# PE firms backing Hardware & Electronics (2026 list)

> 170 PE firms backing Hardware & Electronics, 89% active in the last 12 months. Led by Gaingels, Citibank, Pioneer Fund. Ranked by what they funded.

Source: https://millionrounds.com/lists/pe-firms-hardware (Millionrounds; every figure on the page links to its filing or article)

[Investor Lists](https://millionrounds.com/lists)

# PE firms backing Hardware & Electronics

Updated 7 November 2026

PE firms we have observed in a hardware & Electronics round in the last two years.

[See all 170 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-hardware)The top 25

**170** investors on the list *+12* this week

**1,420** cheques in 12 months *+10%* against the market

**$100M** median round they joined *+1150%* against the market median

**89%** wrote a cheque in 12 months

**49%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (25)

- 1 [Gaingels](https://millionrounds.com/fund/gaingels) *Deploying now* Private equity · United States **1,010** **$8M** median round **Oct 2026** last seen
- 2 [Citibank](https://millionrounds.com/fund/citi) *Deploying now* Growth equity · United States **566** **$20M** median round **Oct 2026** last seen
- 3 [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2) *Deploying now* Private equity · United States **551** **$2.9M** median round **Nov 2026** last seen
- 4 [IDG Capital](https://millionrounds.com/fund/idg-capital) *Deploying now* Private equity · China **504** **$25M** median round **Oct 2026** last seen
- 5 [RA Capital Management](https://millionrounds.com/fund/ra-capital-management) *Deploying now* Private equity · United States **395** **$93M** median round **Nov 2026** last seen
- 6 [Summit Partners](https://millionrounds.com/fund/summit-partners) *Deploying now* Private equity · United States **356** **$81M** median round **Oct 2026** last seen
- 7 [Morgan Stanley Investment Management](https://millionrounds.com/fund/morgan-stanley-investment-management) *Deploying now* Private equity · United States **288** **$56M** median round **Oct 2026** last seen
- 8 [Saif Partners](https://millionrounds.com/fund/saif-partners) *Deploying now* Private equity · Hong Kong SAR China **283** **$14M** median round **May 2026** last seen
- 9 [General Atlantic](https://millionrounds.com/fund/general-atlantic) *Deploying now* Private equity · United States **273** **$127M** median round **Oct 2026** last seen
- 10 [Business Growth Fund](https://millionrounds.com/fund/bgf) *Deploying now* Private equity · United Kingdom **260** **$9.9M** median round **Nov 2026** last seen
- 11 [HSBC](https://millionrounds.com/fund/hsbc) *Deploying now* Growth equity · United Kingdom **234** **$45M** median round **Oct 2026** last seen
- 12 [DST Global](https://millionrounds.com/fund/dst-global) *Deploying now* Private equity · United Kingdom **158** **$81M** median round **Oct 2026** last seen
- 13 [Bond](https://millionrounds.com/fund/bond) *Deploying now* Growth equity · United States **154** **$47M** median round **Sept 2026** last seen
- 14 [Eurazeo](https://millionrounds.com/fund/eurazeo) *Deploying now* Private equity · France **150** **$28M** median round **Oct 2026** last seen
- 15 [T. Rowe Price](https://millionrounds.com/fund/t-rowe-price) *Deploying now* Private equity · United States **136** **$400M** median round **Nov 2026** last seen
- 16 [Foresight Group](https://millionrounds.com/fund/foresight-group) *Deploying now* Private equity · United Kingdom **132** **$4M** median round **Oct 2026** last seen
- 17 [Maven Capital Partners](https://millionrounds.com/fund/maven-capital-partners) *Deploying now* Private equity · United Kingdom **129** **$3.5M** median round **Oct 2026** last seen
- 18 [Apollo](https://millionrounds.com/fund/apollo-global-management) *Deploying now* Private equity · United States **114** **$55M** median round **Oct 2026** last seen
- 19 [S2G Investments](https://millionrounds.com/fund/s2g-investments) *Deploying now* Growth equity · United States **102** **$16M** median round **Oct 2026** last seen
- 20 [Sands Capital Ventures](https://millionrounds.com/fund/sands-capital-ventures) *Deploying now* Private equity **99** **$45M** median round **Aug 2026** last seen
- 21 [Blackstone Group](https://millionrounds.com/fund/blackstone-group) *Deploying now* Private equity · United States **98** **$200M** median round **Sept 2026** last seen
- 22 [GIC](https://millionrounds.com/fund/gic) *Deploying now* Private equity · Singapore **92** **$200M** median round **Oct 2026** last seen
- 23 [Human Capital](https://millionrounds.com/fund/human-capital-2) *Deploying now* Growth equity · New Zealand **81** **$24M** median round **Oct 2026** last seen
- 24 [Space Capital](https://millionrounds.com/fund/space-capital-2) *Deploying now* Private equity · Italy **79** **$12M** median round **Oct 2026** last seen
- 25 [National Bank of Canada](https://millionrounds.com/fund/national-bank-of-canada) *Deploying now* Private equity · Canada **77** **$74M** median round **Sept 2026** last seen

**145 more on this list**

All 170 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000.

