Recent Deals – 7 May 2024

Large scale battery storage, automated factory testing using acoustics, and complete protein derived from biomass fermentation: Recent Deals worth looking at:


Agriculture & Food 

Maia Farms (2021) is a producer of mycelium-based complete protein using biomass fermentation. The company utilizes and edible mushroom variety to develop their mycelium-based proteins instead of mold-type strains.  

Maia Farms raised $1.7M in Seed funding on May 2nd from Joyful Ventures, Koan Capital, and PIC Investment with support from angel investors in Creative Destruction Lab.  Maia Farms previously secured grant funding from the Canadian Food Innovation Network, the National Research Council of Canada, MITACS, and the Canadian Space Agency. 

The funding round will allow the company to scale up production through developing core R&D capabilities in their new Vancouver mycology and fermentation lab as well as expanding their team. Furthermore, the capital will fuel market expansion for CanPro and bolster key manufacturing processes and components. 


Energy & Power  

Terra One (2018) is a developer of large-scale battery storage systems. Their network of decentralized battery storage projects are optimized for efficiency and cost, charging and discharging according to the proportion of renewable energy sitting in the grid. 

On April 26th, Terra One raised $7.5M in Seed funding from new investor PT1, joined by existing investors neosfer and 486 Capital.  

The funding will be used to further develop their battery optimization software as well as grow their team. It will also be used to expand its project pipeline, facilitating the company’s aim to lead Europe in battery optimization.   


Materials & Chemicals 

RESONIKS (2022) develops AI-powered materials testing and inspection systems for industrial manufacturing lines that leverages non-destructive testing using acoustic analysis. Their technology identifies anomalies through analyzing how metal components react to sound. 

RESONIK’s May 2nd Seed round raised $2.84M from Kvanted Ventures, Faber, and EIT Manufacturing. EIT Manufacturing has also partnered with RESONIK to enable the company to access new markets.  

Through this new funding, RESONIK intends to commence scale. The company expects to launch their second product series in May 2024, adding a fully integrated in-line system to their product portfolio. 


Resources & Environmental Management 

Carbonfact (2022) operates a carbon management platform to offset carbon emissions in the fashion industry. Their software automates the data collection and reporting process across the supply chain.  

Carbonfact’s Series A round raised $15M on April 30th from existing investor and Y combinator. Since its last funding round, the company has onboarded over 150 customers onto their software.  

The investment coincides with the launch of a new suite of modelling tools that enable fashion brands to understand how changes in product design or supplier selection can affect carbon footprints before products are made. Through these tools, Carbonfact aims to focus on textile retailers and manufacturers to reduce their emissions according to upcoming regulations.  


Transportation & Logistics 

MayMaan (2014) develops technology to convert ICE engines to run on water and ethanol. This technology, AquaStroke, uses a water-based fuel mix of 70% water and 30% ethanol as a combustion agent to create cleaner combustion engines and generators.  

On May 2nd, MayMaan raised a $30M Series A round from Wave Equity Partners. MayMaan was a member of the 2022 cohort of PortXL’s Rotterdam Program.  

The funding round will be directed towards product development and deployment, which will enable the company to accelerate the growth of its proprietary technology.  


Waste & Recycling  

Sorted Tech (2022) is a developer of computer vision sorting software for plastic and general waste recycling. Using computer vision, spectroscopy and AI-driven lasers, their technology, distinguishes valuable items on recycling lines. 

Sorted Tech’s April 24th round raised $2.05M in Seed funding from Pi Labs, Archipelago Investment Partners, Conduit Connect, Antler, and Circular Plastics Accelerator. Undisclosed angel investors also participated in the funding round.  

This investment will be put towards product improvements and commercial client acquisitions, as well as to expand its technical and business development teams. Currently, Sorted’s customer base is comprised of some of the region’s largest recycling firms.  


Enabling Technologies

AiDash (2019) develops AI-powered satellite analytics solutions for utility vegetation management. Through its software, asset inspection and maintenance processes can be furthered to comply with biodiversity net gain mandates and carbon capture goals.  

AiDash raised $58M in a growth equity investment from Lightrock, Lightsmith Group, Marubeni, Duke Energy, National Grid, Edison International, Sabanci Ventures, SE Ventures (SEV), G2 Venture Partners, Benhamou Global Ventures, and Shell Ventures. The round surpassed the company’s target of $50M.  

The capital injection will facilitate expanded operations and development efforts. Through their growth, AiDash aims to bring their technology to more markets. 

May 21, 2024
11:00 AM EST | 8:00 AM PST | 4:00 PM GMT

While emissions mitigation remains mission-critical to avoiding the worst effects of climate change, a parallel effort is going to be necessary to adjust to the already-present weather impacts on critical infrastructure. Innovation to resolve compounding challenges is beginning to crystalize, but not yet in mature value chains and in many cases serving fragmented demand markets.

This webinar will provide Cleantech Group’s perspectives on emerging technologies in:

• Wildfire protection & resilience
• Flood analysis & real-time management
• Power grid resilience