FORTUNE -- Lemnos Labs, a San Francisco-based hardware incubator, has raised $20 million for its first institutional fund. The group – co-founded by U.S. Air Force engineer Jeremy Conrad and former pro baseball scouting coordinator Helen Boniske -- launched in 2011 by raising a small friends and family fund that backed four companies. But then it went months without outside investors, until AngelList founder Naval Ravikant showed up and helped find others to support a $1.85 million "nano fund" that ultimately invested in between $50,000 and $100,000 in 17 companies. Everything from drones to robotics to ag-tech to consumer electronics.
To read the original article: San Francisco hardware incubator launches VC fund - The Term Sheet: Fortune's deals blogTerm Sheet
