Recent Deals – 20 September 2019

From new investment into robotic farming to the latest funding round into autonomous vehicle technology, we’ve put together recent deals from across the cleantech ecosystem to give you a clear picture of where the market is headed and what investors are interested in.

Transportation & Logistics:
Voyage raised $31 million in a Series B round, bringing its total capital raised to $52 million. Voyage develops autonomous vehicle technology and delivers autonomous mobility services, and it is currently focused on retirement villages in the US. This recent funding round was led by Franklin Templeton Investments with significant participation from Khosla Ventures, Jaguar Land-Rover’s InMotion Ventures, and Chevron Technology Ventures. Voyage plans to use the funds to commercialize its self-driving technology, expand its current fleet in California and Florida and bring its newest G3 model to the roads. 

Agriculture & Food:
FarmWise, a developer of robots that autonomously weed agricultural land, raised $14.5 million in a Series A round. The round was led by frequent robotics investor, Calibrate Ventures, alongside Wilbur Ellis, Xplorer Capital and Alumni Ventures. With the new funding, the company will start commercializing products in California and Arizona over the next two seasons. 

Resources & Environment:
Fieldwire, a San Francisco-based developer of field management software for the construction industry, raised $33.5 million in a Series C round. The round was led by Menlo Ventures and construction-focused VC firm Brick and Mortar Ventures. As a result, Tyler Sosin of Menlo Ventures and Darren Bechtel, founder of Brick and Mortar Ventures, will now join Fieldwire’s board. Founded in 2013, Fieldwire has raised $41.2 million to date. 

Energy & Power:
OVO Energy, a UK-based renewable energy supplier, has agreed to acquire UK-based energy anbroadband provider SSE’s household energy and related services business for $625 million. OVO Energy launched in 2009 as a majority renewable energy supplier and has since been a trailblazer the UK energy market offering renewable energy retrofits and clean energy solutions. The UK energy market is dominated bythe big six’ incumbents, so this move represents significant disruption. The deal has yet to be approved by UK energy regulator, Ofgem, so the companies remain competitors.

Materials & Chemicals:
Ecovative Design, a developer of advanced, plant-based packaging technologies intended as replacements for petroleum-based plastics, launched a spin-out called Atlast, a company dedicated to making sustainable protein products using mycellium fungus. The company hopes to use the fungus for the complex structures of plant-based steaks and other whole cuts of meat.