San Francisco hardware investors nourishing physical product companies in 2026

San Francisco hardware companies raised $8.3B across 240+ deals in 2025. Most capital went to robotics, semiconductors, and advanced manufacturing. The Bay Area still has the deepest hardware expertise despite software dominating headlines. You'll need working prototypes and clear manufacturing plans before Series A - investors won't fund hardware on pitch decks alone anymore.

Quick list

Why San Francisco for hardware fundraising

San Francisco and the Bay Area have 80+ active hardware investors within a 30-mile radius. Average seed round is $3-5M and Series A is $12-20M, both higher than hardware deals in other US cities. Hardware needs more capital than software because you're funding inventory, tooling, and manufacturing partnerships.

The Bay Area gives you access to Flex, Jabil, and 50+ other contract manufacturers within an hour's drive. Most SF hardware investors have direct relationships with Asian CM facilities and can intro you to factories that'll take 10,000-unit production runs. Apple, Google, and Tesla all built hardware teams here, so mechanical engineers and industrial designers are easier to hire than anywhere else.

Hardware still scares most VCs because margins are lower and timelines are longer than SaaS. You'll pitch 40+ investors to close a seed round. But SF hardware investors understand supply chain, manufacturing risk, and certification timelines. They won't panic when your Series A pushes 4 months for UL certification or FDA clearance.

Picking the right San Francisco hardware investor

Local presence matters significantly in hardware because investors want to see your lab, touch prototypes, and meet your mechanical engineers. Most SF hardware deals happen after facility tours where investors evaluate your manufacturing readiness. Remote fundraising works for Series B+ once you have production units shipping, but seed rounds need hands-on evaluation of your hardware.

Portfolio companies reveal specialization that matters more in hardware than software. Check if they've backed consumer electronics versus industrial hardware versus medical devices. Those categories require completely different expertise in regulatory approval, distribution channels, and unit economics. Look for 2-3 hardware exits in their portfolio, not just active investments. Hardware takes 7-12 years to exit, so experienced investors understand the timeline.

Check sizes in SF hardware range from $1M pre-seed to $50M Series C. Dedicated hardware funds like Lux and Eclipse write $10-20M Series A checks. Generalist funds typically do $2-4M seeds then need specialist co-investors for growth rounds. Industrial hardware raises 30% more than consumer hardware at Series A because enterprise contracts provide predictable revenue.

Local network in SF hardware means intros to Apple engineers leaving for startups, Tesla supply chain managers, and manufacturing experts from Flex and Jabil. The best SF hardware investors can connect you to product design firms in Palo Alto and mechanical engineering consultants who've shipped 100+ hardware products. Share your deck through trackable links with Ellty so you know which investors actually review your manufacturing timeline and bill of materials before meetings.

Follow-on capacity is critical because hardware companies need 4-5 funding rounds before profitability. Most SF hardware funds reserve 50-60% of their capital for follow-ons since manufacturing always takes longer than projected. Ask explicitly if they lead Series B and C. If they can't fund your next two rounds, you'll spend 8 months finding new investors while burning $400K+ monthly on inventory and tooling.

How to find and approach San Francisco hardware investors

Research local deals by tracking TechCrunch hardware coverage and Pitchbook hardware investments in the Bay Area. Cross-reference investor names with Hardware Developers Meetup attendees and HAX Demo Day participants. Most SF hardware investors attend CES and the Hardware Conference. Don't pitch funds that haven't done hardware deals since 2021 - they've shifted focus to software.

Leverage local ecosystem through HAX and Lemnos even if you're not in their programs. Both accelerators host hardware showcases where investors actively scout. PCH and Dragon Innovation in San Francisco connect you to manufacturing partners that other ecosystems can't access. Most SF hardware intros happen through university labs at Stanford, Berkeley, and UCSF, not cold emails.

Build relationships first because SF hardware investors evaluate 50+ hardware companies quarterly but only fund 2-3 annually. They need to see your progress over 6 months before they'll seriously consider investing. Invite them to quarterly prototype demos. Send monthly updates showing manufacturing milestones, pilot customer deployments, and iteration cycles. Hardware investors fund teams that ship fast, not just teams with great ideas.

Share your pitch deck through Ellty with unique tracking links for each SF investor. You'll see exactly who opens your deck and which sections get the most attention. Hardware investors typically skip market size slides and jump straight to your bill of materials, manufacturing roadmap, and unit economics at scale. Include real photos and videos of working prototypes, not renderings or CAD files.

