Although 40 North Ventures is not disclosing the value of this deal, the fund raised $200 million last year. This was in part utilized for the acquisition from GE Ventures, as well as four prior investments, according to a spokesperson.
The 11 new portfolio companies are aligned with 40 North Ventures’ focus on technology and business model innovation, adding to its growing portfolio of high-performance companies building the industrial future.
Founded by Standard Industries co-CEOs David Millstone and David Winter, and led by co-managing directors Marc van den Berg and Marianne Wu, 40 North Ventures is committed to changing the industrial sector.
It provides early-stage and growth capital to companies that make business more data-driven, agile, consumer-centric and environmentally sustainable.
40 North Ventures targets a spectrum of established industries, from manufacturing, logistics and mobility to energy, infrastructure, and construction.
Marc van den Berg, co-managing director, says: “At 40 North Ventures, we believe that we’re on the cusp of a modern industrial revolution, and venture capital is uniquely positioned to help catalyze that change.
“The addition of these eleven remarkable companies supports 40 North Ventures’ mission to bring disruptive change to established industries and to empower innovators eager to reimagine these sectors.”
The new portfolio companies are in the following sectors:
- advanced manufacturing and engineering (Carbon, Desktop Metal, Aras);
- vehicle electrification and distributed energy (Proterra, Volta, Enbala);
- workforce productivity applications (Catalant, Upskill);
- key enabling component technologies (Menlo Micro); and
- broad applications for industrial enterprises like artificial intelligence and machine learning powered data solutions (Nexar, Tamr).
Marianne Wu, co-managing director of 40 North Ventures, says: “Each of these companies has been doing important work to advance the industrial sector and 40 North Ventures has the network and deep industry experience to accelerate their growth.
“I’m looking forward to reuniting with these transformative companies, given the time I spent working with them at GE Ventures.”
As part of 40 North, a related investment platform of Standard Industries, 40 North Ventures provides its portfolio companies with the capital, network, and commercial opportunities needed to succeed.
Through Standard, 40 North Ventures has access to leading global operators and various pools of capital to help portfolio companies accelerate growth and expand their impact to achieve long-term success.