Lux Capital, a 25-year-old VC firm known for investing in cutting-edge science and technology, has closed its ninth fund at $1.5 billion, the largest in its history.
It's not hard to see why limited partners continue to flock to Luxe, even though 2025 marked the lowest number of new VC funds raised in the U.S. in a decade, according to PitchBook.
The company has been investing in defense technology for years before geopolitical changes made the sector one of the most desirable investment categories. Lux was a seed-stage investor in Anduril, which was last valued at $30.5 billion, and Applied Intuition, a self-driving car startup that secured a Pentagon contract and was valued at $15 billion last year.
Lux has also been an early bet on AI startups since ChatGPT, before the industry took off. The company's early-stage AI investments include Hugging Face, Runway AI, and MosaicML, the latter of which was acquired by Databricks in 2023 for $1.3 billion.
In addition to being an early adopter of trends in defense technology and AI, Lux has invested in Recursion Pharmaceuticals, an AI drug discovery company that went public in 2021, and achieved a significant exit from the sale of surgical robotics pioneer Auris Health to Johnson & Johnson in 2019 for up to $6 billion.
With this latest funding, Lux now has $7 billion in assets under management.
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