San Francisco AR/VR investors with recent spatial computing deals in 2026

San Francisco AR/VR companies raised $2.1B across 87 deals in 2025. That's up 40% from 2024 after Apple Vision Pro launched and validated spatial computing. Most capital went to enterprise training, remote collaboration, and development tools. Consumer AR is still struggling. If you're building a consumer metaverse play, you'll have a hard time here.

Quick list

Why San Francisco for AR/VR fundraising

San Francisco has 30+ active AR/VR investors. That's more than NYC and LA combined. Average Series A round is $12M, but seed rounds are smaller at $2-3M. You'll find the most capital for enterprise AR applications, developer tools, and infrastructure plays. Consumer AR is harder unless you have distribution figured out.

The ecosystem is mature. Meta has an office in SF. Apple's Vision Pro team is here. Unity and Unreal Engine have local presence. You can hire AR engineers without relocating them, which matters when building hardware. The downside is everyone's building spatial computing now. Competition for talent and investor attention is intense.

Most SF AR/VR investors want to see working prototypes. They won't fund just a deck and a vision. You need a demo they can try, preferably on multiple platforms. If you're pre-prototype, you'll struggle to get meetings.

Picking the right San Francisco AR/VR investor

Local presence matters more in AR/VR than pure software. Investors need to try your hardware or experience in person. Remote demos over Zoom don't work for immersive tech. Make sure your target investors are actually in SF and willing to meet in person.

Portfolio companies tell you what they really fund. Some AR/VR investors say they back consumer but only write checks for enterprise training. Check their last 10 deals. If it's all B2B applications, don't waste time pitching a consumer social VR app.

Check sizes for AR/VR are larger than typical software deals because hardware and content production cost more. Seed rounds are $2-4M. Series A is $10-15M. Anything below $2M for a hardware play won't get you far enough.

Sector focus within AR/VR varies widely. Some funds only do development tools. Others focus on enterprise applications. A few still bet on consumer despite the graveyard of failed headset companies. Make sure you're pitching the right subset. Use Ellty to share your deck with video demos embedded. AR/VR investors need to see the experience, not just read about it. Track which investors actually watch your demo videos versus which ones skim the slides.

Follow-on capacity is critical for hardware companies. You'll need $30-50M total to reach scale. If your seed investor can't participate in Series B, you'll be hunting for new capital while trying to ship hardware.

How to approach San Francisco AR/VR investors

Research recent deals by checking AWE (Augmented World Expo) attendee lists and speaker lineups. That's where SF AR/VR investors actually show up. If a fund hasn't been to AWE in two years, they've probably moved on from spatial computing.

Leverage the ecosystem through Unity Connect, Unreal Dev Grants, or Apple Vision Pro developer program. About 30% of SF AR/VR deals have platform connections. If you're building on Apple's platform, their developer relations team can make intros.

Build relationships first actually works in AR/VR because the community is small. There are maybe 200 serious AR/VR founders in SF. Investors know most of them. Get intros from other AR/VR founders, not random software CEOs.

Share your pitch deck through Ellty with embedded demo videos for each use case. SF AR/VR investors won't read 30 slides of text. They want to see the experience in the first 3 slides. Track which demo videos get the most views.

Attend local events like AWE, SVVR (Silicon Valley Virtual Reality), and SF VR meetups at Coinbase office. Those are where deals actually happen. UploadVR and Road to VR cover the SF scene closely.

Connect with portfolio founders at companies like Spatial, Gravity Sketch, or Immersed. They'll tell you which investors understand AR/VR economics and which ones apply software metrics that don't work for hardware. Knowing who views a document helps guide follow-up decisions.

Organize due diligence materials in an Ellty data room with your CAD files, Unity project specs, and hardware BOM. AR/VR investors want to see technical architecture, not just financial projections.

Understand local pace means 6-8 weeks for AR/VR deals versus 3-4 weeks for software. Investors need time to try hardware, test multiple demos, and understand technical feasibility. If someone commits after one meeting, they probably don't know what they're investing in.

San Francisco AR/VR market dynamics in 2026

SF AR/VR investors expect working prototypes on at least one platform. No more funding based on concept videos. You need a demo on Quest 3, Vision Pro, or Magic Leap that they can try themselves. Enterprise applications need 3+ pilot customers before Series A. Consumer apps need 10K+ MAU or clear viral mechanics.

