Participated · Series F · Apr 2025

Mainspring Energy develops linear generator power products that are fully dispatchable, low‑emission, fuel‑flexible, and scalable from 250 kW to 100+ MW. The units are designed for easy siting and permitting, and the company says the products are easily manufacturable and can scale from single units to grid‑level arrays. Mainspring reports commercial shipments began in 2020 and that it currently has hundreds of megawatts in field operations and advanced development for Fortune 500 companies and utilities. Its technology has been adopted across data centers, EV charging microgrids, commercial buildings, residential developments, cold storage, hospitals, and wastewater treatment plants. The company plans to use new financing to expand manufacturing, grow customer sales, and scale its linear generator business globally. With low emissions and fuel flexibility, Mainspring positions its product to support resilient, low‑carbon power deployment. Mainspring Energy develops and sells linear generators that produce low- or zero-carbon electricity for commercial, industrial, datacenter and utility customers. The company is led by CEO Shannon Miller and counts customers such as Kroger, Lineage Logistics, PG&E and Florida Power & Light. Mainspring’s products are fuel-flexible and intended to increase energy resilience, reduce costs, and help customers meet sustainability goals. The company plans to use the new funding to develop new linear generator models and to accelerate commercial and utility adoption. It also announced a commercial agreement with Lineage Logistics to deploy up to 150 units across Lineage’s U.S. distribution facilities and to explore deployments outside the U.S. and the use of 100% green fuels. Mainspring Energy develops the Mainspring Linear Generator, an onsite, dispatchable, fuel‑flexible power generator that can run on conventional fuels and 100% renewable fuels. The company shipped its first product in mid‑2020 and has pursued deployments across commercial, industrial, microgrid, and utility customers, including big‑box retail, grocery, logistics, telecommunications, agriculture, wastewater treatment, and Fortune 500 utilities. Mainspring recently secured a $150 million unit purchase and project finance agreement with NextEra Energy Resources to promote deployment and renewable fuels adoption. The company plans to use new financing to scale U.S. customer deployments, expand manufacturing operations, and grow staff by more than 50%. Mainspring positions its technology as dispatchable and low‑cost, intended to enable greater use of solar and wind while reducing carbon and improving resilience. Guidehouse Insights is cited on the large market opportunity for distributed generation, estimated at $86 billion in 2020 and $212 billion by 2030. Mainspring is based in Menlo Park, Calif., and is backed by venture, strategic, and financial investors. EtaGen produces linear generators that use a low-temperature reaction of air and natural gas to drive magnets through copper coils and generate electricity. The company targets onsite electric power for commercial customers across industries such as utilities, grocery, banking, logistics, retail and telecom. EtaGen plans installations with customers in those industries and will use new funding to scale manufacturing and operations. The financing will also support expansion of its sales, marketing, and service teams. EtaGen is led by CEO Shannon Miller and was founded in 2010.

Participated · Series E · Mar 2024

Founded in 2010 in Dresden by Nils Aldag, Christian von Olshausen and Carl Berninghausen, Sunfire focuses on the development and sale of high-temperature electrolysers used to generate green hydrogen. The company positions itself as a leading player in the hydrogen industry and already counts energy group RWE among its commercial users. In February, Sunfire commissioned an electrolyser plant in Finland, underscoring its international project pipeline. The startup’s technology targets the decarbonisation of industrial processes and renewable energy production. Financially, Sunfire raised a €215 million Series E round and secured up to €100 million in debt from the European Investment Bank less than a year ago. The newly announced €200 million aval financing facility further strengthens its balance sheet by backing customer prepayments and warranty obligations without consuming cash. These combined resources are intended to accelerate project execution and expand its green hydrogen footprint.

