Firms

Transition

A London-based, cross-Atlantic climate and deep-tech venture firm backing pre-seed through Series A founders who combine AI, hardware, software and frontier science to rebuild physical systems.

Founded: —
Type: Venture capital

Funds1

Fund II2026-05-282026-05-28$150M
Final close USD150m, counsel announcement2026-05-28 versus press2026-05-27. Firm AUM overUSD300m is separate; EUR128m press conversion not original currency.

Team

Alex Duell Transition, People and Talent	—— – —
Ari Helgason Transition, Partner	—— – —
Clara Ricard Transition, Investor	—— – —
Kristian Branaes Transition, Partner	—— – —
Rachel Stevens Transition, IR and Marketing Lead	—— – —
Rini Banerjee Transition, General Counsel	—— – —

Co-investing

No co-investors on record yet.

Investments

$—2025-10-20	Seneca	Transition
$—Unknown date	Valor	Transition
$—Unknown date	Upway	Transition
$—Unknown date	Olix	Transition
$—2026-06-15	Podium Automation	Transition
$—2026-03-26	Applied Atomics	Transition
$6M2026-01-15	Transition Metal Solutions	Transition
$—Unknown date	Stealth: safety-critical AI	Transition
$—Unknown date	Stealth: solar aircraft	Transition
$—Unknown date	Stealth: microelectronics materials	Transition
$—Unknown date	Stealth: unmanned fleet coordination	Transition
$—Unknown date	Stealth: farmer financial super-app	Transition
$—Unknown date	Stealth: orbital energy structures	Transition
$—Unknown date	Watershed	Transition
$—Unknown date	Secondlaw	Transition
$—Unknown date	Skye	Transition
$—Unknown date	Volter	Transition
$—Unknown date	Kerrigan	Transition
$—Unknown date	Reel	Transition
$—Unknown date	Invisix	Transition

