Jamie Gull, who helped make SpaceX’s Falcon 9 rocket reusable, closed a $15.1 million debut fund for Wave Function Ventures targeting 25 seed and pre-seed investments across nuclear energy, humanoid robotics, and aerospace—betting that deep tech’s access to government contracts and asset-backed lending creates more defensible moats than software businesses.
The fund, backed by an undisclosed anchor LP, high-net-worth individuals, other funds, and large family offices, has already deployed capital into nine companies including Deep Fission (nuclear energy), Persona AI (humanoid robotics), and Airship Industries (aerospace).
Gull’s thesis centers on patient capital supporting hardware-intensive businesses that leverage non-dilutive funding sources to scale. “Startups in this space may require more capital up front, but they can leverage non-venture funding like government contracts or asset-backed lending to scale and establish a more solid moat than software companies,” he told TechCrunch.
Gull’s background distinguishes Wave Function from traditional venture investors. After earning a Stanford master’s in aeronautics in 2007, he joined Scaled Composites—choosing rapid prototyping in the Mojave Desert over “working five years on a latch” at established aerospace companies.
He spent two years at Scaled Composites working on Stratolaunch, the world’s largest plane at the time, before joining SpaceX in 2009. His contributions to making the Falcon 9 reusable created the foundation for SpaceX’s current market dominance in commercial launch services.
Near the end of his SpaceX tenure in 2016, Gull began angel investing in companies including Boom Supersonic, K2 Space, and Varda. He co-founded eVTOL startup Talyn Air through Y Combinator’s Winter 2020 batch, which Ampaire acquired in 2023. He remains a venture partner at YC’s Pioneer Fund.
This operator experience informs Wave Function’s value proposition. Gull positions the fund as providing hands-on support during early-stage technical uncertainty rather than purely financial capital. “I can really leverage that to help all my founders get through those early stages when things are the most uncertain, and then help them build their companies,” he said.
Wave Function’s launch coincides with increased deep tech investment activity. Leitmotif, backed by Volkswagen Group, emerged earlier in 2025 with $300 million targeting hardware and manufacturing startups in the US and Europe. Aerospace and defense sectors particularly attract attention as geopolitical tensions drive government spending.
The $15.1 million fund size positions Wave Function as a boutique operator-led fund rather than institutional-scale vehicle. For comparison, Leitmotif’s $300 million and established deep tech funds like Lux Capital (over $5 billion AUM) deploy significantly larger check sizes.
The smaller fund size creates strategic advantages for seed-stage companies. Wave Function can lead or co-lead rounds at $500,000 to $2 million check sizes where larger funds cannot participate meaningfully. The 25-investment target suggests average deployment of approximately $600,000 per company, appropriate for pre-seed and seed aerospace, robotics, and energy ventures.
Gull’s emphasis on government contracts and asset-backed lending as scaling mechanisms reflects lessons from his SpaceX experience. SpaceX secured NASA contracts for Commercial Resupply Services and Commercial Crew Program that provided non-dilutive capital during critical development phases.
Similarly, nuclear energy startups can pursue Department of Energy funding, aerospace companies access Defense Innovation Unit contracts, and robotics ventures tap manufacturing incentives. These non-venture capital sources reduce dilution while validating technology with sophisticated government buyers.
Asset-backed lending provides another scaling tool. Hardware companies with physical assets can secure debt financing using equipment, inventory, or contracts as collateral—capital unavailable to pure software businesses without tangible assets.
The moat argument matters for venture returns. Software companies face feature replication risks once competitors identify successful product-market fit. Hardware and deep tech companies with government relationships, specialized manufacturing capabilities, and physical infrastructure create switching costs software cannot match.
Gull’s Stratolaunch anecdote—watching the plane fly 10 years after working on it—illustrates deep tech timeline realities. Aerospace, nuclear, and advanced manufacturing companies require years of development before revenue generation or liquidity events.
This timeline conflicts with traditional VC fund structures. Most venture funds operate on 10-year lifecycles with expected distributions beginning years 5-7. Deep tech investments requiring 10-15 years from inception to exit challenge these return timelines.
Wave Function’s smaller fund size may provide flexibility. Boutique funds with patient LPs can extend timelines beyond traditional venture horizons. The high-net-worth individual and family office composition suggests LP base comfortable with longer hold periods than institutional investors managing quarterly performance expectations.
Nine investments across nuclear, robotics, and aerospace indicate sector diversification within deep tech thesis. This contrasts with specialist funds concentrating in single verticals like defense tech or climate hardware.
The broad approach creates portfolio risk-return tradeoffs. Diversification reduces concentration risk but dilutes sector expertise advantages. Specialist funds develop deep networks, technical diligence capabilities, and exit relationships within focused domains.
Gull’s operator background may compensate for sector breadth. His aerospace experience provides technical credibility with founders, while angel investing track record (Boom, K2 Space, Varda) demonstrates pattern recognition across ventures.
The Y Combinator Pioneer Fund connection provides dealflow advantages. YC batches include increasing deep tech companies as the accelerator expands beyond software. Wave Function can access pre-Demo Day opportunities through Gull’s venture partner role.
Competitive Positioning
Wave Function competes with established deep tech investors including Lux Capital, Prime Movers Lab, Nucleate, and DCVC. These funds offer larger check sizes, extensive portfolio networks, and proven exit track records.
Wave Function’s differentiation centers on operator experience and hands-on technical support. Established funds employ former operators, but first-time fund managers often provide more direct founder engagement than partners managing large portfolios.
The fund’s success depends on whether operator experience translates to superior returns. Many accomplished technologists launch venture funds; fewer generate top-quartile performance. Pattern recognition, portfolio construction, and LP management require skills distinct from engineering excellence.
For limited partners evaluating emerging managers, Wave Function represents a bet on Gull’s ability to identify breakthrough deep tech companies before institutional funds. The 25-investment portfolio requires batting average success rather than concentrated home runs—each investment need not return the fund if enough achieve modest multiples.
The next 3-5 years will determine whether Wave Function’s thesis—non-venture capital creates defensible moats—produces returns justifying deep tech’s extended timelines and capital intensity compared to software alternatives.
