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The Venture Codex

Transition

4th Floor, 5 Carnaby Street, London, W1F 9PB, United Kingdom

Overview

Transition, a new climate tech venture capital firm that focuses on Seed and Series A startups recently launched.

Total investments
12
Lead investments
6
Investments · 12mo
5
Active investors
3
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Investment portfolio

  • Olix

    Participated · Series B · Aug 2026

    Founded in London by James Dacombe in 2024, Olix develops the X-1 platform that distributes AI model workloads across specialised chips connected by an optical interconnect. Its first chip, the DX-1, is a decode accelerator that the company claims can deliver over 10,000 tokens per second per user on 100-billion-parameter models while using less power for large batches, and is designed to scale to models with trillions of parameters. Olix has over 140 employees across London, Bristol, Toronto, Austin and San Francisco. The company plans to launch DX-1 to initial customers in the second half of 2027 and to ramp platform development and chip manufacturing with the new funding. Olix has rapidly increased its valuation through multiple funding rounds, most recently reaching $3.3 billion after the $312 million raise, up from just over $1 billion in February. The AI chip market in which Olix competes was valued at about $84 billion in 2026 and is expected to grow rapidly through 2030.

  • Podium Automation

    Participated · Series A · Jun 2026

    Podium Automation builds and ships UL 508A certified industrial control panels using a software-driven end-to-end design and manufacturing process. Its proprietary software connects customer requirements, eCAD design tools, and shop floor instructions to automate component selection and generate validated assembly instructions. The company says it can design and deliver panels in less than four weeks versus legacy lead times that often exceed 12 weeks. Podium emphasizes manufacturability and component availability to reduce errors and speed delivery, serving customers from scale-ups to Fortune 500 manufacturers. It operates a UL 508A certified facility and plans to expand manufacturing capacity and grow engineering and operations teams. Podium was founded in 2024 and is headquartered in Brooklyn, New York; it has raised $18 million in Series A funding, bringing total capital raised to over $23 million.

  • Invisix

    Participated · Seed · Jun 2026

    Invisix develops soft X-ray metrology systems that use high harmonic generation (HHG) and broadband soft X-ray scatterometry combined with proprietary reconstruction algorithms and machine learning to non-destructively reconstruct 3D internal structures of advanced semiconductor devices. The company has licensed key technology from ASML and is staffed by ASML alumni and senior industry hires, including CEO Christina Porter and CTO Sietse van der Post. Invisix relocated a 300mm-wafer-capable soft X-ray testbench to a new cleanroom in Eindhoven and publicly demonstrated results in 2023 with Intel and imec. The company says its system is designed for high-throughput, high-volume manufacturing use and to resolve buried nanoscale structures that optical tools cannot see. With an oversubscribed €20M seed financing, Invisix plans to accelerate development of its first shippable product, expand its team, and run customer demonstrations in its new facility.

  • Reel Energy

    Participated · Series A · May 2026

    Reel offers a commercial model built around long-term PPAs to provide predictable power prices for corporate buyers and reliable revenue streams for renewable generators. The company augments PPAs with algorithmic trading across multiple electricity markets and optimizes batteries to maximize merchant revenues. Those trading revenues are used to finance new renewable projects, supporting project economics. Reel serves customers across industries including industry, real estate, media and hospitality and already partners with German generators such as Blue Elephant Energy and greenwind. With the newly raised Series A, Reel plans to scale its Denmark-proven model into Germany and build a dedicated sales organization by the end of 2026. Investors view the company’s ability to connect the economic interests of different market participants as key to its growth in volatile markets.

  • Transition Metal Solutions

    Led · Seed · Jan 2026

    Transition Metal Solutions is a mining-tech startup that creates low-cost, mostly inorganic additives designed to elevate entire microbial communities inside copper heap leaches rather than targeting single strains. In laboratory tests, its proprietary cocktail has lifted copper extraction to 90% versus the 60% achieved with conventional processes, and the team anticipates commercial recovery rates of 50-70% compared with today’s 30-60%. Each mine receives a tailored formulation following microbial assays, and the company aims to build predictive models that recommend treatments in advance. Management believes the technology can materially narrow the looming global copper supply gap by increasing output 20–30% from existing operations. Near-term plans include third-party validation by a respected metallurgy laboratory and a demonstration heap containing tens of thousands of tons of ore. The recently raised seed financing will fund these milestones and support further data collection to accelerate commercialization. The company has not yet disclosed revenue or customer figures.

Team