Channel 39 Ventures

Channel 39 Ventures operates as a venture studio, actively building and incubating new companies in-house while also investing its own capital into promising early-stage ventures. The firm focuses on backing unconventional founding teams dedicated to developing innovative solutions in critical areas such as dual-use technologies, national defense, hard tech, advanced manufacturing, and autonomous systems. Beyond capital, Channel 39 Ventures provides strategic advice to founders, assisting with market validation, team assembly, fundraising, and defining exit strategies, leveraging playbooks derived from practical experience rather than theoretical models.

The firm was co-founded in 2025 by Sam Russo and Bill Lebo, who bring a wealth of experience from their previous venture, Dive Technologies. Prior to establishing Channel 39 Ventures, Russo and Lebo co-founded Dive Technologies in Boston in 2018, a company specializing in long-endurance, deep-diving autonomous underwater vehicles for defense and commercial markets. Dive Technologies was successfully acquired by Anduril Industries in 2022, where Russo and Lebo played key roles in scaling the maritime division. This foundational experience at Dive Technologies serves as a core playbook for Channel 39 Ventures, guiding their approach to accelerating the creation of generational companies.

Channel 39 Ventures supports founders with early-stage ideas, particularly veterans, operators identifying critical gaps, technologists with brilliant concepts, and dreamers ready to break free from bureaucratic constraints. While specific portfolio companies are not publicly detailed, the firm's investment thesis centers on solving problems within autonomy, hard tech, advanced manufacturing, and national defense. Their approach emphasizes a hands-on partnership, helping founders pressure-test solutions, navigate complex markets, and secure smart capital.

The leadership team includes Co-Founders and Partners Sam Russo and Bill Lebo, alongside Chief of Staff Liam Forland. Sam Russo's background includes service as a U.S. Army Black Hawk helicopter pilot and experience at General Dynamics Mission Systems. Bill Lebo, a mechanical engineer, previously led Autonomous Underwater Vehicle development at Bluefin Robotics and General Dynamics Mission Systems. Liam Forland contributes expertise from his time at Dive Technologies and as a strategy consultant, partnering with Russo and Lebo to support early-stage startups in their target sectors.