Wave Function Ventures Raises $15.1M to Back Deep Tech Innovation
Jamie Gull, an aeronautics expert and former SpaceX engineer, has launched Wave Function Ventures, a new early-stage venture fund focused on deep technology startups. The fund recently closed its first raise at $15.1 million, targeting seed and pre-seed investments in sectors such as aerospace, robotics, and nuclear energy.
From Aerospace Engineering to Venture Capital
Gull’s career began after earning a master’s degree in aeronautics from Stanford University in 2007, when he joined Scaled Composites to work on experimental aircraft in the Mojave Desert. He later contributed to SpaceX’s pivotal achievement of making the Falcon 9 rocket reusable, a breakthrough that underpins the company’s valuation today. Building on this technical foundation, Gull transitioned into angel investing in 2016, backing startups such as Boom Supersonic and K2 Space. He also co-founded Talyn Air, an electric vertical takeoff and landing (eVTOL) startup, which was acquired in 2023. Furthermore, he serves as a venture partner at Y Combinator’s Pioneer Fund.
Investment Strategy and Portfolio
Wave Function Ventures aims to deploy capital into approximately 25 startups, spanning diverse fields including nuclear energy with Deep Fission, humanoid robotics via Persona AI, and aerospace through Airship Industries. The fund’s investors comprise high-net-worth individuals, family offices, and institutional backers, though the anchor limited partner remains undisclosed. Gull emphasizes his ability to support founders through the challenging early phases of product development, leveraging his experience in rapid prototyping and startup building to guide companies toward scalable growth.
Rising Momentum in Deep Tech Funding
The emergence of Wave Function Ventures aligns with a broader surge in deep tech investment. Earlier in 2025, Silicon Valley’s Leitmotif fund raised $300 million, backed by Volkswagen Group, to support hardware and manufacturing startups across the US and Europe. Gull believes deep tech companies, although capital-intensive upfront, benefit from access to alternative funding sources such as government contracts and asset-backed financing. This, in turn, creates stronger competitive moats compared to traditional software startups.
Patience and Vision for Long-Term Value
Acknowledging the extended timelines inherent to deep tech development, Gull draws on his experience with complex aerospace projects like Stratolaunch, the largest aircraft ever built. The project took over a decade to reach operational flight — a testament to the patience required in this sector. Wave Function Ventures is positioned to capitalize on the next wave of technological breakthroughs, supporting startups that may define industries over the coming decades.
FinOracleAI — Market View
Wave Function Ventures’ debut fund signals growing confidence in early-stage deep tech investments, particularly in aerospace, robotics, and energy sectors. Jamie Gull’s blend of engineering expertise and venture experience uniquely positions the fund to navigate the complexities of deep tech innovation.
- Opportunities: Access to breakthrough technologies with potential for high barriers to entry and significant long-term value creation.
- Risks: Extended development cycles and capital intensity may delay returns; dependence on government and alternative funding sources introduces variability.
- Market Trends: Increasing corporate and family office participation in deep tech funds reflects a maturing investment ecosystem.
- Founder Support: Experienced leadership enhances portfolio companies’ chances of navigating early-stage uncertainties.
Impact: Wave Function Ventures’ entry into deep tech venture capital is a positive development, likely to accelerate innovation in critical technology sectors and attract further investment interest over the next decade.