team@apexlogos.ai2 hours ago
Investment-fund research reviewed 2026-10-06. Publicly identified funds, dates, amounts and fundraising status are below. Undisclosed commitments remain unknown; this is not a complete register of private SPVs or parallel entities. Fund size and current mandate | Item | Finding | Evidence and qualification | |---|---|---| | Latest-known individual fund | **Fund II: US$150m, final close**, announced May 2026 | Fund counsel Macfarlanes explicitly confirms final close on **2026-05-28**. EU-Startups reports the announcement on **2026-05-27**; these are publication dates one day apart, not competing fund sizes. [S3, S4] | | AUM | **Over US$300m** following Fund II | Reported by counsel and EU-Startups; this is total firm AUM, not the size of Fund II. [S3, S4] | | Euro figure | EU-Startups presents Fund II as **€128m ($150m)** and AUM as over €257m ($300m) | Treat the euro values as the outlet's conversion; preserve dollars as the primary reported denomination. [S4] | | Fund I | Exact committed size and final-close date **not verified** | Secondary databases give inconsistent dates/metrics; do not infer Fund I as $150m by subtracting rounded AUM. | | Stages / geography | **Pre-seed, seed and Series A**; Europe, UK and US | Explicit current official FAQ. [S1] | | Initial checks | **$1–8m** | Official FAQ; this is investment ticket size, not fund size or a total company round. [S1] | The present official thesis combines AI with physical industries, including energy, computing, robotics and climate resilience. Historical transactions or the portfolio's Series B filter do not broaden the explicitly stated initial-entry mandate. Searches for newer fund announcements did not find a verified Fund III by the research date; call Fund II latest-known, rather than claiming exhaustive knowledge. [S1, S2] Sources All sources accessed **2026-10-06**. Dates below are publication dates unless stated otherwise. | Ref | Source URL | Date / role | |---|---|---| | S1 | https://transition.vc/ | Undated current firm homepage/FAQ; directly read | | S2 | https://transition.vc/companies/ | Undated current official portfolio; directly read | | S3 | https://www.macfarlanes.com/insights/102mx33/macfarlanes-advises-transition-ventures-on-fund-ii-final-close-at-150m/ | 2026-05-28; primary transaction counsel confirms final close/AUM | | S4 | https://www.eu-startups.com/2026/05/transition-ventures-raises-e128-million-fund-ii-for-early-stage-companies-at-the-intersection-of-ai-and-the-physical-world/ | 2026-05-27; specialist reporting, announcement and currency presentation | | S5 | https://transitionvc.substack.com/p/rearchitecting-ai-why-were-backing | 2026-02-11; official Olix investment essay | | S6 | https://transitionvc.substack.com/p/announcing-invisix | 2026-06-02; official Invisix investment essay | | S7 | https://transitionvc.substack.com/p/announcing-applied-atomics | 2026-03-26; official Applied Atomics investment essay | | S8 | https://transitionvc.substack.com/p/announcing-podium-automation | 2026-06-15; official Podium Series A participation | | S9 | https://transitionvc.substack.com/p/announcing-seneca | 2025-10-20; official first-venture-round attribution | | S10 | https://transitionvc.substack.com/p/announcing-valor | 2026-03-11; official metals refining investment essay | | S11 | https://www.prnewswire.com/news-releases/transition-metal-solutions-closes-oversubscribed-6m-seed-to-reinvent-bio-based-copper-recovery-302662665.html | 2026-01-15; investee-issued financing announcement, not independent reporting | | S12 | https://transition.vc/stories/ | Undated official index; displays Invisix date 2026-06-04 | | S13 | https://transitionvc.substack.com/p/announcing-transition-metal-solutions | 2026-01-16; firm corroboration and technology explanation | | S14 | https://transition.vc/team/ | Undated official team page; biography used only to distinguish experience from investments | NFX access attempts are recorded above. The direct Adex source is the read-only MCP snapshot described above; canonical public reference is https://adex.page/firms/Transition. Funds recorded in Adex after this review: | Fund | Disclosed amount | Announcement / filing date | | --- | --- | --- | | Fund II | USD 150000000 | 2026-05-28 |
team@apexlogos.ai3 hours ago
Match research 2026-10-06 / Transition / sha256:92787c2798278f7086479c5ffa750b725b4839f26b4b73a393010f0086b183a9 / part 2 of 2 Imported completed research. Baseline Adex/Signal statements describe prior state, not independent verification. Retain cited attribution, date, currency and classification caveats. Olix's AI inference chips are computing technology; “neural network” terminology does not establish biological neurotechnology. Venture partner Gaurab Chakrabarti's computational-neuroscience background, listed on the team page, is a biographical fact and does not demonstrate a Transition neurotech investment. Likewise team experience at prior employers or investee customers does not establish Transition holdings. [S5, S14] ## Missing, conflicting and later-review notes 1. **Identity collision:** disregard Indian Transition VC's rupee-denominated funds and Houston Energy Transition Ventures funds. The relevant domain is `transition.vc`, and the footer identifies Transition Global Management Limited, FCA FRN 994544. [S1] 2. **Fund I uncertainty:** a current fundraising directory lists regulatory-style gross asset values differing from announced commitments; CB Insights dates Fund I in December 2025, while other aggregators claim 2024. These sources were search leads only. Verify original legal filings/announcement before adding a Fund I size or vintage; regulatory gross asset value must not substitute for committed fund size. 3. **Date precision:** use dates in this file as announcement dates unless explicitly identified as investment year. Invisix has a two-day date discrepancy between firm index and Substack. No closing date should be invented. 