Hardware companies face higher bars. Investors want to see your manufacturing partner, unit economics at scale, and path to sub-$1000 retail price. If you're building $3000 enterprise hardware, that's fine, but consumer AR glasses above $1000 won't get funded in 2026. The Apple Vision Pro reset expectations. Investors now compare everything to Apple's execution, which makes it harder for startups to raise. You need a clear answer for "why won't Apple just build this?" before taking meetings.

12 top AR/VR investors in San Francisco

1. Andreessen Horowitz

Led Niantic's seed round and stayed invested through Pokemon Go's $6B run. Still active in spatial computing.

• Recent Deals: Niantic (follow-on in 2025), Sandbox VR (follow-on in 2024), Mojo Vision ($45M Series B, 2024)
• LinkedIn: Chris Dixon
• Sector Focus: Consumer AR, spatial computing platforms, crypto/metaverse
• Stage Focus: Seed through growth
• Office Location: 2865 Sand Hill Rd, Menlo Park, CA
• Website: a16z.com

2. Khosla Ventures

Early believer in Magic Leap before the hype cycle. Still backs ambitious spatial computing hardware.

• Recent Deals: Magic Leap (follow-on in 2025), Varjo ($54M Series C, 2024), Simulated Reality ($8M Series A, 2025)
• LinkedIn: Vinod Khosla
• Sector Focus: AR/VR hardware, enterprise applications, spatial computing infrastructure
• Stage Focus: Series A through growth
• Office Location: 2128 Sand Hill Rd, Menlo Park, CA
• Website: khoslaventures.com

3. Kleiner Perkins

Led Spatial's Series A when remote work went spatial. Focus on enterprise VR collaboration tools.

• Recent Deals: Spatial ($14M Series A, 2024), Arthur ($1.5M seed, 2025), Immersed ($12M Series A, 2025)
• LinkedIn: Ilya Fushman
• Sector Focus: Enterprise collaboration, remote work VR, training simulations
• Stage Focus: Seed through Series B
• Office Location: 2750 Sand Hill Rd, Menlo Park, CA
• Website: kleinerperkins.com

4. Gradient Ventures

Google's AI-focused fund backing Looking Glass Factory for holographic displays. Deep tech AR plays only.

• Recent Deals: Looking Glass Factory ($8M Series A, 2024), Ubiquity6 (follow-on in 2025), Scape Technologies ($8M Series A, 2024)
• LinkedIn: Darian Shirazi
• Sector Focus: Computer vision, spatial AI, AR cloud infrastructure
• Stage Focus: Seed, Series A
• Office Location: 188 The Embarcadero, San Francisco, CA
• Website: gradient.com

5. General Catalyst

Backed Unity's growth rounds. Focus on development tools and platforms for AR/VR creators.

• Recent Deals: Unity (follow-on in 2025), Roblox (follow-on in 2024), Rec Room ($145M Series D, 2024)
• LinkedIn: Niko Bonatsos
• Sector Focus: Game engines, creator platforms, social VR
• Stage Focus: Series A through growth
• Office Location: 555 Mission St, San Francisco, CA
• Website: generalcatalyst.com

6. Lux Capital

Early in Nreal (now Xreal) for consumer AR glasses. Backs contrarian hardware plays.

• Recent Deals: Xreal ($60M Series C, 2025), Lynx ($18M Series A, 2024), Holo-Light ($8M Series A, 2025)
• LinkedIn: Josh Wolfe
• Sector Focus: AR glasses, mixed reality hardware, spatial computing chips
• Stage Focus: Series A through growth
• Office Location: 520 Broadway, New York, NY (SF office at 200 Brannan St)
• Website: luxcapital.com

7. Coatue

Backed Epic Games and its metaverse ambitions. Large-scale bets on spatial computing infrastructure.

• Recent Deals: Epic Games ($1.5B round, 2025), Niantic (follow-on in 2024), Genies ($150M Series C, 2024)
• LinkedIn: Dan Rose
• Sector Focus: Game engines, metaverse platforms, avatar technology
• Stage Focus: Series B through growth
• Office Location: 1 Letterman Dr, San Francisco, CA
• Website: coatue.com

8. Samsung NEXT

Corporate VC arm backing AR/VR startups that could integrate with Samsung devices.

• Recent Deals: Nanome ($3M Series A, 2024), WaveOptics (follow-on in 2025), Spatial (follow-on in 2025)
• LinkedIn: Ryan Lawler
• Sector Focus: Enterprise VR applications, AR optics, mobile AR
• Stage Focus: Seed through Series B
• Office Location: 665 Clyde Ave, Mountain View, CA
• Website: samsungnext.com

9. The VR Fund

Pure-play spatial computing fund. Backed Sandbox VR, Resolution Games, and VRChat.

