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After nearly a decade , industrials - focused VCEclipseexpanded out of Silicon Valley . The business firm open up its second office in New York ’s Soho neighborhood , with plans to invest more on the East Coast .
occultation back startups in sector including manufacturing , provision chain , health care , and infrastructure , among others , both through its early - stage and early outgrowth - focused cash in hand . Since the house ’s founding in 2015 , it has been exclusively located in Silicon Valley — until now .
Kaitlyn Glancy , a New York - base collaborator that joined Eclipse in 2023 after eight years at Flexport , tell TechCrunch that the timing was right for the firm to formally expatiate to New York .
Glancy say that the pandemic made a stack of people “ awaken up ” to the issues in legacy industries like provision chain and transportation . She bestow that since then there has been a noticeable rise in companies calculate to fix these industries ’ woes and these startups are increasingly popping up on the East Coast .
“ If you look at like the mystifying industrial ecosystem of New York , and the broad Northeast , there ’s a strong industrial account , ” Glancy said . “ When I ’m meeting with founders , they ’re kind of pulling on that . They ’re pulling on some interesting house chronicle . They ’re also extract on interesting current event . provision chains are broken , transportation system are go . There ’s a lot of opportunity here . ”
This function also allows the firm to lay up a local hub for the companies it has already backed in New York and beyond on the East Coast . Eclipse has already invested in a handful of East Coast startups .
New York - basedAuguryis one . Eclipse backed the automobile health diagnostic company in August 2015 ; it was last assess at $ 1 billion in 2021.Reframe Systemsis another . Reframe is based in Andover , Massachusetts and built a microfactory to produce small sustainable homes .
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Glancy added that there are other secondary benefits to set up camp in New York too . This office puts them nigher to many of their LPs and also give them easy admittance to Washington , D.C. , which is progressively important , she said , as the firm has gotten more into defence tech investing .
“ We ’re seeing founders , and we ’re seeing succeeder in our existing portfolio company in this industrial space , so let ’s go double down , ” Glancy say . “ If we have a team that ’s found here , we should be capable to go and discover more founders that are playing in this ecosystem and help really be the centre of gravity . ”
Eclipse is n’t the only firm that is wait to put more emphasis on invest in the New York technical school scene this year . Index Venturesjust latterly told TechCrunch they were looking to add multiple new citizenry to their New York position . indicator did just lose Paris Heymann , one of the firm ’s establish partners in New York , this month .
New York startup get up $ 5.6 billion across 406 batch in Q3 of 2024 , according to PitchBook data . While this figure exemplify a dip from Q2 , $ 7.1 billion was invested across 420 deals , it still cements New York as the second large startup ecosystem in the U.S. and shows that San Francisco is not the only place to build a successful company despite what someBay Area VCs call back .
For now , Eclipse ’s New York office will house Glancy and Ashwin Pushpala , an Eclipse venture cooperator , in addition to elbow room for portfolio company laminitis . Eclipse iscurrently investingout of its fifth other - leg fund , $ 720 million , and 2nd early ontogeny fund , $ 510 million . Glancy pronounce the firm is face to put that Das Kapital to go and is actively try novel companies in New York and all around the East Coast .
“ We want everybody who ’s diddle in that industrial outer space to be working with us , receive conversations with us , or build around us , ” Glancy enounce .
