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Fund profile / Israel

Iron Nation Fund II

Geography
Israel
Stage
Seed
Fund size
$60M
Focus
AI/ML, Cybersecurity, Deep Tech and Defense
Signals
Published
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N°01 / About

About Iron Nation Fund II

Iron Nation Fund II is a $60M fund ($50M already secured) with a $15M anchor from the State of Indiana. Invests seed to Series B in medtech, defense tech, deep tech, cybersecurity, and AI. Evolved from a $20.4M emergency fund launched after October 7, 2023. Early Nvidia exit via portfolio company Illumex.

N°02 / Thesis

Investment Focus

Location / RegionIsrael
Funding StageSeed
Industry Focus
AI/ML
Cybersecurity
Deep Tech
Defense
MedTech

Investor Signals Profile

active

Sweet Spot

Israeli post-PMF founder scaling physical AI/deep tech into US B2B

Israel-to-US expansion
Physical AI revolution
post-PMF deep tech scaling
seed to Series B
medtech & defense tech
cleantech & agtech
crisis-opportunity mindset

Bullish Signals

Illumex acquired by Nvidia in March 2026, early DPI before Fund II closeblog
$50M of $60M target already secured at announcement in April 2026blog
State of Indiana anchors with $15M, providing real Eli Lilly and IU Health accessblog
24 Fund I companies deployed in 18 months shows strong deal velocityblog
27 investments, $75M AUM deployed with fast iteration cyclewebsite
Ranked #1 Israeli active investor in 2024external
Chemi Peres (Pitango) as Chairman adds institutional weightexternal
Ex-Congressman Luke Messer unlocks US policy accessexternal
Co-invests alongside premier VC funds — broad syndicate networkwebsite
Physical AI thesis explicit: health, food, energy, securitywebsite
Portfolio spans AI, medtech, defense, fintech, agtech, SaaSwebsite
Post-Oct 7 portfolio companies already showing strong tractionwebsite
Collaborative ecosystem fund model with Israeli institutional backingwebsite
Portfolio across cleantech, biotech, agtech solving global challengeswebsite
Purpose-driven: exceptional returns + Israel tech leadership missionwebsite
Strategic launchpad for post-PMF founders into global marketswebsite
Crisis-as-opportunity mindset: generational Israeli tech moment nowwebsite
Portfolio shows vertical breadth: AI, medtech, defense, enterprise SaaSwebsite
Israeli roots with American reach: dual-market positioning narrativewebsite
Mission-aligned: fortifying Israel economy via high-tech sector investmentwebsite

Contrarian Signals

Crowded Israeli Series A market with Viola, Bessemer, Lightspeed competingblog
US Midwest edge irrelevant for AI infrastructure and cybersecurity dealsblog
Not suitable for pre-seed or pre-revenue foundersblog
Wide vertical spread may dilute thesis focusexternal
Pro-Israel LP base = concentrated geopolitical LP riskwebsite
Geopolitical branding limits appeal beyond pro-Israel LPswebsite
Portfolio weighted heavily toward health/medtech; less core deep techwebsite

Founder Do's

Show clear product-market fit and existing revenue before approaching
Highlight US Midwest expansion angle, especially Eli Lilly or IU Health relevance
Position for Series A or B readiness, not formation stage
Demonstrate Israeli origin with scalable US go-to-market plan
Lead with Physical AI angle: health, food, energy, security applications
Emphasize resilience narrative: post-Oct 7 traction & momentum

Founder Don'ts

Pitch at pre-revenue or pre-seed stage — wrong fund for formation bets
Ignore Midwest angle and default to Bay Area expansion narrative
Approach without clear path to Series B within fund horizon

45 signals on Iron Nation Fund II

20 bullish · 7 contrarian · 6 pitch do's · 3 don'ts · 9 GP profiles, each with its source. From €9/month, cancel anytime.

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Facts

Fund Overview

Fund Size$60M
Saves0
Website
LinkedIn
People

Key People

Gil Friedlander, Chen Linchevski, Jason Wolf

Gil FriedlanderManaging Partner
Chen LinchevskiManaging Partner
Jason WolfManaging Partner
Chemi PeresChairman
Izhar ShayIC Member
Charlie FedermanIC Member
Luke MesserUS Partner
Lyat Avidor PelegChief Marketing Officer
Inna Tokarev SelaIC/Advisor
Backers

Known LPs

State of Indiana / Indiana Economic Development CorporationPublic / State institution
N°04 / See also

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