Who We Are

1864 Capital is a public benefit corporation headquartered in iconic Bozeman, Montana. We are an investment management firm and commercialization readiness team built to restore national security independence and bolster long-term economic growth, leveraging our 30-year track record and extensive network of investor and ecosystem partners.

We facilitate capital alignment on behalf of our portfolio companies and investors who are working to restore the domestic industrial base in the United States. Our mission is to connect, capital, companies, and communities to produce the technology our nation needs — when it needs it, while ensuring our nation, our companies, and our investors win in the process.

Our technology interests:

  • Critical Minerals and Rare Earths

    Novel techniques for extraction, separation, refining, recycling, and alternative materials

  • Semiconductor and Telecom Supply Chain

    Photonic integrated circuits, advanced computing, micro-optics, interconnects, packaging, novel substrates

  • Quantum-Enabling Technology

    Cryogenics, quantum-grade electronics, interfaces, photonic controls, 2D materials

  • Smart Sensing and Autonomous Systems

    Natural resource management, agriculture, infrastructure monitoring, point-of-care devices, defense and exploration

  • Advanced Manufacturing

    Point of use manufacturing, advanced materials, novel methods for fabrication and design

  • Enabling Tech for the Public Good

    Innovation positioned to provide a public benefit for Mountain West communities like better health outcomes, disaster mitigation, and wildfire resilience

How we drive success for our portfolio and create value

The numbers don’t lie: the increase in VC investment has not driven higher returns, with an oversupply of venture capital chasing a small number of unicorns that do not actually contribute to our domestic sovereignty. Now more than ever, the path forward demands specialized, boutique operators and nimble firms with deep domain expertise. 1864 Capital is the answer for companies and investors alike, providing tailored support, value creation, and strategic guidance essential for scaling innovation from prototype to impact.

Validate Market Pull

We leverage our extensive network across the industrial and defense sectors to identify and partner with key first customers who can qualify solutions, leverage co-investments, and validate the market opportunity. Through use inspired testing, we transform the initial check from a leap of faith into a disciplined test of scalability and customer adoption.

Venture Building

Through our deep market expertise and breadth of connectivity across the tech landscape, we augment our portfolio by building high value companies from the ground up, fueling the entrepreneurial spirit in our communities while creating actionable, near term exit opportunities for our partners. Simply put, better founders create better investors.

Flexible Capital Allocation

We utilize our connectivity across federal research programs, nondilutive contracting mechanisms, early stage capital, corporate venture, growth capital, private equity, and debt to deploy the right capital at the right time. Through careful orchestration, we ensure every dollar advanced both commercial traction and long-term enterprise value.

Testbeds and the Network Effect

We create differentiated value through our active test bed building and partnerships across industry, academia, and government. Our access to testing facilities and large infrastructure creates a continuous validation engine and direct observation of traction, technical readiness, and product-market fit.

Define MVP and Pilot

By reframing an opportunity around the core value density and first pilot project, we redefine that first investment as a key risk management strategy rather than pure venture play. This approach ensures we deploy capital against validated technical and market fundamentals, allowing investors and customers to see tangible proof of value early and accelerate scale.

Fellowships and Mentoring

Our role in the community is more than capital. To better serve our ecosystem and build the next generation of founders, we develop unique, immersive programs and placement opportunities for students, veterans, and other aspiring entrepreneurs directly with our firm, internal portfolio companies, and partner portfolio companies.

Because we are founders ourselves, we understand first hand the significant amount of planning, preparation, and strategic groundwork that goes into a company before the first check is written. Our partner company, Shadow Ridge Analytics (SRA), engages with founders early in the process to shape go-to-market strategies and design rigorous customer validation pathways. We bring together deep market expertise, licensing and intellectual property management, and fractional executive services to help startups mature from concept to credible investment opportunity. This disciplined approach ensure by the time a company enters the fundraising phase, it has a validated market position, defensible intellectual property strategy, and clear path to revenue.