Blue Bear Capital – a venture and growth equity firm focused on AI-based solutions for the world’s energy, infrastructure, and climate challenges – announced the closing of its $160 million Fund III and additional follow-on vehicles.
The new funding will continue Blue Bear’s commitment to entrepreneurs building digital technology companies in markets that include sustainable energy production, electric grid infrastructure, transportation and logistics, energy-intensive industries, and climate industries such as storm and wildfire protection, pollution reduction, and water and land management.
Launched in 2016, Blue Bear has a proven track record of investing in leading energy technology companies through its prior funds, including its $150 million Fund II announced in 2021. Fund III will continue the firm’s model of investing in companies applying operational AI and showing commercial ramp-up, which Blue Bear can accelerate through its network of private equity, infrastructure funds, and energy industry relationships.
Fund III was funded by dozens of senior executives from leading private equity and infrastructure funds, along with returning Blue Bear institutional investors such as Rockefeller Brothers Fund, the McKnight Foundation, and Zoma Capital (a Walton Family affiliate), and new partners including UBS and WovenEarth Ventures.
Fund III has already invested in four new companies: ChargerHelp!, Pioneer, SKOON, and Delos, with three additional investments still to be announced. These companies demonstrate the range and diversity of Blue Bear’s markets.
1.) ChargerHelp! utilizes remote asset management software to make electric vehicle infrastructure more reliable
2.) Pioneer uses AI tooling to help energy and climate entrepreneurs access and manage capital
3.) SKOON is creating an online marketplace for electrified industrial equipment such as batteries and generators
4.) Delos uses AI analytics to help insurers quantify and manage wildfire risk
These businesses echo past Blue Bear investment success themes from companies like Raptor Maps, which has analyzed over 100 gigawatts of utility-scale solar assets, TruckLabs which improves trucking fuel efficiency by over 5% (recently sold to a Tier 1 auto supplier), Mira which uses augmented reality to improve factory and utility efficiency (and was sold to Apple), Urbint which builds digital twins of critical grid infrastructure for over 30 leading US utilities, and Hydrosat which monitors water resource risk for agriculture and commodity markets.
Blue Bear’s leadership team is built on decades of energy and industrial investment experience, operational and strategy perspective, and network building.
1.) Partner Ernst Sack has 20 years of investment experience across energy private equity, solar project finance, and VC, including with Riverstone and Deep Green Solar – and has served on more than 30 energy and technology company boards.
2.) Partner Vaughn Blake is a veteran venture investor and operator whose experience spans deep tech, multi-asset class manager selection as an LP, and growth stage investing.
3.) Partner Dr. Carolin Funk is an energy transition expert with 20 years of experience in policy and corporate venture – including with the German Energy Agency and with Siemens – and as COO of two energy storage startups.
4.) CTO and Partner Dr. Rob MacInnis holds a doctorate in computer science and has decades of startup experience in cloud computing and blockchain technologies. General Counsel and COO Hank Hattemer, a tech entrepreneur, formerly worked with global law firm Latham & Watkins’ leveraged finance group.
KEY QUOTES:
“There is nothing artificial about artificial intelligence. Just like the evolution of the eyeball or the development of writing, it is the next step in how information is found, shared, analyzed, and used to improve the world around us. At Blue Bear we are dedicated to uniting this machine intelligence with human creativity and entrepreneurship and leveraging that powerful combination to drive forward a modern, intelligent, sustainable, and globally competitive energy and industrial economy.”
– Blue Bear Partner Ernst Sack
“With our third fund, we’re continuing to champion the data revolution across energy and industry. By investing in the intelligence behind the transition, companies have the opportunity to achieve excellent financial returns and meaningful impact on the climate. Together, we’re building a cleaner, smarter energy future.”
– Blue Bear Partner Vaughn Blake
“We have great respect for Blue Bear’s leadership and team depth as an early-stage investor in digital solutions for decarbonization and we are delighted to be LPs in Fund III. The team’s unique industry experience and perspective allows Blue Bear to fill the gap between the energy supply chain of the past and the energy needs of the future.”
– Jane Woodward, co-founder and partner at WovenEarth Ventures
“The energy and climate landscape has become more dynamic than ever for founders to navigate. We are committing the collective experience and intelligence of our network to support founders along the journey towards impactful outcomes.”
– Blue Bear Partner Dr. Carolin Funk
