Banner is a venture capital fund built around a procurement-native approach to defense and space investing, using its founders' background in federal operations to spot startups with real traction inside government buying and contracting. Its debut fund closed at roughly $225 million, an unusually large first fund, and it has concentrated its early capital in physical-world frontier companies like Impulse Space, TerraFirma, and Mesh Optical, co-investing in large rounds alongside firms such as Founders Fund, Lux Capital, Kleiner Perkins, Bain Capital Ventures, and 137 Ventures.