In a noteworthy development for the venture capital landscape, Interlagos, a new firm founded by former senior leaders from SpaceX, is on a mission to raise an impressive $550 million for its inaugural fund.

According to regulatory filings and internal documents acquired by TechCrunch, the firm aims to deploy this capital across a wide range of startups in the thriving "deep tech" sector, which encompasses industries such as space, robotics, biotech, and artificial intelligence.

Interlagos, based in El Segundo, California, plans to provide funding from the earliest stages of companies all the way through Series B financing.

The ambitious target of $550 million will support between 26 and 32 investments. This significant financial goal is rare for a first-time venture fund, but the team behind Interlagos is confident in their strategy.

Their pitch deck emphasizes their commitment to becoming "persistent capital partners” for leading companies in the deep tech arena.

Although the filing has not disclosed the current amount raised, insiders indicate that the firm has already secured an initial close toward the $550 million target.

The credibility of Interlagos is underscored by its founding team, which includes notable figures such as Achal Upadhyaya, who spent a decade as a senior engineer at SpaceX before transitioning into investment roles at Cantos Ventures; Tom Ochinero, a former executive at SpaceX; and Spencer Hemphill, a finance leader with experience at Sequoia.

Investors can take comfort in the fact that the general partners of Interlagos are also committing their personal funds to the venture, with each pledging to invest a 2% general partner "commit."

The terms of the fund follow industry norms, including a 2% management fee and a carry of 20-25%, which refers to the percentage of profits the fund retains.

Not only do these leaders bring extensive experience from SpaceX, where Ochinero was responsible for generating over a billion dollars in annual revenue, but they also have considerable investment expertise in the deep tech sector.

Upadhyaya has a track record of successful investments in companies like Neros Technologies, a startup focused on unmanned defense systems, and quantum mechanics firm SoloPulse, showcasing his ability to identify promising technology ventures.

The field of deep tech has become a hotbed of activity for venture capitalists, with increasing interest due to the high potential returns and transformative impacts of these technologies.

However, deep tech companies typically require substantial upfront investment and face longer exit timelines, making Interlagos’s push to raise a hefty fund even more impressive.

Should the firm reach its funding goal, it may not only combat the current challenges in the VC landscape but also position itself to compete with established mega-funds like Founders Fund and Andreessen Horowitz, which have been aggressively pursuing early-stage investments in this sector.

As Interlagos embarks on this ambitious venture, the tech and investment communities will be closely watching to see if they can attract the necessary capital and thrive in the competitive deep tech market.