introducing

introducing

the

the

the

spotlight

spotlight

spotlight

Celebrating innovation, wealth creation, and the Triangle’s deeptech future.

Celebrating innovation, wealth

creation, and the Triangle’s

deeptech future.

history of
innovation

history of
innovation

history of
innovation

Established in 1959, Research Triangle Park (RTP) was envisioned as a hub for research and innovation, leveraging the academic strengths of Duke, NC State, and UNC-Chapel Hill. Early pioneers such as IBM, RTI International, and Burroughs Wellcome (now GSK) solidified RTP’s reputation as a leader in technology across both the physical and life sciences. Government institutions like the National Institute of Environmental Health Sciences (NIEHS) further bolstered its focus on groundbreaking research. This foundation of innovation laid the groundwork for a thriving entrepreneurial ecosystem, fostering spinouts, startups, and innovation-driven ventures across the region.

The Research Triangle has undergone distinct cycles of innovation, growth, and reinvestment. Early IPOs, including SciQuest and Inspire Pharmaceuticals, paved the way for transformative acquisitions like SpectraSite and Quintiles, which expanded the region's influence in biotech and technology. Major milestones, such as Red Hat’s acquisition and AskBio’s $4 billion sale, have fueled continued momentum, attracting top talent and capital. Today, companies like Pendo and Tune Therapeutics embody the Triangle’s enduring ability to evolve, scale startups into industry leaders, and reinvest in the next wave of entrepreneurship.

Established in 1959, Research Triangle Park (RTP) was envisioned as a hub for research and innovation, leveraging the academic strengths of Duke, NC State, and UNC-Chapel Hill. Early pioneers such as IBM, RTI International, and Burroughs Wellcome (now GSK) solidified RTP’s reputation as a leader in technology across both the physical and life sciences. Government institutions like the National Institute of Environmental Health Sciences (NIEHS) further bolstered its focus on groundbreaking research. This foundation of innovation laid the groundwork for a thriving entrepreneurial ecosystem, fostering spinouts, startups, and innovation-driven ventures across the region.

The Research Triangle has undergone distinct cycles of innovation, growth, and reinvestment. Early IPOs, including SciQuest and Inspire Pharmaceuticals, paved the way for transformative acquisitions like SpectraSite and Quintiles, which expanded the region's influence in biotech and technology. Major milestones, such as Red Hat’s acquisition and AskBio’s $4 billion sale, have fueled continued momentum, attracting top talent and capital. Today, companies like Pendo and Tune Therapeutics embody the Triangle’s enduring ability to evolve, scale startups into industry leaders, and reinvest in the next wave of entrepreneurship.

present-day
market

present-day
market

present-day
market

The evolution of Research Triangle Park has been shaped by broader changes in the global startup ecosystem and the dramatic rise of venture capital as a dominant asset class. With greater access to funding, startups have gained the resources to pursue more ambitious goals and scale faster than ever. As the Triangle tech ecosystem has grown, so has entrepreneurship itself, with attitudes, funding structures, and growth strategies evolving significantly over the past 50 years. Much of this transformation has been driven by the software sector, particularly the rapid expansion of SaaS (Software as a Service). Thanks to its low capital requirements, rapid scalability, and predictable recurring revenue models, SaaS has become nearly synonymous with venture capital. Success stories like Facebook, Shopify, and Uber have reinforced the perception that software businesses dominate the venture capital landscape.

In the past decade, however, there has been a meaningful shift in focus, with venture capital increasingly supporting companies rooted in scientific and engineering breakthroughs. These “deeptech” startups tackle some of the world’s most pressing challenges, requiring long-term investments, deep technical expertise, and strong innovation ecosystems. Unlike the iterative and platform-based nature of software, deeptech demands patience and vision, reflecting a growing recognition of its transformative potential.

The evolution of Research Triangle Park has been shaped by broader changes in the global startup ecosystem and the dramatic rise of venture capital as a dominant asset class. With greater access to funding, startups have gained the resources to pursue more ambitious goals and scale faster than ever. As the Triangle tech ecosystem has grown, so has entrepreneurship itself, with attitudes, funding structures, and growth strategies evolving significantly over the past 50 years. Much of this transformation has been driven by the software sector, particularly the rapid expansion of SaaS (Software as a Service). Thanks to its low capital requirements, rapid scalability, and predictable recurring revenue models, SaaS has become nearly synonymous with venture capital. Success stories like Facebook, Shopify, and Uber have reinforced the perception that software businesses dominate the venture capital landscape.

In the past decade, however, there has been a meaningful shift in focus, with venture capital increasingly supporting companies rooted in scientific and engineering breakthroughs. These “deeptech” startups tackle some of the world’s most pressing challenges, requiring long-term investments, deep technical expertise, and strong innovation ecosystems. Unlike the iterative and platform-based nature of software, deeptech demands patience and vision, reflecting a growing recognition of its transformative potential.

capetilizing
on the
opportunity
ahead

capetilizing
on the
opportunity
ahead

capetilizing
on the
opportunity
ahead

The Triangle is uniquely positioned to lead the way in deeptech innovation. With approximately $4 billion in annual federal research and development funding channeled through its universities and institutions, the region has firmly established itself as a national leader in academic breakthroughs across both the physical and life sciences. This robust foundation fuels cutting-edge research and supports a steady pipeline of highly skilled talent, as thousands of graduates from the Triangle’s universities enter the workforce each year. As venture capital increasingly recognizes the transformative potential of science-driven startups, the Triangle’s ecosystem is primed to drive advancements in medical devices, life science tools, advanced materials, manufacturing, and agricultural technology.

