(Pronounced: ken-STRUCT as in "to build") Investing in extraordinary founders building technology to transform the most foundational industries of our economy.
Joined November 2019
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RT @daynagrayson: Welcome to the partnership Leland Chamlin. As we grow @constructcap what was old once is new again and of utmost importan…
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Construct Capital retweeted
Long time listener, first time poster (well, besides my homebrewing themed anon back in college). Might as well make it count and formally reintroduce myself to the TL as the newest Partner at @constructcap
Big news at Construct! We're excited to announce that @Chamlin_L has been promoted to Partner.
Leland brings firsthand experience building and scaling manufacturing and supply chain companies, along with a hands-on approach that has made him an invaluable resource to our founders and team.
As Construct continues to grow, we're excited to have Leland helping shape the firm's future.
Congratulations, Leland! We're so lucky to have you on the team.
Read more: constructcap.com/articles/le…
Construct Capital retweeted
Endurance is on a historic run. During our mission to the Axial Seamount, we successfully drilled the world’s first subsea geothermal well and generated net-positive power a mile beneath the Pacific. This mission was the first end-to-end test of subsea geothermal, and our fifth deep-sea deployment in just over a year. For three weeks, we worked around the clock over an active underwater volcano, running the drill and generator and handling every deployment and recovery. Along the way, we:
- Landed our drill within feet of target, drilled two holes, and cased and completed the second as a geothermal well, flowing at 260°C.
- Landed Adélie, our 3-ton test plant, and ran it in real time from Seattle over subsea fiber.
- Drilled with filtered seawater, not drilling mud, and monitored the site on every dive.
- Recovered, serviced, and redeployed Adélie in about 16 hours.
- And on Sept. 27, connected to a 281°C natural vent, spun the turbine up to 26,000 rpm and ran the plant net positive for 8.7 seconds, peaking at 16.5 kW.
Net power is the threshold every new energy source has to cross. For Endurance, it proves subsea geothermal is real, and gives us the confidence to keep sprinting towards commercial scale.
With a test like this, success comes from what we learn: a battery protection trip ended the run, a pump cable failed on restart, and the new well was too restrictive to run the plant. Those lessons go straight into Gentoo, our next test plant, this winter and Leopard, our 2 MW commercial generator.
We’re incredibly proud of what we accomplished together. It took creativity, precision, an uncompromising focus on safety from everyone on board, and it’s only the beginning of what we’re capable of. We couldn’t have done it without Stabbert Maritime and the crew of the Ocean Guardian, the ROPOS team, the University of Washington, WASSOC, and the National Science Foundation.
Construct Capital retweeted
The future of American manufacturing is being built now.
We're hosting our first LA Tech Week event on October 14, Santa Monica. Join @jaimalik (@AmcaInc), @jimbelosic (@sendcutsend), West Owens (@HadrianInc), and @drc_harmoni (@getHarmoni) for a conversation on what it takes to reindustrialize America, from building and scaling manufacturing companies to investing in the next generation of American industry.
@Techweek_ #LATechWeek
Construct Capital retweeted
One of the coolest companies on the planet. Few people can thinks as big, and bend reality as readily as @jeffholden Proud to be a long time investor in Atomic.
After six years in stealth, Atomic Machines is out. Our mission: on-demand, universal command of matter. First beachhead: the Matter Compiler, an AI-native manufacturing system that builds working micro-machines from code alone. No per-product tooling. No process development. Different code, different machine.
Construct Capital retweeted
SPEAKER ANNOUNCEMENT:
@daynagrayson Co-Founder and Managing Partner at @constructcap, will be joining the Space & Defense Investor Summit.
Construct Capital is a venture capital firm investing in founders transforming foundational industries through technology, with a focus on manufacturing, supply chain, transportation, and critical infrastructure. Its portfolio includes companies such as @CowboySpaceCorp, @HadrianInc, @SwarmAero and @AmcaInc.
📍 The Beverly Hilton
🗓️ November 3 - 4, 2026
Construct Capital retweeted
Excited to share that this summer we at @constructcap have now raised over $1 billion in AUM. We closed a new select fund as part of our growing franchise.
We started Construct in 2020 after years of investing, operating, and gathering signals that reindustrialization needed to happen—the technical debt of the U.S. economy was simply becoming too great to sit ont he sidelines and not raise a fund around a dedicated strategy.
