New deep tech fund Wave Function Ventures raises $15 million

Jamie Gull, a Stanford University graduate who earned his master's in aeronautics in 2007, has embarked on an exciting new venture in the realm of deep technology. After a dynamic career that began in the Mojave Desert with Scaled Composites—where he contributed to the development of experimental aircraft—Gull transitioned to SpaceX. There, he played a pivotal role in making the Falcon 9 rocket reusable, a significant achievement that laid the groundwork for the company's success. Now, Gull is setting his sights on fostering innovation through his newly established early-stage deep tech fund, Wave Function Ventures. Recently, he announced the closure of his first fund, which has garnered $15.1 million in capital. With nine investments already made across diverse sectors including nuclear energy (Deep Fission), humanoid robotics (Persona AI), and aerospace (Airship Industries), Gull aims to execute around 25 seed or pre-seed investments from this fund. The emergence of Wave Function Ventures comes at a time when interest in deep tech funding is surging, particularly in fields like aerospace and defense. Notably, earlier this year, another deep tech fund named Leitmotif launched with $300 million in backing from the Volkswagen Group, aimed at supporting hardware and manufacturing startups in the U.S. and Europe. Gull’s extensive background—as an aerospace engineer, angel investor in companies like Boom Supersonic and K2 Space, and as a co-founder of the eVTOL startup Talyn Air—positions him uniquely for this endeavor. He emphasizes his commitment to leveraging this experience to aid founders in navigating the uncertain early stages of their startups. He firmly believes that deep tech will yield substantial returns over the next decade or two. Although startups in this sector typically require significant upfront capital, they can take advantage of non-venture funding sources, such as government contracts, to build a stronger market presence compared to software firms. Reflecting on his career, Gull recalls his time at Scaled Composites and the long development journey of Stratolaunch, the world's largest plane at the time. After years of anticipation, he was thrilled to witness the aircraft take flight—an experience that reinforced his belief in the importance of patience and perseverance in the tech world. "It was wild to see something I had worked on come to life after so many years," Gull remarked, as he prepares to guide the next generation of deep tech innovators with Wave Function Ventures.