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Thiel and fellow billionaire Marc Andreessen will be some of the fund's backers, Axios reported. Like Vance, both Andreessen and Thiel have Midwestern ties: Andreessen grew up in Iowa and Wisconsin, while Thiel's family moved to Cleveland, Ohio, when they first emigrated from Germany.
Vance has a background in venture capital that includes working at the Rise of the Rest Seed Fund and Thiel's Mithril Capital. Vance will continue to advise Rise of the Rest.
Narya could focus on life sciences, defense, robotics and other areas of technology, a source told Axios. The research and development firm Batelle is one of Narya's investors as well, Axios reported.
Andreessen is reportedly attending a dinner with Secretary of State Mike Pompeo and other tech leaders in San Francisco on Monday night.
FOX Business' inquiry to Narya was not immediately returned.