Hardware Investment Group Lemnos Labs Announces $20M Fund
Firm to Focus On Early-Stage Hardware Venture Capital; Moves to 8,000-Square-Foot Warehouse in San Francisco's Dogpatch Neighborhood
SAN FRANCISCO, Calif., March 26, 2014--
Core News Facts:
•Lemnos Labs, an early-stage investment group, today announced a $20 million venture capital fund.
•Uniquely focused on the hardware space, the group is pursuing new investments in hardware sectors including robotics, aerospace, transportation, agriculture and connected devices.
•The fund has already started investing and two hardware startups that have turned to Lemnos Labs for support in growing their business are 6Sensor and Ceres:
◦6Sensor: 6Sensor Labs builds sensors to help people with food allergies eat more confidently and safely. 6Sensor's first product measures the gluten in food, helping the 90 million Americans who have either an acute allergic reaction to gluten, gluten sensitivity or who are making an active decision to limit their gluten intake.
◦Ceres: 2014 is expected to be the driest year in California's history. To help farmers address this issue, Ceres monitors crops by using unmanned aerial vehicles (UAVs) and aerial photography to show where water should be applied and where there are clogs or leaks in irrigation lines.
•With the new fund, Lemnos Labs plans to extend its reach in the hardware industry and increase its overall investment in each of the companies selected.
•Lemnos Labs partners Jeremy Conrad, Helen Zelman Boniske and Eric Klein anticipate 10-12 investments per year and typically invest $100K-$250K for 10 percent equity.
•Since Lemnos Labs secured its first fund of $1.85 million in spring 2012, the firm has backed 17 portfolio companies. The first 10 companies have gone on to raise more than $35 million and Lemnos Labs has led three companies (including Airware and Local Motion) to Series A investments.
•Lemnos Labs has opened a new 8,000-square-foot warehouse in San Francisco's Dogpatch neighborhood with an extensive shop to support and house portfolio companies.
•MIT graduates Jeremy Conrad and Helen Zelman Boniske founded Lemnos Labs in 2011 to provide early-stage hardware startups with daily support in engineering, market development, business operations and fundraising for the initial 12-18 month period so critical in each startup's life cycle.
•In addition to direct investments, the group works to support a thriving hardware community through meet-ups, community events and speaking engagements.
Jeremy Conrad, co-founder and partner, Lemnos Labs
"This fund is an indication and validation that the hardware renaissance Helen and I first saw happening more than two years ago is real. In the venture capital ecosystem, our role is to help early-stage hardware entrepreneurs remove much of the engineering risk so they can focus on building their core business."
Peter Platzer, CEO, NanoSatisfi - Lemnos Labs' 1st aerospace investment
"Being a part of Lemnos Labs was a great decision for NanoSatisfi. The guidance, mentorship, design reviews and other resources they provided greatly helped us in our early development. If you have any hardware component, I don't think there is a better incubator or investment partner out there. If I ever do another company which includes some hardware component, I would absolutely apply to them again."
About Lemnos Labs:
Lemnos Labs, an early-stage VC focused on the hardware space, provides funding, mentorship and resources to talented engineers with innovative ideas and a passion for building things. The company funds hardware startups across five areas: consumer electronics/Internet of things, aerospace, robotics, transportation and ultra high tech. Headquartered in San Francisco's Dogpatch neighborhood, Lemnos Labs' mission is to aid in the creation of technologies that solve real-world problems. A list of our companies and more information can be found at www.lemnoslabs.com.
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