MetaVC Partners, which is backed by Bill Gates, has closed on $62 million for its debut fund to invest in start-ups working with new advanced materials.

Besides Gates Frontier, Microsoft co-founder Bill Gates’ investment fund, investors in the debut fund include Corning Inc and JSR Corporation. Nathan Myhrvold, formerly chief technology officer for Microsoft, is also an LP, along with two other investors whose names have not been disclosed, the Wall Street Journal reported.

The San Francisco-based firm was co-founded in 2020 by managing partners Chris Alliegro and Conrad Burke. Alliegro, based in Seattle, most recently was managing director of the Invention Science Fund, following eight years as managing director of the Invention Development Fund and 14 years as an executive at Microsoft. Burke, based in San Francisco, previously founded and was chief executive of energy materials start-up Innovalight, which was acquired by DuPont, and was a venture partner at Sevin Rosen Funds and Invention Science Fund.

“We’re delighted to help support innovation advancements in the exciting new area of metamaterials through our recent venture capital investment,” Corning executive vice-president Marty Curran said in a statement. “Corning’s capabilities and optimized precision glass products complement MetaVC’s investment opportunities related to breakthrough products in consumer electronics, 5G communications, automotive and clean energy.”

MetaVC invests in so-called ‘metamaterials,’ which are manufactured materials used in high-performance and energy-efficient products in computing, imaging, wireless communications and sensors. The firm’s investments include Lumotive, a producer of scanning sensors for anti-collision systems and consumer electronics applications, and Imagia, a creator of flat-optical lens technologies used in AR/VR headsets and other consumer electronics products.

Source: Venture Capital Journal