Eclipse Early Growth Fund III

United States

Growth

About Eclipse Early Growth Fund III

Eclipse Early Growth Fund III is a $591M growth-stage fund for companies approaching commercial scale in physical AI, manufacturing, supply chain, transportation, healthcare infrastructure, semiconductors, and energy. Part of $1.3B dual raise alongside Fund VI.

Investment Focus

Location / RegionUnited States

Funding StageGrowth

Industry Focus

Ai Ml

Energy Tech

Manufacturing

Robotics Automation

Investor Signals Profile

active

Sweet Spot

Hardware-first founder rebuilding physical industry at seed/Series A

deep tech / hardware

robotics & manufacturing

energy & infrastructure

industrial economy

AI infrastructure & compute

Bullish Signals

$1.3B raised across two fundsexternal

~$10B total AUM, Palo Altoexternal

Cerebras & Redwood Materials in portfolioexternal

Operators from Amazon, Apple, Samsaraexternal

Dual-fund: early + growth stage coveredexternal

GPs = former operators, not just investorswebsite

Thesis: critical infrastructure resilience & securitywebsite

Cerebras-OpenAI: 14× faster AI inference, new agentic paradigmlinkedin

AI frontier = physical infrastructure race, not just softwarelinkedin

Contrarian Signals

Hardware capital intensity = high execution riskexternal

Niche focus — excludes most software foundersexternal

Long development timelines despite AI compressionexternal

Founder Do's

Build in physical industries (manufacturing, energy, robotics)

Show path to commercial scale

Leverage operator networks & shared infrastructure

Hardware-intensive? Highlight execution plan

Target US industrial policy tailwinds + AI compute demands

Founder Don'ts

Pure software plays — not a fit

No enterprise SaaS without physical layer

Avoid if pre-thesis on physical systems

Key GPs & Partners

Lior Susan

Founder & General Partner

operator-firstphysical-industry thesisindustrial economist

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Fund Overview

Fund Size$591M

Saves0

Website

Key People

Lior Susan

Lior SusanFounder & General Partner

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