San Francisco incubator Lemnos Labs launches $20M fund to back hardware startups
San Francisco incubator Lemnos Labs wants to venture into robotics, aerospace, agriculture, connected things, and transportation. To do this, it has launched a new $20-million fund to invest in hardware startups in those sectors, according to GigaOM.
Founding partner Jeremy Conrad said: "It's figuring out what industries we can be the most disruptive in. We want to continue to show that hardware companies are viable and they are successful."
The incubator plans to invest $250,000 in 10 to 12 startups every year in exchange of a 10% equity. Lemnos will then spend about a year to guide each startup towards its first institutional funding. The firm has already used a portion of the fund to back gluten testing device maker 6sensor Labs and agricultural field monitoring startup Ceres, the report detailed.
Lemnos has just recently moved to a new headquarters in the Dogpatch neighborhood in San Francisco. Conrad said this structure will be able to accommodate more startups and events. In addition, the office has a larger space to hold the bulky tools of a startup and a couch for late-night workers to crash in, GigaOM reported.