Recent Deals – 26 March 2024

Modular direct air-capture machines; AI-powered grid management systems; and aquaculture technology that minimizes environmental impact – Recent deals worth looking at: 


Agriculture & Food 

Poseidon Ocean Systems (2015) is a provider of technology solutions for aquaculture operations. They are focused on improving fish health and minimizing the environmental impact of fish farming through their technology, which includes aeration systems and hybrid sea cages. Poseidon Ocean Systems’ customers include some of the world’s largest salmon farmers and wild fisheries. 

On March 19th, Poseidon Ocean Systems raised $20.7M in Series B funding from Ecosystem Integrity Fund, InBC Investment Corp., and Export Development Canada.  

The investment will be put towards the company’s expansion into global markets by deepening its relationships with Canadian, Chilean and UK fish farmers.  

Energy & Power  

Splight (2021) is a developer of an artificial intelligence platform that provides grid management, energy efficiency, and performance solutions for energy sources. Their SaaS business model improves the management of solar and wind networks and assets.  

On March 19th, Splight raised $1.9M in Seed funding from EDP Ventures. This is the first investment that EDP Ventures has made in a Latin American start-up outside of Brazil. 

The funding will support Splight in further developing its AI and data science technologies to enable maximum efficiency in the operation of renewable energy generation systems.  

Materials & Chemicals 

Carbon Capture (2019) develops modular Direct Air Capture (DAC) technology. Their machines are able to capture carbon dioxide for storage underground or use it to manufacture products such as concrete.  

On March 12th, Carbon Capture raised $80M in Series A funding from Aramco Ventures, Climate Pledge Fund, Siemens Financial Services, Prime Movers Lab, Idealab, Time Ventures, Neotribe Ventures, and Alumni Ventures.  

The investment will be used to develop, improve and scale Carbon Capture’s technology and facilitate field installations. Through Project Bison in Wyoming, Carbon Capture plans to capture 5 million metric tons of CO2 annually by 2030.  

Resources & Environmental Management 

NovoCarbo (2018) refines biochar using pyrogenic carbon capture and storage to convert CO2 into regenerative energy and biochar used in soil and cement replacement materials.  

NovoCarbo’s March 14th Seed round raised $27M from Swen Capital Partners, through the SWEN Impact Fund for Transition 2.  

The round will allow NovoCarbo to begin working towards its aim of developing 200 carbon removal parks by 2033. These carbon removal parks combine CO2 removal and green heat generation.  They have opened three parks in Germany to date. 

Transportation & Logistics 

Voi Technology (2018) is a developer of an electric scooter and e-bike ridesharing platform. Voi aims to continue working with cities to increase sustainable and safe mobility options for riders and road users.  

Voi’s oversubscribed Growth Equity round raised $25M from existing shareholders such as VNV Global, Raine Group, Nineyards Equity, Balderton, Creandum, Project A, Stena, and Black Ice Capital. Other undisclosed investors such as founders and employees participated in the round as well.  

The funding will be used to expand its fleet to include 3rd generation e-bikes and 7th generation e-scooters in the Spring of 2024 in existing and new markets. $85M in convertible loan notes from 2021 were converted into equity alongside the round.  

Waste and Recycling  

Lohum (2017) is a manufacturer of lithium-ion battery packs and recovering solutions for critical battery materials. In early 2024, Lohum aims to have an internal ecosystem for integrated battery lifecycle management that includes recycling, repurposing, transition material refining, and Cathode Active Material (CAM).  

On March 14th, Lohum raised $54M in Series B funding from investors Singularity Growth, Baring Private Equity, Cactus Venture Partners, and Venture East.  

The round will support Lohum in scaling its recycling operations and market expansion in India. Furthermore, it will facilitate expansion into new markets in the EU, North America, and MENA.  

Enabling Technologies

Innatera (2018) develops brain-inspired processing technology for sensors and sensor-based devices.  Their technology uses analog-mixed signal computing architecture which allows for high performing and accurate pattern recognition capabilities for power-limited and latency critical applications. 

Innatera raised $6.7M in a Series A investment from Invest-NL, the European Innovation Council, Matterwave Ventures, and Delft Enterprises. 

The funding will be used to facilitate mass production and broaden its application offerings. Furthermore, the round will help to expand engagement with customers. This round brings Innatera closer to their goal of imbuing one billion sensors with intelligence by 2030.  

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