(Pronounced: ken-STRUCT as in "to build") Investing in extraordinary founders building technology to transform the most foundational industries of our economy.
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In 2020 we bet Foundational Industries (manufacturing, supply chains, energy, and defense) were undervalued by tech investors. Today: we’ve crossed $1B in AUM—one of ~25 of the roughly 2,000 venture firms launched since 2020 to get there—and have built a portfolio that includes @HadrianInc, @shipveho, @CowboySpaceCorp, @AmcaInc. The thesis is playing out.
Thank you to @blsuth at @Bloomberg for her thoughtful writeup on this milestone.
bloomberg.com/news/newslette…
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We recently hosted our inaugural Construct Founders Summit at the Officers’ Club in the Presidio, bringing together our portfolio founders building across the most foundational industries of our economy.
Foundational Industries are growing at warp speed and we strived to provide practical, no-BS insights that our founders can immediately put to work—from navigating high-stakes deals and selling into government, to building exceptional products and world-class go-to-market teams.
Operators who have scaled massive organizations, teams, and outcomes shared their thoughts with us: Jeanne Grosser (@jdewitt29) on GTM systems, Trae Stephens (@traestephens) on scaling in atypical venture markets, Yuhki Yamashita (@yuhkiyam) on world-class products, Ed Batista (@edbatista) on culture-building, Dennis Cinelli (@DennisKCinelli) on high-stakes deals, and Willy Schlacks on the journey to IPO.
Our founders span multiple locations throughout the US, with many coming not only from the Bay Area but also from LA, New York, Boston, and Europe. As more late-stage capital flows into Foundational Industries, the need for collaborative sessions for founders building at the early stages is more important than ever; making small decisions at the early stages can drastically affect the direction of a company in later years. This is where we focus, and we loved getting everyone together in one room.
We’re honored to be a part of our founders’ journeys as they build the next generation of companies reindustrializing our world. Thank you to all of our sponsors, @WithCoverageInc, @CooleyLLP, Andersen Tax, @Aduro_Advisors, and @PwC, for helping make it all happen.
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Detroit this week for @reindsummit — one of our favorite rooms of the year.
Builders, operators, investors, and policymakers all in one place, talking seriously about what it actually takes to rebuild American industrial capacity. The energy here never gets old.
Proud to see @2112Power from @HadrianInc onstage. If you want to understand what it looks like to modernize precision manufacturing from the ground up, he's one of the best people making that case.
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Our Managing Partner @RachelJHolt joined @CarolineHydeTV and @EdLudlow on Bloomberg @technology to talk about why Construct Capital has been backing foundational industries—manufacturing, supply chain, logistics, and defense tech—for the past six years: bloomberg.com/news/videos/20…
The short version: In early 2020, before the hype, Rachel and @daynagrayson built Construct on the belief that the only way to solve the productivity decline in foundational industries was to invest in the software and hardware to transform these spaces. Since 2020, investor interest in these sectors is surging with a 20x+ increase in Series B and beyond investments.
A few takeaways from the conversation:
- The US wins on software and innovation, not cheap labor. Leapfrogging legacy infrastructure through AI and advanced technologies is the play.
- The best companies are seeing contracts follow the hype like @HadrianInc's recent deal with the US Navy: linkedin.com/feed/update/urn…
- Conviction comes from understanding spaces deeply and backing exceptional founders, not riding a wave.
Watch the full segment on Bloomberg Tech.
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Excited for @RachelJHolt to moderate the conversation “From Extraction to Execution: Rebuilding America’s Industrial Base for Strategic Competition” at @HillValleyForum today alongside James Litinsky (MP Materials), Rep. Riley Moore, and Michael Duffey (Department of War).
Beginning at 1:36 PM, together they’ll dig into what it actually takes to move from policy to production—and how the U.S. can rebuild real industrial capacity in a moment of accelerating global competition.
Thrilled to be part of the Hill & Valley Forum for a fourth consecutive year.
Watch live at piped.video/watch?v=lSGssdq3…
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@HadrianInc just opened Factory 4 today:
- 2.25M sq ft
- $2B invested
- 1,000 jobs
This is the Modern Reindustrialization Era in action—rebuilding how America's foundational industries work faster and at scale.
Proud to be an early investor and board member.
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BackOps just announced a $26M Series A led by @TheoryVC.
We led the Seed because we believed in the thesis early: Supply chains don’t need another dashboard. They need software that actually does the work.