4. **Round corrections for later agent:** Transition Metal Solutions has stronger evidence for a $6m seed dated 2026-01-15 and Transition lead status than the baseline's null amounts/date and false lead flag. This is a proposed future review, not a change made here. 5. **Portfolio evolution:** current official page adds an anonymous pre-seed “AI for science infrastructure” company absent from the older baseline. Do not fabricate a company identity. Portfolio web extraction shows a “See more” control, so visible lists are not guaranteed exhaustive. 6. **Reviewable future updates:** stages/check range and Fund II amount/final-close status have direct support. Deep-tech cases above can support company-by-company review. Signal coverage and direct neurotech fit remain unverified. No Adex updates are authorized in this task. ## Sources All sources accessed **2026-10-06**. Dates below are publication dates unless stated otherwise. | Ref | Source URL | Date / role | |---|---|---| | S1 | https://transition.vc/ | Undated current firm homepage/FAQ; directly read | | S2 | https://transition.vc/companies/ | Undated current official portfolio; directly read | | S3 | https://www.macfarlanes.com/insights/102mx33/macfarlanes-advises-transition-ventures-on-fund-ii-final-close-at-150m/ | 2026-05-28; primary transaction counsel confirms final close/AUM | | S4 | https://www.eu-startups.com/2026/05/transition-ventures-raises-e128-million-fund-ii-for-early-stage-companies-at-the-intersection-of-ai-and-the-physical-world/ | 2026-05-27; specialist reporting, announcement and currency presentation | | S5 | https://transitionvc.substack.com/p/rearchitecting-ai-why-were-backing | 2026-02-11; official Olix investment essay | | S6 | https://transitionvc.substack.com/p/announcing-invisix | 2026-06-02; official Invisix investment essay | | S7 | https://transitionvc.substack.com/p/announcing-applied-atomics | 2026-03-26; official Applied Atomics investment essay | | S8 | https://transitionvc.substack.com/p/announcing-podium-automation | 2026-06-15; official Podium Series A participation | | S9 | https://transitionvc.substack.com/p/announcing-seneca | 2025-10-20; official first-venture-round attribution | | S10 | https://transitionvc.substack.com/p/announcing-valor | 2026-03-11; official metals refining investment essay | | S11 | https://www.prnewswire.com/news-releases/transition-metal-solutions-closes-oversubscribed-6m-seed-to-reinvent-bio-based-copper-recovery-302662665.html | 2026-01-15; investee-issued financing announcement, not independent reporting | | S12 | https://transition.vc/stories/ | Undated official index; displays Invisix date 2026-06-04 | | S13 | https://transitionvc.substack.com/p/announcing-transition-metal-solutions | 2026-01-16; firm corroboration and technology explanation | | S14 | https://transition.vc/team/ | Undated official team page; biography used only to distinguish experience from investments | NFX access attempts are recorded above. The direct Adex source is the read-only MCP snapshot described above; canonical public reference is https://adex.page/firms/Transition.
team@apexlogos.ai3 hours ago
Match research 2026-10-06 / Transition / sha256:92787c2798278f7086479c5ffa750b725b4839f26b4b73a393010f0086b183a9 / part 1 of 2 Imported completed research. Baseline Adex/Signal statements describe prior state, not independent verification. Retain cited attribution, date, currency and classification caveats. # Transition (Transition Ventures) - **Exact Adex ID:** `Transition` - **Adex webpage:** https://adex.page/firms/Transition - **Official website:** https://transition.vc/ - **Research date / source access date:** 2026-10-06 - **Status:** Research handoff complete. No Adex or database changes made. Transition is the London-based, cross-Atlantic climate and deep-tech venture firm associated with David Helgason, Ari Helgason and Kristian Branaes. Its latest-known fund announcement is **Fund II, $150 million final close in May 2026**; reported firm AUM exceeds $300 million. Current entry stages are **pre-seed, seed and Series A**, with **$1–8 million initial checks**. Verified examples cover photonic computing, semiconductor metrology, nuclear deployment, industrial automation, autonomous firefighting and metals processing. **No verified neurotech investment found in the sources checked.** This identity must not be confused with Bengaluru's Transition VC or Houston's Energy Transition Ventures. [S1–S4] ## Adex MCP starting evidence The read-only MCP `Search` result, retrieved 2026-10-06 at 19:28:51 UTC from `http://localhost:3000/mcp` for Org term `Transition`, label `Match`, contains the exact `Transition` record. Its description already identifies the London/transatlantic firm and pre-seed-to-Series-A mandate. Fund size, minimum/maximum check and sweet spot fields are null. Source URLs are the official homepage, companies page and team page; the baseline research date is 2026-09-14. These baseline claims were used as leads, not independent confirmation. The record lists Applied Atomics, Invisix, Podium Automation, Reel, Olix, Kerrigan, Volter, Upway, Seneca, Skye, Secondlaw, Watershed, Valor and Transition Metal Solutions, plus six anonymous companies described as orbital energy structures, a farmer financial super-app, unmanned fleet coordination, microelectronics materials, solar aircraft and safety-critical AI. All recorded round dates and amounts are missing. Portfolio presence is not evidence of a particular funding round. The raw snapshot is preserved at `data/research/_sources/Transition.adex.json`, but the conclusions and limitations needed for review are included here. ## NFX Signal starting evidence and limitations No `nfxSignalUrl` is populated in the Adex snapshot. Searches on 2026-10-06 for `site:signal.nfx.com` with Transition and partners Ari Helgason/Kristian Branaes did not locate a confirmed matching firm or partner profile. The generic directory