Matter Venture Partners Closes $450 Million Fund for Robotics and Hard Technology

LOS ALTOS, Calif. — Matter Venture Partners has closed its second fund at $450 million to invest in early-stage robotics, physical AI and other hard-technology companies, the venture capital firm said Sept. 16.

The US’s California-based firm did not specify how much of the fund would be allocated to robotics. Other target areas include semiconductors, AI infrastructure, quantum computing, advanced manufacturing, energy technology and AI for scientific research.

Matter’s current portfolio includes several robotics companies. Path Robotics develops AI-controlled welding systems, while Anvil builds configurable robot hardware in small quantities. Another portfolio company, Rhoda AI, is developing video-based foundation models intended for general-purpose robots.

The new fund gives Matter considerably more capital to invest across that broad mandate. An initial Form D filed with the U.S. Securities and Exchange Commission in December listed a proposed offering of $350 million and reported that no capital had been sold at that point. The filing predates the final closing and does not reflect the $450 million total announced by the firm.

Matter said the fund’s limited partners include chipmaker TSMC, semiconductor-equipment maker ASML, the Development Bank of Japan, Kleiner Perkins, Nitto Denko, Quanta Computer, Resonac and Sojitz. It did not disclose how much each investor committed.

Matter was founded in 2023 by three individuals who say their investors can offer a lot of support to the companies they work with, like introducing them to potential customers, helping them build relationships with manufacturers, and providing technical expertise. This can be a big help to these companies as they try to grow and succeed.

The company hasn't said how many investments it plans to make with its second fund, or how much it will typically invest in each company. It also hasn't disclosed how much money has already been committed to the companies it has invested in, or how long it plans to keep investing.