A Storied Venture Capital Firm Brings in New Fund with a Focus on the Next Generation of Technologies
Palo Alto-based Playground Global, an early-stage venture capital firm known for its successful investments in deep tech and science companies, has raised $410 million in capital commitments for its third fund. This new fund brings the total assets under management to over $1.2 billion, solidifying Playground’s position as a leading player in the venture capital space.
A Team of Tech-Loving General Partners
At the helm of Playground is co-founder and general partner Peter Barrett, who has built a reputation for his ability to identify and invest in transformative companies. Before becoming a venture capitalist, Barrett started his career as an engineer, specifically in video game development. Interestingly, he still codes daily and has even released some of his own games.
Barrett’s team includes other experienced general partners who share his passion for investing in cutting-edge technologies. Together, they have made several successful investments in companies such as Velo3D, a supplier of 3D printers to SpaceX, and d-Matrix, which is building the next generation of AI hardware through an in-memory-compute platform.
A Focus on the Next Generation of Technologies
Playground’s Fund III will focus on investing in early-stage companies that are working on the next generation of technologies. These include companies developing advanced materials, robotics, artificial intelligence, and other cutting-edge fields.
"We’re looking for testable hypotheses that tackle important problems with plausible paths to success," said Barrett in an interview. "We’re not just looking for potential solutions; we’re looking for the solution that brings together the right idea, the right people, at the right time."
Previous Relationship with Elon Musk
Barrett has a previous relationship with Elon Musk, having worked together on several projects in the past. When asked about Musk’s stewardship of X, Tesla, and other companies, Barrett said, "We all wish Elon would focus more time on electrifying the planet and sending rockets to space."
Recent Investments from Fund III
Playground has already made several investments from its new fund, including d-Matrix, Ideon Technologies, Amber Bio, Infinimmune, and Atomic AI. These companies are working on a range of cutting-edge technologies, including advanced materials, robotics, and artificial intelligence.
d-Matrix, which Playground led the Series A investment in, has already raised an oversubscribed $110 million Series B round announced in September. The company is building the next generation of AI hardware through an in-memory-compute platform that focuses on inference in the data center.
Conclusion
Playground Global’s new fund is a significant step forward for the venture capital firm and its commitment to investing in early-stage companies working on the next generation of technologies. With over $1.2 billion in assets under management, Playground is well-positioned to continue making successful investments in cutting-edge fields.
As Barrett noted, "We’re not just looking for potential solutions; we’re looking for the solution that brings together the right idea, the right people, at the right time." With its experienced team and focus on transformative technologies, Playground Global is a leader to watch in the venture capital space.
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