@Backopsai is building the world’s first AI-native operating system for supply chain, automating the endless operational tasks that slow logistics teams down.
The results are already real:
• 35–60% daily time savings for operators
• Inquiry response times cut from 30 minutes → under 2
• 100% of eligible carrier claims automatically filed
Excited to continue backing the team alongside Theory, Gradient, and 10VC.
Big things ahead.
axios.com/pro/supply-chain-d…
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@SwarmAero is out of stealth with a $35M Series A.
We led the Seed because we believed in the thesis early: Air defense must shift from scarce + exquisite to scalable + software-defined.
Swarm is building:
• Large, multimission UAVs
• High-rate composite manufacturing
• Legion — software enabling many-to-one operator control
Rebuilding American resilience requires software-native systems, modern production techniques, and teams willing to rethink first principles; Swarm represents exactly that.
Proud to continue backing the team here.
axios.com/2026/03/11/swarm-a…
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Catch @daynagrayson on today’s TBPN podcast breaking down why Foundational Industries are one of the biggest opportunities of the next decade.
Tune in live @tbpn (Dayna on at 1:50pm PT / 4:50pm ET) 👇
nitter.net/i/broadcasts/1kvJpMyWq…
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We’re thrilled to share that @CamilaSaruhashi has been promoted to Partner at Construct Capital.
Camila has had a meaningful impact across the firm and with the founders she partners with. Having built and scaled companies herself, she brings deep empathy for entrepreneurs and lives Construct’s values every day—pairing thoughtful judgment with rigorous analytical depth as we continue to scale our funds, portfolio, and collaboration with founders transforming Foundational Industries.
Congratulations, Camila!
constructcap.com/articles/ca…
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We’re proud to share that @HadrianInc has raised additional capital at a $1.6B valuation, led by T. Rowe Price, with continued participation from Construct.
We’re excited to announce we’ve raised additional capital at a $1.6B valuation led by @TRowePrice with participation from @AltimeterCap, D1 Capital Partners, @stepstonegroup, @1789Capital, @foundersfund, @Lux_Capital, @a16z, @constructcap, @137ventures, @washingtonharbour, RTX Ventures, @haystackvc, and many others to meet the generational demand for reindustrialization in America.
This expanded capital enables us to accelerate our work rebuilding America’s industrial capacity. We are scaling factories, expanding workforce training, and advancing the AI-powered manufacturing systems required to rebuild domestic industrial capacity at speed and scale.
Grateful to our partners and team as we continue executing on the roadmap ahead.
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We’re thrilled to see Amplio announce its $11.1M Series A, led by Hitachi Ventures and Yamaha Motor Ventures, with participation from Construct Capital, Slow Ventures, Alpaca VC, and High Alpha.
Construct first backed Amplio at Seed, betting on @treyclosson and Taha Zinifi’s vision to transform one of manufacturing’s biggest hidden costs: inventory surplus.
Every year, more than $2T of value is locked up in excess parts, materials, and goods. Amplio’s AI-powered platform turns that waste into resilience unlocking trapped value, strengthening supply chains, and advancing circularity at industrial scale.
Today, that vision is scaling. The team is expanding into new categories like rolling stock, raw materials, and finished goods, while pushing the frontier of agentic AI in supply chain. Amplio is exactly what we look for at Construct: bold founders reimagining critical, overlooked systems of production with intelligence, grit, and ambition.
Congratulations to the entire Amplio team on this milestone. We’re proud to continue backing you!
Read more here: businesswire.com/news/home/2…
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Thank you to @JeffImmelt for inviting @daynagrayson onto "Leaders & Friends" to discuss her partnership with @RachelJHolt, which has bloomed into Construct's focus on foundational industries, a clear point of view on AI, and the dire need for real world infrastructure.
You can watch the full episode here: piped.video/watch?v=lJydbptS…
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We’re excited to share that we're leading Nauta's $7M seed round, alongside Predictive VC and an all-star group of logistics operators and angels!
Despite trillions of dollars in goods moving each year, importers still rely on emails, spreadsheets, and siloed, legacy systems to track and manage intermodal, global shipments at the container level, leaving them without the control that is now made possible with AI. Nauta addresses this challenge at the source by equipping importers who own, generate, and manage this data with an AI-powered single source of truth.
