DCVC: The Deep Tech VC That's Been Building America's Industrial Future Since 2010

DCVC — Data Collective — is a $4 billion deep tech venture firm based in Palo Alto, California. Co-founded in 2010 by Matt Ocko and Zachary Bogue, the firm runs 13 funds across two strategies: the flagship DCVC vehicles and DCVC Bio (launched in 2018 with four managing partners including Dr. John Hamer and Dr. Kiersten Stead). With a 45-person team, 200+ portfolio companies, and a portfolio that includes public companies and category-defining businesses, DCVC has spent 15 years proving that the most impactful investments come from backing scientists and engineers who build things that matter.

This guide covers DCVC's actual investment thesis, their real portfolio companies, typical check sizes, and how to position your deep tech startup for a conversation with their team.

DCVC's investment thesis starts with a conviction: the most important companies of the next decade will be built on deep science, not software alone. Their tagline — 'deep tech venture capital' — isn't marketing. It describes a firm that actively prefers companies where the technology itself is the competitive moat.

The firm manages $4 billion across 13 funds. Their flagship strategy backs AI-enabled solutions across climate, defense, space, industrial transformation, and more. DCVC Bio — the life sciences arm launched in 2018 — focuses on computational biology, drug discovery, synthetic biology, and agriculture. The four managing partners of DCVC Bio are Dr. John Hamer, Dr. Kiersten Stead, Matt Ocko, and Zachary Bogue.

DCVC publishes an annual Deep Tech Opportunities Report. Their 2025 edition, titled 'An American Industrial Renaissance,' articulates a thesis around revitalizing domestic manufacturing and supply chains, securing clean and reliable energy, and advancing defense technology. The report frames this not as nostalgia but as a strategic imperative — arguing that deep tech founders building in these areas are positioned to address problems of enormous scale and consequence.

Matt Ocko's personal investing spans national resilience in energy, manufacturing, and agriculture, computational drug discovery, geospatial and space access platforms, robotics, applied AI, defense systems, quantum computing, and large-scale compute infrastructure. He holds over 50 granted or in-process patents, has been building technology since 1983, and serves as an advisor to In-Q-Tel and a frequent advisor to U.S. defense and national security agencies.

Zachary Bogue brings a background in environmental science and public policy (Harvard) and law (Georgetown), with prior investments in Square, AngelList, and Uber. He hosts the annual 'Deep Tech in Davos' event and was named a Young Global Leader by the World Economic Forum.

DCVC has remained highly active through 2025. In Q4 2025 alone, portfolio companies raised nearly $2 billion in aggregate funding — a signal of both deal flow quality and investor appetite for deep tech.

Notable 2025 flagship investments include Mythic ($125M for analog compute architecture promising 100x energy efficiency over GPUs), Unconventional ($475M seed round for AI-efficiency computing foundations), Fervo Energy ($462M Series E for geothermal projects in Utah), and Radiant ($300M+ Series C to scale portable nuclear microreactors). DCVC Climate also led Radiant's $165M Series C earlier in the year.

DCVC Bio made notable moves including Nilo Therapeutics' $101M Series A targeting autoimmune and inflammatory diseases via vagus nerve circuits, Grove Biopharma's $30M Series A, and Solu Therapeutics' $41M Series A.

The firm has also been active in AI infrastructure: SF Compute raised a $40M Series A to build a marketplace for compute capacity by the hour. ElectronX raised $30M to build a U.S.-regulated power derivatives market. Seneca raised $60M for AI-powered wildfire suppression aircraft.

A distinctive pattern in DCVC's recent activity: multiple portfolio companies have closed major pharma partnerships. Relation Therapeutics secured $55M upfront plus up to $1.7B in milestones from Novartis for atopic disease research. Empirico entered an $85M upfront plus $660M deal with GSK for a respiratory siRNA candidate. Creyon Bio signed up to $1B in milestones with Eli Lilly for RNA-targeted therapies.

DCVC's portfolio spans 200+ companies across sectors. Their most recognizable positions include Rocket Lab (RKLB on Nasdaq), which provides space access and has been selected for U.S./U.K. hypersonic testing. Recursion Pharmaceuticals (RXRX) is a computational drug discovery platform using AI and machine learning, also publicly traded. AbCellera (ABCL) runs an antibody drug discovery immune system search engine. Ginkgo Bioworks (DNA) programs cells for synthetic biology applications.

Fervo Energy is DCVC's climate bet on geothermal — the company raised a $462M Series E in late 2025 and closed $206M in project financing for its Cape Station project in Utah. Planet Labs operates daily earth observation satellite imaging at unprecedented scale. Pivot Bio develops sustainable agricultural products using proprietary microbial technology.

On the newer side, Mythic is building analog compute architecture that claims 100x the energy efficiency of GPUs for AI workloads. Unconventional raised a $475M seed to reimagine computing foundations for AI efficiency. Seneca is applying AI to wildfire suppression with autonomous aircraft. Curative raised $150M Series B to build a new model for health insurance.

