Construct Capital

(Pronounced: ken-STRUCT as in "to build") Investing in extraordinary founders building technology to transform the most foundational industries of our economy.

[Construct Capital @constructcap]

RT @daynagrayson: Welcome to the partnership Leland Chamlin. As we grow @constructcap what was old once is new again and of utmost importan…

[Leland @Chamlin_L]

Long time listener, first time poster (well, besides my homebrewing themed anon back in college). Might as well make it count and formally reintroduce myself to the TL as the newest Partner at @constructcap

[Construct Capital @constructcap]

Big news at Construct! We're excited to announce that @Chamlin_L has been promoted to Partner.

Leland brings firsthand experience building and scaling manufacturing and supply chain companies, along with a hands-on approach that has made him an invaluable resource to our founders and team.

As Construct continues to grow, we're excited to have Leland helping shape the firm's future.

Congratulations, Leland! We're so lucky to have you on the team.

Read more: https://t.co/iVc3t9BwWa

[Construct Capital @constructcap]

A power plant on an active underwater volcano, nearly a mile beneath the Pacific Ocean.

Our portfolio company @endurancegeo just accomplished something remarkable with Adélie, its subsea geothermal test plant. During a three-week deployment off the Oregon coast, the team drilled and completed the world's first subsea geothermal well, operated a power plant remotely from Seattle and successfully generated more electricity than the system consumed.

It's an important step toward unlocking a largely untapped source of clean, reliable energy. Subsea geothermal has the potential to provide continuous power to coastal communities and island nations that currently depend heavily on imported diesel.

Congratulations to Andrew Redd and the entire Endurance Energy team on this milestone.

We're excited to see what's next as they work toward commercial-scale generation.

Learn more about Adélie: https://t.co/FhR51swB5G

[Endurance Energy @endurancegeo]

Endurance is on a historic run. During our mission to the Axial Seamount, we successfully drilled the world’s first subsea geothermal well and generated net-positive power a mile beneath the Pacific. This mission was the first end-to-end test of subsea geothermal, and our fifth deep-sea deployment in just over a year. For three weeks, we worked around the clock over an active underwater volcano, running the drill and generator and handling every deployment and recovery. Along the way, we:
- Landed our drill within feet of target, drilled two holes, and cased and completed the second as a geothermal well, flowing at 260°C.
- Landed Adélie, our 3-ton test plant, and ran it in real time from Seattle over subsea fiber.
- Drilled with filtered seawater, not drilling mud, and monitored the site on every dive.
- Recovered, serviced, and redeployed Adélie in about 16 hours.
- And on Sept. 27, connected to a 281°C natural vent, spun the turbine up to 26,000 rpm and ran the plant net positive for 8.7 seconds, peaking at 16.5 kW.

Net power is the threshold every new energy source has to cross. For Endurance, it proves subsea geothermal is real, and gives us the confidence to keep sprinting towards commercial scale.

With a test like this, success comes from what we learn: a battery protection trip ended the run, a pump cable failed on restart, and the new well was too restrictive to run the plant. Those lessons go straight into Gentoo, our next test plant, this winter and Leopard, our 2 MW commercial generator.

We’re incredibly proud of what we accomplished together. It took creativity, precision, an uncompromising focus on safety from everyone on board, and it’s only the beginning of what we’re capable of. We couldn’t have done it without Stabbert Maritime and the crew of the Ocean Guardian, the ROPOS team, the University of Washington, WASSOC, and the National Science Foundation.

[Hadrian @HadrianInc]

The future of American manufacturing is being built now.

We're hosting our first LA Tech Week event on October 14, Santa Monica. Join @jaimalik (@AmcaInc), @jimbelosic (@sendcutsend), West Owens (@HadrianInc), and @drc_harmoni (@getHarmoni) for a conversation on what it takes to reindustrialize America, from building and scaling manufacturing companies to investing in the next generation of American industry.
@Techweek_ #LATechWeek

[Construct Capital @constructcap]

Atomic Machines has emerged from stealth with $250 million to launch the Matter Compiler, an AI-native, all-digital manufacturing system that builds working micromachines directly from code.

Micromachines are standing where chips stood in 1987. Proud to back @jeffholden and the Atomic Machines team.

[Jeff Holden @jeffholden]

After six years in stealth, Atomic Machines is out. Our mission: on-demand, universal command of matter. First beachhead: the Matter Compiler, an AI-native manufacturing system that builds working micro-machines from code alone. No per-product tooling. No process development. Different code, different machine.

[Rachel Holt @RachelJHolt]

One of the coolest companies on the planet. Few people can thinks as big, and bend reality as readily as @jeffholden Proud to be a long time investor in Atomic.

[Construct Capital @constructcap]

Below roughly 50 microns, manufacturing has essentially one tool: the semiconductor process. It was built to make transistors on silicon wafers. Almost everything else that needs to be very small has had to fit that mold, or it doesn't get made.

Atomic Machines is changing that. Today, after six years in stealth, the company emerged with $250 million to launch the Matter Compiler, an AI-native, all-digital manufacturing system that builds working micromachines directly from code.

