Apptronik
AI & ROBOTICSApollo, a general-purpose humanoid built to work alongside people. An early Texas Fund bet on frontier hardware.
THE FLAGSHIP VENTURE FUND OF CAPITAL FACTORY
We write the first check into the future.
Cash investments into founders building deep and frontier technology, from seed through Series C, with conviction and the full weight of Texas behind every check.
APPTRONIKSARONICPARADROMICSCOLOSSALFIREFLY · NASDAQ: FLYINTUITIVE MACHINES · NASDAQ: LUNRAALO ATOMICS
#1
Most active early-stage investor in Texas every year since 2010, per PitchBook
132
Companies backed in cash across Texas Fund I and Fund II
2
Texas Fund companies now trading on the Nasdaq: Intuitive Machines and Firefly
Seed–C
First check early, follow-on through Series C
THESIS
Most firms wait for the proof. We write the check that creates it.
The Texas Fund goes early into companies solving problems at the edge of what's possible, and stays in for the long build. Our founders don't just raise from us; they raise through us.
We fill rounds, open doors at the Pentagon and the Fortune 500, and put the full weight of the densest founder network in Texas behind every company we back. Apptronik, Saronic, Paradromics, Colossal, Firefly: we were in the room early.
If you're building something the world isn't ready for yet, pitch us.
THE FRONTIERS WE BACK
01
Defense & national security
Autonomy, sensing and deterrence for a new era of national security.
Saronic · Allen Control · Vatn · X-Bow
02
Space
Launch, lunar and in-orbit infrastructure built in Texas.
Firefly · Intuitive Machines · Starlab · Mantis
03
AI & robotics
Machines and AI that do real work in the physical and digital world.
Apptronik · Diligent · Tailos · TeamFeed AI
04
Neurotech & bio
Brain interfaces, genetic engineering and new therapies.
Paradromics · Colossal · Neurable · Phantom Neuro
05
Energy
Nuclear, fusion, lithium and power for an electrified economy.
Aalo · Focused Energy · Element3 · Mesodyne
06
Next-gen industrial
Advanced materials, radar, aviation and manufacturing.
General Radar · DexMat · Natilus · Solideon
FEATURED
Founders reshaping civilization.
Saronic
DEFENSEAutonomous surface vessels to modernize the U.S. Navy, now building at the scale of billions.
Paradromics
NEUROTECHA high-data-rate brain-computer interface working to restore communication for people with paralysis.
PLATFORM
You don't just raise from us. You raise through us.
Capital is the start. The Texas Fund plugs every company into the machine Capital Factory has built since 2009.
ROUNDS
We help fill the round.
Our investor network leans in alongside us, from seed through Series C.
GOVERNMENT
Doors at the Pentagon.
Home of the Center for Dual-Use Innovation, with Army Futures Command, AFWERX and DIU, and one of five DARPA regional commercial accelerators.
CUSTOMERS
Introductions to the Fortune 500.
Corporate partners who pilot, buy from and invest in our founders.
NETWORK
The densest founder network in Texas.
A thousand-plus companies, mentors and operators across Austin, Dallas, Houston and San Antonio.
PORTFOLIO
Every company in the Texas Fund.
132 companies across Fund I and Fund II. Search by name or filter by frontier.
No companies match. Try another frontier or clear your search.
TEXAS FUND II · 2026
Doubling down on the next wave.
Fund II opened in 2026 to keep writing first cash checks into the most ambitious deep- and frontier-tech founders. 8 companies are already in.
HISTORY
From five companies a year to the venture firm at the center of Texas.
- 2009Capital Factory is foundedJoshua Baer starts a mentorship-driven accelerator in Austin: five companies a year.
- 2010Most active in TexasPer PitchBook, the most active early-stage investor in the state every year since.
- 2019Center for Defense Innovation23,000 sq ft with Army Futures Command, AFWERX and DIU, later the Center for Dual-Use Innovation.
- 2021Texas Fund I launchesThe first cash checks, formalizing the move from accelerator to venture firm.
- 2024DARPA acceleratorSelected as one of five DARPA regional commercial accelerators.
- 2026Texas Fund II opensDoubling down on the most ambitious deep- and frontier-tech founders.
IN MEMORY
Josh built the room. We'll keep the door open.
Joshua Baer founded Capital Factory in 2009 as a five-company accelerator in the teeth of a downturn, and spent the next seventeen years turning it into the center of gravity for Texas founders. He was a builder before he was an investor, a true super connector, and the person who made the introduction that changed everything for more companies than anyone can count.
Josh passed away on June 16, 2026. The Texas Fund is part of the legacy he left behind, and we are committed to carrying his mission forward: backing unstoppable founders, early, with everything we have.
FOUNDER & CEO, CAPITAL FACTORYKEY TO THE CITY OF AUSTIN, 2023“AUSTINPRENEUR”
TEAM
The people writing the checks.
CO-FOUNDER & PRESIDENT
Bryan Chambers
Co-founded Capital Factory and leads the firm as President, carrying forward the network, programs and partnerships that put Texas founders in front of capital, customers and government.
CO-FOUNDER & CHAIRMAN
Gordon Daugherty
Computer scientist, operator and investor in 250+ early-stage companies. Gordon helped build NetQoS through its $200M sale to CA Technologies and wrote Startup Success: Funding the Early Stages of Your Venture.
Jamie Serio
Vice President, Ventures
Nick Spiller
Managing Director, All Access Fund
Morgan Odell
Director of Ventures
Nina Shelat
Director of Government Ventures
Luis Martinez, Ph.D.
Venture Principal
FOR LIMITED PARTNERS
The network that sources the deals is the moat, and it compounds.
We see the best founders in Texas first because they come to us first. Fund performance, capital accounts and LP reporting live in the investor portal.
Building something the world isn't ready for yet?
Send us the short version. Every pitch is read by the investment team, and we reply to every founder.