---
title: "How to Find Investors for a Hardware Startup: By Stage and State"
author: "Muhammad Tayyab Shabbir"
last_updated: "2026-11-10"
data_as_of: "November 2026"
publisher: "The Investor Database"
canonical: "https://theinvestordatabase.com/guides/how-to-find-investors-for-a-hardware-startup/"
---

# How to Find Investors for a Hardware Startup: Stage Mix, States and Fund Sizes

By Muhammad Tayyab Shabbir. Last updated 10 Nov 2026. Data as of November 2026.

To find investors for a hardware startup, start from our list of [333 hardware investors](https://theinvestordatabase.com/lists/hardware-investors/) and narrow it by stage, place and fund size. Seed is the stage they name most (225 of the 277 with a stage on file), ahead of pre-seed. About four fifths are in the US, where California leads with 120. The median fund on file from SEC Form D is $50M, level with the $50M for every investor we hold with such a figure.

- **333** hardware investors on the list
- **81%** of the 277 with a stage on file name seed
- **45%** of the US ones with a state on file are in California
- **$50M** median fund size on file (SEC Form D, 211 firms)

Among the 37 sectors we can compare, hardware has the third lowest share of investors that name growth stage: 17%, against 28% across the database. Among the 37 sectors we can compare, hardware has the third highest share of investors that name pre-seed: 47%, against 39% across the database. Among the 36 sectors we can compare, hardware has the fourth highest share of its US investors in California: 45%, against 36% of all US investors we hold. By type, the 333 are 308 VC firms, 6 accelerators, 5 angel networks, 4 corporate venture arms, 4 fund managers and 4 SEIS or EIS funds, with 2 of other types. The tags these investors most often carry beside hardware are AI (277), SaaS and B2B software (254) and deep tech (170).

## What do hardware investors look for?

A hardware company is read through its unit: what it costs to build, what it sells for and how long it takes to deliver. Investors also ask how much capital sits in inventory and tooling before the first sale.

- **What does one unit cost to make today, and at volume?** The path from today's cost to the target cost is the core of the plan.
- **Is there demand you can show?** Pre-orders, deposits and units already running with customers count for more than a waiting list.
- **Who builds it?** The choice of contract manufacturer, and where it is, sets your lead time, your minimum order and your risk.

## Which stage do hardware investors back?

Among the 277 of the 333 with a stage on file (a firm can state several), seed comes first with 225 (81%), then pre-seed (131), Series A (82), growth (46) and Series B (34). Set against every investor we hold, the group leans toward pre-seed (47% here, 39% overall) and away from growth (17% here, 28% overall). With about four fifths naming seed, a seed round has the widest field on this list.

| Stage (our research) | Hardware investors | Share of the 277 with a stage on file | Share of all 333 on the list | Same share, all investors with a stage | Difference in points |
|---|---|---|---|---|---|
| [Pre-seed hardware investors](https://theinvestordatabase.com/lists/pre-seed-hardware-investors/) | 131 | 47% | 39% | 39% | +8 |
| [Seed hardware investors](https://theinvestordatabase.com/lists/seed-hardware-investors/) | 225 | 81% | 68% | 75% | +6 |
| [Series A hardware investors](https://theinvestordatabase.com/lists/series-a-hardware-investors/) | 82 | 30% | 25% | 34% | -4 |
| [Series B hardware investors](https://theinvestordatabase.com/lists/series-b-hardware-investors/) | 34 | 12% | 10% | 14% | -2 |
| [Growth-stage hardware investors](https://theinvestordatabase.com/lists/growth-hardware-investors/) | 46 | 17% | 14% | 28% | -11 |

## Where are hardware investors based?

272 of the 333 are based in the US, so this is mostly an American list, with 41 in the UK and 18 in the rest of Europe. Among the 267 US investors with a state on file, California holds 45% (120), more than its 36% share of all US investors we hold. New York is a distant second with 30, then Massachusetts (16) and Texas (13).

| State | Hardware investors | Share of the 267 with a state on file | Share of all US investors | Difference in points |
|---|---|---|---|---|
| [California](https://theinvestordatabase.com/lists/hardware-investors-in-california/) | 120 | 45% | 36% | +9 |
| [New York](https://theinvestordatabase.com/lists/hardware-investors-in-new-york/) | 30 | 11% | 15% | -4 |
| [Massachusetts](https://theinvestordatabase.com/lists/hardware-investors-in-massachusetts/) | 16 | 6% | 6% | 0 |
| Texas | 13 | 5% | 6% | -1 |
| Florida | 13 | 5% | 6% | -1 |
| Colorado | 9 | 3% | 2% | +1 |
| Illinois | 8 | 3% | 3% | 0 |
| Washington | 7 | 3% | 2% | +1 |