Today, we’re seeing some of the biggest technology companies of our generation emerge by transforming the industries that actually power and build our world: manufacturing, defense, energy, logistics, and critical infrastructure. And we’re just getting started rebuilding a U.S. economy where technology-driven industrialization plays a much greater role. bloomberg.com/news/newslette…
Construct Capital retweeted
Happy Wednesday. On today's show:
- @jerallaire (Circle)
- @lrocket (Impulse Space)
- @ttunguz (Theory Ventures)
- @EliWachs (Footprint)
- @seanmcccarthy (BackOps)
- William Layden (Rune)
- Justin Beroz (ReynKo)
See you on the stream.
All Eyes on Warsh, Space Weapons, DreamMogged, Tomasz Tunguz Joins xitter.cf/i/broadcasts/1XxygwOMr…
Construct Capital retweeted
As AI models get better, cheaper and more widely available, we believe one of the biggest moats will be the proprietary data created by actually doing the work.
Today, we’re announcing a $42M Series B led by @insightpartners for @backopsai, just six months after our $26M Series A.
We’re building the intelligence and resolution layer for companies that make and move physical goods.
These companies still rely on people to connect ERPs, WMSs, TMSs, carrier portals, email, spreadsheets, customers and suppliers. BackOps sits across that ecosystem, gathers context, makes decisions, takes action and carries work through to resolution.
Since our Series A, one customer alone has processed 500K+ claims through BackOps. As volume grew 150x, automated resolution improved from 87% to 99%.
Another took a process that averaged 28 hours and brought it down to 14 minutes.
But what we’ve learned over the last six months is that the resolution itself may only be the beginning.
Every time BackOps completes work, it creates proprietary data around the context, decisions, actions and outcomes behind it.
At scale, that means understanding where processes break, why they break, which actions produce the best outcomes and how those processes should improve.
And that gets much more interesting as BackOps expands across an ecosystem.
If BackOps operates across a large grocer and the manufacturers, suppliers, distributors and carriers around it, we don’t just understand one company’s workflow. We begin to understand how work moves between them: where problems originate, how they cascade through the network and what actually resolves them.
Every additional process makes that intelligence stronger. And every additional company makes the network more valuable.
That’s the flywheel we’re building.
Our customers shouldn’t just automate more work. They should run on an operational intelligence layer that gets better as they use it and stronger as the network around them grows.
And next month, we’re launching something that unlocks a much bigger part of this vision.
Construct Capital retweeted
Had to see this in person @AFA_Air_Space
With a 72’ wingspan and unrefueled range of over 9000 miles, Gamera is a new category of Group 5 strike and sensing UAS that is mass-producible, significantly lower cost than legacy platforms, and the first UAS specifically designed to employ bomber-class strike munitions.
It’s on display this week at @AFA_Air_Space Air, Space & Cyber Conference. Come see the next generation of UAS in person in the Wilson Ballroom at Booth #4100.
Construct Capital retweeted
With a 72’ wingspan and unrefueled range of over 9000 miles, Gamera is a new category of Group 5 strike and sensing UAS that is mass-producible, significantly lower cost than legacy platforms, and the first UAS specifically designed to employ bomber-class strike munitions.
It’s on display this week at @AFA_Air_Space Air, Space & Cyber Conference. Come see the next generation of UAS in person in the Wilson Ballroom at Booth #4100.
Construct Capital retweeted
Meet Gamera, a new category of Group 5 strike and sensing UAS that we unveiled at @AFA_Air_Space's Air, Space & Cyber Conference today.
Mass-producible, significantly lower cost than legacy platforms, and the first UAS specifically designed to employ bomber-class strike munitions such as LRASM/JASSM-ER, Gamera delivers all of the capabilities needed in the next generation of UAS, at 10X lower cost-per-effect than legacy approaches to strike. With over 9,000 nautical miles of unrefueled range, Gamera's unique combination of low cost, large payload, and long range does not exist in any other UAS.
Since 2022, Swarm has been designing and building Gamera to provide the low-cost persistent strike and sensing that the @usairforce's Massed Modular Aircraft program is now seeking, making the force more capable, survivable, and effective, and renewing U.S. dominance of the skies.
