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Illustration: Aïda Amer/Axios

Lux on Thursday announced that it raised $675 million for its seventh early-stage fund and $800 million for its first opportunity fund.

Why it matters: Lux Capital is one of the original "frontier" tech venture firms, investing in startups that leverage colliding scientific advancements to create new categories. And now it's got a lot more money in the bank, so it seemed like a good time to check in.

Target areas: Lux co-founders Josh Wolfe and Peter Hébert tell me that they're particularly interested in two sectors:

  • Tech of science: This is hardware enabling breakthroughs, including both tools and instruments, with Lux believing the market will be bolstered by geopolitical competition. A sub-category here is lab robotics and automation — the idea of remote labs with scientists "at the beach" — which could help speed and resolve reproducibility.
  • Space: Sure, this isn't exactly novel in 2021. But I hadn't heard someone before describe the opportunity as succinctly as did Wolfe: "It's railroads turned vertical instead of horizontal."

Peer pressure: While Lux differs from many other VC firms in terms of industry strategy, it's decision to raise an opportunity fund is very familiar: Later-stage sizes are exploding and Lux wants to hold onto ownership positions in its own high-flyers (around 80% of the fund is expected to go to existing portfolio companies).

  • For context, CB Insights reported this morning that there are now more than 700 global unicorns. And we really need a new word to describe the largest VC-backed startups and a new valuation threshold, as the "unicorn" framing no longer cuts it. My inbox is open (dan@axios.com).

The bottom line: Frontier tech investing can have lower hit rates than traditional consumer or enterprise tech VC, or even biotech, but the successes are often more consequential.

Go deeper

25 mins ago - World

Putin denies Russia is behind cyberattacks ahead of Biden summit

In an exclusive interview with NBC's "Today," Russian President Vladimir Putin denied that Russia is waging cyber warfare against the United States and refused to guarantee opposition leader Alexei Navalny — whose name he would not say — will leave prison alive.

Why it matters: Cyberattacks by Russian intelligence and Russian-speaking criminal groups, as well as the Kremlin's attempted assassination and jailing of Navalny, are among the topics President Biden is expected to raise at his Geneva summit with Putin on Wednesday.

2 hours ago - Health

Novavax says COVID-19 vaccine was 90% effective in Phase 3 trial

Photo: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Novavax, a Maryland biotechnology company, announced Monday that its COVID-19 vaccine was 90.4% effective in its Phase 3 trial, including against coronavirus variants.

Why it matters: The study of 29,960 participants in the U.S. and Mexico found the shot was safe and highly effective, paving the way for the FDA to clear a 4th vaccine for emergency use by the end of the year.