DCVC Bio portfolio companies include AbCellera, Creyon Bio (RNA medicines), Umoja Biopharma (cancer immunotherapy), BioPhero (insect pheromones for agriculture), Elo Life Systems (gene-editing for food ingredients), MycoWorks (mycelium-based leather alternative), and Sabanto (agriculture robotics).

Several portfolio companies have achieved meaningful exits or substantial milestones: Alchemab licensed ATLX-1282 to Lilly for $415M. Proprio received FDA 510(k) clearance and was named to Fast Company's 2025 World Changing Ideas. Capella Space is being acquired by IonQ for space-based quantum key distribution. Latus Bio published papers in Science and Nature. Q-CTRL achieved a quantum sensing milestone with 50x GPS-free navigation accuracy.

DCVC has a science-heavy team — they quip that they have more published scientists than MBAs. That orientation shapes what they look for in founders. For deep tech investments, they expect founders who can speak to their technology in depth, including technical validation, intellectual property position, and a development roadmap. Their partners will dig into claims.

The firm explicitly looks for founders with deep technical expertise who are addressing large, high-stakes problems. In practice, this means their best portfolio founders tend to have scientific backgrounds, domain expertise accumulated through research or operating experience, and the ability to articulate a clear vision for how their technology becomes a category-defining business.

DCVC does not require that founders have prior startup experience, but they do expect a command of the competitive landscape, realistic financial projections, and clarity on how capital will be deployed. For deep tech companies with longer development timelines, they look for founders who understand the path to commercial traction — not just technical validation.

The firm's geographic focus is the San Francisco Bay Area, with offices in Palo Alto and San Francisco. While they invest across geographies, Bay Area-based founders have natural access to the partnership; others benefit from a warm introduction.

DCVC manages $4 billion across 13 funds. The flagship strategy — six funds focused on AI-enabled deep tech — writes checks typically ranging from $5 million to $50 million, with the ability to go larger for exceptional opportunities. DCVC Bio, with three funds focused specifically on computational biology and life sciences, writes similar-sized checks for biotech, synthetic biology, and health tech.

The firm invests across early through growth stages. Their willingness to hold through extended development timelines is a genuine differentiator for deep tech founders — they are not optimizing for a quick exit. Their 2025 Deep Tech Opportunities Report explicitly frames the thesis as investing 'in a hurry to do things that take time.'

DCVC typically leads or co-leads rounds when they invest. They also co-invest with other top-tier VCs and have demonstrated willingness to follow on in later rounds for companies that are executing well. The firm's 2025 Q4 activity shows participation across seed through Series C and beyond.

For founders considering DCVC, the fund architecture matters: if you're building in biotech or life sciences, DCVC Bio is a dedicated vehicle with sector-specific partners and operational support. For climate, defense, space, robotics, or AI infrastructure, the flagship funds are the right entry point.

Warm introductions remain the most effective path to DCVC. The firm is significantly more likely to meet with founders who come through portfolio CEOs, other trusted investors, or recognized members of the scientific community. Building relationships before pitching meaningfully improves your odds.

For founders without an immediate warm connection, the firm's public presence — including their annual Deep Tech Opportunities Report, quarterly updates, and conference appearances — offers a window into their current thinking. Zachary Bogue hosts the annual Deep Tech in Davos event; Matt Ocko is actively engaged in defense and national security communities. These are venues where meaningful connections can form.

DCVC accepts inbound inquiries, but the volume is high. If submitting cold, ensure your deck is precise about what makes your company fit DCVC's thesis. Lead with the problem, the deep technology approach, and why your team is uniquely positioned to execute. For deep tech pitches, be prepared to go deep on the science.

DCVC's due diligence process for deep tech investments typically takes longer than traditional venture — expect 4 to 8 weeks for deals involving significant technical review. They bring in technical partners to validate technology claims, intellectual property position, and development roadmap. Plan accordingly for fundraises with a known DCVC timeline.

Follow-up discipline matters. DCVC typically takes several weeks to make investment decisions. Send updates on material milestones without being pushy. Even if a current round doesn't close with DCVC, building a long-term relationship can pay off in future rounds or meaningful intros to their network.

Deep tech companies often have longer paths to revenue than pure software plays. DCVC understands this — their investment thesis explicitly accommodates extended development timelines. However, they still expect founders to have a solid command of their financials, burn rate, runway, and the assumptions underlying their projections.

For deep tech pitches to DCVC specifically, be prepared to discuss your technology development roadmap, regulatory pathway (if applicable), IP position, and how different funding scenarios affect your path to commercial traction. They will challenge your assumptions.

Working with a fractional CFO experienced in deep tech fundraising can meaningfully improve your preparation. Investor-ready financial models, realistic scenario planning, and clear articulation of unit economics and customer acquisition costs are baseline expectations for meetings with firms like DCVC.

Exploring other deep tech and climate-focused venture capital firms? Our comprehensive collection of VC firm reviews covers investors across all stages and sectors.

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Finding the right investor for your startup is one of the most consequential decisions you'll make. Take time to understand a firm's actual thesis, portfolio, and investment criteria before reaching out.