Lux Capital, a venture capital firm, has raised $1.15 billion to invest in startups centered on science and so-called deep technologies like artificial intelligence, robotics and biotechnology.
Lux, based in New York city and Menlo Park, California, said the raise will finance its largest venture, Lux Ventures VIIIVentures VIII, or Lux 8. Investments will be focused on early-stage companies at the intersection of biology, technology, manufacturing, aerospace and AI. The firm's assets under management now exceed $5 billion.
The VC industry is grappling with a tumultuous time with the new fund raise. While investments in venture funds were still high in 2022, they re on track for a much slower pace in 2023, according to PitchBook data. In 2022, venture funding to startups surged due to a slowdown in the economy and a rise in interest rates. The banking crisis resulting from the collapse of Silicon Valley Bank, the financial institutions of choice for VCs and startups, has created its own difficulties. The value of venture-backed deals in the US hit its lowest level in 13 quarters in the first three months of 2023, according to PitchBook.
In 2000, Lux said it is still investing and is in a strong position to help founders navigate the downturn.
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