
By Sam Michael
October 3, 2025
Follow and subscribe to us for push notifications on the latest VC and startup news—stay funded!