DCVC 2023 Q2 update: fresh $1B+ in funding; fresh deep-tech insights; fresh website

Greetings, friends of DCVC!

It was a productive second quarter for our portfolio: though the macro­eco­nomic environment remains unsettled, we are seeing unmis­tak­able progress in companies across funds. Last month, we were delighted to report that DCVC-backed Databricks will acquire DCVC-backed MosaicML for $1.3B in what may come to be seen as a bellwether transaction in generative AI — while just last week, DCVC-backed Recursion Phar­ma­ceu­ti­cals announced a collab­o­ra­tion with and $50M investment from Nvidia to speed and improve drug discovery. See also our interview with DCVC Operating Partner Steve Crossan on where generative AI is headed.

Last week saw three great additional devel­op­ments across the portfolio: advanced nuclear reactor company Oklo announced its plans to go public—while carbon trans­for­ma­tion company Twelve broke ground on its first commercial-scale production plant in Washington State, and carbon-negative cement maker Brimstone received key certi­fi­ca­tion from ASTM: a first for climate-friendly portland cement. And this week, Fervo announced that well test results at its commercial pilot site confirm record production of ²⁴⁄₇ carbon-free enhanced geothermal energy.

Most broadly, we are ready to make the most of this moment: see our announce­ment below of DCVC having just raised over $1B in fresh capital, despite macro unease. You can understand how we will deploy that capital by reading our 96-page Deep Tech Oppor­tu­ni­ties Report, in which we offer our partnership’s insights into what tech­nolo­gies we find most promising (along with notes on what’s trickiest). Released today, the Report is intended to be a regular publication, where we can share our investment emphases with our Limited Partners, founders, and the broader world.

This update arrives in the form of a redesigned newsletter, in which you’ll find links to content on our new website. Thanks very much to all the portfolio companies that contributed the videography and photography that brings it to life. We will use this improved platform to more directly present your essential work to a world that needs your innovations to become more resilient, abundant, and equitable. 

To our LPs, thank you for your unwavering commitment. To our company founders and their teams, we remain inspired by your resilience and deter­mi­na­tion, and eager to be as helpful as we can. Here’s to an amazing H2!

Very best regards,

Matt and Zack