Transition Ventures has raised a $150 million second fund focused on “physical AI” startups
The firm backs companies rebuilding real-world systems through AI, robotics, semiconductors, nuclear, and climate infrastructure
Portfolio companies already include billion-dollar photonics startup Olix, wildfire drone company Seneca, and nuclear startup Applied Atomics
Deeptech-focused VC firm Transition Ventures has closed a $150 million second fund to invest in startups operating at the intersection of AI and the physical world.
The firm, founded by David Helgason alongside Ari Helgason, Kristian Branaes, Clara Ricard, and David Pacák, is betting that the next generation of category-defining companies will emerge from industrial systems being rebuilt through AI and hardware rather than traditional enterprise SaaS.
