Investors / United States / Unless
Unless
Venture capital · Boulder, CO, United States · North America
Unless is an investment firm that backs companies transforming industrial systems, including supply chains, manufacturing, energy, and transportation. It uses a perpetual capital structure that is not constrained by a 10-year fund life, allowing it to hold positions and continue investing indefinitely, including in public markets.
Invests inAI & Machine LearningIndustrial & Manufacturing
In its own wordsindustrialsmanufacturingautomationenergysupply chainclimate
Your fit with Unless
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See how your round matches what it backs, point by point.
Or find every investor that fitsUnless lists 8 checked portfolio companies on its own site and is named in 4 funding rounds, 1 of them as lead. Its most frequent entry is Growth, 67% of the companies with a known first round. Its largest themes are AI & Machine Learning (36%), Industrial & Manufacturing (36%) and Consumer (7%). 100% of its companies are based in United States. It invests most often alongside Blackhorn Ventures, Evolution VC Partners and Space Capital.
Counts come from funding rounds that name Unless, 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 roundUnless does not state its stages on its site, so only what it does is shown.
Show as a table
| Value | |
|---|---|
| Pre-seed | 0% |
| Seed | 0% |
| Series A | 0% |
| Series B | 33% |
| Growth | 67% |
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 | 1 | 0 |
| '26 | 3 | 1 |
Investor profile
percentile among all firmsShow as a table
| Measure | Percentile of all firms | Value |
|---|---|---|
| Portfolio size | 15th | 8 companies |
| Recent activity | 82th | 4 rounds in 12 months |
| Early stage | 54th | 0% of entries at pre-seed or seed |
| Evidence | 100th | 50% of companies confirmed by a round |
| Sector focus | 66th | 36% in its largest sector |
| Reach | 20th | 1 country |
Invests most often with
firms sharing its portfolio companiesShow as a table
| Share | |
|---|---|
| Blackhorn Ventures | 2 |
| Evolution VC Partners | 2 |
| Space Capital | 2 |
| Standish Spring Investments | 2 |
| Tectonic Ventures | 2 |
| Western Technology Investment | 2 |
| 10x Group | 1 |
| 1517 Fund | 1 |
Its portfolio companies
where they are based, and what their own sites showSite status
- Site answers8100%
- 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 | |
|---|---|---|
| AI & Machine Learning | 36% | 18% |
| Industrial & Manufacturing | 36% | 7% |
| Consumer | 7% | 3% |
| Education | 7% | 7% |
| Cybersecurity | 7% | 4% |
| Robotics & Hardware | 7% | 1% |
Co-investor network
who it backs companies with, and who they back togetherAll co-investors or Compare portfolios with Blackhorn Ventures
Compare Unless 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 Unless| Date | Company | Stage |
|---|---|---|
| 10 Sept 2026 | Series C+ | |
| 10 Sept 2026 | Series C+ Led | |
| 4 May 2026 | Series B | |
| 3 Dec 2025 | Round |
Round details for Unless
Amounts, full round histories and every co-investor in Unless' rounds are on Fundup AI. VCinfo covers investors and their portfolios.
Portfolio
8 companies checked against their own sites| Company | What it does | Themes | First round with it | Evidence |
|---|---|---|---|---|
| Aether Bio discovers proteins with high-impact applications, including building super materials and processing critical minerals, using artificial intelligence and robotic high-throughput screening labs. | AI & Machine LearningIndustrial & Manufacturing | Dec 2025Round | Page + round | |
| Afference powers communication in the age of AI using neural haptics technology | AI & Machine LearningConsumer | Portfolio page | ||
| Alloy delivers leak-tight, single-piece thermal management components engineered for maximum heat transfer and low pressure drop | Industrial & ManufacturingAI & Machine Learning | Portfolio page | ||
| Panthalassa is building a clean energy platform to power compute and more | EducationIndustrial & Manufacturing | May 2026Series B | Page + round | |
| Positron develops and sells hardware for artificial intelligence applications, specifically for generative AI model inference. | AI & Machine LearningCybersecurity | Sept 2026Series C+ | Page + round | |
| Sustainment brings sourcing, procurement, and supplier relationships into one platform | Industrial & ManufacturingAI & Machine Learning | Portfolio page | ||
| Vecna Robotics designs, manufactures, and supports automation systems for material handling and logistics | Robotics & HardwareIndustrial & Manufacturing | Sept 2026Series C+ | Page + round | |
| Portfolio page |
About this data
site last read 5 Nov 2026- Site
- unless.co
- Last read
- 5 Nov 2026
- Watching since
- 5 Nov 2026
- Rounds since
- 3 Dec 2025
- Companies checked
- 8
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 Unless' profile as data
Pull Unless' 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
- API and MCP100 REST or MCP calls a month, one key
- AlertsFollow 5 investors for portfolio and fund changes
$ curl -H "X-API-Key: YOUR_KEY" \
https://api.vcinfo.io/v1/firms/unless.co
# also
GET /v1/firms/unless.co/portfolio
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GET /v1/firms/unless.co/news