Profitable deal flow,built as a system.

Visualise infrastructure projects in real-world context, identify risks earlier and accelerate decision-making across teams.

Could the market carry the exit? Plausible but unproven at the scale required. Infrastructure project software for energy and water is a large physical-world market, and 30-plus people supporting $200bn of projects across eight countries is the right kind of leverage for it. Reaching roughly $4.3bn needs this to become the system of record for infrastructure delivery rather than one visualisation tool among several, and nothing published shows which of those it is becoming. Contract value and renewal rate would settle it and neither is public.

Every dimension had something to read. 12 pages read. Reviewed by WA on 2026-10-08.

The future of grain storage management is now! Transform your operations with the world

Could the market carry the exit? Grain storage monitoring across farms, cooperatives and ports is a large physical market with a clear loss to recover. Reaching the roughly $4.3bn central exit the model requires would need the port and large-operator segment rather than the farm segment, because device counts at farm level are unlikely to carry it. Which segment the company is actually winning is the first thing to establish on a call.

Every dimension had something to read. 13 pages read. Reviewed by WA on 2026-10-08.

Improve wildfire & bushfire response with Pano's early detection & intelligence system. Equip first responders with data for faster, safer coordinated action.

Could the market carry the exit? Wildfire detection for utilities, agencies and large landowners is a growing physical-world market whose buyer faces catastrophic liability as the alternative, which is the sort of forced-purchase dynamic that supports pricing power. Whether it reaches the roughly $4.3bn central exit the model requires depends on how much of the network Pano has to own in order to serve it. The capital question and the market question are the same question here.

1 of 8 dimensions are undisclosed in the public record. 7 pages read. Reviewed by WA on 2026-10-08.

Heat Geek makes it easy for homeowners to save money on their bills with AI designed, efficient heat pump systems.

Could the market carry the exit? Plausible on size and awkward on structure. UK heat pump retrofit is a large physical-world market with a long runway, so the roughly $4.3bn central bar is not absurd for whoever ends up owning installer trust at national scale. The structural question for this fund is that the end customer is a homeowner, and Systemiq's published parameter is "founders building B2B companies". Heat Geek is B2B2C: it sells training, verification and demand to installers, and the installers sell to households. Whether that counts is a partner conversation rather than something the public record settles.

Every dimension had something to read. 10 pages read. Reviewed by WA on 2026-10-08.

Gain real-time warehouse intelligence with DexoryView. AI-driven intelligence that eliminates blind spots, improves accuracy and delivers ROI in under 6 months.

Could the market carry the exit? Warehouse inventory intelligence across 3PL, retail fulfilment and manufacturing is a large physical-world market of the kind the report says the fund looks for. Whether it supports the roughly $4.3bn central exit the model requires turns on whether the subscription can carry hardware cost at scale, which the fetched evidence does not answer. That is the first diligence question rather than a reason to stop.

1 of 8 dimensions are undisclosed in the public record. 13 pages read. Reviewed by WA on 2026-10-08.

Independent ratings, market data, and geospatial analysis for carbon credits and low carbon commodities. Trusted by investors, corporates, and developers.

Could the market carry the exit? The central question, and it is about the market rather than the company. Sylvera is a well-built intelligence business whose addressable market is the size and durability of carbon and environmental-attribute markets. If those markets institutionalise under CORSIA, Article 6 and compliance regimes, the roughly $4.3bn bar is reachable for the infrastructure layer underneath them. If voluntary demand stays volatile, this is an excellent business in a market too small to return a fund on its own. That is a view on policy and demand rather than on execution, and it is the thing to form a house view on before a first call.

Every dimension had something to read. 12 pages read. Reviewed by WA on 2026-10-08.

MORF-Bio Ltd is a spin out founded by Prof Gavin Thomas (CSO), Dr Joyce Bennett (CEO) and Dr Vicki Springthorpe (CTO), who were the PI, Project Manager and bioinformatician on our BBSRC funded IB Catalyst DETOX project. We secured a small additional grant from BBSRC to develop this further and went through the Innovate iCURE program and span out in October 2025 after raising seed funding led by the Deeptech Seed Fund. We now employ two additional software developers (2 York graduates in computer science) and will launch our first products in summer 2026. […]

Could the market carry the exit? Cannot be assessed from this evidence. Bioprocess optimisation software sells into industrial biotechnology and pharmaceutical manufacturing, both large, and a seventeen-month-old spinout with no named customer gives no basis to judge what share it reaches. Against a roughly $4.3bn bar the honest answer is that it is too early to form a view, which is itself the finding.

