Venture capital firm 8VC, founded by Palantir co-founder Joe Lonsdale, is seeking to raise nearly $1 billion for its sixth fund, according to a recent regulatory filing. This marks a significant increase from its previous $880 million flagship fund, which closed in February 2023.

The Austin-based firm has invested in over 600 companies since its founding 10 years ago, with notable portfolio companies including Asana, Flexport, hims and hers, and Elon Musk's The Boring Company. However, it's 8VC's investments in the defense sector that have garnered the most attention, given Lonsdale's defense roots.

In 2022, 8VC was a seed investor in Saronic, a manufacturer of robotic boat drones that can also gather surveillance and reconnaissance. Since then, the company has closed two rounds and is currently in talks to raise $500 million at a $3 billion valuation, according to Forbes. This investment is just one example of 8VC's growing focus on defense technology.

Another defense tech investment of note is Overland AI, a startup developing autonomous vehicles for defense and national security applications. When Overland raised a $32 million Series A earlier this month, Lonsdale told Axios that the company is in a position to become the "next great defense prime." This sentiment highlights 8VC's commitment to backing innovative companies in the defense sector.

In addition to defense, healthtech and life sciences are also significant areas of focus for 8VC, representing over a quarter of the firm's deals. Notable investments in this space include publicly traded biotechs Senti Bio and Vir. This diversification of investments demonstrates 8VC's ability to identify and support promising startups across multiple industries.

Lonsdale's decision to move 8VC from Silicon Valley to Austin in 2020 was driven by his desire to operate in a city that is more tolerant of "ideological diversity." This move has seemingly had no impact on the firm's ability to attract investment and support innovative companies.

Joe Lonsdale's background is marked by his experience as an intern at PayPal for two summers, followed by a stint as an executive at Clarium Capital, the now-defunct hedge fund founded by Peter Thiel. In addition to co-founding Palantir, Lonsdale also co-founded Addepar, a wealth management and investment software company that reportedly raised $250 million at a $3.25 billion pre-money valuation.

The success of 8VC's sixth fund will be closely watched, given the firm's track record of identifying and supporting innovative companies. As the venture capital landscape continues to evolve, 8VC's ability to raise nearly $1 billion for its latest fund is a testament to the firm's reputation and influence in the industry.

The implications of 8VC's latest fund are far-reaching, with potential investments in defense and healthtech set to drive innovation and growth in these sectors. As the firm continues to expand its portfolio, it will be interesting to see how its investments shape the future of these industries.