HAX — Investment Thesis & Preferences

HAX - Hands-On Venture Capital for Hard Tech

Investment Thesis

HAX is a specialized pre-seed venture capital program focused exclusively on hard tech startups solving humanity's biggest challenges in climate, industrial automation, and human health. HAX believes that the most transformative solutions come from founders deeply rooted in science and engineering who are building breakthrough technologies in the physical world. As part of SOSV, a global venture capital firm with $1.5 billion in assets under management, HAX provides not just capital but hands-on engineering support, world-class fabrication infrastructure, and access to a global network of manufacturers and experts.

Sector Focus

HAX invests across multiple hard tech sectors with particular emphasis on:

Climate Tech & Sustainability: Companies addressing decarbonization, energy transition, critical minerals, and sustainable manufacturing
Industrial Automation & Robotics: Physical AI, robotic systems, automation for industrial processes
Human Health: Therapeutics, diagnostics, medical devices, women's health, neurotech
Materials & Manufacturing: Novel materials, sustainable production processes, circular economy
Energy: Clean energy solutions, energy infrastructure, marine fuel alternatives
IoT & Sensors: Industrial IoT, sensor networks, connectivity technologies

Recent Deep Tech 100 portfolio trends show HAX's focus: 45 companies in Deep Tech 100, 41 in Physical AI, 40 female-founded companies, 38 in energy, 9 in materials, and 6 in critical minerals.

Stage Focus

HAX exclusively invests at the pre-seed stage:

Primary focus: Pre-seed startups with initial prototype and customer insight
Typical timing: Companies with proof-of-concept, technical team, vision for global impact
Follow-on strategy: SOSV continues supporting companies through Series A and beyond as part of the broader multi-stage venture ecosystem

Check Size & Investment Package

HAX provides a standardized investment package:

Initial investment: $550,000 per company
Program duration: 4-month intensive program (though structured as perpetual access)
Access to facilities: 35,000 square feet of state-of-the-art fabrication space in Newark
Additional support: Engineering expertise, design consultation, manufacturing partnerships

Program & Infrastructure

HAX operates the world's first and most active pre-seed hard tech program with exceptional hands-on support:

Newark Facility (Primary Hub)

35,000 square feet of fabrication and lab space
Opened 2022 with $25M state of New Jersey investment
Fabrication capabilities: manual metal work, CNC machining, laser cutting, water-jet cutting
Equipment labs for rapid iteration and prototyping

Global Network

Shenzhen: Manufacturing expertise and supply chain access
Pune: Design and engineering support
Tokyo: Regional hub for Asia-Pacific founders

Mentor Network

Curated global community of engineers, designers, entrepreneurs
Access to manufacturers, suppliers, and industry experts
Alumni network: 440+ HAX startups with $11B aggregate valuation

Recent Activity & Fund Status

HAX is actively deploying as part of SOSV's broader investment strategy:

Portfolio scale: 440+ HAX alumni startups
Recent activity: 2024 cohort (HAX Seed 2024) with 11 newly accepted startups
Fund status: Actively deploying (part of SOSV Fund V)
Latest investments (2025-2026): XFuel ($20M marine fuel), Still Bright (critical minerals), YPlasma (plasma energy), Level Zero Health (women's health diagnostics)
Notable 2025 announcement: HAX Plasma Forge in Princeton, NJ—a $25M strategic innovation center combining Princeton Plasma Physics Laboratory research with SOSV investment for plasma technology startups

Portfolio Highlights

Exit Examples

Unspun (Series A+, led by DCVC and Lowercarbon Capital) - sustainable clothing manufacturing
Neptune Robotics - automated marine hull cleaning (Series A+, female-founded)
R-Zero - UV-C disinfection technologies

Active Portfolio Trends

Notable recent beneficiary: unspun ($57M raised including SOSV) for sustainable apparel manufacturing
Deep Tech 100 representation: 45+ companies across multiple cohorts
Female founders: 40 companies (strong emphasis on diversity)
69 Seed-stage companies, 48 Pre-Seed companies in portfolio (many progressed from HAX)

Team

Leadership

Duncan Turner: General Partner SOSV & Managing Director HAX - Former professional in hard tech, led creation of Newark facility
Cyril Ebersweiler: General Partner SOSV & Managing Director HAX - Deep technical expertise in scaling hard tech
Susan Schofer: Partner & Chief Science Officer - Brings deep scientific credibility
Ji Ke: Partner & CTO - Technical leadership for engineering initiatives
Andrew Gollach: Partner - Investment and portfolio support