Read our announcement here: globenewswire.com/news-relea…
Construct Capital retweeted
I recorded really fun special edition More or Less yesterday with @pxd, @wolfejosh, @RachelJHolt, @scottbelsky, @SAStanford -- we talk secrutiziation of compute, duration risk - and all the other spice of the moment -- some choice quotes (coming tomorrow)
Josh Wolfe — "None of this goes back to NVIDIA... the guys stuck with the risk — it's like my mother, your parents, it's the pensioners."
Peter Deng — "You can't vibe code a home health nurse to show up in your living room to take care of you post-surgery."
Peter Deng — "It's actually a feature, not a bug — a feature of having insanely great talent. Sam is N of one at recruiting really ambitious people; in a time when you can build anything, you should expect the turn."
Rachel Holt — "This is literally what's going on in the industrial and physical AI world — this data isn't readily accessible. It gives startups a chance to gain distribution before the mega platforms can swallow it up."
Rachel Holt — "This isn't a toll road — this isn't something that inherently has value 30 years from now. The fundamental risk is how much money these can spit off versus the duration they're useful for."
Scott Belsky — "This concept of websites is going to disappear very quickly. Help me do a bunch of stuff versus just do it — predict I need it, get it done."
Scott Belsky — "It's binary — if it has a C2PA credential that says any AI was used, Instagram reports it as made with AI. Consumers are like, what the hell, I only used it for one small edit."
Scott Stanford — "The take-or-pay agreements give some security, but the real onus falls on BlackRock, Blackstone, Goldman Asset Management — those are pension funds, assets they're managing for the public."
Scott Stanford — "No one's ever securitized compute before. Jensen's a genius — Wall Street didn't go to him, he went to Wall Street."
Josh Wolfe — "Every one of us is gonna have many, many bots doing many, many things. Which bots? It comes down to trust — who do you entrust with your data?"
Construct Capital retweeted
A special edition of More or Less with with a hardcore gang of the best investors & (former) product leaders at the fastest groing companies in the world :) @pxd, @wolfejosh, @RachelJHolt, @scottbelsky, @SAStanford -- the real dice.
youtube.com/watch?v=XySpdJ6U…
Construct Capital retweeted
Five+ years ago, investing in a company building factories with automation and AI was literally a dream for the future, so after meeting @2112Power over Zoom during the pandemic, we asked ourselves if we don't get on board here, what are we doing @constructcap ? We got on board.
Congrats to Chris and the entire @HadrianInc team who announced its $1.37B Series D today to build the next wave of automated factory production that this country desperately needs.
Today, Hadrian is one giant step closer to its mission. It has delivered "the factory as the product"—an automated, physical AI-driven, full actualization of a vision for the next 100 years of industrial progress in the US. It’s a true techno-industrial company, one of the only instantiations of physical AI, and one of the only software automation platforms for manufacturing that actually works.
Chris’s big realization back then was not just that the industrial base could not meet the wave of demand brewing on the horizon but also that this demand could not be satisfied simply by reinvigorating, modernizing, or otherwise somehow Improving existing suppliers. The supply side of the equation had already massively contracted and the machine shop owners set to retire over the coming decade could not invest in technology--forget rebuilding those with a physical AI approach. We needed a new way forward.
Hadrian is not and never was simply building another manufacturer, a supplier, automation of on onesie-twosie parts, or a project with great payback or unit economics (but they have that too!). That is not how you capture a tsunami of demand, modernize our industrial base and fill a huge gap in industrial capacity.
His vision was to rebuild that foundation from the ground up.
Just as importantly, they're proving that rebuilding American manufacturing isn't only about new facilities, it's about creating new opportunities for people. By bringing physical AI to the factory floor, Hadrian is enabling productivity to compound and attracting a new wave of the workforce to this sector, putting them to work in a fraction of the time it used to take to train a machinist.
It's been an honor to serve on the board and watch this company grow from an ambitious vision into one of the defining companies shaping the future of American manufacturing. I'm excited for what comes next.
Hadrian is announcing our $1.37B Series D - watch below for a comprehensive update on our plans to reinvest billions to meet generational demand for Factories-as-a-service & Opus, our physical AI platform for factory autonomy — as well as full stack munitions production, advanced foundries, international expansion, drone dominance, the Organic Industrial Base, and most importantly, increase Equity stakes for our workforce in LA, Alabama and Arizona.
Thank you to our team and investors for enabling us to accelerate our mission to reshore, rescale and upgrade the Defense Industrial Base.
The Factory is the Product.