Fully realizing this potential requires alignment across the ecosystem, with a focused effort to build and scale great technology businesses in the applied sciences. Over the past two years, our investments in Triangle-based startups have only strengthened our conviction that this region is uniquely equipped to produce extraordinary companies in deeptech. We believe these startups offer the largest return on investment—not just financially, but in terms of fostering long-term ecosystem growth.

However, there remains a lack of visibility for many of the Triangle’s most promising deeptech startups. That’s why we’ve launched “The Spotlight,” an annual initiative to elevate 10 remarkable Triangle-based deeptech companies at various stages of growth. Each year, we’ll also celebrate a significant “win”—an exit or milestone that exemplifies local wealth creation. While we are active investors in this space, we’re not affiliated with every company featured. Our goal is simply to highlight the most inspiring examples of startups building in industries where the Triangle is uniquely positioned to thrive. Stay tuned, as in 2025, we’ll dive deeper into these startups, their founders, and the broader network of investors and institutions that make this ecosystem so uniquely strong.

The Triangle is uniquely positioned to lead the way in deeptech innovation. With approximately $4 billion in annual federal research and development funding channeled through its universities and institutions, the region has firmly established itself as a national leader in academic breakthroughs across both the physical and life sciences. This robust foundation fuels cutting-edge research and supports a steady pipeline of highly skilled talent, as thousands of graduates from the Triangle’s universities enter the workforce each year. As venture capital increasingly recognizes the transformative potential of science-driven startups, the Triangle’s ecosystem is primed to drive advancements in medical devices, life science tools, advanced materials, manufacturing, and agricultural technology.

Fully realizing this potential requires alignment across the ecosystem, with a focused effort to build and scale great technology businesses in the applied sciences. Over the past two years, our investments in Triangle-based startups have only strengthened our conviction that this region is uniquely equipped to produce extraordinary companies in deeptech. We believe these startups offer the largest return on investment—not just financially, but in terms of fostering long-term ecosystem growth.

However, there remains a lack of visibility for many of the Triangle’s most promising deeptech startups. That’s why we’ve launched “The Spotlight,” an annual initiative to elevate 10 remarkable Triangle-based deeptech companies at various stages of growth. Each year, we’ll also celebrate a significant “win”—an exit or milestone that exemplifies local wealth creation. While we are active investors in this space, we’re not affiliated with every company featured. Our goal is simply to highlight the most inspiring examples of startups building in industries where the Triangle is uniquely positioned to thrive. Stay tuned, as in 2025, we’ll dive deeper into these startups, their founders, and the broader network of investors and institutions that make this ecosystem so uniquely strong.

2024 Win

2024 Win

Blue Force
Technologies

Blue Force
Technologies

MANAGEMENT: SCOTT BLEDSOE, JOSEPH MURRAY
ACQUIRER: ANDURIL INDUSTRIES

I'M AN INNOVATIVE DESIGNER AND DIGITAL ARTIST IN TOKYO. MY PASSION FOR MINIMALIST AESTHETICS, ELEGANT TYPOGRAPHY, AND INTUITIVE DESIGN SHINES THROUGH IN MY WORK.

MANAGEMENT: SCOTT BLEDSOE, JOSEPH MURRAY
ACQUIRER: ANDURIL INDUSTRIES

Anduril’s acquisition of Blue Force Technologies marks a milestone for both the defense sector and North Carolina’s technology ecosystem. For Anduril, a leader in advanced defense technologies, this acquisition enhances its capabilities in situational awareness and tracking solutions, solidifying its position as a provider of innovative technologies for defense and security applications. This acquisition brings a new level of sophistication to Anduril’s ability to create interoperable, real-time data solutions that enhance operational efficiency and safety.


For North Carolina, the deal underscores the state’s growing role as a hub for dual-use technology. With a strong foundation in aerospace, engineering, and data analytics, the Triangle region has become a magnet for startups and established companies seeking to push the envelope in defense innovation. The merger not only demonstrates the region’s ability to attract high-impact investments, but also signals to the broader world that North Carolina is emerging as a critical player in the defense innovation space. This move highlights the growing synergy between defense, technology, and commercialization in the state—positioning it as a key player in shaping the future of defense innovation.


The acquisition is a great example of what gets us excited about local wealth creation. Anduril’s growing presence in the Triangle will create new jobs and stimulate local investment. Blue Force’s founders and team will reinvest their capital (both human and financial) into the local early-stage community.  


Congrats to Scott, Joseph, and the Blue Force team.

I'm on the edge of no-code tools that allow me to bring my creativity to life.

LEARN MORE

LEARN MORE

LEARN MORE

the
spotlight

the
spotlight

the
spotlight

let's
connect

let's
connect

Thank you for celebrating “The Spotlight” with us. Together, we can continue to amplify success stories, support groundbreaking startups, and strengthen the Triangle’s role as a leader in innovation.

To learn more about 2ndF and our commitment to fostering this vibrant ecosystem, click the button below.

LEARN MORE

LEARN MORE

LEARN MORE

©2025 2ndf

Go Back To Top

©2025 2ndf

Go Back To Top

©2025 2ndf

Go Back To Top