Prime Movers Lab Raises $500 Million Early Growth Fund

JACKSON, Wyo., Sept. 14, 2022 /PRNewswire/ -- Prime Movers Lab, a venture capital investor in breakthrough scientific startups working to revolutionize the world's most important industries and transform billions of lives, raised $500 million for its first early growth fund. The fund brings the venture capital firm's total assets under management to more than $1 billion.

Prime Movers Lab's Early Growth Fund is investing in early growth-stage companies that are reinventing energy, transportation, infrastructure, manufacturing, human augmentation, and agriculture. The Early Growth Fund's investments include Boom Supersonic (supersonic passenger jets), Tarana Wireless (fixed-wireless technology), Upward Farms (indoor farming), E-Space (sustainable satellite network), and Energy Vault (grid-scale storage). 

"Software has already eaten the world. We are now entering a new era of breakthrough science. In the coming two decades, almost every layer of our physical world will be reshaped by breakthrough science startups that are transforming their industries," said Prime Movers Lab Founder and General Partner Dakin Sloss. "Our Early Growth Fund enables a multi-stage approach and lets us scale companies at all stages of maturity."

Prime Movers Lab's access to high-quality deal flow and technical due diligence capabilities position the firm to be the leading breakthrough science venture fund. The firm has conducted due diligence on thousands of companies from some of the nation's top universities and incubators.

"Prime Movers Lab prides itself on our due diligence. Our team of technical experts, advisors, and industry leaders helps us invest in companies that have retired science risk. This allows us to focus on 'how big can it become?' rather than 'will it work?'" said Prime Movers Lab General Partner Amy Kruse.

The firm's first two funds, Prime Movers Lab Fund I, a $100 million fund, and Prime Movers Lab Fund II, a $245 million fund, have made early-stage investments in companies that are working to solve some of the most pressing challenges facing the world, including climate change, mental health, and sustainable food production.

"Our vision is to take the scientific breakthroughs across our core sectors and back the ones that make sense commercially," said General Partner Zia Huque. "For too long, capital has been a bottleneck to funding breakthrough science companies, but that is changing. You're starting to see that in the markets today. Exits by companies like Tesla, Beyond Meat, and Gingko Bioworks are just the tip of the spear."

"Prime Movers Lab supports startup entrepreneurs in their journeys well beyond providing the capital needed to grow. The least useful thing we provide is capital," Sloss said. "The firm works with each portfolio company as trusted advisors to make hires, close sales deals, chart a 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." 

"Dakin and Prime Movers Lab are a very different kind of investor than any I have had in the past 30 years. What sets them apart in an entirely different (and better) category is how smart, helpful, and humble they are. They took the time to understand our business and technology better than anyone else and thus were able to add more value. They also are thought leaders – and leaders in general – not looking to others for social proof – they are bold enough and smart enough to be strong and supportive backers. Finally, and on top of all of that, they share my goal of making the world a better place, and I very much look forward to doing just that with them," said Heliogen, Energy Vault, and Carbon Capture Founder Bill Gross.

"The Prime Movers Lab team has delivered for Tarana Wireless. First, as a board member, I saw their unparalleled commitment to their portfolio companies over three, very different fundraising rounds," said Tarana CEO Basil Alwan. "And, since becoming the CEO of Tarana, I've come to appreciate their hands-on full support as we scale and deliver broadband to underserved communities."

"I love working with the Prime Movers Lab team because they provide untold amounts of strategic insight, support, and engagement," E-Space Founder and CEO Greg Wyler said. "I've built numerous companies and have found Prime Movers Lab to be the most thoughtful, connected, and invested partner. Prime Movers Lab is a truly different type of venture capital firm that is well poised for this new era of scientific breakthroughs."

"Prime Movers Lab has built an impressive team across investment and technical partners. They uniquely understand deep technology—and are able to accurately assess challenges in diligence, then connect their founders and support them on both business and engineering expertise. We're grateful to have Prime Movers Lab on the Boom Supersonic team," said Boom Supersonic Founder and CEO Blake Scholl.

Prime Movers Lab invests in breakthrough scientific startups founded by Prime Movers, the inventors who transform billions of lives. We invest in companies reinventing energy, transportation, infrastructure, manufacturing, agriculture and human augmentation. Portfolio investments span in-space transportation, industrial solar heat, ag tech, brain upgrades, nano-structured materials, wafer slicing, prosthetics, 3D printing, mobility, longevity and AI. For more information, please visit https://www.primemoverslab.com. 

Contact: Gavin Mathis, 406-539-7277, [email protected]

SOURCE Prime Movers Lab