The firm announced its second fund the same day as one of its portfolio companies, University of Wyoming-backed Momentus, successfully listed on Nasdaq.
Prime Movers Lab, a US-based venture firm specialised in commercialising academic research, launched its second fund last week with $245m in capital from investors including University of Wyoming.
Limited partners also include “dozens” of unnamed institutions, families such as the Lerner family office, and private investors such as Bill Ackman, Dmitry Balyasny and Joe Lonsdale.
Fund II will back early-stage startups across verticals including energy, transportation, infrastructure, manufacturing, agriculture and human longevity.
Founded in 2018, Prime Movers Lab secured $100m for its first vehicle. The firm’s partners include Suzanne Fletcher, the former manager of the Stanford-StartX Fund.
Among the firm’s investments are spinouts such as Commonwealth Fusion Systems, a US-based fusion energy technology developer based on research at Massachusetts Institute of Technology.
Another portfolio company, US-based space infrastructure developer Momentus, completed its reverse merger with special acquisition company Stable Road Acquisition on Nasdaq on the same day Prime Movers Lab announced its new fund. Momentus was also backed by University of Wyoming Foundation.
The firm claimed several more of its portfolio companies were preparing to go public this year, without offering further details.