Matter Venture closes $450M Fund II for early-stage HardTech
What's the deal? Matter Venture PartnersDealroom has a profile for this one. Try Dealroom → has closed its second fund at $450 million to back early-stage HardTech startups. The Los Altos, California firm announced the close on September 16, 2026.
Where's it going? Fund II targets semiconductors, robotics and Physical AI, AI infrastructure, quantum computing, advanced manufacturing, energy building blocks, and AI for science. Founded in 2023, Matter aims to give hardware founders operating support beyond capital.
Who's backing it? Strategic limited partners include ASML, Development Bank of JapanDealroom has a profile for this one. Try Dealroom →, Kleiner Perkins, Nitto DenkoDealroom has a profile for this one. Try Dealroom →, Quanta ComputerDealroom has a profile for this one. Try Dealroom →, ResonacDealroom has a profile for this one. Try Dealroom →, SojitzDealroom has a profile for this one. Try Dealroom →, and TSMC. Matter says these LPs work with portfolio companies as customers, co-investors, manufacturing partners, and suppliers.
Who's behind it? The firm was founded by Wen Hsieh, Haomiao Huang, and Mel Tang. Hsieh spent 17 years at Kleiner Perkins leading its HardTech practice; Tang was CFO of Ring and Demand MediaDealroom has a profile for this one. Try Dealroom →.
"The operator perspective is at the heart of how we work with founders at Matter," said Tang, founding operating partner and CFO.
Why now? HardTech is drawing rising investor interest as AI drives demand for faster chips, more efficient computing, greater data-center capacity, and machines that operate in the real world. "HardTech is global from day one," said Hsieh, founding managing partner.
The signal: Matter's portfolio already spans consequential deals — Q.ai was acquired by Apple in January 2026, and Rhoda AI raised US$291.2M Series A in March 2026. The new fund signals deepening capital and industrial backing for the hardware layer underpinning the AI boom.
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Image credit: jurvetson