1 of 8 dimensions are undisclosed in the public record. 12 pages read. Reviewed by WA on 2026-10-08. Radar score 85.2.

Autonomous robotics and intelligence for commercial growers.

Could the market carry the exit? Cannot be assessed from this evidence, and the narrowness is the issue rather than the technology. Everything published is about strawberries on tabletops. That is a sensible wedge and it is a long way from the roughly $4.3bn central bar unless the platform crosses into other crops and other growing systems. Whether the autonomy stack generalises, and what it costs to make it generalise, is the first question worth asking.

1 of 8 dimensions are undisclosed in the public record. 5 pages read. Reviewed by WA on 2026-10-08.

We will set the global standard in the management of provenance and integrity for biological assets; enabling the potential of synthetic biology to be realised worldwide.

Could the market carry the exit? Cannot be assessed from this evidence. A system of record for biological assets could be a large market if it became the standard, and a feature of an existing laboratory information vendor if it did not. Those two outcomes sit orders of magnitude apart against a roughly $4.3bn bar, and nothing published distinguishes them.

4 of 8 dimensions are undisclosed in the public record. 5 pages read. Reviewed by WA on 2026-10-08. Radar score 75.5.

Support more effective and accessible inspection of public drinking water infrastructure. Many water utilities across the United States struggle to monitor the condition of buried pipelines due to high inspection costs, aging systems, and the operational difficulty of accessing live, pressurized water mains. This project will develop and test a robotic inspection method that can move through water main without requiring shutdowns or excavation. […]

Could the market carry the exit? Cannot be assessed from this evidence, and the shape of the doubt is specific. US water infrastructure is unarguably large, with the site citing "$625B Needed in the next 20 years". The question is what share of that a condition-assessment vendor captures when its customers are municipalities buying on constrained public budgets through slow procurement. Large problem and large addressable revenue are not the same thing, and a roughly $4.3bn exit needs the second.

4 of 8 dimensions are undisclosed in the public record. 6 pages read. Reviewed by WA on 2026-10-08. Radar score 79.8.

illumion operates an energy storage management platform assessing battery performance.

Could the market carry the exit? Cannot be assessed. Nothing is known about what this company sells, so nothing can be said about whether its market would carry the exit the fund needs.

8 of 8 dimensions are undisclosed in the public record. 0 pages read. Reviewed by WA on 2026-10-08. Radar score 76.2.

Improve the ability to detect and manage contamination from per- and polyfluoroalkyl substances (PFAS), a class of persistent industrial chemicals often called “forever chemicals.” PFAS contamination has affected millions of acres of agricultural land in the United States, creating risks for food systems, ecosystems, and rural economies. Current monitoring approaches rely on laboratory testing of soil samples, which is costly and sparse, leaving large areas untested. This project will develop a plant-based environmental sensing system that enables large-scale screening of soils for PFAS contamination. […]

Could the market carry the exit? Cannot be assessed. No public source consulted says what this company sells.

8 of 8 dimensions are undisclosed in the public record. 0 pages read. Reviewed by WA on 2026-10-08. Radar score 76.5.

In mitigating the earth system’s temperature rise. By removing the barriers farmers face to planting permanent cover crops and generating income from the resulting soil carbon gains, this project would make our food supply chain more resilient. Today farmers leave 95% of ~400M US cropland acres bare outside of the cash crop season because the short-term costs, work and risk of annual cover crops outweigh the benefits. […]

Could the market carry the exit? Cannot be assessed. No public source consulted says what this company sells.

8 of 8 dimensions are undisclosed in the public record. 0 pages read. Reviewed by WA on 2026-10-08. Radar score 75.8.

Could the market carry the exit? Cannot be assessed from this evidence. The register says the company is active and engineering-led, and nothing else about what it sells could be read.

8 of 8 dimensions are undisclosed in the public record. 0 pages read. Reviewed by WA on 2026-10-08.

With Europe’s largest soil carbon programme, Agreena helps farmers profitably transition to regenerative agriculture and companies achieve sustainability goals.

Could the market carry the exit? The addressable market is the voluntary soil-carbon market, whose size is a function of corporate buying appetite rather than of a cost somebody is forced to avoid. On the returns model's central case this would need roughly a $4.3bn exit. The fetched evidence neither supports nor refutes that, and the Playbook's anti-portfolio places credit-dependent nature projects outside venture equity regardless of market size.

