In this edition of Visionary Voices, New York Ventures spotlights Commonweal Ventures, a New York City-based venture capital firm investing in early-stage technology companies across sectors including energy, healthcare, infrastructure, cybersecurity, defense and government services.
Led by Managing Partner Nate Loewentheil, Commonweal works with mission-driven startups whose growth aligns with public-sector priorities, helping founders leverage government funding, procurement, regulation and partnerships to accelerate growth and build category-leading companies.
The work reflects the firm’s view that closer collaboration between technology companies and government can play an increasingly important role in shaping America’s future, named “American Technology” or “AmTech” for short. Its AmTech research found that government support helped jumpstart 24% of venture-backed unicorns between 2003 and 2023, showcasing how public-private partnerships can help accelerate innovation and growth.
Empire State Development invested in Commonweal Ventures via New York Ventures’ Emerging and Regional Partner Program Fund supported by the State Small Business Credit Initiative. The firm also draws on a national network of public- and private-sector leaders to help its portfolio companies navigate government markets and strategic partnerships.
Tell us about yourself, background, and your entrepreneurial journey.
I've spent my career at the intersection of technology and government: as an early-stage investor backing founders for the past 15 years, and as a senior White House official, advising President Obama on emerging technology. Along the way, I've built several organizations, including Commonweal Ventures, which I founded in 2022. Earlier, as a college sophomore, I co-founded the Roosevelt Network, a national political organization, and later, two other non-profit organizations, the Millennial Action Project and Baltimore Homecoming. I've also run for public office in my home state of Maryland, taught at Yale Law School, edited a book on public policy, and written for the New York Times and Washington Post.
What inspired you to start Commonweal Ventures?
My career has run back and forth between technology and government, and I kept seeing the same gap. In the categories that matter most for America — energy, health, national security — government is a critical partner for startups, yet few venture firms actually understand how the public sector works. I started Commonweal to be the early-stage firm purpose-built for the intersection of venture investors and former policymakers, helping them work together to help founders mobilize public sector support and become industry leaders.
What's the biggest challenge you've solved so far or something you learned along the way?
When I started Commonweal, one challenge was convincing founders, venture capitalists, and limited partners that the intersection of government and technology — what we call the American Tech, or "AmTech," market — was a venture-scale opportunity, not a niche, and that government could be a great partner to unlock value. The market has now come to us, drawing a proliferation of interest from: venture firms, including some of the country’s largest, and launching AmTech-focused programs. Our portfolio companies have been part of that transformation, from companies like Crux, building the AI-native capital platform for energy and critical infrastructure, to Advocate, using AI to help Americans access federal benefits. The lesson? If you have real conviction in a thesis, stick with it, even in the face of skepticism.
What's a recent milestone or win that you're proud of?
We are proud of the work our portfolio companies are doing every day to make America safer, stronger, and more prosperous. Our portfolio company Vico, for example, is building an AI forecasting platform serving both the federal government and the private sector. Vico’s analytical engine estimates the likelihood of future events, combining forecasting methodologies with the power of large language models to process qualitative data. Vico’s forecasts recently went live on Bloomberg terminals as a data feed for financial markets, and were highlighted in a Financial Times profile.
What's next for your firm in the coming months?
We have a few major developments in the works in the coming months, but we're keeping things under wraps for now. Follow our work for updates.
How has NY Ventures impacted your experience starting a business in New York State?
NY Ventures has been a great partner in Commonweal's growth. Their commitments to Fund I and Fund II through the State Small Business Credit Initiative (SSBCI), were an important vote of confidence in our mission, and grew our capacity to invest in New York-based founders. Beyond capital, the New York Ventures team has done terrific work fostering a stronger innovation ecosystem in New York through events and programming. We’re honored to be a small part of the community Empire State Development is building.
Outside of work, what's your favorite way to spend time in New York State?
My family has a lake house in the Catskills in Delaware County. It’s one of the most beautiful places in the world.
When friends or family visit, what one place in New York State do you always take them to?
Coney Island is the most vibrant beach in America, hands down. We love to walk the boardwalk, visit Luna Park, and have dinner at one of the Russian restaurants in Brighton Beach.
The Visionary Voices series showcases the bold leaders and companies within the New York Ventures portfolio that are actively building the future of New York State. New York Ventures’ mission is to fuel innovation and startup growth in strategic sectors across New York by providing venture capital that drives long-term economic progress.