https://signal.nfx.com/ was search-index accessible. Candidate URLs https://signal.nfx.com/investors/ari-helgason and https://signal.nfx.com/investors/kristian-branaes could not be read through the browser tool; these were unconfirmed candidate slugs, not established profile URLs. Consequently **no firm-specific Signal stage, check-size, fund-size or investment claim is available to verify**. This is an access/discovery limitation, not evidence that Signal has no record. ## Fund size and current mandate | Item | Finding | Evidence and qualification | |---|---|---| | Latest-known individual fund | **Fund II: US$150m, final close**, announced May 2026 | Fund counsel Macfarlanes explicitly confirms final close on **2026-05-28**. EU-Startups reports the announcement on **2026-05-27**; these are publication dates one day apart, not competing fund sizes. [S3, S4] | | AUM | **Over US$300m** following Fund II | Reported by counsel and EU-Startups; this is total firm AUM, not the size of Fund II. [S3, S4] | | Euro figure | EU-Startups presents Fund II as **€128m ($150m)** and AUM as over €257m ($300m) | Treat the euro values as the outlet's conversion; preserve dollars as the primary reported denomination. [S4] | | Fund I | Exact committed size and final-close date **not verified** | Secondary databases give inconsistent dates/metrics; do not infer Fund I as $150m by subtracting rounded AUM. | | Stages / geography | **Pre-seed, seed and Series A**; Europe, UK and US | Explicit current official FAQ. [S1] | | Initial checks | **$1–8m** | Official FAQ; this is investment ticket size, not fund size or a total company round. [S1] | The present official thesis combines AI with physical industries, including energy, computing, robotics and climate resilience. Historical transactions or the portfolio's Series B filter do not broaden the explicitly stated initial-entry mandate. Searches for newer fund announcements did not find a verified Fund III by the research date; call Fund II latest-known, rather than claiming exhaustive knowledge. [S1, S2] ## Previous deep-tech investments These are **Transition firm investments**, supported by the firm's own announcements and, where available, investee-issued evidence. Amounts below describe whole financing rounds, not Transition's individual contribution. Technology descriptions are reported development strategies, not independent proof of performance. | Company | Deep-tech rationale | Attribution, stage and date | Supporting sources | |---|---|---|---| | **Olix / OLIX** | Specialised silicon and optical interconnects for AI inference; substantial compute hardware engineering | Transition says it was among the first institutional investors **in 2024**. Official portfolio says partnered at **seed**. Its 2026-02-11 essay mentions subsequent $220m financing; that does **not** establish Transition participated in that later round. | [S2, S5] | | **Invisix** | Nondestructive, inline measurement of advanced 3D semiconductor structures; soft-X-ray metrology | Firm directly announces backing. Official portfolio labels **seed**. Announcement has **2026-06-02** on Substack, while official stories index displays **2026-06-04**; actual closing date/round amount not verified here. | [S2, S6, S12] | | **Applied Atomics** | Integrated nuclear plant engineering and standardised light-water reactor deployment | Firm's investment essay dated **2026-03-26** confirms partnership; official portfolio labels **seed**. It uses established reactor technology, so the innovation is deployment/integration, not necessarily a novel nuclear reaction or reactor design. Amount/closing date missing. | [S2, S7] | | **Podium Automation** | Industrial control-panel design software integrated with progressively automated physical assembly | Firm explicitly says it participated in **Series A**, in its **2026-06-15** announcement. Amount and actual close date undisclosed in checked evidence. Classified here as industrial hardware/software automation; strength of frontier-science content is less clear than Invisix or Olix. | [S8] | | **Seneca** | Autonomous fire-suppression drones combining robotics and AI | Firm explicitly says it backed the **first venture round**, in essay dated **2025-10-20**; portfolio calls partnered stage **seed**. Neither source here establishes individual check or exact transaction date. | [S2, S9] | | **Valor** | Electrochemical liquid-liquid extraction to recover metals; electrochemistry and separation engineering | Firm announces partnership on **2026-03-11**. Round label/amount not independently verified here; avoid importing a social-media $5m claim without checking the primary funding release. | [S10] | | **Transition Metal Solutions** (formerly Transition Biomining) | Mining biotech: formulation of additives that enhance native microbial communities and copper extraction | **$6m seed, led by Transition Ventures**, investee announcement **2026-01-15**. Firm's follow-up essay is **2026-01-16**. Clear firm attribution and lead status. | [S11, S13] | Secondlaw (AI weather models), Skye (industrial energy optimisation) and Kerrigan (factory AI) are additional portfolio leads; technological novelty and round evidence were not assessed deeply enough here to count them as independently established deep-tech case studies. Upway, Watershed, Reel and Volter should not automatically be tagged deep tech solely from marketplace or software descriptions. Anonymous stealth portfolio entries have no verified company names and should remain anonymous. [S2] ## Previous neurotech investments **No verified neurotech investment found in the sources checked.** Checked the named Adex holdings, official portfolio/firm announcements, and web queries combining Transition Ventures with neurotech, neuroscience, neural and brain. None yielded attributable investment in brain-computer interfaces, neuromodulation, neural recording or another direct neural technology.
team@apexlogos.ai22 days ago
MATCH