Deep Tech · VC Firm

Eclipse

Eclipse's physical-AI and full-stack hardware thesis crossed into quantum in September 2024, when the firm led Quantum Source's $50M Series A (photonic quantum computing) and published a firm-level case for the quantum race. One confirmed quantum deal, board seat included, inside a ~$10B AUM platform built around compute, manufacturing, and defense.

Active Palo Alto, United StatesFounded 2015

Investment thesis

Eclipse manages ~$10B AUM following the April 2026 close of Fund VI ($720M) and Early Growth Fund III ($591M), the firm's largest raise to date, focused on 'physical AI' across transportation, energy, infrastructure, compute, and defense.

The firm's quantum entry is Quantum Source (photonic quantum computing, Israel): Eclipse led the $50M Series A in September 2024, with Partner Seth Winterroth joining the board.

Quantum sits inside a broader advanced-compute thesis backed by real positions: Cerebras (public 2026), Tenstorrent, Flex Logix, Oxide, AheadComputing, and Atomic Semi.

Founded in 2015 by Lior Susan (now Founder and CEO), Eclipse positions itself as 'operators with capital': partners who have built factories, shipped hardware, and scaled supply chains, with an incubation motion funded from Fund VI.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. Eclipse's center of gravity is the digitization of physical industries (manufacturing, logistics, defense, energy); quantum is one deal out of roughly 124 disclosed positions, not a practice
  2. The firm's own framing of Quantum Source is geopolitical and compute-driven, not a roadmap commitment to quantum as a category; no second quantum deal has followed since September 2024
  3. Eclipse prefers hardware businesses with near-term industrial customers; a pre-revenue quantum hardware startup outside the photonic-compute adjacency would fight the portfolio pattern
  4. The 2026 Fund VI narrative is explicitly 'physical AI' (robotics, autonomy, incubation); quantum is absent from the fund announcement and from partner commentary around it
  5. Deal leadership sits with one partner (Seth Winterroth); if your project does not fit his thesis (scalable photonic architectures with semiconductor-style manufacturability), there is no second quantum sponsor in the partnership

Notable quantum portfolio

Full portfolio
Quantum Source

Frequent co-investors

  • Standard Investments
  • Level VC
  • Canon Equity
  • Pitango First
  • Grove Ventures
  • 10D
  • Dell Technologies Capital