Led · Series A · Oct 2025

Immaterial is a Cambridge-based advanced materials and engineering company focused on delivering scalable decarbonization technology for hard-to-abate sectors. Leveraging Nobel Prize–winning chemistry, the firm has created proprietary monolithic metal-organic frameworks (m-MOFs) that pair ultra-dense, macroscopic crystals with high gas-storage performance and strong thermal and chemical stability. Its "Wet-AI" platform fuses digital material discovery, green chemistry synthesis, and machine-learning optimization to design MOFs for carbon capture, hydrogen storage, water harvesting, and energy-efficient HVAC applications. Immaterial claims to be the only company able to produce MOFs in monolithic form, yielding significant footprint and cost reductions for industrial systems. The company is commissioning a multi-tonne manufacturing facility in Cambridge and intends to roll out Generation 2 pilot projects with partners across Europe and the United States. Strategic investor Finindus brings steel-sector expertise to help target that industry, while existing backers continue to support scaling efforts. The recently secured £13.5 million Series A2 round strengthens the firm’s financial position, although revenue and user figures have not been disclosed.

Led · Series D · Apr 2024

RayGen Resources is an Australian climate‑tech company featured in a roundup of 2024 climate and energy funding. The company announced a $51 million Series D financing. The round was led by Breakthrough Victoria and SLB. The funding is intended to bolster RayGen’s manufacturing and engineering capabilities in Victoria. Proceeds will also support the company’s expansion efforts domestically and internationally. The announcement was published as part of Earth Day 2024 coverage of Australian startups raising capital in the climate and sustainability sector. RayGen develops hi‑tech solar and thermal storage systems designed to provide long‑duration dispatchable renewable power. The company recently opened a commercial demonstration plant in Carwarp, north‑western Victoria that generates 4 MW of renewable power backed by 2.8 MW / 50 MWh of storage for about 17 hours. ARENA has announced $10 million in funding to help RayGen improve technology design, reduce material costs and deliver a basic and FEED for a planned utility‑scale 200 MW solar and 115 MW / 1.2 GWh storage deployment in Australia. RayGen has an upcoming $32.7 million project with ARENA intended to lower the cost of dispatchable renewable energy and unlock further opportunities domestically and internationally. ARENA has supported RayGen since 2012, providing a total of $38.4 million across five previous projects as well as this newly announced project. Successful commissioning of the Carwarp site is cited as a significant milestone in the commercialisation pathway toward full utility‑scale deployment. RayGen’s core product is its PV Ultra concentrating photovoltaic co‑generation tower paired with a patented electro‑thermal storage system that uses heat capture, two insulated water‑based thermal reservoirs and an Organic Rankine Cycle turbine to produce dispatchable power. The demonstration plant will feature 4 MW of solar PV and 3 MW / 50 MWh (≈17 hours) of dispatchable storage, with one reservoir held near 90°C and the other near 0°C. RayGen says the modular technology is scalable and aimed at longer‑duration firming identified as a system need by the Australian Energy Market Operator. The $30 million project includes the dispatchable renewable facility in Carwarp, Victoria and a new manufacturing facility to support pipeline growth. Financial backing for the project includes a $15 million ARENA grant and a completed $27 million equity raise from parties including AGL, Schlumberger New Energy, Photon Energy and Chevron Technology Ventures. RayGen has negotiated an offtake agreement with AGL and plans to export to the National Electricity Market while participating in wholesale energy and FCAS markets. RayGen has developed PV Ultra, a tower-mounted concentrated solar PV technology that uses low-cost heliostats and high-efficiency PV cells to co-generate electricity and heat. The company pairs PV Ultra with a Thermal Hydro storage system that stores energy as a temperature difference between two water reservoirs and uses an Organic Rankine Cycle engine to generate electricity, targeting a round-trip efficiency of 70%. Heat from PV Ultra charges the hot reservoir while a chiller helps cool the cold reservoir; the stored temperature difference provides long-duration, recyclable water-based storage. RayGen’s flagship proposal is a 4 MW / 50 MWh solar-plus-storage plant in Carwarp near Mildura capable of ~17 hours of storage, intended to supply synchronous power to the West Murray region. The company is working with partners AGL and GHD on technical and commercial studies and permitting for the preferred site. ARENA has previously funded RayGen with $8.67 million to develop PV Ultra and build a 1 MW pilot that has operated for over two years powering a local mushroom farm. RayGen develops a concentrated solar PV system called PV Ultra that uses a field of wireless mirrors to concentrate sunlight onto high-efficiency PV modules in a tower-mounted receiver. The technology requires approximately 4 square metres of photovoltaic material and 2,500 metres of mirrors per megawatt, versus roughly 5,000 square metres of PV for traditional silicon systems. ARENA has provided $4.8 million in support to advance commercialisation and construct a 0.5 MW demonstration comprising two linked 250 kW fields near Newbridge, Victoria, which will power a local mushroom farm. RayGen operates a manufacturing line in Blackburn, Melbourne, and will upgrade a scalable manufacturing plant to support two initial projects in China with a combined 11 MW capacity. The Newbridge demonstration is intended to generate performance and "bankable" data on efficiency, power and energy to encourage further uptake by suppliers, investors and customers. Founded in 2010, RayGen previously set a world record for solar efficiency with UNSW in 2014 and is positioning its capital-light manufacturing model to create local high‑tech jobs while targeting very low cost solar power.