Attend local events including Hardware Conference, CES (most SF hardware investors attend), and the Hardware Developers Meetup in San Francisco. Those three generate 50%+ of SF hardware investor meetings. Berkeley's Skydeck and Stanford's StartX both have hardware tracks with investor connections. Skip generic startup networking events - hardware investors don't attend those.

Connect with portfolio founders from your target investors' hardware portfolios on LinkedIn. Hardware founders openly share fundraising experiences because the community is tight-knit. They'll tell you which funds understand manufacturing delays and which ones panic when you need an extra $2M for tooling. Most will intro you if your product isn't competitive with theirs. Regular updates help maintain alignment outside fundraising cycles.

Organize due diligence materials in an Ellty data room before investor meetings. SF hardware investors need to see your CAD files, bill of materials, supplier quotes, manufacturing partner agreements, and regulatory certifications immediately. Technical due diligence for hardware takes 8-10 weeks versus 2-3 weeks for software. Having organized documentation signals you understand compliance and supply chain management.

Understand local pace because SF hardware deals close in 6-8 months for Series A, significantly longer than software rounds. Investors need to visit your facility, meet your contract manufacturer, evaluate your prototypes, and reference-check your pilot customers. Budget 15-20 investor meetings before term sheets. Most SF hardware funds want their technical partners to independently evaluate your product, which adds 4-6 weeks to the process.

San Francisco hardware considerations

SF hardware investors split into two groups - former engineers who built physical products and software investors who dabble in hardware. The first group funds realistically and understands that hardware timelines slip. The second group expects software-like margins and pivots to software-only solutions when manufacturing gets hard. Figure out which camp your investor is in during first meetings.

Consumer hardware hasn't recovered from 2015-2017 when Juicero, Lily Drone, and 50+ other products failed. You'll need exceptional founders, proven demand through crowdfunding or pre-orders, and clear path to retail distribution. Most SF investors now require $2M+ revenue before Series A for consumer hardware. B2B industrial hardware raises 2x faster because enterprise pilots provide clear ROI data.

Semiconductor and chip design companies raised significant capital in 2025 as AI hardware demand exploded. You'll need PhD-level technical founders and working silicon before Series A. Medical devices work if you have FDA breakthrough designation or clear 510(k) pathway. IoT hardware struggles unless you have strong recurring software revenue - investors learned from the IoT bubble that hardware-only margins don't work.

20 top hardware investors in San Francisco

1. Lux Capital

Lux backs the hardest hardware problems and has more deep tech exits than any SF fund.

• Recent Deals: Anduril $1.5B round (2025), Figure AI $675M Series B (2025), Epirus defense hardware (2024)
• LinkedIn: Josh Wolfe
• Sector Focus: Defense hardware, robotics, semiconductors, advanced manufacturing, space systems
• Stage Focus: Series A, Series B, Series C, Growth
• Office Location: Financial District, San Francisco
• Website: luxcapital.com

2. Playground Global

Playground provides hands-on engineering support and has an in-house team that helps build hardware prototypes.

• Recent Deals: Zipline drone scaling (2024-2025), consumer hardware platforms, autonomous delivery systems
• Sector Focus: Consumer electronics, robotics, drones, IoT devices, autonomous systems
• Stage Focus: Seed, Series A, Series B
• Office Location: Palo Alto
• Website: playground.global

3. Eclipse Ventures

Eclipse specializes in industrial hardware and has deeper manufacturing expertise than generalist funds.

• Recent Deals: Veo Robotics $29M Series B (2024), industrial automation hardware (2025), manufacturing systems
• Sector Focus: Industrial automation, manufacturing hardware, supply chain systems, factory equipment
• Stage Focus: Series A, Series B, Series C
• Office Location: Palo Alto
• Website: eclipse.vc

4. Root Ventures

Root backed Samsara at $4M valuation before it became $12B IoT hardware giant and understands deep tech.

• Recent Deals: IoT hardware platforms (2024-2025), sensor networks, industrial monitoring systems
• Sector Focus: IoT hardware, sensor networks, industrial systems, connected devices
• Stage Focus: Seed, Series A
• Office Location: SOMA, San Francisco
• Website: root.vc

5. Bolt

Bolt provides manufacturing resources and helps hardware founders navigate Asia supply chain from prototype to production.

• Recent Deals: Consumer electronics (2024-2025), smart home devices, wearables, personal hardware products
• Sector Focus: Consumer electronics, smart home, wearables, personal devices, IoT consumer products
• Stage Focus: Seed, Series A
• Office Location: Russian Hill, San Francisco
• Website: bolt.io

6. SOSV

SOSV runs HAX accelerator with 40+ hardware cohorts and provides hands-on manufacturing support in San Francisco and Shenzhen.

