When Lior Susan founded Eclipse Ventures back in 2015, the idea of digitizing the physical world was seen as somewhat of an oddity. Now, after a decade, the firm has witnessed a monumental return from its $6.5 million investment that blossomed into a whopping $2.5 billion when Cerebras Systems went public.

Susan’s vision is clear: 85% of global GDP hinges on physical goods and services, making hardware investments pivotal for future gains. As software becomes increasingly commoditized, the value shifts to tangible tech like semiconductors, robotics and energy solutions.

Sharing this sentiment are public markets and startups themselves. Companies like TSMC and Micron have seen their stock prices hit record highs, while elite founders are eager to explore intersections of hardware and software. Susan believes that the true barrier to entry in digital realms is not code but physical infrastructure – something only a significant investment can achieve.

At present, Eclipse’s portfolio has witnessed remarkable late-stage fundraising, raising nearly $15 billion last year, with follow-on rounds totaling over $4.5 billion in Q1 2026 alone. This surge is fuelled by supportive policies from the U.S. government and an alignment of key forces that have not been seen since the early industrial era.

For Susan, this marks the dawn of a new economic era where investment in physical tech offers unparalleled opportunities. The world is shifting, and for those who can adapt, the rewards are immense.