The Matter Compiler combines laser machining, picoliter deposition, electrochemical processing and robotic assembly across metals, polymers, glasses and ceramics. Every operation is measured and corrected in real time, and every part the system makes teaches it how to build the next one. Its first product, PrimeSwitch, is a power relay that opens in 50 microseconds. It's built to make hybrid circuit breakers practical as AI data centers move to 800-volt power, and it's shipping to early-access customers now.

Jeff Holden was Amazon's tenth engineer and Uber's first Chief Product Officer, where he started the self-driving program. Our co-founder Rachel Holt worked alongside him at Uber and saw firsthand how he turns ideas most people call impossible into systems that run at enormous scale.

We think micromachines are standing where chips stood in 1987. Proud to back Jeff and the Atomic Machines team.
https://t.co/T4Uj2SVIZe

[Construct Capital @constructcap]

Get 25% off your ticket with code “JOINME”: https://t.co/StJrKc2BeG

[Construct Capital @constructcap]

Dayna Grayson will be at TechCrunch Disrupt 2026 in San Francisco.

On Thursday, October 15, she'll judge the Startup Battlefield Final, where this year's finalists compete for the Battlefield Cup and $100,000.

If you're at Disrupt, come say hello.

#TechCrunchDisrupt #Disrupt2026

[Mo Islam @itsmoislam]

SPEAKER ANNOUNCEMENT:

@daynagrayson Co-Founder and Managing Partner at @constructcap, will be joining the Space & Defense Investor Summit.

Construct Capital is a venture capital firm investing in founders transforming foundational industries through technology, with a focus on manufacturing, supply chain, transportation, and critical infrastructure. Its portfolio includes companies such as @CowboySpaceCorp, @HadrianInc, @SwarmAero and @AmcaInc.

📍 The Beverly Hilton
🗓️ November 3 - 4, 2026

[dayna grayson @daynagrayson]

Excited to share that this summer we at @constructcap have now raised over $1 billion in AUM. We closed a new select fund as part of our growing franchise.

We started Construct in 2020 after years of investing, operating, and gathering signals that reindustrialization needed to happen—the technical debt of the U.S. economy was simply becoming too great to sit ont he sidelines and not raise a fund around a dedicated strategy.

Today, we’re seeing some of the biggest technology companies of our generation emerge by transforming the industries that actually power and build our world: manufacturing, defense, energy, logistics, and critical infrastructure. And we’re just getting started rebuilding a U.S. economy where technology-driven industrialization plays a much greater role. https://t.co/IpP8oZTg21

[Construct Capital @constructcap]

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.

https://t.co/XWA5uxOwZ6

[Construct Capital @constructcap]

@Backopsai founder Sean McCarthy on @tbpn to announce their $42M Series B. We're thrilled to celebrate this milestone with them.

[TBPN @tbpn]

All Eyes on Warsh, Space Weapons, DreamMogged, Tomasz Tunguz Joins https://t.co/e76XvFBMG6

[TBPN @tbpn]

Happy Wednesday. On today's show:

- @jerallaire (Circle)
- @lrocket (Impulse Space)
- @ttunguz (Theory Ventures)
- @EliWachs (Footprint)
- @seanmcccarthy (BackOps)
- William Layden (Rune)
- Justin Beroz (ReynKo)

See you on the stream.

[Sean McCarthy @seanmcccarthy]

As AI models get better, cheaper and more widely available, we believe one of the biggest moats will be the proprietary data created by actually doing the work.

Today, we’re announcing a $42M Series B led by @insightpartners for @backopsai, just six months after our $26M Series A.

We’re building the intelligence and resolution layer for companies that make and move physical goods.

These companies still rely on people to connect ERPs, WMSs, TMSs, carrier portals, email, spreadsheets, customers and suppliers. BackOps sits across that ecosystem, gathers context, makes decisions, takes action and carries work through to resolution.

Since our Series A, one customer alone has processed 500K+ claims through BackOps. As volume grew 150x, automated resolution improved from 87% to 99%.

Another took a process that averaged 28 hours and brought it down to 14 minutes.

But what we’ve learned over the last six months is that the resolution itself may only be the beginning.

Every time BackOps completes work, it creates proprietary data around the context, decisions, actions and outcomes behind it.

At scale, that means understanding where processes break, why they break, which actions produce the best outcomes and how those processes should improve.

And that gets much more interesting as BackOps expands across an ecosystem.

If BackOps operates across a large grocer and the manufacturers, suppliers, distributors and carriers around it, we don’t just understand one company’s workflow. We begin to understand how work moves between them: where problems originate, how they cascade through the network and what actually resolves them.

Every additional process makes that intelligence stronger. And every additional company makes the network more valuable.

That’s the flywheel we’re building.

Our customers shouldn’t just automate more work. They should run on an operational intelligence layer that gets better as they use it and stronger as the network around them grows.

And next month, we’re launching something that unlocks a much bigger part of this vision.

[dayna grayson @daynagrayson]

Had to see this in person @AFA_Air_Space