• Recent Deals: HAX portfolio companies (2024-2025), consumer hardware, industrial IoT, robotics prototypes
• Sector Focus: Consumer hardware, industrial IoT, robotics, medical devices, manufacturing tools
• Stage Focus: Pre-seed, Seed
• Office Location: Embarcadero, San Francisco
• Website: sosv.com

7. Khosla Ventures

Khosla backs moonshot hardware projects and has portfolio access to manufacturing partners most funds can't provide.

• Recent Deals: Impossible Foods production hardware (2024), climate tech hardware (2025), advanced materials
• Sector Focus: Climate hardware, food tech, advanced materials, energy systems, manufacturing innovation
• Stage Focus: Series A, Series B, Growth
• Office Location: Menlo Park
• Website: khoslaventures.com

8. DCVC

DCVC performs deep technical due diligence and backs hardware solving hard physics and materials problems.

• Recent Deals: Semiconductor companies (2025), advanced materials startups (2024), deep tech hardware platforms
• Sector Focus: Semiconductors, advanced materials, quantum hardware, photonics, chip design
• Stage Focus: Series A, Series B, Growth
• Office Location: Embarcadero, San Francisco
• Website: dcvc.com

9. Threshold Ventures

Threshold backed Nest at $800K valuation before $3.2B Google acquisition and understands consumer hardware at scale.

• Recent Deals: Smart home platforms (2024), consumer IoT devices (2025), connected home products
• Sector Focus: Smart home, consumer IoT, connected devices, home automation, consumer electronics
• Stage Focus: Seed, Series A, Series B
• Office Location: Menlo Park
• Website: threshold.vc

10. Lemnos Labs

Lemnos provides hardware-specific resources including lab space, manufacturing connections, and technical advisors.

• Recent Deals: Hardware accelerator companies (2024-2025), early prototypes, industrial tools, consumer devices
• Sector Focus: Hardware prototyping, manufacturing tools, industrial devices, consumer products
• Stage Focus: Pre-seed, Seed
• Office Location: Dogpatch, San Francisco
• Website: lemnos.vc

11. Founders Fund

Founders Fund backs contrarian hardware bets and led Anduril, SpaceX, and other moonshot physical products.

• Recent Deals: Anduril growth rounds (2024-2025), space hardware companies, defense technology platforms
• Sector Focus: Defense hardware, space systems, advanced manufacturing, contrarian physical products
• Stage Focus: Series A, Series B, Growth
• Office Location: Presidio, San Francisco
• Website: foundersfund.com

12. True Ventures

True backed Fitbit at seed stage and has strong track record in consumer hardware despite being generalist fund.

• Recent Deals: Consumer hardware platforms (2024), wearables, smart home devices (2025)
• Sector Focus: Consumer electronics, wearables, smart home, fitness devices, personal hardware
• Stage Focus: Seed, Series A
• Office Location: Jackson Square, San Francisco
• Website: trueventures.com

13. Data Collective

Data Collective backs AI hardware and chip companies with technical evaluation most VCs can't perform.

• Recent Deals: AI chips (2025), ML hardware accelerators (2024), computational hardware platforms
• Sector Focus: AI chips, ML hardware, computational systems, data center hardware, chip design
• Stage Focus: Series A, Series B
• Office Location: Financial District, San Francisco
• Website: dcvc.com

14. Comet Labs

Comet focuses on hardware-software combinations and AI-powered physical products across robotics and IoT.

• Recent Deals: AI hardware platforms (2024-2025), robotics systems, intelligent IoT devices
• Sector Focus: AI hardware, robotics, intelligent IoT, computer vision systems, ML-powered devices
• Stage Focus: Seed, Series A
• Office Location: Presidio, San Francisco
• Website: comet.vc

15. Toyota AI Ventures

Toyota AI Ventures backs mobility hardware and autonomous systems with access to Toyota's manufacturing network.

• Recent Deals: Autonomous vehicle hardware (2025), mobility systems (2024), transportation technology
• Sector Focus: Autonomous vehicles, mobility hardware, transportation systems, automotive technology
• Stage Focus: Series A, Series B, Growth
• Office Location: Los Altos
• Website: toyota.ai

16. Uncork Capital

Uncork leads seed rounds for consumer hardware with strong founder networks despite smaller fund size.

