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Formation 8 raising dedicated hardware VC fund

Formation 8 partners Jim Kim, Joe Lonsdale, and Brian KooFormation 8 partners Jim Kim, Joe Lonsdale, and Brian Koo
Formation 8 partners Jim Kim, Joe Lonsdale, and Brian KooPhoto: Jason Madara

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.

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