Investors / Underground Ventures
Underground Ventures
Venture capital
Underground Ventures is a technology investment firm deploying $40m into companies building geothermal technologies that produce heat or electricity from within the Earth. It invests in the picks and shovels of geothermal across the value chain rather than in project developers or operators.
Invests inEducationIndustrial & Manufacturing
In its own wordsgeothermalenergydeep techsubsurfacedrillingclimate
Your fit with Underground Ventures
Four questions about your startup
See how your round matches what it backs, point by point.
Or find every investor that fitsUnderground Ventures lists 6 checked portfolio companies on its own site and is named in 3 funding rounds, 1 of them as lead. Its most frequent entry is Seed, 33% of the companies with a known first round. Its largest themes are Education (50%), Industrial & Manufacturing (42%) and Climate & Energy (8%). 50% of its companies are based in United States. It invests most often alongside Susquehanna Sustainable Investments, Elemental Impact and Exa Ventures.
Counts come from funding rounds that name Underground Ventures, complete from mid-2025: earlier rounds appear only when they were reported later. Round amounts and full round histories are on Fundup AI.
Entry stage
share of companies by the stage of its first roundShow as a table
| Value | |
|---|---|
| Pre-seed | 0% |
| Seed | 33% |
| Series A | 33% |
| Series B | 0% |
| Growth | 33% |
Activity by year
rounds it joined, last 10 yearsShow as a table
| Total | Rounds it led | |
|---|---|---|
| '17 | 0 | 0 |
| '18 | 0 | 0 |
| '19 | 0 | 0 |
| '20 | 0 | 0 |
| '21 | 0 | 0 |
| '22 | 0 | 0 |
| '23 | 0 | 0 |
| '24 | 0 | 0 |
| '25 | 0 | 0 |
| '26 | 3 | 1 |
Investor profile
percentile among all firmsShow as a table
| Measure | Percentile of all firms | Value |
|---|---|---|
| Portfolio size | 8th | 6 companies |
| Recent activity | 76th | 3 rounds in 12 months |
| Early stage | 64th | 33% of entries at pre-seed or seed |
| Evidence | 100th | 50% of companies confirmed by a round |
| Sector focus | 85th | 50% in its largest sector |
| Reach | 58th | 3 countries |
Invests most often with
firms sharing its portfolio companiesShow as a table
| Share | |
|---|---|
| Susquehanna Sustainable Investments | 3 |
| Elemental Impact | 1 |
| Exa Ventures | 1 |
| Extantia | 1 |
| Founders First | 1 |
| Future Ventures | 1 |
| Humba Ventures | 1 |
| Kickfund | 1 |
Its portfolio companies
where they are based, and what their own sites showSite status
- Site answers6100%
- No longer answers00%
- Points to another company00%
- Parked or sold domain00%
A site that stops answering three checks in a row is counted as no longer answering; that is not proof of closure. A site that points to another company is often an acquisition.
Investment themes
share of its checked companiesThis firmAll checked companies
Show as a table
| This firm | All checked companies | |
|---|---|---|
| Education | 50% | 7% |
| Industrial & Manufacturing | 42% | 7% |
| Climate & Energy | 8% | 1% |
Co-investor network
who it backs companies with, and who they back togetherAll co-investors or Compare portfolios with Susquehanna Sustainable Investments
Compare Underground Ventures head to head
portfolio size, rounds, entry stages, themes and the companies both backThree or more firms at once: portfolio overlap.
Recent portfolio activity
when companies last raised with Underground Ventures| Date | Company | Stage |
|---|---|---|
| 9 Jul 2026 | Series A Led | |
| 17 Jun 2026 | Seed | |
| 12 Mar 2026 | Series C+ |
Round details for Underground Ventures
Amounts, full round histories and every co-investor in Underground Ventures' rounds are on Fundup AI. VCinfo covers investors and their portfolios.
Portfolio
6 companies checked against their own sites| Company | What it does | Themes | First round with it | Evidence |
|---|---|---|---|---|
| Borobotics develops and uses a robotic drilling system for geothermal energy, particularly for heating purposes. | Industrial & ManufacturingClimate & Energy | Portfolio page | ||
| Canopus develops and applies drilling technology for geothermal energy applications | EducationIndustrial & Manufacturing | Portfolio page | ||
| Critical Energy builds modular power plants that convert heat into electricity | EducationIndustrial & Manufacturing | Jun 2026Seed | Page + round | |
| GA Drilling develops and commercializes drilling technology for geothermal and oil & gas wells | Industrial & ManufacturingIndustrial & Manufacturing | Mar 2026Series C+ | Page + round | |
| Hephae develops and applies high temperature electronics to support the life cycle of geothermal wells | EducationEducation | Jul 2026Series A | Page + round | |
| TerraFerno improves the economics of geothermal energy and maximizes the ROI for geothermal operators by advancing geothermal downhole completions and production tools. | EducationEducation | Portfolio page |
About this data
site last read 5 Nov 2026- Site
- ugv.co
- Last read
- 5 Nov 2026
- Watching since
- 5 Nov 2026
- Rounds since
- 12 Mar 2026
- Companies checked
- 6
Rates come from what VCinfo has observed since observation_start. Firms tend to remove companies that closed, so early rates understate reality. A company leaving a portfolio page does not mean it closed or exited. An unreachable site means our checks failed, nothing more.
Get Underground Ventures' profile as data
Pull Underground Ventures' portfolio, co-investors and changes through one API key or MCP, open every portfolio row, compare it with other firms, and get an email when it adds a company or files a fund.
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- Full listsEvery portfolio row and two-firm overlap
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- AlertsFollow 5 investors for portfolio and fund changes
$ curl -H "X-API-Key: YOUR_KEY" \
https://api.vcinfo.io/v1/firms/ugv.co
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