By city, counting the head offices of every type of investor, the largest groups are San Francisco (28), New York (27), Menlo Park (14) and Palo Alto (13).

| City | State | Hardware investors | Share of the 272 in the US |
|---|---|---|---|
| San Francisco | CA | 28 | 10% |
| New York | NY | 27 | 10% |
| Menlo Park | CA | 14 | 5% |
| Palo Alto | CA | 13 | 5% |
| Boston | MA | 8 | 3% |
| Austin | TX | 8 | 3% |
| Seattle | WA | 6 | 2% |
| Los Angeles | CA | 5 | 2% |
| San Mateo | CA | 5 | 2% |
| Chicago | IL | 5 | 2% |
| Santa Monica | CA | 5 | 2% |

Metro area lists for this sector, each with its own row count: [Hardware investors in the San Francisco Bay Area](https://theinvestordatabase.com/lists/hardware-investors-in-san-francisco-bay-area/) (89), [Hardware investors in Silicon Valley](https://theinvestordatabase.com/lists/hardware-investors-in-silicon-valley/) (46), [Hardware investors in Los Angeles](https://theinvestordatabase.com/lists/hardware-investors-in-los-angeles/) (23).

The same investors as lists by region: [Hardware venture capital firms in the US](https://theinvestordatabase.com/lists/hardware-investors-us/) (272), [Hardware investors in the UK](https://theinvestordatabase.com/lists/hardware-investors-uk/) (41), [Hardware investors in Europe](https://theinvestordatabase.com/lists/hardware-investors-europe/) (18).

## How big are hardware funds?

Across the 211 of the 333 hardware investors with a fund size from SEC Form D on file, the median is $50M, level with the $50M for every investor we hold with such a figure. About a quarter of these funds are under $25M and about a third are $100M or more. The figure is the fund as filed, not a check size, and a firm's main fund on our record, which is not always its newest; for 47 of the 211 the offering amount is indefinite, so it is the amount sold so far.

| Fund size on file (SEC Form D) | Hardware investors | Share | Share, all investors with a figure |
|---|---|---|---|
| Under $10M | 23 | 11% | 15% |
| $10M to $25M | 31 | 15% | 18% |
| $25M to $50M | 31 | 15% | 15% |
| $50M to $100M | 54 | 26% | 19% |
| $100M to $250M | 46 | 22% | 19% |
| $250M to $1B | 26 | 12% | 12% |
| $1B and over | 0 | 0% | 1% |

## Which hardware investors can you look at first?

A generalist fund can list hardware without having led a hardware round. Look for firms whose portfolio includes a shipped physical product, and for those that invested before it shipped. Corporate venture arms are worth a look as well, since a manufacturer or a distributor can bring more than money.

The 4 firms below are among the free rows of our list of [hardware venture capital firms in the US](https://theinvestordatabase.com/lists/hardware-investors-us/) (272): each names the sector in its own description, and they stand in that list's order, by our activity score, which is no measure of quality.

### Cybernetix Ventures

HQ: Boston, Massachusetts · Type: VC firm · Stages (our research): Pre-seed, Seed, Series A · Latest activity: Form D filing, Aug 2026 · Fund size on file: $100M (SEC Form D, 2025)

Boston venture firm investing in robotics, automation and industrial AI startups at pre-seed, seed and Series A for manufacturing, logistics, construction and healthcare.

Profile: https://theinvestordatabase.com/investors/cybernetix-ventures/

### Toyota Ventures

HQ: Los Altos, California · Type: Corporate VC · Stages (our research): Seed, Series A · Latest activity: Portfolio news, Oct 2026 (our research) · Private fund assets: $928M (SEC Form ADV)

Los Altos early stage venture arm of Toyota investing in frontier tech and climate tech, including AI, robotics, computing, aerospace, mobility, energy storage and carbon capture.

Profile: https://theinvestordatabase.com/investors/toyota-ventures/

### Safar Partners

HQ: Cambridge, Massachusetts · Type: VC firm · Stages (our research): Seed · Latest activity: New deal, Aug 2026 (our research) · Fund size on file: $300M (SEC Form D, 2023)

Cambridge, MA technology venture fund investing in startups spun out of universities, mainly MIT, Harvard and the University of Rochester. Covers cleantech and advanced materials, AI and robotics, and life sciences.