Participated · Series E · Feb 2024

Econetix is a Vienna-based climate tech startup that digitises CO₂ reduction projects and integrates them into global markets as carbon assets. Its proprietary technology combines digital monitoring, reporting and verification (dMRV) with end-to-end project and asset management to ensure projects are accurately documented, verified and traded. The platform supports reforestation, mangrove and innovative energy initiatives and serves companies, financial investors and public institutions. Econetix operates in nine countries across three continents and manages more than 6 billion m2 of carbon projects. The company aims to save 1,000 million tons of CO2eq by 2050 and to rebuild trust in carbon markets. It will use the funding to accelerate expansion across the DACH region, the Middle East and Africa, enhance climate action, and attract private capital for high-quality, nature-based solutions. Sunfire develops next-generation electrolyzers and is positioned as a pioneer in green hydrogen technology. The company plans to accelerate growth and industrialization to scale manufacturing and meet surging demand for electrolysis technologies. CEO Nils Aldag says the new capital will uniquely position the business to further accelerate growth and industrialization plans. Sunfire intends to ramp up manufacturing with a 'Made in Europe' focus enabled by the financing. Financially, the company secured a €215 million Series E and complementary debt to support its industrial expansion. Existing backers increased their investments alongside new participants such as LGT Private Banking and GIC and supporters including the Amazon Climate Pledge Fund.

Participated · Series B · Jan 2019

Loanboox operates a digital marketplace that matches financing requests and investment supply for public-sector and institutional borrowers and lenders. The company’s platform has processed €17.5 billion in financing requests and serves over 1,000 active customers. Launched in 2016, Loanboox employs about 40 people across Switzerland, Germany, France and Austria. The startup expects to reach profitability by the end of 2021. After the current funding round, the majority of shares remain in the hands of the founders and employees.

Participated · Series A · Sep 2017

CMR Surgical is a global medical devices company headquartered in Cambridge, United Kingdom, that develops the Versius Surgical Robotic System, a soft-tissue surgical robot for minimal access procedures. Its core product, Versius, is described as a versatile, adaptable, next-generation digitally driven surgical robot and was recently granted FDA marketing authorization for use in cholecystectomy. The company says it collaborates with surgical teams and hospital partners to make robotic minimal access surgery more accessible and affordable. Founded in 2014, CMR is a private limited company backed by an international shareholder base. Management plans to scale operations and accelerate commercial expansion, with a major focus on launching Versius in the United States. Financially, CMR recently closed a financing round of more than $200 million. CMR Surgical develops the Versius® surgical robotic system and is led by CEO Supratim Bose. The system gained CE approval in 2019 and more than 140 systems have been installed in hospitals worldwide. Versius has been used to perform more than 15,000 procedures across seven surgical specialties and over 130 procedure types. Installations span the UK, Europe, Latin America, the Middle East, Asia and Africa and include major research hospitals. The company intends to use the new funding for continued product innovation, new technological developments, and further commercialisation in key existing and new geographies. CMR Surgical develops Versius, a next-generation, portable and modular surgical robotic system designed for minimally invasive procedures. Versius reproduces natural human arm movement, offers 3D HD vision, fully articulated small instruments and an open surgeon console to improve ergonomics and team communication. The system is designed to fit into existing operating-room workflows and can be configured with only the number of arms required for a given procedure. CMR is building a digital ecosystem around Versius, including Versius Connect, Versius Trainer and a clinical registry to capture data for continuous learning. The company emphasizes affordability and global accessibility and has launched Versius in Europe, Australia, India and the Middle East. CMR was founded in 2014 and is headquartered in Cambridge, United Kingdom. CMR Surgical develops, manufactures and markets Versius, a modular surgical robotic system for minimal access surgery that offers 3D HD vision, instrument control and ergonomic working positions. Versius is designed to biomimic the human arm, providing surgeons with enhanced dexterity and precision. The company received the European CE Mark for the system in March 2019 and now has offices on four continents. CMR Surgical employs around 400 people and is led by CEO Martin Frost. The company intends to use new funding to scale global deliveries of Versius while supporting continued R&D, manufacturing and expansion. The business is actively commercializing its system to hospitals worldwide. CMR Surgical is developing a universal robotic system called Versius for minimal access surgery, intended for use across a range of surgical specialties. Led by CEO Martin Frost, the company is conducting preclinical trials that demonstrate Versius can perform upper gastrointestinal, gynaecological, colorectal and renal surgery. CMR will use the Series B proceeds to prepare the Versius system for planned commercialisation. Planned activities include completion of validation studies to support regulatory approval processes in Europe and the USA. The company also intends to fund international expansion and commercial scale-up. The company is based in Cambridge, UK.