Wave Function Ventures Research
Investment Thesis
Wave Function Ventures is a Los Angeles-based early-stage deep tech fund founded in 2024 by Jamie Gull, a former SpaceX structural engineer and serial deep tech entrepreneur. The fund's thesis is built on the conviction that hardware and deep tech companies — particularly those in aerospace, defense, energy, robotics, and industrial manufacturing — represent the next generation of durable, high-return ventures.
Gull's core belief is that deep tech is positioned for significant long-term returns as geopolitical tailwinds, available capital, a talent migration from legacy aerospace/defense incumbents, and expanded government support converge. He explicitly avoids funding science projects or lab spinouts at the wrong stage — instead targeting technologies that are "definitely doable but require excellence in execution," combining existing techniques in a novel way with strong market timing and world-class teams.
A distinctive element of the thesis is deliberate integration of the "government component" — Wave Function helps portfolio companies identify and leverage non-dilutive funding (SBIR/STTR grants, DoD contracts) alongside commercial development to reduce burn rate and build defensibility from day one.
Sector Focus
Wave Function invests in deep tech hardware companies across five primary verticals:
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Aerospace & Defense — autonomous airships, space transportation, in-space security, undersea intelligence systems. Companies like Airship Industries (transoceanic cargo airships), Lux Aeterna (next-gen space transportation), AndrenaM (undersea intelligence at scale), and Fortastra (in-space security).
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Energy & Climate — nuclear energy, green hydrogen, grid infrastructure. Companies like Deep Fission (nuclear power from a mile underground), Tobe Energy (low-cost green hydrogen), and Resolute Grid (rebuilding America's electrical grid).
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Robotics & Automation — humanoid and industrial robotics. Persona AI (humanoid robots in commercial workplaces) is a core portfolio company.
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Manufacturing & Industrial — advanced materials, high-performance manufacturing, rare earth supply chains. Maglut (rebuilding America's rare earth engine) and Foundry Lab (modern high-performance casting) represent this vertical.
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Infrastructure — critical hardware systems for energy transmission and industrial power. Standard Electron (instant industrial power delivery) exemplifies this.
Gull frames his investment activity within the broader "American Dynamism" wave — the thesis that the US is experiencing a historic revival of industrial and deep tech entrepreneurship fueled by national security imperatives.
Stage Focus
Wave Function invests at the earliest possible stages — pre-seed, seed, and in some cases even pre-incorporation where Jamie works alongside founders to shape raw ideas into compelling product visions and fundable plans. The fund targets approximately 25 total investments from Fund I.
Gull positions himself as the first institutional check for most of his portfolio companies, often before any other institutional capital has been deployed.
Check Size
With a $15.1M fund targeting approximately 25 investments, check sizes are estimated in the $250K–$750K range for initial investments, with reserves for selective follow-ons. The fund size and investment count imply an average initial check around $300–$500K.
Gull has described the fund as a "pre-seed and seed fund," suggesting the initial check likely scales from $250K (pre-seed, pre-incorporation) to $750K (seed, early traction).
Lead Tendency
Wave Function typically leads or co-leads rounds as the first institutional investor. Gull has stated that multiple portfolio companies have gone on to raise follow-on capital from "top-tier firms," validating the fund's role as an early lead investor who then de-risks for subsequent rounds.
Recent Activity
Fund I ($15.1M) announced its final close in October 2025. As of October 2025, the fund had made 9 investments with 15–20 remaining. Portfolio companies span nuclear energy (Deep Fission), humanoid robotics (Persona AI), aerospace (Airship Industries, Lux Aeterna, Fortastra), energy (Tobe Energy, Resolute Grid, Standard Electron), manufacturing (Foundry Lab, Maglut), and undersea tech (AndrenaM). There are also approximately 5 additional stealth companies yet to be disclosed on the portfolio page.
As of the fund announcement in October 2025, Wave Function had 9 deployed investments with strong traction — multiple companies had secured follow-on funding from top-tier VC firms.
Portfolio Highlights
- Deep Fission — Nuclear energy delivered from a mile underground; addressing baseload energy security
- Airship Industries — Autonomous airships for transoceanic cargo; a radical reimagining of freight logistics
- Persona AI — Humanoid robots for commercial workplace automation
- Lux Aeterna — The next space transportation layer; targeting orbital and suborbital markets
- Resolute Grid — Rebuilding America's aging electrical grid infrastructure
- Maglut — Rebuilding America's rare earth supply chain (a national security priority)
- Foundry Lab — Modern high-performance metal casting for industrial applications
- Fortastra — In-space security systems for a contested orbital environment
- AndrenaM — Undersea intelligence at scale for maritime applications
- Tobe Energy — Making green hydrogen the cheapest form of energy
- Standard Electron — Instant industrial power delivery systems
- The Red Metal Company — Stealth deep tech company (undisclosed sector)
Prior angel investments by Jamie Gull (pre-fund): Boom Supersonic, K2 Space, Varda — all aerospace/deep tech.
Team
Jamie Gull — Founder & Solo General Partner
Jamie Gull brings rare operator-investor credibility to deep tech investing:
- Stanford master's degree in aeronautics (2007)
- Structural engineer at Scaled Composites (Burt Rutan's legendary prototype aircraft firm)
- SpaceX structural engineer (2010–2016), worked on Falcon 9 reentry systems and Falcon Heavy structures — directly contributing to making the Falcon 9 reusable
- Co-founded Talyn Air (Y Combinator W2020) — an eVTOL electric aircraft startup that secured eight US Air Force contracts before being acquired by Ampaire in 2023
- Former Venture Partner at YC's Pioneer Fund and Next Gen Venture Partners
- Angel investor in Boom Supersonic, K2 Space, and Varda before launching Wave Function
Gull operates as a solo GP with a hands-on philosophy: he provides "super high-leverage strategic advice" without doing engineering work himself, focusing on government contracting navigation, hiring, and expert network connections.
Decision Process
As a solo GP, Jamie Gull makes all investment decisions independently. He evaluates investments based on:
- Team quality and founder background (operators, engineers preferred; MBA-led hardware teams are a red flag)
- Market timing and "why now" factors
- Government/regulatory pathway potential (SBIR, DoD contracts)
- Ability to iterate rapidly (hardware-constrained agility)
- Techno-economic fundamentals — distinguishing scientific risk from engineering execution risk
Gull can move quickly given the solo structure, though deep tech diligence on technical feasibility takes more time than software.
Founder Preferences
Gull strongly prefers founders with domain expertise in the technical area they're building: aerospace engineers building aerospace companies, nuclear engineers building energy companies. He is skeptical of MBA-led hardware teams. He values founders who understand how to leverage government contracting and non-dilutive funding alongside venture capital.
Geographic Focus
Primarily United States-based, with no explicit geographic restriction beyond US. Based in Los Angeles, California. The emphasis on government contracting (SBIR, DoD) naturally favors US-based companies.
Fund Status
Fund I ($15.1M) is actively deploying. Final close was announced October 3, 2025. As of announcement, 9 investments had been made with 15–20 remaining. The fund targets approximately 25 total portfolio companies.