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8VC, a venture firm led by Palantir founder Joe Lonsdale, is seeking nearly $1 billion for its sixth fund, according to a regulatory filing.
The Austin-based firm’s latest fund aims to raise nearly 14% more than its previous $880 million flagship vehicle, which closed in February 2023. TechCrunch has reached out to the firm for comment.
Since its founding 10 years ago, 8VC has invested in over 600 companies, including Asana, Flexport, hims and hers, and Elon Musk’s the Boring company, according to PitchBook data. However, given Lonsdale’s defense roots, the firm’s investments in the sector have drawn the most attention.
In 2022, 8VC was a seed investor in Saronic, a manufacturer of robotic boat drones that can also gather surveillance and reconnaissance. Since then, the company has closed two rounds and is currently in talks to raise $500 million at a $3 billion valuation, Forbes reported.
8VC’s other defense tech investments include Overland AI, a startup that’s developing autonomous vehicles for defense and national security applications. When Overland raised a $32 million Series A earlier this month, Lonsdale told Axios that the company is in a position to become the “next great defense prime.”
Another big area of focus for the firm is healthtech and life sciences, representing over a quarter of 8VC deals, including the now publicly traded biotechs Senti Bio and Vir.
Lonsdale moved 8VC from Silicon Valley to Austin in 2020 because he felt the city was more tolerant of ‘ideological diversity.’
Although Lonsdale is not technically a member of the PayPal mafia, he was an intern at the company for two summers. He then worked as an executive at Clarium Capital, the now-defunct- hedge fund founded by Peter Thiel.
In addition to founding Palantir, Lonsdale co-founded a wealth management and investment software company, Addepar, reportedly raising $250 million at a $3.25 billion pre-money valuation.
Marina Temkin is a venture capital and startups reporter at TechCrunch. Prior to joining TechCrunch, she wrote about VC for PitchBook and Venture Capital Journal. Earlier in her career, Marina was a financial analyst and earned a CFA charterholder designation.
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