• Recent Deals: Consumer electronics seeds (2024-2025), smart home devices, personal hardware products
• Sector Focus: Consumer electronics, smart home, personal devices, wearables, IoT consumer products
• Stage Focus: Seed, Series A
• Office Location: Palo Alto
• Website: uncorkcapital.com

17. Susa Ventures

Susa backs IoT platforms and sensor networks with strong technical evaluation capabilities.

• Recent Deals: IoT platforms (2024-2025), sensor networks, industrial monitoring hardware
• Sector Focus: IoT platforms, sensor networks, connected devices, industrial hardware, monitoring systems
• Stage Focus: Seed, Series A
• Office Location: SOMA, San Francisco
• Website: susaventures.com

18. Hack VC

Hack VC funds blockchain hardware, crypto mining infrastructure, and decentralized physical networks.

• Recent Deals: Crypto mining hardware (2024-2025), blockchain infrastructure, decentralized networks
• Sector Focus: Blockchain hardware, crypto mining, decentralized infrastructure, web3 devices
• Stage Focus: Seed, Series A, Series B
• Office Location: Mission District, San Francisco
• Website: hack.vc

19. Bragiel Brothers

Bragiel Brothers backs international hardware companies expanding to US market through San Francisco operations.

• Recent Deals: International hardware expansion (2024-2025), consumer electronics, manufacturing platforms
• Sector Focus: International hardware, consumer electronics, manufacturing systems, global expansion
• Stage Focus: Seed, Series A
• Office Location: Financial District, San Francisco
• Website: bragielbrothers.com

20. HAX

HAX operates as both accelerator and seed fund with 120+ hardware companies graduated since 2012.

• Recent Deals: HAX accelerator graduates (2024-2025), consumer hardware, robotics, medical devices
• Sector Focus: Consumer hardware, robotics, IoT, medical devices, manufacturing innovation
• Stage Focus: Pre-seed, Seed
• Office Location: Embarcadero, San Francisco
• Website: hax.co

Start tracking your San Francisco hardware investor outreach

These 20 investors closed SF hardware deals in 2025-2026. Before you start reaching out to Bay Area hardware funds, set up proper tracking.

Upload your deck to Ellty and create a unique link for each San Francisco hardware investor. You'll see exactly which slides they view and how long they spend on your manufacturing roadmap versus market size. SF hardware investors typically skip your team credentials and jump straight to bill of materials, unit economics at 10K units, and certification timelines.

When San Francisco investors request technical documentation during diligence, share an Ellty data room instead of scattered email attachments. Your CAD files, BOM with supplier quotes, manufacturing partner contracts, and regulatory certifications in one secure place with view analytics. Most SF hardware deals require 10-14 weeks of technical due diligence, so organized documentation accelerates term sheet negotiations.

Common questions

Do I need to be in San Francisco to raise from SF hardware investors?

Yes, for seed and Series A rounds. Hardware investors need to visit your lab, evaluate working prototypes, and meet your engineering team face-to-face. You can raise remotely once you have production units shipping to customers with proven demand. Plan to spend 4-6 weeks in the Bay Area for concentrated investor meetings and facility demonstrations.

How does San Francisco compare to other cities for hardware fundraising?

SF has the most hardware capital and deepest manufacturing expertise in the US. New York has less hardware experience but stronger retail distribution networks for consumer products. Boston excels at medical devices due to hospital proximity. Shenzhen has cheaper prototyping but minimal venture capital. For most hardware categories, SF offers the best combination of capital and expertise.

What's the average Series A size for SF hardware companies?

$12-20M for industrial hardware and $8-15M for consumer hardware products. Robotics and semiconductor companies raise at the high end. IoT devices struggle to break $10M unless they have strong recurring revenue. That's 50-70% higher than hardware Series A rounds in other US cities except possibly Boston for medical devices.

Should I raise locally or pitch SF investors from another city?

Raise in SF if you're building robotics, semiconductors, advanced manufacturing, or consumer electronics at scale. The capital concentration and manufacturing network justifies relocating. Stay local if you're building medical devices near research hospitals in Boston, automotive hardware in Detroit, or have unique regional advantages in manufacturing partnerships.

What types of hardware get funded most in San Francisco?

Robotics and industrial automation dominate SF hardware funding in 2025-2026. Semiconductor and chip design companies raised significant capital driven by AI demand. Consumer electronics struggle unless you have proven crowdfunding success or pre-orders. IoT platforms work if you have strong software revenue. Medical devices require FDA pathway clarity before investors engage seriously.