By orchestrating routine workflows and eliminating manual tasks, importers have the ability to improve margins and respond with greater agility. Learn why we backed them and how this funding will support them in continuing to transform logistics.
constructcap.com/articles/na…
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Today, @HadrianInc announced $260M in new funding from Founders Fund, Lux Capital, and Morgan Stanley to scale their mission: Production is the deterrent. Manufacturing is national security.
We’re honored to continue to back @2112Power and the team at Hadrian, building on our role of co-leading the Seed, as they:
- Scale machining output with Factory 3 in Arizona (launching December 2025)
- Expand into Factories-as-a-Service, enabling parts, assemblies, and full products to meet urgent national needs
- Build dedicated capacity for Maritime and Munitions production, solving critical bottlenecks in America’s industrial base
- Accelerate Opus, their groundbreaking factory autonomy platform that enables the New American Industrial Workforce to scale 10× faster
Hadrian’s vision — reshoring advanced manufacturing, empowering a skilled workforce, and strengthening national security — is exactly the kind of generational impact we strive to invest in at Construct.
Congratulations to Chris Power and the entire Hadrian team for their relentless execution.
cnbc.com/video/2025/07/17/st…
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Behind every five‑star hotel experience is a back office juggling spreadsheets, supplier portals, and late‑night invoice coding to keep things running smoothly. This is an operational reality that makes hospitality one of the most fragmented, least digitized sectors in the economy.
That's why we're thrilled to announce that we've led the $14M Series A round in Folio, alongside @ThriveCapital.
Founded by @realkateadamson and @alhertz, Folio turns today's messy procurement process into a single, intuitive command center, uniting search, ordering, invoicing, and payments in one platform purpose‑built for hotels. The impact is clear, and hotels are already seeing double digit cost savings.
Today, Folio is a modern checkout lane for a $150Bn+ industry that at best is using 20 year old systems of record, and at worst is writing paper checks. But this is just the beginning. We we see a future where hotels trust Folio as a strategic operating system: surfacing the best suppliers, predicting seasonal demand, and handling payments in a single click, growing the entire sector from the inside out.
We're proud to partner with Kate and Al and the entire Folio team. If you're exited about building the future of hospitality, Folio is hiring!
constructcap.com/articles/fo…
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The @reindsummit project, conference, and whole effort is incredible to watch and we're excited that @daynagrayson will be speaking alongside this roster of important voices rebuilding our most foundational industries.
🏭Reindustrialize 2.0 Announcement🏭
We're honored to feature:
Dayna Grayson (@daynagrayson)
Co-founder and Managing Director, Construct Capital (@constructcap)
Previously announced:
> Jason Wade, Top Advisor to the President at United Auto Workers
> Cameron McCord & Stephen Slattery, CEO & Head of Product at Nominal
> Matt Vaughan, President, Applied Science & Technology at Battelle
> Isaiah Taylor, CEO at Valar Atomics
> Mark Kvamme, CEO & CIO at The OHIO Fund
> Sankeat Pathak, CEO at Foundation Future Industries
> Mike Graff, Chairman and CEO (retired) at American Air Liquide
> Mike Duggan, Mayor of Detroit
> Roger Martella, CCO at GE Vernova
> Chris Barman, CEO at Slate Auto
> Frank Finelli, Senior Advisor at the Carlyle Group
> Matt Byington, Partner at General Catalyst
> Amos Hochstein, Managing Partner at TWG Global
> Michael Rose, CIO at Ferrara Manufacturing
> Ambassador Matt Whitaker, Permanent Representative of the U.S. to NATO
> Adam Goldstein, Founder & CEO at Archer
> Louis Mosley, EVP at Palantir
> Christian Garrett, Investment Partner at 137 Ventures
> JC Btaiche, Founder & CEO at Fuse Energy
> Alexander Girau, CEO & Co-founder at Group1
> John Clark, SVP at Lockheed Martin
> Thomas Tull, Co-Chairman at TWG Global
> Mark Abdollahian, CEO at ACERTAS
> Lucas Pacheco, Manufacturing Instructor at Hawthorne High School
> Paul Kwan, Managing Director, Global Resilience at General Catalyst
> Aaron Slodov, CEO at Atomic Industries
> JoeBen Bivert, Founder & CEO at Joby Aviation