Profile: https://theinvestordatabase.com/investors/safar-partners/

### LMNT Ventures

HQ: Mercer Island, Washington · Type: VC firm · Stages (our research): Seed · Latest activity: Form D filing, Sep 2026 · Fund size on file: $80M (SEC Form D, 2026)

Mercer Island, WA early investor in robotics, physical AI and other bits-and-atoms companies aiming to modernize and decarbonize traditional industries.

Profile: https://theinvestordatabase.com/investors/lmnt-ventures/

## Which US hardware investors filed with the SEC most recently?

131 of the 272 US hardware investors (48%) have a Form D filing dated in the 12 months to 6 Nov 2026, a first notice or the yearly amendment of an older fund, above the 38% for all US investors we hold. Our file of new fund notices for the 8 weeks to 6 Nov 2026 holds 32 from 25 of these investors, among them [LightX Capital](https://theinvestordatabase.com/investors/lightx-capital/), [MESH](https://theinvestordatabase.com/investors/mesh/) and [Decisive Point VENTURES](https://theinvestordatabase.com/investors/decisive-point-ventures/).

**US investors tagged hardware with a public profile, newest filing first, new notices and amendments alike; the amount is the one on that filing, which can be a side vehicle or an amount sold so far, and the 8-week file holds new notices only.**

| Investor | Location | Stages (our research) | Latest Form D filing | Amount on that filing |
|---|---|---|---|---|
| [Reveille](https://theinvestordatabase.com/investors/reveille/) | New York, New York | Seed | 4 Nov 2026 | $40M |
| [LightX Capital](https://theinvestordatabase.com/investors/lightx-capital/) | Chicago, Illinois | Pre-seed | 4 Nov 2026 | Not stated |
| [Decisive Point VENTURES](https://theinvestordatabase.com/investors/decisive-point-ventures/) | Greenwich, Connecticut | Not stated | 2 Nov 2026 | $19M |
| [MESH](https://theinvestordatabase.com/investors/mesh/) | Portland, Oregon | Growth, Late stage | 2 Nov 2026 | $13M |
| [Audere](https://theinvestordatabase.com/investors/audere/) | Austin, Texas | Growth | 28 Oct 2026 | Not stated |
| [Multimodal Ventures](https://theinvestordatabase.com/investors/multimodal-ventures/) | Naperville, Illinois | Seed | 23 Oct 2026 | $50M |
| [Balerion Space Ventures](https://theinvestordatabase.com/investors/balerion-space-ventures/) | Dallas, Texas | Not stated | 21 Oct 2026 | $10M |
| [House Capital](https://theinvestordatabase.com/investors/house-capital/) | Englewood, New Jersey | Not stated | 21 Oct 2026 | Not stated |

## What should a hardware founder have ready before the first email?

A hardware company is asked about cost and delivery before growth, so have the unit numbers ready.

- Bill of materials cost today and the target unit cost at volume, with the volume stated.
- Pre-orders, deposits or pilot units already in the field.
- Who makes the product, where, and the lead time from order to delivery.

### Words hardware investors use

- **BOM:** Bill of materials: every part in the product and what each costs.
- **COGS:** Cost of goods sold: materials, assembly, freight and duties for the units sold.
- **NRE:** Non-recurring engineering: one-time design and tooling costs paid before production.
- **Lead time:** The time from placing an order with a supplier to receiving the goods.

**A common slip.** Showing a prototype with no cost figures. A working device answers whether it can be built, and the numbers answer whether it can be a business.

## How do you reach hardware investors?

96% of the list has a named decision-maker on file (319 of 333, 1,534 names in all), above the 84% across the whole database. About two fifths have a firm email address (131), and 80 publish how they want to be pitched, such as a form or an application page.

Use a pitch route where a firm publishes one, and otherwise write to one named person at a time, starting from the free [outreach email templates](https://theinvestordatabase.com/guides/investor-outreach-email-templates/); the full list is [Hardware investors](https://theinvestordatabase.com/lists/hardware-investors/), all 333 investors, one per row, the first 25 free to read, and the [matching tool](https://theinvestordatabase.com/investor-matching-tool/#s=hardware) opens with hardware already picked.

This list has 333 rows and a single-list file covers up to 300, so its rows are sold inside the Global Bundle file.