Led · Series A · Jan 2024

Geminus.AI is a physical information technology developer that constructs an AI physical information platform. The platform integrates physics-based simulation, measurement data, and other information sources to create digital performance models for optimization. It is positioned to predict asset degradation and forecast the effects of system changes. The company aims to provide physical-prediction solutions to industrial users. According to reporting, Geminus.AI recently completed a financing event that strengthens its financial position. The disclosed investor in the round is SLB. Geminus.AI provides a physics-informed AI platform that combines physics-based simulations and measurement data to create digital twins. The platform is used to optimize performance and predict the impact of asset degradation and system changes. Its solution can be applied across industries including energy, chemical and material manufacturing, semiconductor manufacturing, and critical infrastructure. The company is led by CEO Greg Fallon and Chief Science Officer Dr. Karthik Duraisamy. Geminus plans to use the new funding to further enhance its physics-informed AI platform and accelerate go-to-market traction. The company closed a $5.9M seed round in June 2022.

Participated · Series A · Feb 2023

The Exploration Company is developing Nyx, a reusable spacecraft designed to carry up to 3,000 kilograms of cargo to and from Earth, with a target maiden flight to the ISS in 2028. The startup was founded three years ago by Hélène Huby, Sebastien Reichstat, and Pierre Vine and operates out of Germany, France, and Italy. The new funding will support continued development and testing after the company flew a demonstrator on Ariane 6 (not deployed) and plans a second sub-scale mission, Mission Possible, on a Falcon 9 next year. The company has won an ESA LEO Cargo Return Service study contract worth around €25 million ($27 million) running through 2026. Financially, the Series B brings the company’s total funding to over $208 million and follows a reported $770 million contract backlog, about 90% of which comes from private station developers Vast, Axiom Space, and Starlab. The Exploration Company is a space tech startup based in Bordeaux, France and Munich, Germany, founded in 2019 by Hélène Huby. It is developing Nyx, a modular, reusable and in-orbit refuelable vehicle designed to carry cargo and, in the longer run, humans, with open-interface software and hardware. The company raised €40m in a Series A to advance its vehicle program. The round was co-led by EQT Ventures and Red River West with participation from Promus Ventures, Cherry Ventures, Vsquared, Omnes Capital, July Fund, Partech, Possible Ventures, Habert Dassault Finance, Schlumberger and Sista Fund. The Exploration Company intends to use the funds to commercialize Nyx Mission Odyssey, finalize and launch a second vehicle, and expand the team. No operating metrics (revenue or user numbers) were disclosed in the article. The Exploration Company is developing Nyx, a reusable, refuel-able orbital vehicle composed of a service module and a reusable capsule. Nyx is designed to carry up to 4,000 kilograms to low Earth orbit for missions up to six months; the service module could be reusable and refueled using in-space resource utilization. The startup plans to fly the Bikini reentry demonstrator aboard an Ariane 6 rocket this October, follow with a full-scale prototype in 2024 on SpaceX, and target Nyx’s maiden flight in 2026. Founders Hélène Huby, Artur Koop and Jon Reijneveld (with Sébastien Reichstat and Pierre Vinet) left Airbus to form the company, and management largely comes from large aerospace corporations. The Exploration Company has raised around €11.5 million to date, including a €5.3 million seed led by Promus Ventures with participation from Vsquared and Cherry Ventures, and its headcount has grown to around 30 people. The company was selected for AWS’s 2022 Space Accelerator, has referred to Orbital Reef as a partner, plans to open a U.S. subsidiary next year, and intends to develop a human-rated version of Nyx longer term.

Led · Series A · Aug 2022

QLM Technology is a photonics and analytics company based at the EPIC Centre in Torbay that is transforming methane-emissions monitoring through its proprietary quantum gas lidar platform. The company’s lidar sensors give industrial operators the ability to detect, localize, and quantify methane leaks quickly and with high precision, addressing a pressing environmental and regulatory need. With protected intellectual property and a leadership team possessing deep industry expertise, QLM is positioned to serve energy, industrial, and environmental markets worldwide. The firm plans to channel new capital into continued product development across both software and hardware, expand industrial applications, and build out channel partnerships to broaden market reach. Management emphasizes that its technology contributes directly to methane-reduction goals central to global net-zero efforts. Recent funding activity indicates growing investor confidence in QLM’s commercial potential, although specific revenue or user metrics were not disclosed. The company views the current raise as a springboard for scaling deployments and strengthening its foothold in the fast-growing clean-tech sector.