GE Ventures has agreed to sell its investments in eleven startups to 40 North Ventures. No financial terms were disclosed. 40 North is a related investment platform of Standard Industries.
SAN FRANCISCO–(BUSINESS WIRE)–40 North Ventures, an early-to-growth stage venture capital fund focused on technology investments in the industrial sector, announced today its acquisition of investments in eleven companies from GE Ventures’ portfolio. These eleven 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.
“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,” said Marc van den Berg, co-managing director. “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 leaders in 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 AI/ML powered data solutions (Nexar, Tamr).
“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,” said Marianne Wu, co-managing director of 40 North Ventures. “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.
About 40 North Ventures:
40 North Ventures is 40 North’s early-to-growth stage venture capital fund focused on technologies in the industrial sector that enable businesses to be more data-driven, agile, consumer-centric and environmentally sustainable.
About 40 North:
40 North is a multi-billion dollar investment platform which takes concentrated, long-term positions across a range of sectors and leverages deep industrial knowledge to create value for all stakeholders. 40 North is the related investment platform of Standard Industries, a leading, privately-held global industrials company with more than 15,000 employees and over 180 manufacturing facilities spread across 80 countries.