**Get all 333 investors and 1,534 named contacts, $297:** https://theinvestordatabase.com/buy/bundle. One-time payment. No subscription. No account. Or get the [free sample file](https://theinvestordatabase.com/#sample) (100 investors) first.

## Method and limits

- **Source:** SEC Form D for filing dates and fund sizes; our own research (each firm's website, UK and EU registers) for stage, the sector tag and dated deals.
- **Counts:** The 333 rows of the list this page links to, as of November 2026, set against all 4,178 investors we hold (3,019 in the US); a gap under 3 points is treated as none, and a rank compares the sectors that have a list on this site and at least 30 rows for the measure (10 for a median fund size).
- **Limits:** 1,302 US firms have no sector on file, so the true number of hardware investors is higher; 277 of the 333 here have a stage on file and 211 a fund size from SEC Form D; what investors look for, which ones to keep, the words they use and what to have ready are our advice for this sector, not data about any one investor.

## Questions

### How do I find investors for a hardware startup?

Start from the list of 333 hardware investors, then filter by stage (225 of the 277 with a stage on file name seed), by place (45% of the US ones with a state on file are in California) and by fund size (the median fund on file is $50M).

### What do hardware investors ask founders?

What does one unit cost to make today, and at volume? Is there demand you can show? Who builds it?

### How big are hardware funds?

The median fund on file is $50M across the 211 hardware investors with a figure from SEC Form D, level with the $50M for every investor we hold with such a figure.

### Can I contact hardware investors directly?

319 of the 333 have a named decision-maker on file and 131 a firm email address; 80 publish a pitch route, and where one exists it is the way in they ask for.

## Guides for other sectors

- [How to find consumer products and CPG investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-cpg-startup/)
- [How to find consumer investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-consumer-startup/)
- [How to find ecommerce investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-an-ecommerce-startup/)
- [How to find edtech investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-an-edtech-startup/)
- [How to find proptech and real estate tech investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-proptech-startup/)
- [How to find climate tech investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-climate-tech-startup/)
- [How to find deep tech investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-deep-tech-startup/)
- [How to find impact investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-an-impact-startup/)
- [How to find food and beverage investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-food-and-beverage-startup/)
- [How to find SaaS and B2B software investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-saas-startup/)
- [How to find fintech investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-fintech-startup/)
- [How to find AI investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-an-ai-startup/)
- [How to find healthtech and digital health investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-healthtech-startup/)
- [How to find cybersecurity investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-cybersecurity-startup/)
- [How to find gaming investors](https://theinvestordatabase.com/guides/how-to-find-investors-for-a-gaming-startup/)

## Related

- [Hardware investors (333)](https://theinvestordatabase.com/lists/hardware-investors/)
- [Hardware venture capital firms in the US (272)](https://theinvestordatabase.com/lists/hardware-investors-us/)
- [Hardware investors in the UK (41)](https://theinvestordatabase.com/lists/hardware-investors-uk/)
- [Hardware investors in Europe (18)](https://theinvestordatabase.com/lists/hardware-investors-europe/)
- [Seed hardware investors (225)](https://theinvestordatabase.com/lists/seed-hardware-investors/)
- [Pre-seed hardware investors (131)](https://theinvestordatabase.com/lists/pre-seed-hardware-investors/)
- [Hardware investors in California (120)](https://theinvestordatabase.com/lists/hardware-investors-in-california/)
- [Hardware investors in New York (30)](https://theinvestordatabase.com/lists/hardware-investors-in-new-york/)
- [Match hardware investors to your round](https://theinvestordatabase.com/investor-matching-tool/#s=hardware)
- [How to build an investor list](https://theinvestordatabase.com/guides/how-to-build-an-investor-list/)
- [Investor outreach email templates](https://theinvestordatabase.com/guides/investor-outreach-email-templates/)
- [How many investors to pitch](https://theinvestordatabase.com/guides/how-many-investors-should-you-pitch/)
- [Investor databases compared](https://theinvestordatabase.com/compare/)
- [What is in the investor database](https://theinvestordatabase.com/investor-database/)

## Cite this page

Muhammad Tayyab Shabbir, "How to Find Investors for a Hardware Startup: Stage Mix, States and Fund Sizes", The Investor Database, 10 Nov 2026. https://theinvestordatabase.com/guides/how-to-find-investors-for-a-hardware-startup/