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The Veteran Fund

Venture capital

San Francisco · Seed · 4 people tracked

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Investment thesis

The Veteran Fund invests in mission-driven technologies aligned with national priorities, led by military veterans who possess unique leadership, resilience, and purpose. The firm targets seed-stage companies in critical technology sectors that deliver innovative solutions advancing America's security, strength, and global leadership. By combining elite veteran founders with a community of top military and business leaders, the fund aims to unlock non-dilutive capital and position portfolio companies for successful follow-on funding rounds.

Invests inDeep TechDefense TechSan Francisco

Source: firm website, verified Jul 21, 2026.

Stage
Seed
Check
$500K – $2M
HQ
San Francisco, US
Instruments
Equity
Tracked investments
28

Team · 4 people

from the firm's website
Justin Nahama· General Partner
Lisa Sutton Gunderson· General Partner
Mike Sherbakov· General Partner
Ryan Micheletti· General Partner

What they invest in

from 23 of 28 portfolio companies

AI & Machine Learning ×10Defense Tech ×7Cloud Computing ×4Data & Infrastructure ×4Enterprise Software ×4Hardware ×4Robotics ×4Deep Tech ×3

HQs:United States×7

Investments · 28 tracked

founders shown can be your intro path
Acyberacyber.com

Acyber provides offensive security testing and red team services, offering custom tooling and platform-based vulnerability discovery for commercial and government clients in the United States.

CybersecurityDefense Tech

Aerofuseaero-fuse.comin

Climate TechSan Francisco, US

Andromedaandromeda.us

Andromeda provides a knowledge graph platform that processes technical manuals, service records, and operational data to deliver structured diagnostics for equipment maintenance and field operations. The platform serves maintenance teams, field service operations, and compliance leaders in equipment-intensive industries including manufacturing, heavy equipment, aerospace, and defense.

AI & Machine LearningData & InfrastructureEnterprise Software

Bravo Ordnancewarhead.co

Warhead designs and manufactures advanced explosive ordnance systems for autonomous weapons platforms and drone applications. The company serves U.S. defense and military customers with transport-safe binary explosives and 3D-printed warheads for counter-UAS and autonomous systems.

Deep TechDefense TechHardware

Devan Plantamura(CEO)Anthony Jones(COO and Co-Founder)Jacob Lambuth(CTO)

Cyberspatialcyberspatial.com

Teleseer is a browser-based network packet analysis and visualization tool that allows users to analyze PCAP files without requiring infrastructure, databases, or setup. It serves network security teams and IT operations professionals seeking to identify unmanaged devices, detect threats, and investigate network anomalies.

CybersecurityData & InfrastructureEnterprise Software

Cyphr AIcyphrai.comin

FintechKansas City, US

Darksaberlabsdarksaberlabs.com

DarkSaber Labs develops AI and data fusion systems purpose-built for military special operations, transforming fragmented sensor data into real-time tactical insights for warfighters in disconnected and contested environments. The company's cloud-based platform addresses communication gaps between tactical, theater, and national military operations.

AI & Machine LearningData & InfrastructureDefense Tech

O'Connor

Defiantdefiant.space
Empeqempeq.co
Firestormlaunchfirestorm.com
Foundationfoundation.bot

Foundation builds autonomous machines designed to perform tasks across a wide range of applications. The company develops hardware and AI systems for general-purpose automation.

AI & Machine LearningHardwareRobotics

Fulcrumautonomyfulcrumautonomy.com

Fulcrum Autonomy develops autonomous capabilities and systems designed for defense and strategic applications, serving military and government organizations focused on tactical and operational effectiveness.

AI & Machine LearningDefense TechRobotics

Glidrailglidrail.com

Glīd builds dual-mode vehicles and orchestration software that move freight across road and rail networks, reducing transfer points and dwell time for logistics operators, yards, ports, and defense environments.

AI & Machine LearningLogistics & Supply ChainMobility & Transportation

Kevin Damoa(Founder & CEO)

Haikuinchaikuinc.io
Hedgehoghedgehog.cloud

Hedgehog provides AI-native networking infrastructure designed specifically for training and inference workloads, helping organizations reduce training time and deployment cycles. The product targets AI infrastructure operators and enterprises looking to run AI clusters with simplified network management and improved GPU utilization.

