SOSV, a multistage deep tech venture investor, on Tuesday announced the close of its $306 million SOSV V fund, the Princeton-based firm’s largest fund to date.
SOSV V will focus on deep tech startups in human and planetary health, with an emphasis on the intertwined imperatives of decarbonization and reindustrialization.
“As the first check in deep tech, SOSV represents the start of the journey for hundreds of deep tech founders,” Sean O’Sullivan, SOSV’s founding and managing general partner, said. “We appreciate the dedication of many of the world’s leading family offices and corporations in backing SOSV V, enabling the creation of the most transformational climate change and human health startups on the planet. And, by partnering with later-stage funds, every $100 million that we invest brings another $2 billion in follow-on capital into these companies. This new fund will enable an enormous amount of positive change for humanity.”
SOSV invests starting at pre-seed, when companies join its HAX and IndieBio development programs, and continues through seed, A and later stages, resulting in about 200 investments per year.
SOSV operates startup program facilities in Newark, New York City and San Francisco and graduates about 80 startups a year.
The limited partners in SOSV V include corporates, sovereign wealth funds, institutional investors and private family offices around the world.
SOSV’s HAX and IndieBio programs are widely recognized for launching startups that are primed for institutional, early-stage investors. Active deep tech co-investors in SOSV portfolio companies welcomed the SOSV V news.
“The fight against climate-driven privation, societal disruption and loss of life is an existential fight to preserve resilience and defend abundance for all,” Matt Ocko and Zachary Bogue, DCVC co-founders and managing partners, said. “We partner with SOSV in their Decarbonization Consortium not only because they are fellow deep tech investors, but also because they are determined, like us, to find every possible way to decarbonize without deprivation. SOSV V will bring power and expertise to this fight.”
“At Khosla Ventures, we often begin our work at seed and Series A, partnering with great teams trying to solve big, important problems with unique, transformative technologies,” Alex Morgan, partner at Khosla Ventures, said. “We really enjoy working with SOSV, including their HAX and IndieBio programs, and we’re pleased that SOSV has closed its Fund V. We have joined together to support several exciting companies addressing human health, climate and food — including Opentrons, Flow Neuroscience, Prellis, Oobli and Vertical Oceans — and expect to work on more in the future.”
SOSV has invested over $30 million in facilities and equipment to help deep tech founders develop and derisk their technologies. In the past 18 months, SOSV has opened two new spaces — IndieBio New York at 7 Penn Plaza and HAX in Newark — with $25 million in grants each from Empire State Development and New Jersey Economic Development Authority, and also relocated and expanded the IndieBio San Francisco location.
Together, the new locations offer founders 80,000 square feet of working space equipped with BSL 1 & 2 wet labs, chemistry labs, mechanical and electrical engineering labs, machine shops, industrial grade 3D printers and more.
