Zero-to-one is hard.

One-to-scale changes the world.

We back generational companies moving with speed and scale toward a sustainable future.

Scaling AI infrastructure sustainably

AI's energy demands are outpacing the grid. Crusoe builds AI infrastructure from the energy up, co-locating hyperscale data centers at low-cost power sources to deliver faster, cheaper, and cleaner compute. From modular deployments to gigawatt campuses, Crusoe is building the infrastructure AI runs on.

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Scaling autonomous driving with an AI-first platform

The Waabi Driver enables fully driverless trucks to operate across highways and surface streets. Built on generative AI and powered by the industry's most advanced simulator, it's a safer, more scalable path to autonomy than anything built before it. The same platform is now expanding into robotaxis.

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Electrifying homes to create the largest distributed utility in the world

1KOMMA5° is Europe's leading home electrification platform, combining solar, battery storage, EV charging, and heat pumps into a seamless system for homeowners. At its core is Heartbeat AI, which turns each home into an intelligent energy node, autonomously optimizing costs against real-time grid prices.

The result is one of Europe's largest virtual power plants: gigawatts of flexible and highly scalable capacity.

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The undisputed leader in microinverters since 2006

Enphase has transformed the solar industry with its pioneering microinverter technology — placing intelligent power converters at each panel to maximize performance, safety, and reliability.

Backed during our time at Kleiner Perkins, Enphase exemplifies our long-term partnership model. Nearly two decades later, Ben Kortlang remains on the board, underscoring our enduring commitment to the company’s growth and leadership.

86+ million microinverters deployed in 160+ countries.

Generating $1.5B in revenue in 2025.

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Automating warehouses worldwide

E-commerce growth and persistent labor shortages have made warehouse automation critical infrastructure. Locus deploys collaborative autonomous robots that increase fulfillment productivity by 2–3x without disrupting existing operations. Trusted by DHL, GEODIS, FedEx, and more than 150 leading brands across retail, healthcare, and logistics.

6 billion units picked.

350+ sites worldwide.

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20 years of backing category-defining companies

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The Need for Fast, Cheap, Reliable Energy — Why We Invested in Antora

For the first time in decades, U.S. energy demand is skyrocketing, driven by large industrial loads like data centers that each consume as much power as a city.

Why We Invested in VAST Data

For the past few years the conversation around AI infrastructure has centered on one thing: compute. More GPUs, faster GPUs, bigger clusters (i.e. groups of GPUs). That focus has made sense: GPUs are extraordinary engines, and access to them has been the defining constraint for AI development. But as deployments have scaled from hundreds to thousands to hundreds of thousands of units, another bottleneck has emerged: the data infrastructure layer that feeds and coordinates those systems in real time.

AVs Are the New EVs

The numbers are rough. U.S. new EV sales dropped 27% year-over-year in Q1 2026, the first full quarter since federal purchase credits expired¹.