AI & Machine LearningCloud ComputingDeveloper Tools

Lonestarlunarlonestarlunar.com

Lone Star Lunar operates space-based data storage and sovereign AI inference platforms called StarVaults, which orbit Earth and the Moon. The company serves governments and regulated industries requiring secure, compliant data processing and storage.

AI & Machine LearningCloud ComputingSpace Tech

OneRangeonerange.co

OneRange is an AI-powered platform that helps companies identify workforce skills gaps, develop employee competencies through personalized upskilling, and anticipate future skill needs. The platform serves fast-growing businesses seeking to integrate skill development into organizational culture.

AI & Machine LearningEdTechEnterprise SoftwareHR TechSaaS

Steve Gilman(Co-founder & CEO)inHoutan Fanisalek(Co-founder & CTO)in

Opportunistic North America Early Stagehavocai.com

Havoc develops software for coordinating autonomous vehicles across air, sea, and land domains, enabling operators to supervise hundreds or thousands of autonomous assets simultaneously through a unified control platform. The company serves defense and mission-critical applications requiring resilient multi-asset autonomy in degraded communication environments.

AI & Machine LearningDefense TechRobotics

Paul Lwin(Co-Founder & CEO)

Pixlypixly.ai

Pixly.ai is a cloud-based photo and video documentation app for construction and field service teams to capture, organize, and share project progress photos with timestamps and location data. It serves general contractors, architects, building owners, facility managers, and inspectors who need to document work completion, track progress, and reduce dispute risk.

Cloud ComputingConstruction TechSaaS

Refacturerefacture.com

Refacture manufactures critical materials including silicon carbide, rare earth elements, aluminum fluoride, and recovered graphite by converting waste from industrial processes into high-value products for semiconductors, clean energy, defense, and electronics applications.

Advanced ManufacturingCleantechNew Materials

Rehoboth Beach, DEinstantteams.com

Instant Teams builds and manages onshore and remote customer and employee experience teams sourced from military spouses and similar talent pools. The company also operates a job board and hosts community events for talent access and brand integration.

Enterprise SoftwareFuture of WorkHR Tech

Splashonesplashone.ai
Stitch3Dstitch3d.io

Stitch3D is a cloud-based platform for hosting, managing, and collaborating on spatial data including point clouds, orthomosaics, and LiDAR scans with features like real-time multiplayer viewing, secure sharing, and volume measurement tools. The platform serves drone operators, surveyors, infrastructure inspectors, and construction teams across utilities, mining, oil and gas, and public safety sectors.

Cloud ComputingConstruction TechData & Infrastructure

Terntern.ai

TERN develops an Independently Derived Positioning System (IDPS) that provides accurate, real-time navigation without reliance on satellites, signals, or external infrastructure. The software-only solution serves automotive, delivery, emergency services, defense, and fleet operators in GPS-denied or signal-challenged environments.

AI & Machine LearningDeep TechDefense Tech<UNKNOWN>

Vatn Systemsvatnsystems.com

Vatn builds autonomous underwater vehicles and systems for underwater operations including surveillance, mine countermeasures, and payload delivery in GPS-denied environments. The company serves defense and maritime organizations executing missions in contested waters.

Defense TechHardwareRobotics

Vetrafivetrafi.com

VetraFi is a digital banking platform serving the U.S. military community—active service members, veterans, and their families. The platform offers deposit accounts, high-yield savings, credit-building cards, and money management tools tailored to the financial realities of military life, including irregular pay and frequent relocations.

Fintech

Viewproteus-space.com

Proteus Space designs custom spacecraft buses tailored to individual payload requirements using generative design and flight-proven components, eliminating the compromises of standardized bus solutions.

Deep TechHardwareSpace Tech

View Career Openingsnatilus.co

Natilus develops next-generation blended wing body aircraft for commercial cargo and passenger operations, designed to improve fuel efficiency, reduce emissions, and increase payload capacity. The company is based in San Diego, California and offers two product lines: KONA for freight and HORIZON EVO for passenger travel.

Advanced ManufacturingCleantechSan Diego, US

Frequently asked questions

What stage does The Veteran Fund invest at?
The Veteran Fund invests at the Seed stage.
What is The Veteran Fund's typical check size?
The Veteran Fund typically writes checks of $500K – $2M.
What sectors does The Veteran Fund focus on?
The Veteran Fund focuses on Deep Tech, Defense Tech.
Where is The Veteran Fund located?
The Veteran Fund is headquartered in San Francisco, US.

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