Calibrate Ventures, a four-year-old early-stage venture capital firm that backs firms that use artificial intelligence and automation, has announced the launch of its second fund. This $97 million vehicle is roughly 25% larger than its previous fund.
According to co-founder and managing partner Jason Schoettler, the firm has $175 million in assets under management with Calibrate Fund II.
In 2018, the firm raised $80 million for its first fund. Built Robotics, Embodied, FarmWise, Soft Robotics, Talage, and TruckLabs are among the 17 firms the firm has funded since then. These businesses raised a total of $425 million as a group.
“We think domain expertise and experience go a long way to winning deals. For example, having a network and infrastructure to help get introductions to customers or build out the board and strategic financing,” .Jason Schoettler, co-founder and managing partner
Dunlap, a mechanical engineer who has previously invested in Ring and Solar City firms, feels that companies like Ring or Soft Robotics, a portfolio company, would not have existed or made economic sense ten years ago. He noted that this is now conceivable because sensors are less expensive, and processing power has increased.
“We have large strategies investing in our companies alongside us, and sometimes after us, which is good. It means we understand the sales cycle and revenue model to generate large returns. We lead with the ability we have to help them sell on the customer and technology side. Our founders also can lean on each other because they are doing similar things, but in different verticals,”Dunlap, a mechanical engineer who has previously invested in Ring and Solar City firms