Transition Ventures, the London-based early-stage firm co-founded by Unity’s David Helgason, has closed a $150M Fund II, taking assets under management above $300M
The fund marks a deliberate pivot from Transition’s original climate-first thesis toward what Helgason calls ‘physical AI’ startups rebuilding real-world infrastructure through AI, from semiconductors and nuclear power to wildfire suppression
The global physical AI market stood at $81.6B in 2025 and is projected to reach $960B by 2033, growing at a 36.1% CAGR, according to Grand View Research
When Running Tide, an ocean-based carbon removal company in which Transition held a stake, collapsed in June 2024 after failing to generate sufficient demand in the voluntary carbon market, David Helgason described the experience as deeply difficult. Twelve months later, he has raised $150M and redrawn the map entirely.
Transition Ventures, the London-based early-stage investment firm co-founded by David Helgason, Icelandic entrepreneur, co-founder and former CEO of Unity Technologies for a decade, the game engine company that went public at a $13.7B valuation in 2020 alongside Ari Helgason (formerly Index Ventures), Kristian Branaes (formerly CPP and Atomico), Clara Ricard (formerly Balderton) and David Pacák (formerly Earlybird and Picus Capital), has closed a $150M Fund II.
