VC Firm Betting on Far-Out Tech Raises $245 Million For New Fund

Prime Movers Lab has raised $245 million to back young startups working on an unconventional range of technologies. The firm specializes in making investments at the edge of what’s technically possible — including brain implants, psychedelics-related therapies and space infrastructure.

The cash influx will constitute Wyoming-based Prime Movers Lab’s fourth fund, the firm plans to announce Wednesday, bringing its total under management to more than $1.2 billion. The funding comes at a bleak time for the startup ecosystem, and was the result of a drawn-out process, said founder and general partner Dakin Sloss.