Prime Movers Lab Launches Second Scientific Startup Fund
Investment Fund Raises $245MM to Support Dozens of Breakthrough Scientific Disruptors Ready to Transform Billions of Lives
JACKSON, Wyo., Jan. 27, 2021 /PRNewswire/ -- Prime Movers Lab – an investor in breakthrough scientific startups that will revolutionize the world's most important industries and transform billions of lives – today announced it has raised $245 million for its second early-stage investment fund.
Prime Movers Lab Fund II will invest in early-stage companies reinventing human augmentation, energy, transportation, infrastructure, manufacturing and agriculture. The firm's first fund, Prime Movers Lab Fund I, a $100 million investment fund, is supporting, among other innovations, advancing sustainable food production, ending the global pandemic, providing clean energy and pioneering space infrastructure. Fund I is one of the leading early-stage funds launched in 2018 and includes several innovative companies planning to go public in 2021.
"Given the extraordinary performance of our first fund, we are thrilled to announce our second fund backed by world-class limited partners including Bill Ackman, the Lerner family office, the University of Wyoming, Dmitry Balyasny, Joe Lonsdale, and dozens of other leading institutions, families and entrepreneurs," said Prime Movers Lab founder and general partner Dakin Sloss. "Like we did with our first fund, our second fund will back breakthrough scientific innovations to further build upon important advancements taking place across the 18 areas of scientific-driven commercial disruption where we are focused."
Prime Movers Lab takes a diversified approach and is focused on areas of rapid innovation that include human longevity, cognition and enhancement; solar, nuclear and energy storage; space, aviation and autonomous transportation; water, building and communication infrastructure; robotics, 3D printing and semiconductors; farming, engineered food and synthetic biology. Prime Movers Lab's diversified approach across multiple verticals and startups allows for both investor success and for revolutionary innovation with mass commercial purpose to reach beyond the lab.
For its Fund I, Prime Movers Lab investments include positions in a diverse portfolio of companies such as Momentus (in-space infrastructure), Heliogen (industrial solar heat), Covaxx (coronavirus vaccine), and Upward Farms (aquaponics indoor vertical farming). Momentus has already announced its public exchange listing through a planned SPAC merger, today listed on the NASDAQ exchange under the ticker: SRAC.
"At Prime Movers Lab, we remain fully focused on identifying technologies with unlimited upside and then making sure we bring resources to the table to ensure startup companies can commercialize, grow and succeed as transformative ongoing businesses," said Prime Movers Lab General Partner Brandon Simmons. "There are a lot of people who provide money and not much else. But our team delivers what entrepreneurs truly need to succeed in their missions to transform billions of lives."
Prime Movers Lab takes pride in its founder-friendly approach, supporting startup entrepreneurs in their journeys well beyond providing the useful capital needed to grow. Prime Movers Lab is rooted in real partnership and works hand in hand with each entrepreneur as trusted advisors to make hires, close customers, set strategy and build the company. This includes offering entrepreneurial-minded leaders comprehensive resources and integrated coaching to support the transformation of world-class technical experts into extraordinary executives. The Prime Movers Lab team has developed in-depth academic scientific research, commercialized novel scientific intellectual property, scaled significant enterprises, and mentored renowned scientists on their entrepreneurial journeys.
As a result, Prime Movers Lab has quickly become the leading choice for startup company founders who are on a mission to do two things: commercialize breakthrough science and serve humanity.
Prime Movers Lab partners Sloss, Simmons and Suzanne Fletcher, who previously worked with hundreds of entrepreneurs while managing the Stanford StartX Fund, help shepherd dozens of scientifically and community-minded entrepreneurial founders. Additional partners include the nation's No. 1 business strategist Tony Robbins and former CEO of Asseta Anton Brevde. The team also includes numerous scientists such as Principal Systems Engineer Dan Slomski and Principal Chemical Engineer Carly Anderson, along with a network of world-leading subject-matter experts ready to convey their many decades of accumulated scientific and business knowledge and experience.
"Prime Movers Lab partners are brilliant business strategists and our most valuable thought partners (a function of equal parts intellect and openness)," said founder and CEO of Upward Farms Jason Green. "They are the only investors with whom we conduct and benefit from weekly conversations and always act in service to our company. The firm is stacked with talent – design, engineering, executive coaching and more. Beyond just being capital partners, Prime Movers Lab truly stands out as a cross-functional agency that is a force multiplier for our own talent."
Mei Mei Hu, founder and CEO of Covaxx shared similar sentiments. "The team is a group of superhero trouble shooters and offers untold amounts of strategic insight, support and engagement," Hu said. "We have built numerous companies and have never had such a thoughtful, connected and invested partner. Prime Movers Lab is a truly different type of investor and an invaluable partner."
About Prime Movers Lab
Prime Movers Lab invests in breakthrough scientific startups founded by Prime Movers, the inventors who transform billions of lives. We invest in early-stage companies reinventing human augmentation, energy, transportation, infrastructure, manufacturing, and agriculture. Our team is dedicated to supporting entrepreneurs in their mission to commercialize breakthrough science and serve humanity. For more information, visit: www.primemoverslab.com.
Media Contact:
Jami Schlicher
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SOURCE Prime Movers Lab
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