We back founders building at the edge of the physical world.
Our focus is on companies helping rebuild the industrial capacity, supply chains, infrastructure, and technologies that underpin Western economic and strategic strength.
We believe the next generation of transformational companies will not be built solely in software. They will increasingly emerge at the intersection of software, manufacturing, hardware, energy, materials, infrastructure, and physical production.
We invest in founders building both the groundbreaking and the seemingly boring: the technologies, components, systems, factories, and infrastructure that make the physical economy work.
This means we are not solely a defense technology investor, nor are we primarily interested in companies whose only customer is the government. Instead, we look deeper into the industrial ecosystem.
We want to back the companies supplying, enabling, and transforming the next generation of physical industries.
We are equally interested in a company creating a revolutionary new manufacturing process and a company solving an unglamorous but critical bottleneck in an existing supply chain.
The common denominator is that these companies enable the physical world to be built better.
Industrial capacity matters again.
For decades, much of the Western world optimized industrial systems around efficiency, outsourcing, and globalized supply chains.
That model is changing.
Defense requirements are increasing. Artificial intelligence is driving enormous demand for data centers, power, cooling, electrical infrastructure, and raw materials. Manufacturing capacity has become strategically important again. Supply-chain resilience has moved from an operational concern to a national priority. Robotics and autonomy are increasing demand for sophisticated physical components. And advances in software are finally beginning to transform industries that have historically been difficult to digitize.
We believe this creates a generational opportunity to rebuild and modernize the physical economy.
The companies that enable this transition may become some of the most important businesses of the next several decades.
Defense is part of the thesis, not the whole thesis.
Rather than concentrating solely on prime contractors or companies selling complete systems directly to governments, we are particularly interested in the ecosystem beneath them.
As new defense companies scale production, they require an entirely new generation of suppliers, manufacturers, component companies, software platforms, and infrastructure.
We believe significant value will accrue to this enabling layer.
What we look for.
Criticality
The product solves an important bottleneck or provides something customers genuinely need to operate or scale.
Physical-world exposure
The company ultimately enables something tangible to be designed, manufactured, moved, powered, built, or operated.
Strategic importance
The company strengthens industrial capability, technological leadership, supply-chain resilience, or strategic autonomy.
Large or overlooked markets
We are attracted both to rapidly emerging markets and enormous existing industries that technology has largely ignored.
Technical or operational depth
The business is difficult to replicate because of engineering, manufacturing expertise, proprietary processes, supplier relationships, data, infrastructure, or execution.
Scalable advantage
The company has the potential to move beyond project-based work and create repeatable products, platforms, manufacturing capabilities, or networks.
More than capital.
Our experience sits at the intersection of defense technology, advanced manufacturing, company building, operations, investing, government, and strategic partnerships.
We want to become the investor founders call when they encounter the difficult operational problems that come with building companies in the physical world.
The firm we are building.
Our ambition is to build an investment firm dedicated to the entrepreneurs rebuilding the physical foundations of Western industry.
We will invest across defense, manufacturing, infrastructure, industrial technology, energy, hardware, supply chains, and deep technology.
We will back both revolutionary technologies and overlooked businesses solving essential problems.
We are not investing in an industry because it is fashionable.
We are investing in the systems, technologies, and companies required to build the physical future.
Selected investments.
| TCC | Industrial procurement, raw materials, and physical infrastructure. |
| STOA | Industrial technology and physical infrastructure. |