Grove Ventures

Investment decisions rest with the four General Partners: Dov Moran, Lior Handelsman, Lotan Levkowitz, and Sigalit Klimovsky. Moran, the founding partner, is best known for inventing the USB flash drive and founding M-Systems before its $1.6 billion sale to SanDisk. The partnership operates without a junior investor tier, so all term sheets and board seats trace directly to one of the four.

Grove concentrates on seed and Series A rounds, with initial checks generally between $1 million and $5 million. The firm reserves capital for follow-on investments in later rounds but does not pursue growth-stage or pre-IPO deals as a core strategy. The partnership prefers to enter after a technical prototype is validated but before widespread commercial deployment.

Dov Moran's standing across Israel's defense technology community — particularly the alumni networks of Unit 8200 and the Technion — generates a steady pipeline of deep-tech founders. The partnership supplements this with relationships cultivated through two decades of operating and investing in Israeli technology. Grove's concentrated General Partner structure also means entrepreneurs pitching the firm are evaluated by the actual decision-makers on the first meeting.

Grove is structured as a conventional venture capital firm with outside limited partners, not a family office. The firm raised its second fund in 2021 in the $120 million to $160 million range from institutional investors. Dov Moran's personal capital is likely in the fund, but Grove is not a vehicle exclusively for his wealth.

Grove makes direct investments into early-stage companies and does not operate as a fund-of-funds. The partnership occasionally co-invests alongside other Israeli and US venture firms on larger rounds when a startup's capital needs exceed Grove's check-size range. The firm does not publicly allocate capital to external venture funds as a strategy.

Grove's visible portfolio concentrates on sectors with steep engineering barriers: semiconductors, cloud infrastructure, cybersecurity, robotics, and AI/ML platforms. The firm has shown little appetite for consumer internet, social media, e-commerce marketplaces, or capital-light services businesses. This omission is consistent with the General Partners' stated focus on hard-science startups where computational advantage defines the competitive moat.

Grove welcomes co-investment from firms that can add value beyond capital — whether through enterprise customer introductions, regulatory expertise, or international expansion support. The partnership has syndicated rounds with other Israeli venture firms and occasionally US deep-tech funds. Grove does not lead rounds when a syndicate requires a much larger check than the firm's stated range, preferring to maintain ownership targets rather than stretch into growth-stage territory.