First-time fund Embedded Ventures leverages PitchBook to win in the space race

Launched in 2020, Embedded Ventures is a next-generation venture capital firm investing in pre-seed and seed stage startups. As a first-time fund, the firm is focused on national security, space technologies, including space operations, digital engineering and advanced manufacturing technologies for public and private use.

The Embedded Ventures leadership team is comprised of emerging managers. Emerging managers are those who manage assets below a certain threshold, have launched only a certain number of funds, or are an investment fund that is majority owned by those traditionally underserved and excluded in the industry.

Jordan Noone
Cofounder and General Partner

Jenna Bryant
Cofounder and General Partner

Challenge: Finding partners in a niche space as emerging managers

PitchBook data shows investors are flocking to portfolio companies whose satellite, robotics and software tools can do double duty as military and commercial (dual-use) technologies. But identifying those companies can be a challenge. A further challenge is the Embedded Ventures leadership team’s status as emerging managers. Finding partners willing to invest with emerging managers in this early-stage, deep-tech space is a challenge and requires a powerful tool to make it work.

*This year has seen $7 billion invested in VC-backed US aerospace and defense companies through Oct. 13, according to PitchBook data. That puts the sector on track to surpass last year’s record deal value of $7.6 billion.

Solution: Advanced search uncovers quality targets

Embedded Ventures adopted PitchBook in August 2021, to help them take a deeper look at potential investors. With help from their dedicated customer success manager, they’re leveraging the platform’s advanced search feature, which can drill down to specific criteria to identify investors interested in dual-use space startups.

“We considered other tools, but found they lacked the quality and usability of PitchBook. We’re regularly on the platform researching potential investment opportunities and potential limited partners.”

—Jenna Bryant, Cofounder and General Partner

Results: Seven investments and opportunity ahead

The resources and data available on PitchBook are helping Embedded Ventures identify potential partners. These include individuals and institutions with a history of similar investment interests, as well as those with a demonstrated willingness to work with emerging managers. PitchBook’s thorough and up-to-date contact information helps co-founders Bryant and Noone reach out to the right investors—with the right pitch.

In just two years, Embedded Ventures has:

Made investments in KittyCAD, Inversion, Slingshot Aerospace, Skyryse , Chromatic, and Akash Systems, among other portfolio companies.
Formed a first-of-its-kind partnership with the United States Space Force.

The war in Ukraine is just one of the latest events that have put a spotlight on technologies that protect critical national infrastructure and deter attacks. Security-focused tech companies are gaining favor as the Pentagon continues to retool its modern arsenal with satellite imagery, data analytics, artificial intelligence, space tech, cybersecurity and robotics. With help from PitchBook, Embedded Ventures is set to win in this new global reality.

“PitchBook has been an integral part of our research and key to the growth of limited partners for Embedded Ventures. We will continue to tap its data and capabilities as Embedded grows.”