New York-based venture capital firm Steel Atlas is seeking to raise up to $100 million for its latest investment vehicle, Steel Atlas Select Fund I, as it continues backing companies developing industrial technologies.
The fund has secured $16.1 million from 16 investors so far, according to a regulatory filing submitted to the US Securities and Exchange Commission (SEC).
The filing identifies General Partners Cameron Porter and Talal Attieh as individuals associated with the fundraising.
SEC Filing Reveals Fundraising Details
The regulatory document provides details of the fund’s fundraising activity, including the amount raised to date and the number of participating investors.
Although the filing does not identify the investors individually, the group is believed to include industrial conglomerates.
Steel Atlas Select Fund I is targeting a total raise of up to $100 million, with the $16.1 million already secured representing the fund’s reported progress so far.
Steel Atlas Focuses on Industrial Technology
Steel Atlas invests in companies involved in what it describes as hyper-techno industrialisation, focusing on businesses developing technologies for industrial applications.
The firm typically selects approximately 10 companies for each fund, concentrating its investments on ventures operating within the industrial technology sector.
Portfolio Companies
Companies associated with Steel Atlas’s investment portfolio include GenLogs, Valar Atomics, Framework Automation, Zeno Power, Quartermaster, Substrate Industries, Odin, Transmutex, Hedral, Group1, Autonymy, Panthyon, Azora and Primitive Instrument.
