Former SpaceX Execs Launch $550M Deep Tech Venture Fund
Interlagos Capital, a new venture firm founded by former SpaceX executives, is making waves in the deep tech investment space with plans to raise a substantial $550 million for its debut fund. Recent SEC filings and internal documents reveal ambitious plans to back cutting-edge startups across multiple frontier technology sectors.
The Interlagos Investment Thesis
Key details about the fund’s strategy:
- Sector Focus: Targeting deep tech startups across space, robotics, AI, biotech, and advanced manufacturing
- Investment Stages: Supporting companies from inception through Series B rounds
- Portfolio Strategy: Plans to make 26-32 investments from the $550M fund
- Investment Approach: Positioned to lead rounds and provide persistent capital to portfolio companies
The All-Star Founding Team
The fund’s credibility stems from its experienced leadership:
- Tom Ochinero: Former high-ranking SpaceX executive who reported directly to President Gwynne Shotwell
- Achal Upadhyaya: Ex-SpaceX engineer turned Cantos Ventures investor with deep tech expertise
- Spencer Hemphill: Former Sequoia finance leader serving as Interlagos’ CFO
Notably, the partners have committed to investing 2% of their own capital in the fund, aligning their interests with limited partners.
Why This Fund Stands Out
At a time when venture capital fundraising faces significant headwinds, Interlagos’ ambitious target demonstrates strong market confidence in:
- The growing importance of deep tech innovation
- The team’s unique SpaceX pedigree and technical expertise
- The fund’s ability to compete with established players like Founders Fund and Andreessen Horowitz
Deep Tech’s Rising Momentum
The fund arrives as investor interest in deep tech accelerates. These capital-intensive, long-horizon technologies require specialized funds with:
- Technical expertise to evaluate complex innovations
- Patient capital for extended development timelines
- Strategic connections to support portfolio companies
While the firm hasn’t disclosed current fundraising progress, sources indicate an initial close has been completed. If successful, Interlagos could become a major force in shaping the next generation of breakthrough technologies.
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