new fund from Michelle Volz, former partner of Andreessen Horowitz (a16z), raised US$50 million to invest in the new North American industrial era. With a thesis focused on the defense, energy, aerospace and manufacturing segments, the Pax Ventures funding was completed in 12 months and already has 17 investees in its portfolio.
The founder is part of a group of former members of the a16z who left the firm to launch their own funds — including Kristina Shen, with ChemistryAnne Lee Skates, com a Parableby Katie Haun, com and Haun Ventures.
Already a16zMichelle joined the American Dynamism team, the venture capital firm’s vertical dedicated to sectors where the American government plays a central role, such as defense, aerospace, energy and the country’s industrial base. Before that, the investor had worked at Palantirthe data giant founded by Peter Thiel, which develops solutions for the US government.
Despite the considerable value of Pax VenturesMichelle Volz bottom is small fish near the Andreessen Horowitzwhich at the beginning of the year announced the raising of US$15 billion in new resources, surpassing the US$90 billion mark under management.
Among the bets already placed by Pax Ventures are Mariana Mineralsa lithium producer, Galadynewhich develops liquid propulsion systems for rockets, and Method Securityfocused on cybersecurity for the American government — a company in which Michelle Volz had made a seed investment when she was still at a16z and in which the Pax participated in series A.
The manager’s broader portfolio also includes companies such as Radiant (portable nuclear microreactors), Alao (series nuclear power plants), Cape (privacy-focused telephone operator) and Astro Mechanica (supersonic aviation).
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The thesis behind the name
The name of the fund is not random. The manifesto of Pax VC It starts from the idea that the world is leaving the era of “Pax Americana” — the post-war period of US military and economic dominance — towards a multipolar world.
Michelle Volz’s bet is that the next phase of global leadership will be defined by technical superiority in the physical world, not the digital one. “In recent decades, investors have prioritized bits over atoms, generating extraordinary advances in communication and computing, but at the expense of resilient supply chains, energy abundance and critical infrastructure,” says the manifesto published on the manager’s website.
The focus of Pax is in early-stage startups, operating in a market gap where the a16z is paying less attention. Of the US$15 billion raised by Andreessen Horowitzthe largest share went to the fifth growth fund, which received US$6.75 billion of the total.
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