The Venture Codex

Participated · Equity · Mar 2025

GravitHy is a Marseille-based company founded in 2022 that develops low-carbon Direct Reduced Iron (DRI) and Hot Briquetted Iron (HBI) for the decarbonised steel industry. Its core product is DRI/HBI produced using green and low-carbon hydrogen, positioned as a fast solution for steelmakers that want green steel without investing in the full H2-DRI value chain. The company plans a flagship plant in Fos-sur-Mer scheduled for commissioning at the end of 2028 on a 75-hectare site, producing 2 million tonnes of DRI/HBI per year. That plant will use on-site green hydrogen with an electrolyser capacity of approximately 750 MW and represents an overall project investment of €2.2 billion. GravitHy says the project will create up to 500 direct jobs and aims to secure key contracts, complete engineering, obtain permits, and attract talent ahead of a final investment decision targeted for 2026. The company closed a €60 million funding round to finance this action plan and accelerate growth amid strong European policy support for industrial decarbonisation.

Participated · Seed · Jul 2024

CarbonBlue develops a Direct Water Capture technology that uses any type of water to remove and permanently sequester CO2 without adding chemicals. The process is designed to integrate with existing water infrastructure and water-utilizing industrial facilities, potentially converting them into CDR assets. The company says its approach can restore ocean health while removing CO2 and supports co-benefits for industries such as efuels and desalination. CarbonBlue is constructing a facility integrated with the Maagan Michael desalination plant and is developing projects across Europe, the MENA region, and North and South America. The company plans to scale up its technology, expand global operations, and pursue novel integrations with water-utilizing industrial partners. CarbonBlue was founded in 2022 and is based in Haifa, Israel.

Led · Equity · May 2024

CryoCollect, founded in 2017 in France, engineers gas treatment, liquefaction and separation systems for bio‑methane, carbon dioxide and hydrogen. The company has pioneered capture, purification and liquefaction of CO2 from anaerobic digestion biogas to produce liquid biogenic CO2. Its biogenic CO2 can replace fossil CO2 in industrial processes (e.g., food & beverage, synthetic fuels) and CryoCollect reports more than a dozen marketed references and the largest number of actual deployments for its biogas CO2 capture technology. CryoCollect also applies its gas processing and liquefaction expertise to onboard vessel CO2 capture, CH4 boil‑off reliquefaction, and BioLNG liquefaction to transport bio‑methane. The company positions these capabilities to accelerate the energy transition and support production of low‑carbon fuels.

Participated · Series B · May 2024

Ndustrial is a Raleigh, NC-based provider of an AI-powered platform that unifies production and energy data from nearly any industrial system to deliver real-time understanding of energy intensity. Its dashboard offers facility- and production-line-level insights to enable active load management, production optimization, and next-generation carbon intensity measurement and verification. The platform integrates more than 60 data sources and has helped global industrial sites avoid over $100M in energy spend in the past decade. Customers named in the article include W.L. Gore, Novonesis, and US Cold Storage. Led by founder and CEO Jason Massey, the company is focused on scaling its technology and expanding deployments to help industrial companies reduce costs and decarbonize faster. ndustrial delivers a technology platform and services that aggregate, analyze and optimize real-time, streaming data across discrete and process manufacturing supply chains. The company applies integrations, advanced analytics and machine learning to help customers identify and automate efficiency improvements in energy usage and production. ndustrial’s platform is used at scale by customers such as Lineage Logistics (deployed across more than 200 of its 350+ facilities) and a leading biotech customer that achieved up to 30% more revenue annually through improved yields. The company emphasizes turning digitization efforts into actionable insights and automations that impact the customer’s bottom line. CEO and founder Jason Massey says the Series A funding will support moving the technology into broader market areas and additional industrial use cases. ndustrial was founded in 2011 and is headquartered in Raleigh, North Carolina.

Participated · Equity · Mar 2024

Wase develops a proprietary electro-methanogenic reactor (EMR) technology that maximises biogas production from biomass in anaerobic digestion (AD) plants. The company focuses on converting wastewater from food and beverage manufacturers into renewable energy and already works with customers such as Hepworth and St Peter’s Brewery. Wase emphasises sustainability and circularity, partnering with industry players to foster circular waste reuse and sustainable energy generation. Led by founder and CEO Thomas Fudge, the company positions its EMR as a versatile solution to optimise biogas potential. Wase intends to use the recent funding to scale its waste-to-energy technology and optimise biogas as a renewable baseload energy source. The company is based in Bristol, UK. WASE develops modular industriWASE systems that treat wastewater and unavoidable food waste using a proprietary electro-methanogenic process to produce onsite renewable energy. Its systems can provide up to 90% of a facility’s energy demands. The company is initially targeting the U.K. brewery sector and is working with food and drink manufacturers including Hepworth, Hobsons, and Forest Road Brewing. Funds from the recent round will be used to install a commercial industriWASE Biocentre at Hepworth Brewery, progress the sales pipeline, increase R&D spend, and support hires across commercial, research, engineering, and finance teams. WASE aims to install over 1,000 systems in the next five years, generate over 500 gigawatt hours of renewable energy, and save over 140,000 tonnes of carbon. The startup raised over £1 million in the reported round led by Elbow Beach Capital, with participation from Science Angel Syndicate and the EU Climate-KIC’s Found by Us, Funded by You programme.