Wave Function Ventures Raises $15 Million Deep Tech Fund

From Aeronautics to Venture Capital: Jamie Gull Launches Wave Function Ventures

Upon completing his master’s degree in aeronautics at Stanford University in 2007, Jamie Gull set his sights on a specific location: the desert environment of the Mojave.

Early Career at Scaled Composites

A company named Scaled Composites was actively engaged in the development of experimental aircraft in that arid region, and Gull was keen to participate. He deliberately chose this path, contrasting it with more conventional aerospace positions.

Gull expressed concern that a larger, more established firm might assign him to a limited task – famously joking about “working five years on a latch.” At Scaled Composites, however, he anticipated rapid progress and tangible results. “I knew I would build something, and I would do it quickly, and I would be a college graduate who would own an actual outcome,” he stated.

Transition to SpaceX and Reusable Rockets

Two years later, Gull transitioned to SpaceX, where he played a crucial role in achieving a significant breakthrough: making the Falcon 9 rocket reusable. This accomplishment proved to be a pivotal moment for the company, forming the basis for its substantial current value.

Launching Wave Function Ventures

Now, Gull is embarking on a new venture: the launch of an early-stage deep tech fund, Wave Function Ventures. The fund recently secured its initial $15.1 million and has already begun making investments.

To date, Gull has invested in nine startups operating across diverse sectors, including nuclear energy (Deep Fission), humanoid robotics (Persona AI), and aerospace (Airship Industries). He anticipates making approximately 25 seed or pre-seed investments with this fund. (Gull did not disclose the identity of the anchor LP, noting that the remaining capital came from high-net-worth individuals, other funds, and “large family offices.”)

The Rise of Deep Tech Funding

Wave Function’s emergence coincides with a growing trend in deep tech funding, fueled by increased interest in areas like aerospace and defense. This trend is exemplified by Leitmotif, a new Silicon Valley-based fund that recently launched with $300 million in capital from the Volkswagen Group, aiming to support hardware and manufacturing startups in the US and Europe.

A Unique Background for Venture Capital

This environment is particularly well-suited for someone with Gull’s experience – extending beyond his accomplishments as an aerospace engineer.

Early Angel Investing and Startup Experience

While at SpaceX in 2016, Gull began angel investing, supporting companies such as Boom Supersonic, K2 Space, and Varda. He also co-founded Talyn Air, an electric vertical takeoff and landing (eVTOL) startup, as part of Y Combinator’s Winter 2020 program, and became a venture partner at YC’s Pioneer Fund – a role he continues to hold. (Talyn Air was acquired by Ampaire in 2023.)

Leveraging Experience at Wave Function

Gull intends to utilize his extensive experience – encompassing rapid prototyping, startup founding, and angel investing – within Wave Function.

“I can really leverage that to help all my founders get through those early stages when things are like the most uncertain, and then help them build their companies,” he explained.

The Potential for High Returns in Deep Tech

Gull also believes that deep tech holds significant potential for substantial returns over the next 10 to 20 years. While these startups may require greater initial capital, they can access alternative funding sources – such as government contracts or asset-backed lending – to scale and create a stronger competitive advantage compared to software companies.

Patience and Long-Term Vision

Achieving these returns will require time, a factor Gull readily accepts. Despite his initial eagerness to build, he also recognizes the importance of patience.

A Decade-Long Project: Stratolaunch

During his time at Scaled Composites 15 years ago, Gull contributed to the Stratolaunch project, which was, at the time, the world’s largest airplane. The aircraft’s complexity meant its development continued long after Gull joined SpaceX.

In 2019, while planning to attend an aviation event at the Mojave airport with his co-founder Evan Mucasey, Gull received an indication that Stratolaunch might finally take flight.

“I called a friend and said, ‘what time should we be there for the airplane show?’ And he said, ‘6 a.m.’ I was like, that makes no sense,” Gull recalled. He sensed his friend was hinting at something special, and believed it would be worth the early wake-up call.

Upon arriving at the airport, Gull and Mucasey discovered Stratolaunch on the runway, prepared for flight. Shortly after their arrival, the aircraft took off.

“I think it was almost exactly 10 years after I had worked on it on a computer screen,” Gull said. “It was wild.”