Construct Capital

At @axios live last week, I summed up the thesis that gets us out of bed every day @constructcap: backing entrepreneurs who are building new, generational companies in the most foundational industries of our economy. The industrial sector has not grown in lock step with the rest of the markets over the last 20 years and that is about to change with physical AI, which has lagged digital AI. There has been a 10x growth of later stage capital in the last 4 years and this is important to fulfilling the new tech-first industrial market’s full potential. A new swath of our public markets should exist around companies that drive our most foundational industries, and there will be durable, generational tech-first industrial companies emerging in the next few years in the public markets. Thank you to @Axios for having me on to discuss physical AI and the future of industrial technology. Credit to @axios . Used with permission.

Last week, Construct Capital co-founder Dayna Grayson joined Axios' Colin Campbell to explain why the next wave of AI innovation in Physical AI is different from digital AI and why it’s so important to the growth of the new industrial sector. She reflected on the wave of later stage capital that has come into the space and where the team at Construct is focused. Eventually, she claims, there is a large swath of the public markets that will exist around durable, generational foundational industry companies. Tune in: 0:50 - The opportunity to leapfrog the lack of development in the industrial space of the last 30 years. 1:35 - The history of how and when the operational tech sector and the information technology sector lost lockstep. 3:38 - The last mile of motion that is needed to realize Physical AI’s potential. 5:38 - The manufacturing world is not all the same. 9:40 - Physical AI has been an elusive word but that is about to change. 10:52 - The 10x growth of later stage capital in the last 4 years. 11:18 - The public market opportunity to create a new industrial tech sector that should be a meaningful part of the S&P. youtube.com/watch?v=oa4r_X… Thank you to @Axios for having @daynagrayson on to discuss physical AI and the future of industrial technology. #artificialintelligence #physicalai #manufacturing #robotics #supplychain #venturecapital #constructcapital #automation #innovation #industrialtech #ai #startup

Well, it took an Australian to fix American manufacturing. This week we sit down with Power, Chris Power - @2112Power - the boss at @HadrianInc. Hadrian has a growing empire of software-infused manufacturing machines building things faster and better across the U.S. In this episode, we get into Chris's journey and the state of American manufacturing and how dire/hopeful things really are. Consider this your first 4th of July weekend feast. Timestamps 00:00 Intro 04:07 From Melbourne to LA 07:37 The Thesis He Chose 10:00 America Gave the Farm Away 14:46 Why We Can't Rebuild Missiles 19:08 Automating a Master Machinist? 24:38 From Parts to Whole Missiles 29:19 The China Problem 33:40 How Far Behind Are We? 41:45 Answering the Critics 45:22 Can Anyone Copy @elonmusk? 53:03 An American Shenzhen?

.@constructcap co-founder @daynagrayson says the challenge with rebuilding domestic manufacturing starts with identifying the most critical parts of supply chains before deciding what to reshore. "Well, where do you start if you want to rebuild it? Where are the most critical pieces, and that differs, you know, based on the customer, that differs based on the company." #AxiosLive

Tune in — @daynagrayson joins this #AxiosLive panel on the future of American manufacturing, supply chains & AI.

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.

“If we are not reattaching the blue collar American to the economy, we are not fulfilling the mission. If we aren’t rewarding them or incentivizing the workforce, we’re doing it wrong.” -@2112Power of @HadrianInc

We raised $26M to keep building the platform OT has been missing. Thank you to our customers, our team, and our investors. @squadra_vc AEVentures @KASVenturePartners @constructcap @Lux_Capital @RenegadePtnrs @ironspringVC copia.io/blog/copia-rai…

I’m excited to share that Podium Automation has raised an $18M Series A led by Construct Capital, with participation from a16z, Transition, Sunflower, and Banter to help our customers build the automated world faster. Today, Podium designs and ships UL 508A control panels in less than four weeks for the most ambitious hardware teams across industries. Our customers trust us to deliver panels on spec, on time, with full visibility from quote to delivery. In less than two years, we have shipped over 200 panels to customers ranging from hardware scale-ups to Fortune 500 companies. We’ve been heads down building our team, software platform, and factory to meet rapidly growing demand for quick-turn capacity, and we’ve also doubled our throughput in the last quarter. More importantly, we’re laser focused on delivering sustainable value to our customers with bottom line discipline. This quarter we delivered positive factory-level economics in our Brooklyn factory that launched in August 2025. If you want to be part of a team that cares about tangible results and believes in a future where industrial products are built efficiently, transparently, and without compromise - we're hiring across the board. To our team, customers, and investors - thank you. Today's announcement is grounded in the trust you’ve placed in Podium, and the responsibility we feel to keep earning it.

I'm excited to announce that @AmcaInc has raised a $300M Series B at a >$1B valuation, led by @CaffeinatedCap with major support from @LightspeedVP, @a16z, @Lux_Capital, and others. We're on a mission to reconstitute a supply chain that has too often put profit over country.

Today, Sphere Semi is announcing that our AI-designed chip is deploying into military hardware in partnership with Northrop Grumman. This is the first AI-designed semiconductor to move from concept to deployment in a defense system. A new era has begun. Full video below.

@BaijuBhatt and @cowboyspace are pursuing something much bigger than a traditional space company. They are rethinking the relationship between energy, compute, and space infrastructure. Cowboy is not treating launch vehicles and satellites as separate systems. The rocket’s upper stage becomes the data center itself, powered by continuous solar energy in Low Earth Orbit. Let's go!

Today marks the beginning of a new era. Introducing: Cowboy Space Corporation. We are building orbital infrastructure for the AI era: a fully integrated system of rockets and satellites designed to deliver high-performance compute and optical data transmission directly from Low Earth Orbit.

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/ur… - Conviction comes from understanding spaces deeply and backing exceptional founders, not riding a wave. Watch the full segment on Bloomberg Tech.

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 youtube.com/watch?v=lSGssd…

It’s official: Hadrian’s Factory of the Future 4 in Cherokee, Alabama is open. Under the leadership of @POTUS and @SECWAR, we heard remarks from @SECNAV, @SenKatieBritt, @SenTuberville, @SenatorWicker, @RepMikeRogersAL, @Robert_Aderholt, and VADM Gaucher. Thank you to the 4,000+ Alabamians who joined us and showed what’s possible when we build in America again. This partnership marks the start of Hadrian, the Navy, and the @DeptofWar’s reindustrialization campaign in support of the President’s Restoring Maritime Dominance EO, Peace Through Strength agenda, and the Golden Fleet.

@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.

@AetherfluxUSA is taking AI compute to orbit. This week: Capitol Hill conversations + NVIDIA partnership to deploy next-gen AI infrastructure in space. Orbital compute bypasses grid constraints—and it’s coming faster than most expect. This is the Modern Reindustrialization Era, extending beyond Earth.

gm today we're launching a factory @HadrianInc