Blab Tech
Enchantment Labs Capital Launches Hybrid Venture Studio to Accelerate New Mexico Deep-Tech Startups
On April 29, 2026, a joint venture between CerraCap Ventures and Patterson Thoma Family Office announced the launch of Enchantment Labs Capital in Santa Fe, New Mexico. The venture studio will source and commercialize deep‑tech intellectual property from the state’s national laboratories and universities and will feed proprietary deal flow into a planned $50 million fund aimed at accelerating the growth of New Mexico startups.
CerraCap, a global venture capital firm with offices in the United States, London, Singapore and New Mexico, has a portfolio that includes several New Mexico‑based companies. Among them are Bandelier Technologies, which develops quantum‑sensing hardware; Breezy Med, a healthcare platform; Space Kinetic, a space and defense technology firm; Viome, a health‑analytics company; 3DGS, a semiconductor startup; and Robotic Skies, which focuses on drone technology. The new venture studio will build on CerraCap’s experience in scaling early‑stage deep‑tech ventures.
Patterson Thoma, a family investment office founded in 1982, has a history of investing in established funds and management teams that can deploy capital efficiently. The partnership with CerraCap is intended to combine Patterson Thoma’s capital‑deployment expertise with CerraCap’s deep‑tech focus.
During the launch event, Abhi Mukherjee, a partner at CerraCap Ventures, highlighted the strategic importance of New Mexico’s research ecosystem. He noted that the state’s national laboratories and universities produce a steady stream of high‑impact intellectual property that is often under‑commercialized. Mukherjee said the studio would act as a bridge between research and market, providing resources such as business development, regulatory guidance and early‑stage funding.
Dan Patterson, a principal at Patterson Thoma Family Office, emphasized the hybrid studio model. He explained that Enchantment Labs Capital will operate as both a venture studio—providing hands‑on support to early‑stage companies—and a venture fund that will later invest in the most promising startups from its own pipeline. According to Patterson, this model reduces the time and cost for companies to reach market readiness.
The studio’s focus on deep tech aligns with New Mexico’s broader strategy to become a national hub for frontier science. The state has recently announced significant investment from the Defense Advanced Research Projects Agency (DARPA) and other federal agencies to support quantum, space and defense technologies. Enchantment Labs Capital’s fund will provide the capital needed to translate laboratory breakthroughs into commercial products.
Enchantment Labs Capital will also maintain relationships with state research institutions, including the New Mexico Institute of Mining and Technology and the University of New Mexico. By sourcing intellectual property directly from these institutions, the studio aims to reduce the “valley of death” that often hampers deep‑tech startups.
The launch event, held at 4 p.m. MST on April 29, attracted local policymakers, university representatives and industry leaders. While the event did not announce specific portfolio companies, it confirmed that the studio will begin sourcing deals immediately and that the $50 million fund will be made available to the first cohort of startups by the end of 2026.
Enchantment Labs Capital’s hybrid model is expected to create a new pipeline of deep‑tech companies that can leverage New Mexico’s research strengths while accessing capital and business expertise. The venture studio’s success will be measured by the number of companies that move from prototype to market and the subsequent economic impact on the state’s technology sector.
As of July 2026, Enchantment Labs Capital has completed its launch and is actively recruiting deep‑tech teams. The studio’s first fund is expected to close in early 2027, with the first round of investments slated for mid‑2027. No regulatory approvals or court actions are pending. The venture studio remains a key development in New Mexico’s effort to position itself as a leader in frontier science and technology.
CerraCap, a global venture capital firm with offices in the United States, London, Singapore and New Mexico, has a portfolio that includes several New Mexico‑based companies. Among them are Bandelier Technologies, which develops quantum‑sensing hardware; Breezy Med, a healthcare platform; Space Kinetic, a space and defense technology firm; Viome, a health‑analytics company; 3DGS, a semiconductor startup; and Robotic Skies, which focuses on drone technology. The new venture studio will build on CerraCap’s experience in scaling early‑stage deep‑tech ventures.
Patterson Thoma, a family investment office founded in 1982, has a history of investing in established funds and management teams that can deploy capital efficiently. The partnership with CerraCap is intended to combine Patterson Thoma’s capital‑deployment expertise with CerraCap’s deep‑tech focus.
During the launch event, Abhi Mukherjee, a partner at CerraCap Ventures, highlighted the strategic importance of New Mexico’s research ecosystem. He noted that the state’s national laboratories and universities produce a steady stream of high‑impact intellectual property that is often under‑commercialized. Mukherjee said the studio would act as a bridge between research and market, providing resources such as business development, regulatory guidance and early‑stage funding.
Dan Patterson, a principal at Patterson Thoma Family Office, emphasized the hybrid studio model. He explained that Enchantment Labs Capital will operate as both a venture studio—providing hands‑on support to early‑stage companies—and a venture fund that will later invest in the most promising startups from its own pipeline. According to Patterson, this model reduces the time and cost for companies to reach market readiness.
The studio’s focus on deep tech aligns with New Mexico’s broader strategy to become a national hub for frontier science. The state has recently announced significant investment from the Defense Advanced Research Projects Agency (DARPA) and other federal agencies to support quantum, space and defense technologies. Enchantment Labs Capital’s fund will provide the capital needed to translate laboratory breakthroughs into commercial products.
Enchantment Labs Capital will also maintain relationships with state research institutions, including the New Mexico Institute of Mining and Technology and the University of New Mexico. By sourcing intellectual property directly from these institutions, the studio aims to reduce the “valley of death” that often hampers deep‑tech startups.
The launch event, held at 4 p.m. MST on April 29, attracted local policymakers, university representatives and industry leaders. While the event did not announce specific portfolio companies, it confirmed that the studio will begin sourcing deals immediately and that the $50 million fund will be made available to the first cohort of startups by the end of 2026.
Enchantment Labs Capital’s hybrid model is expected to create a new pipeline of deep‑tech companies that can leverage New Mexico’s research strengths while accessing capital and business expertise. The venture studio’s success will be measured by the number of companies that move from prototype to market and the subsequent economic impact on the state’s technology sector.
As of July 2026, Enchantment Labs Capital has completed its launch and is actively recruiting deep‑tech teams. The studio’s first fund is expected to close in early 2027, with the first round of investments slated for mid‑2027. No regulatory approvals or court actions are pending. The venture studio remains a key development in New Mexico’s effort to position itself as a leader in frontier science and technology.
