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The Venture Codex

ArcTern Ventures

2 Bloor Street West, Suite 504, Toronto, ON, M4W 3E2, Canada

Overview

ArcTern Ventures is a venture capital fund that provides early-stage capital to cleantech companies. The privately-backed venture capital fund provides early-stage capital to companies developing breakthrough ideas in the cleantech sector. The Fund has developed a unique early-stage investment model through its partnership with MaRS, one of the largest innovation centers in the world.

Total investments
41
Lead investments
13
Investments · 12mo
3
Active investors
6

Sector focus

  • CleanTech
  • Finance
  • Financial Services
  • Venture Capital
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Investment portfolio

  • Muon Space

    Participated · Series C · Aug 2026

    Founded in 2021 and headquartered in Mountain View, Muon Space builds end-to-end satellite constellations by integrating spacecraft, payloads, software, operations, and data into a single Mission Foundry platform. In the first half of 2026 the company launched seven satellites, bringing its total to 11 satellites deployed across six launches with a 100% mission success record. Muon recently opened an advanced manufacturing facility in San Jose designed to produce up to 500 satellites annually by 2027 and currently has over 50 satellites in development, including 13 already manifested for launch over the next year. The company serves commercial, government, and international sovereign customers and is bringing multiple customer constellations into operation in 2026, including Vindlér® 2.0 for SNC and FireSat developed with Earth Fire Alliance and Google.org. Muon is also investing in on-orbit AI compute, advanced payloads, and real-time ultra-high-bandwidth connectivity partnerships to expand its mission capabilities.

  • Normal Computing

    Participated · Equity · Mar 2026

    Normal Computing develops Normal EDA, an AI platform that applies frontier techniques (including auto-formalization combining LLMs with formal logic) to accelerate semiconductor design and automate DV/RTL workflows. In parallel it advances the Carnot hardware program to produce physics-based ASICs aimed at dramatically improving energy efficiency; the company completed tape-out of CN101 in August 2025. Normal says it partners with more than half of the top ten semiconductor companies by revenue and has earned trust to drive production silicon. The company has raised over $85 million to date, including a $50 million strategic round led by Samsung Catalyst Fund in March 2026. Normal was founded in 2022 and is headquartered in New York, with offices in San Francisco, London, and Copenhagen, and receives programmatic support from ARIA for some of its work.

  • Harbinger

    Participated · Series C · Nov 2025

    Founded in 2022 by former Canoo and QuantumScape employees, Los Angeles-based Harbinger focuses exclusively on producing electric medium-duty commercial truck chassis. The streamlined product strategy has enabled the startup to move from inception to production in just three years, with manufacturing beginning this year. Harbinger has already sold more than 200 chassis in 2024 and secured an additional order for 53 units from FedEx that are slated for delivery by year-end. The company also collaborates with RV giant THOR Industries and recently expanded into the Canadian market. Capital from recent fundraises will be used to scale production capacity for its commercial vehicle program. With logistics firms seeking zero-emission solutions, Harbinger positions itself as a leader in the medium-duty segment. Prior to its latest round, the company raised a $100 million Series B in January, underscoring strong investor confidence in its growth trajectory.

  • Hyperlume

    Led · Seed · Feb 2025

    Hyperlume builds microLED-based optical interconnects paired with a low-power ASIC to transfer data between chips and racks faster and with less energy than copper connections. The company retrofits inexpensive microLEDs to achieve fiber‑like links at lower cost than silicon photonics or lasers. Founders Mohsen Asad and Hossein Fariborzi launched Hyperlume in 2022, bringing expertise in microLEDs and low-power circuit design. Hyperlume is piloting its technology with a handful of early North American customers and has received inbound interest from hyperscalers, cable manufacturers, and other industries. The startup recently raised capital to hire engineers and continue product development. Its stated future plan is to scale bandwidth and become an AI connectivity solution provider for next‑generation data centers.

  • King Energy

    Led · Equity · Oct 2024

    King Energy operates a turnkey solar offering for multi-tenant commercial buildings, combining project financing, installation, long-term management, and its OneBill software to allocate and bill energy to tenants. The company manages nearly 200 energy programs and serves more than 25 million square feet of tenant space. Its OneBill platform optimizes allocation and billing so property owners and tenants can capture economic value from rooftop solar without upfront expense. King Energy positions itself as a single-source solar partner that reduces operational costs and carbon footprints for commercial properties. The company plans to scale operations across North America, using new capital for hiring and technology enhancements. King Energy highlights an experienced leadership team led by CEO John Witchel, who has prior roles at Prosper Marketplace, SolarCity, and other tech and energy companies.

Team