Silicon Valley venture capital firm Formation 8 has quietly held a first close on a new fund that will invest exclusively in early-stage hardware companies, Fortune has learned. The plan is to raise upwards of $100 million, and early investors include Flextronics (FLEX).
The involvement by Flextronics isn’t terribly surprising, given that the fund is led by former Flextronics executive Lior Susan (who joined Formation 8 earlier this year). Formation 8 co-founder Jim Kim also is said to be involved.
Formation 8 also is raising a seed fund led by Drew Oetting. The firm continues to invest out of a $500 million flagship fund — Formation8 Partners II — that it raised last year.
A spokesman for the firm declined comment.
Get Term Sheet, our daily newsletter on deals and dealmakers.