Humba Ventures
SF deep tech seed fund · Companion to Susa Ventures · Founded 2022 by Leo Polovets (2nd engineer at LinkedIn, Coding VC) & Anna-Sofia Lesiv (ex-8VC, Founders Fund, Contrary) · Thesis: "hard tech and hard sectors" — nuclear, defense, climate, robotics, manufacturing · $60M total AUM · Does not lead rounds · 60% seed→Series A graduation
35
Portfolio Companies
$60M
Total AUM (2 Funds)
$250K–$1M
Check Size (Non-Lead)
Firm Overview
| Founded | 2022 |
| Location | San Francisco, CA |
| Website | humbaventures.com |
| Blog | blog.humbaventures.com (Substack) |
| Stage Focus | Pre-Seed, Seed |
| Leads Rounds? | No — follows / co-invests alongside tier-1 leads |
| Follow-on Leverage | $2-3 from other investors per $1 invested |
| Graduation Rate | 60% seed→Series A (vs 20% industry avg) |
| Companion Fund | Susa Ventures ($750M+ combined AUM) |
| @humbavc | |
| Focus Areas | Deep Tech Defense & Security Climate & Energy Robotics & Mfg Biotech |
Thesis: Investing in "hard tech and hard sectors" — the categories most VCs avoid: nuclear reactors, surgical robots, industrial batteries, defense systems, climate infrastructure, advanced manufacturing. Prioritizes technical risk over market risk. The Deep Tech Fellowship (5-week, compensated, part-time) embeds scientists and engineers into investment decisions, creating a pipeline of domain-expert founders.
Fund History
| Fund | Vintage | Size | Notes |
|---|---|---|---|
| Humba Ventures I | 2022 | ~$20M | First fund, companion to Susa Ventures |
| Humba Ventures II | 2024 | $40M | Oversubscribed. Deep tech + defense focus. Per TechCrunch Dec 2024 |
Partners
Leo Polovets
Co-Founder & General Partner
2nd engineer at LinkedIn (2003). Previously at Google and Factual. Co-founded Susa Ventures (over $750M AUM combined with Humba). Author of 'Coding VC' blog — one of the most widely-read VC blogs. Math and programming competition accolades. Thesis: engineering-first evaluation of deep tech startups. Angel track record includes Mashgin ($1.5B), Placer ($1.5B), Veho ($1.5B), Hightouch ($1.2B), CloudTrucks ($850M).
Anna-Sofia Lesiv
Co-Founder & Partner
Stanford University, Executive Editor of the Stanford Daily. Previously at 8VC, Founders Fund, and Contrary Capital. Authored 'Foundations & Frontiers' at Contrary. First full-time investor at Humba. Writes the 'How It's Built' blog series profiling portfolio companies' technology. Focus: deep tech sectors most VCs avoid — nuclear, defense, industrial manufacturing.
Track Record (via Susa Ventures / Leo's Angel Portfolio)
These exits/valuations are from Leo's broader portfolio at Susa, shown on the Humba website as social proof.
