VC firm 137 Ventures announced Thursday that it has raised more than $700 million across two new growth-stage funds to back startups “with the potential for significant market impact.” 

In the past year, the firm, founded by former Founders Fund investor Justin Fishner-Wolfson, said it has deployed more than a billion dollars into companies building in defense, AI, and industrial systems. Its portfolio includes AI agent company Cognition, AI-powered manufacturing company Hadrian Automation, and defense company Anduril.

It is also, notably, an investor in Elon Musk’s SpaceX, which is expected to have a historic IPO this year that could value the company at more than a trillion dollars. Bloomberg reported that 137 Ventures first backed SpaceX in 2010 and has since cut the company around two dozen checks.