[See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-hardware)

## The Newest Cheques

Rounds this list's investors joined most recently

- **5** Nov **[T-Therapeutics](https://millionrounds.com/company/t-therapeutics)** Series B · $133M *With* [Business Growth Fund](https://millionrounds.com/fund/bgf)
- **5** Nov **[firmly](https://millionrounds.com/company/firmly)** Series A · $15M *With* [• Ark Invest](https://millionrounds.com/fund/ark-invest)
- **5** Nov **[Potential Sciences](https://millionrounds.com/company/potential-sciences)** Seed *With* [Sovereign AI Fund](https://millionrounds.com/fund/sovereign-ai-fund)
- **5** Nov **[Nyquis](https://millionrounds.com/company/nyquis)** Seed · $6.3M *With* [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2)
- **5** Nov **[Alethio Therapeutics](https://millionrounds.com/company/alethio-therapeutics)** Series A · $90M *Led by* [RA Capital Management](https://millionrounds.com/fund/ra-capital-management)
- **5** Nov **[RadianX](https://millionrounds.com/company/radianx)** Seed · $9M *With* [Sahsen Ventures](https://millionrounds.com/fund/sahsen-ventures)

## Stages This Year

1,201 rounds

- Venture **18%**
- Debt **13%**
- Series A **12%**
- Other **10%**
- Series B **9%**
- Other **37%**

## What They Backed

Sectors, last 12 months

- AI **412**
- Biotech **131**
- Fintech **86**
- Hardware & Electronics **81**
- Healthcare **72**
- Energy **69**

## Cheques by Quarter

Led Joined

311 Q1 25

304 Q2 25

385 Q3 25

433 Q4 25

435 Q1 26

387 Q2 26

298 Q3 26

119 Q4 26

The last bar is the quarter still running.

## Lists Like This

- [VC firms backing AI 4,329](https://millionrounds.com/lists/vc-firms-ai)
- [VC firms backing Fintech 1,856](https://millionrounds.com/lists/vc-firms-fintech)
- [VC firms backing Big Data & Analytics 1,248](https://millionrounds.com/lists/vc-firms-big-data)
- [VC firms backing Biotech 1,207](https://millionrounds.com/lists/vc-firms-biotech)
- [VC firms backing Robotics 1,098](https://millionrounds.com/lists/vc-firms-robotics)
- [VC firms backing Construction 1,025](https://millionrounds.com/lists/vc-firms-construction)
- [VC firms backing Energy 998](https://millionrounds.com/lists/vc-firms-energy)
- [PE firms backing AI 956](https://millionrounds.com/lists/pe-firms-ai)
- [VC firms backing Cybersecurity 950](https://millionrounds.com/lists/vc-firms-cybersecurity)

[All investor lists *→*](https://millionrounds.com/lists)

## Reading for founders in hardware and deep tech

- The One Device: The Secret History of the iPhone Brian Merchant · 2017 3.89 from 1,949 ratings on Goodreads Hardware and deep tech About the book We know the iPhone as the device that transformed our world, changing everything from how we talk to each other and do business, to how we exercise, travel, shop, and watch TV. But packed within its slim profile is the fascinating, untold story of scientific, technological, and… On AmazonListen on Audible
- The British Industrial Revolution in Global Perspective Robert C. Allen · 2009 3.99 from 277 ratings on Goodreads Hardware and deep tech About the book Why did the industrial revolution take place in eighteenth-century Britain and not elsewhere in Europe or Asia? In this convincing new account Robert Allen argues that the British industrial revolution was a successful response to the global economy of the seventeenth and… On AmazonListen on Audible
- Made in the USA: The Rise and Retreat of American Manufacturing Vaclav Smil · 2013 3.77 from 518 ratings on Goodreads Hardware and deep tech About the book In Made in the USA, Vaclav Smil powerfully rebuts the notion that manufacturing is a relic of predigital history and that the loss of American manufacturing is a desirable evolutionary step toward a pure service economy. Smil argues that no advanced economy can prosper without… On AmazonListen on Audible
- Behemoth: A History of the Factory and the Making of the Modern World Joshua B. Freeman · 2018 3.83 from 864 ratings on Goodreads Hardware and deep tech About the book "Freeman’s rich and ambitious Behemoth depicts a world in retreat that still looms large in the national imagination.…More than an economic history, or a chronicle of architectural feats and labor movements." ―Jennifer Szalai, New York Times In an accessible and timely work of… On AmazonListen on Audible

More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&model=hardware).

As an Amazon Associate we earn from qualifying purchases.

## Quick answers about PE firms backing Hardware & Electronics

### Who are the most active PE firms backing Hardware & Electronics?

By cheques observed, the most active are Gaingels, Citibank, Pioneer Fund, IDG Capital and RA Capital Management.

### How many PE firms backing Hardware & Electronics are there?

170 are on record. 89% made an investment in the last 12 months and 49% have led a round.

### Which stages do PE firms backing Hardware & Electronics back?

Of the rounds with a named stage in the last 12 months, mostly Debt (20%) and Series A (18%).

### How big are the rounds PE firms backing Hardware & Electronics join?

The typical (median) round among the leading investors here is $45M.

### Which sectors do PE firms backing Hardware & Electronics back most?

In the last 12 months, mostly AI, Biotech and Fintech.

### Which PE firms backing Hardware & Electronics lead the most rounds?

General Atlantic (32 led), GIC (17 led) and RA Capital Management (15 led).

### Where are PE firms backing Hardware & Electronics based?

Among the most active, most are based in the United States (12), the United Kingdom (5) and China (1).

### What have PE firms backing Hardware & Electronics invested in recently?

Recent rounds include T-Therapeutics (Series B, Nov 2026, with Business Growth Fund), firmly (Series A, Nov 2026, with • Ark Invest) and Potential Sciences (Seed, Nov 2026, with Sovereign AI Fund).

Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)