MetaVC Partners, the US venture capital fund backed by Bill Gates and co-founded by Bray-born entrepreneur Conrad Burke, has closed its first fund after raising $62m (€56m) to invest in innovative technology.

Burke previously sold Innovalight, a maker of silicon ink for solar panels to US chemical giant DuPont in 2011.

Meta VC invests in metamaterials – which improve the performance and reduce the size and weight of devices like lenses and sensors.

Since he co-founded the firm in 2021, and aimed to raise up to $100m, it has invested in four companies that are all developing products that are smaller, cheaper, faster, and use less energy.

One, Neurophos, is building optical processors that use photons instead of electrons used in integrated circuits. They may help data centres used by AI to reduce energy consumption while working faster, he said.

Its three other investments to date have been in companies developing sensors for vehicle anti-collision systems and consumer electronics, satellite communications and flat optical lens tech.

Burke said that based on his recent talks with Silicon Valley investors, “with the growth of onshoring of manufacturing [back from China], the pendulum is swinging back to investing in physical products again after all the food delivery apps.

“The world’s largest car makers now have R&D operations here, whereas they didn’t before. There is a lot more going on like that involving hard tech.

Referring to the current fundraising environment, he added. “Capital is being managed more carefully due to higher interest rates and the mood of the market.

“Whether you’re raising money to invest or raising money as a startup, it has become more challenging. However, VC tends to be counter cyclical.”

Speaking about Ireland’s ability to foster climate and ‘hard tech’ startups, Burke questioned whether there is a large enough ecosystem – with successful founders willing to make seed investments in startups – and the wider availability of VC prepared to invest for the long term.

He offered the following advice to startups navigating today’s tech landscape. “If you’ve got a good idea, the right people in the right roles in your team, you’ll eventually get funding, even if there is a downturn.

“Manage your cash carefully. Stay nimble and pivot if necessary. Hope isn’t a strategy, so don’t stick your head in the sand. Your greatest advantage over an incumbent is speed of decision-making and execution.”