| Company | Valuation / Outcome | Description |
|---|---|---|
| Mashgin | $1.5B | AI self-checkout |
| Placer | $1.5B | Location analytics |
| Veho | $1.5B | Last-mile delivery |
| Hightouch | $1.2B | Reverse ETL |
| CloudTrucks | $850M | Trucking fleet platform |
| Scalyr | Acquired | Log management |
| Dusty Robotics | Notable | Construction robotics |
| Vetcove | Notable | Veterinary marketplace |
Portfolio Sector Breakdown
9
Robotics & Manufacturing (26%)
6
Climate & Energy (17%)
5
Defense & Security (14%)
5
Biotech (14%)
3
AgTech (9%)
2
GovTech (6%)
2
Other (6%)
1
Aerospace (3%)
1
EdTech (3%)
1
FinTech (3%)
Full Portfolio
| Company | Description | Sector | Year | Notes |
|---|---|---|---|---|
| Mytra | Warehouse robotics and logistics automation | Robotics & Manufacturing | 2022 | Follow-on from Coatue |
| WindBorne | Weather balloons for global climate data | Climate & Energy | 2022 | Follow-on from Khosla Ventures |
| Antares | Advanced defense and energy systems | Defense & Security | 2023 | Follow-on from Founders Fund |
| Shinkei | Robotic fish processing with depth perception | Robotics & Manufacturing | 2022 | |
| Northwood Space | Ultra-wideband satellite ground station gateways | Aerospace | 2023 | |
| GovPort | Government procurement and compliance platform | GovTech | 2024 | $2.5M seed led by Humba + QED |
| Hexium | Nuclear supply chain software | Climate & Energy | 2023 | Featured in 'Elements of Industry' blog |
| Critical Energy | Universal heat-to-power interface | Climate & Energy | 2023 | |
| Adaptyx Biosciences | Advanced monitoring equipment for bio | Biotech | 2025 | |
| Airbound | Logistics and delivery automation | Robotics & Manufacturing | 2025 | |
| Jacobi Robotics | Motion planning for industrial robots | Robotics & Manufacturing | 2023 | |
| Orchard Robotics | Agricultural robotics for orchards | AgTech | 2023 | |
| Parallel Bio | Synthetic immune system for drug testing | Biotech | 2022 | |
| Diffuse Bio | Protein engineering platform | Biotech | 2022 | |
| Humane Genomics | Next-gen viral therapeutics | Biotech | 2023 | |
| Polyphron | Deep tech hardware | Robotics & Manufacturing | 2023 | |
| Blumen Systems | Clean energy infrastructure | Climate & Energy | 2023 | |
| Swarm Aero | Autonomous drone swarm systems | Defense & Security | 2023 | |
| Conductor AI | AI for defense applications | Defense & Security | 2024 | |
| Danti | Geospatial intelligence and defense analytics | Defense & Security | 2024 | |
| LimaCharlie | Security operations infrastructure | Defense & Security | 2023 | |
| Kerna Labs | Advanced materials and manufacturing | Robotics & Manufacturing | 2024 | |
| Treeswift | Autonomous forestry drones and analytics | AgTech | 2023 | |
| The Lumber Manufactory | Modern timber manufacturing | Robotics & Manufacturing | 2024 | |
| Volition | Deep tech innovation platform | Robotics & Manufacturing | 2024 | |
| Heliux | Advanced energy systems | Climate & Energy | 2024 | |
| The Renatural | Ecosystem restoration technology | Climate & Energy | 2024 | |
| Caucell | Cell therapy manufacturing | Biotech | 2024 | |
| Eyebot | Robotic inspection systems | Robotics & Manufacturing | 2024 | |
| Sidework | Construction workforce platform | GovTech | 2024 | |
| Edia | AI tutoring and education technology | EdTech | 2024 | |
| Glade | Consumer technology | Other | 2024 | |
| Callypso | Communication technology | Other | 2024 | |
| Nourish | Agricultural and food technology | AgTech | 2025 | |
| Ambient Finance | Decentralized finance infrastructure | FinTech | 2024 |
Deep Tech VC Landscape Comparison
| Firm | Score | Focus | Notes |
|---|---|---|---|
| Humba Ventures | 55 | deep-techdefenseclimateroboticsbiotech | Leo Polovets + Anna-Sofia Lesiv, Susa companion, $60M AUM, pre-seed/seed |
| Susa Ventures | 70 | softwareaifintech | Chad Byers + Leo Polovets, $750M+ AUM, 4 unicorns, broad early-stage |
| Lux Capital | 80 | deep-techdefenseclimatebio | Josh Wolfe, $4B+ AUM, deep tech category leader, multi-stage |
| Founders Fund | 85 | deep-techdefenseaibiospace | Peter Thiel, $12B+ AUM, Anduril/SpaceX/Palantir, multi-stage |
| Countdown Capital | 50 | deep-techmanufacturingclimate | Shahin Farshchi, pre-seed/seed hard tech, smaller fund |
| Cantos | 45 | nuclearenergydeep-tech | Nuclear-focused micro VC, very niche |
Positioning: Humba occupies a unique niche — seed-stage deep tech at a price point where Lux and Founders Fund don't operate. While Countdown Capital and Cantos are comparable in fund size, Humba's connection to Susa's $750M+ platform provides LP-grade follow-on support and deal flow that micro-VCs can't match. The non-lead strategy means Humba complements rather than competes with larger deep tech investors.