Construct Capital retweeted
Today we're announcing our Series D: $1.37B in new capital at a $7.87B valuation to Reindustrialize America.
Thank you to all our investors. WCM Investment Management, @WashingHarbour, Valor Equity Partners, @137ventures, and @BaillieGifford led the round. @jpmorgan Chase's Strategic Investment Group acted as anchor co-lead, investing through the firm's Security and Resiliency Initiative. The round also included major participation by @1789capital, as well as participation from @MorganStanley Wealth Management, @apolloglobal, @TRowePrice, @a16z, @CapitalG, @foundersfund, @lux_capital, @AltimeterCap, @constructcap, and existing investors.
This round confirms our belief in a few simple things: America needs to Reindustrialize, Physical AI is real, transforming the world of atoms matters 100x more than the world of bits, and, most importantly, that the New American Workforce is the center of everything we do.
Here's what we've built, and what comes next.
Construct Capital retweeted
Hadrian is announcing our $1.37B Series D - watch below for a comprehensive update on our plans to reinvest billions to meet generational demand for Factories-as-a-service & Opus, our physical AI platform for factory autonomy — as well as full stack munitions production, advanced foundries, international expansion, drone dominance, the Organic Industrial Base, and most importantly, increase Equity stakes for our workforce in LA, Alabama and Arizona.
Thank you to our team and investors for enabling us to accelerate our mission to reshore, rescale and upgrade the Defense Industrial Base.
The Factory is the Product.
Today we're announcing our Series D: $1.37B in new capital at a $7.87B valuation to Reindustrialize America.
Thank you to all our investors. WCM Investment Management, @WashingHarbour, Valor Equity Partners, @137ventures, and @BaillieGifford led the round. @jpmorgan Chase's Strategic Investment Group acted as anchor co-lead, investing through the firm's Security and Resiliency Initiative. The round also included major participation by @1789capital, as well as participation from @MorganStanley Wealth Management, @apolloglobal, @TRowePrice, @a16z, @CapitalG, @foundersfund, @lux_capital, @AltimeterCap, @constructcap, and existing investors.
This round confirms our belief in a few simple things: America needs to Reindustrialize, Physical AI is real, transforming the world of atoms matters 100x more than the world of bits, and, most importantly, that the New American Workforce is the center of everything we do.
Here's what we've built, and what comes next.
Construct Capital retweeted
The Air Force is shaping requirements for a new era of uncrewed airpower around flexibility, affordability, and rapidly scaling production.
Future conflicts will demand greater mass, faster adaptation, and the ability to absorb operational losses while continuing to generate combat effects. The Air Force is increasingly focused on platforms that are more modular, lower cost, and easier to mass produce, fielded more rapidly and employed with greater operational risk tolerance than traditional aircraft.
This is exactly what Swarm is built to deliver. af.mil/News/Article-Display/…
Construct Capital retweeted
At @axios live last week, I summed up the thesis that gets us out of bed every day @constructcap: backing entrepreneurs who are building new, generational companies in the most foundational industries of our economy.
The industrial sector has not grown in lock step with the rest of the markets over the last 20 years and that is about to change with physical AI, which has lagged digital AI.
There has been a 10x growth of later stage capital in the last 4 years and this is important to fulfilling the new tech-first industrial market’s full potential.
A new swath of our public markets should exist around companies that drive our most foundational industries, and there will be durable, generational tech-first industrial companies emerging in the next few years in the public markets.
Thank you to @Axios for having me on to discuss physical AI and the future of industrial technology.
Credit to @axios . Used with permission.
Construct Capital retweeted
Well, it took an Australian to fix American manufacturing.
This week we sit down with Power, Chris Power - @2112Power - the boss at @HadrianInc. Hadrian has a growing empire of software-infused manufacturing machines building things faster and better across the U.S.
In this episode, we get into Chris's journey and the state of American manufacturing and how dire/hopeful things really are. Consider this your first 4th of July weekend feast.
Timestamps
00:00 Intro
04:07 From Melbourne to LA
07:37 The Thesis He Chose
10:00 America Gave the Farm Away
14:46 Why We Can't Rebuild Missiles
19:08 Automating a Master Machinist?
24:38 From Parts to Whole Missiles
29:19 The China Problem
33:40 How Far Behind Are We?
41:45 Answering the Critics
45:22 Can Anyone Copy @elonmusk?
53:03 An American Shenzhen?