Eclipse: The Catalyst for a New Industrial Revolution
Eclipse, the Palo Alto-based venture firm, has closed $1.3 billion across two funds simultaneously. This monumental raise brings Eclipse’s total assets under management to approximately $10 billion, solidifying its position as a leading investor in the physical industries of the future.
Raising the Bar: Eclipse Fund VI and Early Growth Fund III
Eclipse Fund VI has raised $720 million for early-stage investments, targeting companies in robotics, manufacturing, and energy. Meanwhile, Early Growth Fund III has raised $591 million to support companies scaling toward Series A. This dual-fund structure reflects the two distinct phases Eclipse backs: early-stage companies at the point of initial capitalization and those bridging the gap between proven product and commercial scale.
The Thesis: Building Companies That Shape the Physical World
Eclipse was founded in 2015 by Lior Susan on the thesis that the most consequential companies of the next decade would be built not in software but in physical industries. These industries – manufacturing, robotics, energy, agriculture, and critical infrastructure – account for the majority of global GDP but have historically attracted a fraction of the venture capital that flows into enterprise software.
Catalyzing Change: Artificial Intelligence, Robotics, and Renewed US Industrial Policy
The raise brings attention to the accelerating pace of change in physical industries, driven by artificial intelligence, improved robotics hardware, and renewed US industrial policy. These factors are compressing what were once decade-long development timelines, creating opportunities for companies to innovate and disrupt traditional industries.
A Connected Industrial Economy
Susan frames the fund not as a conventional portfolio but as what he calls a connected industrial economy. This network of companies shares infrastructure, customers, talent, and accumulated operational insight to move faster than they could in isolation. Eclipse’s operator-first identity, with partners from Amazon, Apple, and Samsara, is central to its pitch to founders building hardware-intensive companies.
A Portfolio That Spans the Physical Industries
Eclipse’s portfolio spans a range of physical industry categories. It backed Cerebras, the AI chip company that built the world’s largest chip to accelerate machine learning workloads, and Redwood Materials, the battery recycling company that raised a $350 million Series E led by Eclipse in October 2025.
The Verdict: Eclipse is Poised to Shape the Future of Physical Industries
With its dual-fund structure and operator-first identity, Eclipse is uniquely positioned to back companies rebuilding physical industries. The raise of $1.3 billion across two funds solidifies its position as a leading investor in this space. As the pace of change in physical industries continues to accelerate, Eclipse is poised to shape the future of manufacturing, robotics, energy, and agriculture.
Eclipse’s Impact on the Physical Industries
Eclipse’s investment in Cerebras and Redwood Materials demonstrates its commitment to backing companies that are driving innovation in physical industries. The firm’s focus on operator-first thinking and its connected industrial economy approach will enable companies to develop and scale faster than ever before.
The Future of Physical Industries: A New Era of Growth and Innovation
The raise of $1.3 billion across two funds is a testament to Eclipse’s vision for the future of physical industries. As the firm continues to back companies that are shaping the next era of growth and innovation, it will undoubtedly play a pivotal role in driving change in manufacturing, robotics, energy, agriculture, and critical infrastructure.
Eclipse’s Role in the New Industrial Revolution
Eclipse’s operator-first identity and connected industrial economy approach will enable companies to navigate the complexities of physical industries and drive growth and innovation. The firm’s investment in Cerebras and Redwood Materials demonstrates its commitment to backing companies that are driving innovation in physical industries.
Conclusion: Eclipse is Poised to Shape the Future of Physical Industries
Eclipse’s raise of $1.3 billion across two funds solidifies its position as a leading investor in the physical industries of the future. With its operator-first identity and connected industrial economy approach, the firm is uniquely positioned to back companies rebuilding physical industries and drive growth and innovation in manufacturing, robotics, energy, and agriculture.