Thesis Analysis
Investment Pattern Summary
- Atoms over bits: Unlike most seed funds, Humba strongly prefers companies building physical products — robots, satellites, batteries, nuclear components. Software is the enabler, not the product.
- Non-lead co-investor: Deliberately positions alongside tier-1 leads (Founders Fund, Khosla, Coatue) — adds value through engineering evaluation, not capital size. The Deep Tech Fellowship is the moat.
- Defense + climate convergence: Heavy investment in both defense tech (Swarm Aero, Conductor AI, Danti, LimaCharlie) and climate/energy (WindBorne, Hexium, Critical Energy, Blumen Systems) — sectors that are converging around national security.
- Technical due diligence as product: Leo's engineering background (LinkedIn #2, Google, Factual) and the Fellowship program create a differentiated evaluation capability for deep tech that most seed VCs lack.
- Tiny team, high conviction: Just 2 partners managing $60M means very few investments per year with deep engagement per company.
Key Differentiators
| Deep Tech Fellowship | 5-week, compensated, part-time program embedding scientists and engineers into the investment process. Creates a pipeline of technically-vetted founders and builds a community of deep tech practitioners — unique among seed VCs. |
| Susa Platform | Companion to Susa Ventures ($750M+ AUM). Portfolio companies get access to Susa's LP network, follow-on capital relationships, and operational support — well beyond what a $60M fund could provide alone. |
| "How It's Built" Content | Anna-Sofia's blog series profiling portfolio companies' technology in depth. Builds brand credibility with technical founders and demonstrates domain understanding. Recent posts cover Hexium (nuclear supply chain) and Critical Energy (heat-to-power). |
| 60% Graduation Rate | 3x the industry average for seed→Series A progression. Suggests strong portfolio selection and/or active follow-on support in bridging the "valley of death" for hardware startups. |
How Rivus Could Help
For Humba (Firm-Level)
- Deep tech founder scouting: Rivus's entity intelligence pipeline could scan academic publications, patent filings, and lab-to-startup transitions to identify deep tech founders before they enter the fundraising circuit — exactly the "technical risk over market risk" founders Humba targets.
- Defense/climate market mapping: Automated tracking of government contracts, SBIR/STTR awards, DOE grants, and defense procurement signals. When a portfolio company's market moves, Humba knows immediately.
- Fellowship pipeline enrichment: The Deep Tech Fellowship generates deal flow from scientist-founders. Rivus could enrich each applicant's profile with publication history, patent portfolio, prior startup involvement, and network analysis.
- Co-investor intelligence: Since Humba follows tier-1 leads, automated tracking of Founders Fund, Khosla, Lux, and a16x deal announcements could surface co-investment opportunities early.
For Portfolio Companies
- Supply chain intelligence for hardware: Deep tech companies need reliable supply chains for specialized components. Rivus's supply chain mapping could help portfolio companies (Hexium, Critical Energy, Northwood Space) identify alternative suppliers and reduce single-point dependencies.
- Regulatory and policy tracking: Defense and nuclear portfolio companies face heavy regulatory environments. Automated tracking of ITAR, NRC, DOE, and DoD policy changes could provide early warning.
- Competitive landscape monitoring: For each portfolio company, automated tracking of competitors, adjacent technologies, and potential acquirers — critical for deep tech companies operating in fast-moving sectors.
Concrete Starting Points
- Defense contract pipeline monitor: Track SAM.gov, SBIR/STTR databases, and defense procurement announcements relevant to Humba's defense portfolio (Swarm Aero, Conductor AI, Danti, Antares). Deliverable: weekly briefing with new opportunities.
- Fellowship applicant scoring: Automated enrichment and technical evaluation of Deep Tech Fellowship applicants — publication record, patent portfolio, startup experience, domain expertise. Calibrate against successful Fellows.
- Portfolio health dashboard: Wire Humba's 35+ portfolio companies into monitoring pipeline — news, hiring signals, competitor moves, regulatory changes. Surface the signals that matter for hardware/deep tech companies.