New consortium unites Silicon Valley investors in hunt for New Mexico deep-tech startups

Silicon Valley investors are backing a new consortium to identify deep-tech startups in New Mexico.

Albuquerque startup incubator Roadrunner Venture Studios is teaming up with venture capital companies like Khosla Ventures, Lux Capital, Playground Global and others to form the Roadrunner Venture Consortium — giving the collective access to the latest innovations coming out of New Mexico’s national labs and universities, officials announced this week.

The consortium comes as New Mexico continues to position itself as an emerging tech hub, bolstered by state investments and a history of technological research and development.

“We set up shop and (were) founded in New Mexico now, about two years ago, because we believe in the promise of the state,” Roadrunner Venture Studios CEO and co-founder Adam Hammer said in a Tuesday interview. “It has some unbelievable research institutions: Los Alamos (National Laboratory), University of New Mexico, Sandia (National Laboratories). ... It also has a supportive state government.”

Members of the consortium also include Crosslink Capital, At One Ventures and America’s Frontier Fund, which collectively manages more than $25 billion in assets. Roadrunner Venture Consortium will identify startups in advanced computing, semiconductors, robotics, AI and other deep-tech areas. Members will also have the added benefit of annual investor summits, networking opportunities and industry intelligence.

“Deep tech ventures require different kinds of support than traditional startups,” Kendra Perlitz, operating partner at Playground Global, said in a statement. “Through this initiative, investors will have more insight into the resources needed to turn bold ideas into viable companies.”

Roadrunner Venture Studios launched with $10 million from America’s Frontier Fund nearly two years ago, drawn from a $100 million commitment the New Mexico Investment Council made in 2022. Roadrunner Venture Studios’ SIC commitment ballooned to $50 million after the council restructured funds last fall.

Roadrunner Venture Studios incubates four startups — Nexterity, Halo Materials, Hydrosonics and Inaedis — at its Downtown Albuquerque headquarters, providing not only funding but advisement, legal services, human resources and recruiting help.