NVP’s Vaughn Crowe on how manufacturing and industrials hit their venture moment

“I was in the same neighborhood as the airport and the port,” said Crowe. “Before I knew what being a financier was, there was the thought that being a longshoreman wasn’t a bad idea. It’s a good living and I had friends who went down that path. When you’re from that environment, you can apply some critical thinking and understanding that there’s value to be created.”

Crowe, who cofounded VC firm NVP Capital with Dan Borok, has been investing in manufacturing and industrials since the firm’s beginnings in 2020. In the years since, “reindustrialization” has become something between buzzword and reality, with private capital and venture dollars flowing into the industrial base, from manufacturing to defense to energy. For a long time, those sectors weren’t seen as venture-ready. I asked Crowe: What changed?

“COVID put a spotlight on supply chain, travel, logistics, energy, power,” he said. “Healthcare is mission-critical for our country, but guess what else is? Manufacturing, shipping, and receiving. So, we were seeing where the U.S. economy was affected at scale, and that flashlight shined brightly on nursing and healthcare, of course, but also on the supply chain. Then, with geopolitical challenges around aerospace and defense, the government shifted to support mission-critical industries to help them be more self-reliant. It was a moment in time where we were recognizing these things as critical.”

AI has, of course, accelerated all of this, too. As Crowe told Fortune: “We’re at the intersection of where AI meets the physical world, and it’s impacting everything, including space, robotics, and manufacturing. We’re at the precipice of something truly revolutionary in the physical world.”

NVP has backed a wide range of companies, including Vulcan Elements, Reaxiomatic, Laborup, Outlast Power, Human Archive, Haptica Robotics, Class8, Optimal Dynamics, and Upwell. Exits, he said, will likely involve some combination of IPOs and M&A. 

“We’ll see how this plays out,” said Crowe. “For some of these legacy manufacturers, there could be a roll-up play… The options become real as you demonstrate how critical these industries are and how well they can perform. The public realm and commercial markets will also open up, and there will be enhanced chances for IPOs. There are multiple ways to create venture-like returns in this space.”

NVP closed its second fund of $80 million in 2025, and the firm is now competing in a space that’s gotten hot. (The firm was an early backer of rare earths startup Vulcan Elements, now valued at about $2 billion.) But Crowe’s gotten there early, in part because he’s been connected to it all along.

“Our firm today is in New York and San Francisco, but my experience of seeing all this live, this unique moment in time, and layering on some of my experiences growing up in an old industrial city, we know enough to be dangerous,” he said. “We can speak the language.”

A note… It’s the 25th anniversary of 9/11 today, and I’ve been thinking a lot about New York, reading stories like this with interest. I moved back in December of last year, and I’m always in our offices in Lower Manhattan. It is thriving, and I’m grateful to be here on this solemn day of commemoration—and every day. 

See you Monday,

Allie Garfinkle
X: @agarfinks
Email: alexandra.garfinkle@fortune.com

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VENTURE CAPITAL

– Celero Communication, an Irvine, Calif.-based developer of technology designed to help move data between AI data centers, raised $275 million in Series C funding. CapitalG, Atreides Management, and Valor Equity Partners led the round and was joined by existing investors Sutter Hill Ventures and Maverick Silicon.

– Forus, a New York City-based AI healthcare company designed to help patients get access to medicines, raised $150 million in Series C funding. Bain Capital Ventures led the round and was joined by existing investors, including Thrive Capital, General Catalyst, Accel, Redpoint, BoxGroup, and Pear VC. 

– TAR, an Austin, Texas-based developer of off-grid power systems for AI data centers, raised $120 million in Series A funding. Spark Capital led the round.

– Maven Robotics, a Santa Clara, Calif.-based developer of industrial robots, raised $100 million in Series A funding from RoboStrategy, LocalGlobe, Vine Ventures, and XTX Ventures.

– Latitude, a Spring, Texas-based provider of payment infrastructure for stablecoin transactions and local payments, raised $35 million in Series A funding. Oak HC/FT led the round and was joined by NEA, Coinbase, Lightspeed Faction, and OpenFX.

– Epsilon Health, a San Francisco-based AI-native radiology practice, raised $27.6 million in funding. AlleyCorp led the round and was joined by Uncork Capital, Renegade Partners, and others.

– Piston, a Cupertino, Calif.-based cardless fuel-payment platform for commercial fleets, raised $15 million in Series A funding. FPV Ventures led the round and was joined by existing investors Spark Capital and Pear VC.

– Graph AI, the Pleasanton, Calif.-based developer of AI software for drug-safety reporting, raised $13.3 million in Series A funding. Insight Partners led the round and was joined by existing investor Bessemer Venture Partners.

– Intermezzo, a Menlo Park, Calif.-based provider of payroll software, raised $10 million in funding from Crosslink Capital, UKG Ventures, CloudPay, Character Capital, Behind Genius Ventures, and angel investors.

– CONNECTA Therapeutics, a Barcelona, Spain-based biotechnology company developing treatments for central nervous system disorders, raised €3.1 million ($3.6 million) in funding. Clave Capital led the round and was joined by existing investors Inveready, CDTI Innvierte, and Prous Institute for Biomedical Research.

PRIVATE EQUITY

– Agora invested $47 million in Vheda Health, a Columbia, M.D.-based provider of data and engagement services for health plans. 

– Breakwater Management acquired a majority stake in Jones Knowles Ritchie, a London, U.K.-based branding agency. Financial terms were not disclosed.

– Cetnre Partners and Altivare Partners acquired Navajo Expedited, a Lakeland, Fla.-based provider of expedited freight and logistics services. Financial terms were not disclosed.

– Chimney Rock Equity Partners acquired a stake in Russell Equipment, a Twinsburg, Ohio-based reseller of off-lease used forklifts and other industrial equipment. Financial terms were not disclosed.

– A consortium of investors led by Macquarie Asset Management agreed to acquire SI Solutions, a Huntsville, N.C.-based provider of engineering, testing, and software services for infrastructure companies, from MidOcean Partners. Financial terms were not disclosed. 

– No Dig Alliance, a portfolio company of Ambienta, acquired Horisonterra, a Torsåker, Sweden-based provider of underground pipe-installation services. Financial terms were not disclosed.

– Precera Medical, a portfolio company of SK Capital, acquired Additive Metal Services, a Port Huron, Mich.-based provider of metal injection molding and additive-manufacturing services. Financial terms were not disclosed.

OTHERS

– Analog Devices agreed to acquire Alif Semiconductor, a Pleasanton, Calif.-based developer of microcontrollers and processors for edge AI devices, for $1.35 billion.

FUNDS + FUNDS OF FUNDS

– ICG, a London, U.K.-based alternative asset manager, raised €12 billion for its ninth European Corporate fund.

PEOPLE

– SkyKnight Capital, a San Francisco-based private equity firm, hired Christian Brunner-Lopez as Vice President. Previously, he was with Private Equity at Goldman Sachs.

– Vivo Capital, a Palo Alto, Calif.-based private equity firm focused on health care, hired Neeteesh Kumar as Managing Partner. Previously, he was with Spruceview Capital Partners.