1 of 8 dimensions are undisclosed in the public record. 9 pages read. Reviewed by WA on 2026-10-08.

Aepnus converts chemical waste streams into the essential reagents your business relies on. Our groundbreaking electrochemical technology closes the loop on your chemical supply chains - making your operations more cost-effective, resilient, and sustainable.

Could the market carry the exit? Industrial reagent regeneration sits in a large physical-world market, and the honest answer on the roughly $4.3bn central exit is that it cannot be assessed while it remains unclear whether this is an equipment business, a licensing business or a processing business. Those three have different margins, different capital needs and different exit multiples.

3 of 8 dimensions are undisclosed in the public record. 4 pages read. Reviewed by WA on 2026-10-08. Radar score 80.2.

Efficient storage and reconversion of renewable energy

Could the market carry the exit? Large market, wrong capital. Long-duration storage and industrial waste heat recovery are genuinely enormous, and the site's own figure of "Over 160,000 GWh" wasted annually in Germany alone is credible as an opportunity. The problem for a $150m venture fund is not whether the market supports a roughly $4.3bn company; it is that getting there means financing built thermal assets, and the equity that funds those gets diluted long before the exit. This is the FOAK capital-stack problem in its textbook form.

5 of 8 dimensions are undisclosed in the public record. 7 pages read. Reviewed by WA on 2026-10-08. Radar score 80.2.

Perseus Materials builds the world’s fastest manufacturing system for large-scale composite parts without molds, tooling, or delays. By reinventing how composites are made, we unlock a new era of structural materials: faster to produce, easier to assemble, and strong enough for real-world scale.

Could the market carry the exit? Cannot be assessed from this evidence. Large-scale composites serve wind, aerospace and marine, which are substantial physical-world markets, and two pages carrying one capability claim and a block of placeholder text give no basis to judge whether this company reaches any of them. The roughly $4.3bn question cannot be opened yet.

6 of 8 dimensions are undisclosed in the public record. 2 pages read. Reviewed by WA on 2026-10-08. Radar score 67.8.

The Oscillator Processing Unit (OPU) is an oscillator-based computer, whose development is sponsored by the National Science Foundation. Analog computing is the key to overcoming the von Neumann bottleneck, decreasing energy requirements, and increasing computational density past the limits of

Could the market carry the exit? Cannot be assessed from this evidence. A general-purpose analog processor aimed at "any other source of vibrations" is either a very large market or a collection of small ones, and a publicly sponsored development programme with no named customer gives no basis to choose between them against a roughly $4.3bn bar.

7 of 8 dimensions are undisclosed in the public record. 4 pages read. Reviewed by WA on 2026-10-08. Radar score 67.8.

Explore Berry Cells, a cleaner power solution using berry juice for efficient dye-sensitized cells. Learn our approach to sustainable, smart energy for the Internet of Things.

Could the market carry the exit? Cannot be assessed from this evidence, and the honest reading is that the question is premature. A company seven months old publishing an instructional page on how to make its own device is at the research stage, where the number that matters is the cost of the next experiment rather than the size of a plausible exit.

8 of 8 dimensions are undisclosed in the public record. 3 pages read. Reviewed by WA on 2026-10-08. Radar score 79.5.

Improved inspection, monitoring, and maintenance of critical infrastructure, with far-reaching impacts across industry, society, and education. The technology developed in the proposed activities will offer a safer, more precise, and cost-effective alternative to traditional operations. Its ability to perform stable, close-contact work on submerged structures reduces operational risks, lowers carbon-intensive vessel use, and enables intervention in previously inaccessible or hazardous locations. […]

Could the market carry the exit? Cannot be assessed. Nothing published says who buys this, what it costs or what it replaces, so the roughly $4.3bn question has no purchase. Ordnance retrieval suggests a government buyer, which would make this a procurement business rather than a venture-scalable one, and that is an inference the record does not support.

8 of 8 dimensions are undisclosed in the public record. 9 pages read. Reviewed by WA on 2026-10-08. Radar score 67.8.

Could the market carry the exit? Settled rather than assessed. The company is in liquidation, so the question of whether its market could support a roughly $4.3bn exit is answered by events. The transferable lesson is the one the Playbook already records: venture-funded first-of-a-kind heavy infrastructure is the category that produced cleantech 1.0's losses, and controlled-environment agriculture has been one of its clearest modern examples.

4 of 8 dimensions are undisclosed in the public record. 6 pages read. Reviewed by WA on 2026-10-08.