> Jake Loosararian, CEO and Co-Founder at Gecko Robotics
> Boris Sofman, CEO at Stealth
> Jake DeWitte, Co-founder & CEO at Oklo
> Dave Trulio, President & CEO at the Ronald Reagan Presidential Foundation
> Philip Desimone, CEO of Carbon
> Kevin Kassekert, CEO of Vulcan Forms
> Justin Krauss, Managing Director at J.P. Morgan
> Kevin Fernandes, President at Macrodyne Technologies
> Karan Talati, CEO of First Resonance
> Darin DiTommaso, VP Defense & Systems Engineering at GE Aerospace
> Mitch Lee, CEO of Arc Boats
> Miles Arnone, CEO of Re:Build Manufacturing
> Leland Miller, CEO of China Beige Book
> Del Costy, President, Digital Industries AMS (AUT & SW) at Siemens
> Kirk Phelps, Chief Product Officer at Juul Labs
> Jan Sramek, Founder & CEO of CA Forever
> Natan Linder, CEO & Co-Founder of Tulip Interfaces > Saman Farid, CEO at Formic
> Matt Myrand, Director of Ind Eng at Whirlpool Corp
> Lior Susan, Founding Partner, Eclipse
> Stephen Rodriguez, Chairman of Blue Forge Alliance > Vib Altekar, CTO at Saronic
> Gregory Bernstein, CEO at The New Industrial Corp
> Ann Bluntzer Pullin, ED at Hamm Institute
> Austin Bishop, CEO of NAIA
> Drew Oetting, Co-Founder and President at 8VC
> Nadia Schadlow, Senior Fellow at the Hudson Institute
> Erik Prince, Founder at Prince Manufacturing
> Andy Lowery, CEO at Epirus
> Eric Chewning, EVP at HII
> Aidan Madigan-Curtis, GP at Eclipse
> Chris Power, CEO of Hadrian
> Billy Thalheimer, CEO of REGENT
> Carrie Wibben Kaupp, President of Exiger
> Josh Steinman, CEO of Galvanick
> Evan Smith, CEO of Altana
> Adam Warmoth, CEO of Stealth
> Sassie Duggleby, Co-Founder & CEO of Venus Aerospace
> Scott Nolan, CEO of General Matter
> Filip Aronshtein, Co-Founder & CEO of Dirac
> Patrick McGee, Author of "Apple in China"
> Garry Tan, President & CEO of YCombinator
> Ambassador Jamieson Greer, 20th US Trade Representative
> Lucian Boldea, President and CEO of Honeywell Industrial Automation
> Palmer Luckey, Founder of Anduril
> Shyam Sankar, CTO of Palantir
> Daleep Singh, Vice Chair of PGIM
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Supply chain exception fatigue is real. And it’s costing companies far more than they realize.
That’s why we led the $6M Seed round in @Backopsai, the connective intelligence layer transforming how the modern supply chain runs.
BackOps is a foundational shift in how operators work. Founded by @seanmcccarthy and Henry Ou, BackOps connects systems of record (like WMS, TMS, and ERP) with the messy, real-world communication layer of voice, email, chat, and tickets. Its first product, Relay, actively listens, triages, and resolves issues across fragmented systems — turning reactive chaos into seamless resolution.
One misplaced pallet shouldn’t trigger days of manual triage and lost productivity. Yet over 10% of high-volume shipments still arrive with errors, with each one representing a mini-crisis. BackOps automates exception handling end-to-end — boosting throughput, slashing cycle times, and unlocking working capital.
We’re proud to partner with Sean and Henry on this journey. If you’re excited about building real-world AI with real-world impact, BackOps is hiring!
constructcap.com/articles/ba…
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Congrats to @theroundsco on joining forces with
@misfitsmarket to scale their shared mission: making everyday essentials more sustainable and accessible.
Led by @alexxtorrey, @ByungwooKo, and an exceptional team, The Rounds has reimagined urban logistics — building the two way rails for local delivery by delivering high-quality household items while slashing single-use packaging. Their alignment with Misfits Market is a perfect fit.
We’re excited to see what this powerful combination will unlock.
techcrunch.com/2025/05/30/gr…
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Our own @daynagrayson on @BloombergTV with @CarolineHydeTV and @EdLudlow discussing how our industrial sectors should be industrial TECH sectors but fell woefully behind over the last 25 years. We have the capabilities and entrepreneurial talent to catch and create a new competitive wave. This is what gets us excited for this important journey with Fund III at Construct Capital.
@HadrianInc @Veho @DBOS_Inc
A new $300M fund aims to support tech startups remaking US manufacturing. Dayna Grayson of Construct Capital explains why an “America First” need is only part of the equation bloom.bg/4ipNhlq
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