Operations Team

15+ engineers, designers, workshop managers, and operations staff
Mechanical engineers: Charles Peter (Director), Manvendra Kumar (Senior), Tyler Shi, Sam Liao
Electronic engineering leadership: Michael Moon (Director)
Workshop managers in Newark, Pune, and Shenzhen operations
Safety and lab management specialists

Decision Process & Involvement

Partnership model: Duncan Turner and Cyril Ebersweiler co-lead investment decisions
Decision timeline: Continuous rolling applications (no fixed closing dates)
Warm introduction preference: Not required but beneficial for portfolio alignment
Typical involvement: Hands-on engagement during 4-month program; board observer or advisor role post-program
Follow-on strategy: SOSV partnership ecosystem for Series A and beyond through co-investors

Founder Preferences

HAX actively seeks:

Scientists and engineers with deep technical expertise or advanced degrees (44% of SOSV founders hold PhDs)
Fresh-from-university founders deeply convinced their idea can change the world
Diverse backgrounds: 32% female founders, 79 nationalities represented, 59 countries of operation
Technical co-founders: Ability to build, test, and iterate rapidly
Domain expertise: Founders solving problems they deeply understand from research or industry experience
Global mindset: Comfort with international manufacturing, supply chains, and markets

Geographic & Sector Anti-Thesis

HAX explicitly avoids:

Software-only or pure SaaS plays (prefers physics-based innovation)
Consumer hardware without manufacturing vision
Companies that don't require hands-on fabrication support
Non-technical founding teams

Geographic Focus

Primarily US-based with global reach:

Primary: United States (94 portfolio companies, focus on Newark, Bay Area)
Secondary: Canada (17), United Kingdom (17), Singapore (10)
Active outreach: Germany (5), Austria, China, France, India, Portugal, and 18+ other countries
Global network: 24/7 innovation engine with staff in Pune (India), Shenzhen (China), Tokyo (Japan)

Notable Recent News (2025-2026)

February 2026: Announcing Deep Tech Live series with Dr. Barbara Burger ("Godmother of Energy Investing")
January 2026: XFuel portfolio company raises $20M for low-carbon marine fuel
December 2025: Trump Project Vault highlights critical minerals focus—multiple HAX startups identified as key beneficiaries
Fall 2025: HAX Plasma Forge announced in Princeton, NJ—$25M commitment combining PPPL research with SOSV investment
2025: Newark facility achieving regional momentum—50+ startups in first few years, 160+ jobs created, $60M+ raised by portfolio

Key Operational Differentiators

Hands-on fabrication support: Unlike traditional pre-seed funds, HAX founders literally build in their facility
Manufacturing partnerships: Direct access to global supply chains and contract manufacturers through Pune and Shenzhen teams
Continuous engagement: Founders treated as extension of HAX team during and after program
SOSV follow-on access: Pre-seed is just the beginning; alumni benefit from SOSV's 1000+ co-investor network
Founder community: Legacy of alumni support and peer mentorship across 440+ companies
Research integration: Partnerships with universities and research institutions (PPPL plasma initiative example)

Fund Structure & Multi-Stage Approach

As part of SOSV:

60 pre-seed investments yearly across SOSV programs (HAX + IndieBio)
$550K initial check with deep program support
150+ follow-on investments annually through SOSV fund ecosystem
Fund V currently deploying with focus on human and planetary health
Multi-stage capability: From pre-seed through growth, with 1000+ co-investors in network

Capital Deployment & Raising Performance

Portfolio raising: HAX alumni raised $3.5B in total fundraising
SOSV total invested: $225M+ into HAX startups plus earlier programs
2021-2024 achievement: SOSV portfolio raised $6.5B with SOSV in 579 follow-on rounds
Current focus: Actively deploying with emphasis on climate tech, critical minerals, and energy transition

Competitive Positioning

HAX differentiates itself as:

Only dedicated pre-seed hard tech program with fabrication labs and engineering team
Most active deep tech investor: 60 pre-seed checks annually (SOSV claim)
Global manufacturing reach: Shenzhen and Pune operations enable supply chain shortcuts
Brand visibility: SOSV Deep Tech 100 and Climate Tech Summit provide portfolio leverage
Evergreen support: Unlike traditional accelerators, HAX relationships persist across multiple funding rounds