• Recent Deals: Sandbox VR ($68M Series A, 2024), Resolution Games ($25M Series B, 2025), Survios (follow-on in 2025)
• LinkedIn: Tipatat Chennavasin
• Sector Focus: VR arcades, VR games, social VR platforms
• Stage Focus: Seed through Series B
• Office Location: 394 Pacific Ave, San Francisco, CA
• Website: thevrfund.com

10. Presence Capital

First dedicated VR fund in the world. Early in VRChat and AltspaceVR before Microsoft acquisition.

• Recent Deals: VRChat (follow-on in 2024), High Fidelity ($12M Series A, 2024), Moth+Flame ($3M seed, 2025)
• LinkedIn: Amitt Mahajan
• Sector Focus: Social VR, VR training, immersive storytelling
• Stage Focus: Pre-seed through Series A
• Office Location: 505 Montgomery St, San Francisco, CA
• Website: presencecap.com

11. Boost VC

Accelerator and fund focused on sci-fi technologies. Backed Somnium Space and other experimental VR platforms.

• Recent Deals: Somnium Space ($1.2M seed, 2024), Decentraland (early investor), Cryptovoxels ($800K seed, 2025)
• LinkedIn: Adam Draper
• Sector Focus: VR/crypto crossover, social VR, experimental platforms
• Stage Focus: Pre-seed, seed
• Office Location: 384 9th St, San Francisco, CA
• Website: boost.vc

12. Triptyq Capital

SF-based fund focused exclusively on spatial computing. Backed Varjo's high-end VR headsets.

• Recent Deals: Varjo ($54M Series C, 2024), Taqtile ($5M Series A, 2025), Aldin Dynamics ($2M seed, 2025)
• LinkedIn: Nicholas Fellingham
• Sector Focus: Enterprise VR, training simulations, AR industrial applications
• Stage Focus: Seed through Series B
• Office Location: 575 Market St, San Francisco, CA
• Website: triptyqcapital.com

Start tracking your San Francisco AR/VR investor outreach

These 12 investors closed 40+ AR/VR deals in SF during 2025-2026. Before you start reaching out to spatial computing funds, set up proper tracking with demo videos.

Upload your deck to Ellty and embed your AR/VR demo videos directly in the slides. Create a unique link for each investor so you can see who actually watches your demos versus who just skims text. SF AR/VR investors won't fund you without seeing the experience, so tracking video engagement is more important than tracking slide views.

When SF spatial computing investors ask for technical specs, share an Ellty data room with your Unity project files, hardware BOM, and manufacturing partner details. Your CAD files, optical specifications, and field of view calculations in one secure place with view analytics.

Common questions

Do I need a working prototype to raise AR/VR funding in SF?

Yes. Concept videos and mockups won't get funded anymore. You need a demo on Quest 3, Vision Pro, or another platform that investors can try themselves. Enterprise deals need pilot customers too.

How does SF compare to LA for AR/VR fundraising?

SF has more capital for infrastructure and platforms. LA has more entertainment and content studios interested in immersive storytelling. If you're building game engines or development tools, SF is better. If you're building VR experiences, LA might be easier.

What's the average AR/VR seed round size in San Francisco?

$2-4M for AR/VR versus $1-2M for pure software. Hardware and content production cost more, so investors write larger checks. Series A rounds average $12-15M.

Should I build for Quest, Vision Pro, or both?

Build for Quest first unless you're targeting enterprise at premium prices. Quest has 20M+ users. Vision Pro has under 1M. Most SF investors want to see distribution strategy, and Quest is the only platform with real consumer scale in 2026.

Do SF AR/VR investors expect in-person demos?

Always. Remote demos over Zoom don't work for immersive experiences. Plan to be in SF for at least a week to do demo days with multiple investors. Bring your hardware or have demo units ready locally.

What AR/VR sectors get funded most in San Francisco?

Enterprise training led in 2025 with $680M raised. Remote collaboration was second at $520M. Development tools and platforms raised $390M. Consumer social VR got $210M, mostly follow-on rounds for VRChat and Rec Room.

How technical do SF AR/VR investors get in diligence?

Very. Expect questions about frame rates, field of view, optical designs, thermal management, and battery life. They'll bring engineers to demo days. If your technical co-founder can't answer detailed hardware questions, you'll struggle to close deals.