Investor Profile: Lemnos — Thesis, Cheque Size & How to Apply

Lemnos is a San Francisco venture firm founded in 2011 that calls itself a premiere early-stage deep-tech venture firm. Its pitch is simple: it thrives in the earliest stages of building hardware, when every dollar counts, every hour matters and each decision can decide success or failure. Lemnos helps hardware founders understand their customer, anticipate problems and leverage their assets, backing companies at the intersection of hardware and software.

Thesis

Lemnos believes hardware founders need more than capital — they need engineering, manufacturing, marketing and financial help to turn great ideas into real companies. The firm draws on its own expertise, experience and global network to solve hard(ware) challenges together with founders, staying close through the prototype-to-production journey that software investors often avoid.

Sectors and stages

Lemnos invests in pre-seed and seed hardware startups across robotics, aerospace, transportation, agriculture and connected devices, with portfolio interests spanning industrial automation, sensors, medical devices, defence and consumer hardware. Its active portfolio on its own site runs from satellite and navigation companies to warehouse and farm robotics.

Fund size and cheque size

Lemnos launched with a $1.85 million first fund, writing initial cheques of $50,000 to $100,000. It then raised a $20 million second fund, lifting cheques to $100,000 to $250,000, and a $50 million third fund in 2017 to focus mostly on hardware. The size of any later fund is not publicly disclosed on its website.

Portfolio

Its active portfolio includes Spire, the satellite-powered data company; Swift Navigation, precision positioning; Airware, the aerial information platform; Simbe Robotics, retail shelf-scanning robots; FORT Robotics, robot safety and control; Path Robotics, welding automation; Elroy Air, autonomous cargo aircraft; Scythe Robotics, autonomous mowers; Built Robotics, construction automation; and FarmWise, farm robotics. Earlier exits include Local Motion, sold to Zipcar, and Sproutling, acquired by Mattel.

Partners and programmes

Lemnos was founded by Jeremy Conrad and Helen Zelman, both MIT-trained mechanical engineers, and Eric Klein later joined as partner. Conrad previously ran an $80 million tests and targets group in the United States Air Force, a background that shapes the firm's engineering-first approach to diligence.

How to apply for funding from Lemnos

Lemnos runs no public application form and famously keeps a minimal website, noting that it spends its time with founders rather than on a fancy web presence. The practical route is a warm introduction or a direct approach through lemnos.vc. Founders should come with a working prototype or a credible path to one, plus a clear account of the customer problem the hardware solves.