I have a habit of asking around about startups in town. Who should I be tracking…? Who is the most underrated startup…? What’s going to be the most impactful startup…? And time and time again — over the past few months — one startup has consistently come up: Panthalassa. Now, we have more context as to why. They just raised $140 million.
Is it the largest Series B in Oregon history…? Near as I can tell it’s second for Oregon. (Agility remains the largest Series B.) But it may very well be the largest Series B — or any round for that matter — in Portland startup history. And as far as I can tell Portland Seed Fund is the only local investor who appears to be part of the round.
What’s attracting that sort of investment…?
Panthalassa is a renewable energy and ocean technology company committed to ensuring a sustainable future for Earth by unlocking the vast energy potential of its oceans. Its self-propelled nodes capture wave energy and use it to generate clean electricity and run AI computing onboard, with data transmitted by low-Earth-orbit satellites. Panthalassa is a public benefit corporation headquartered in Portland, Oregon, and backed by leading investors.
Talk about skating to where the puck is going.
“There are three sources of energy on the planet with tens of terawatts of new capacity potential: solar, nuclear, and the open ocean,” said Garth Sheldon-Coulson, co-founder and CEO of Panthalassa in Portland Business Journal. “We’ve built a technology platform that operates in the planet’s most energy-dense wave regions, far from shore, and turns that resource into reliable clean power. We’re now ready to build factories, deploy fleets, and provide a sustainable new source of energy for humanity.”
But it’s not just the technology. It’s the team. Panthalassa boast alums from Amazon, Apple, Blue Origin, Boeing, Google, Microsoft, NASA, SpaceX, and Tesla… just to name a few.
Definitely one I’ve been keeping an eye on. And really happy to have news like this to share.
For more information, visit Panthalassa.
Thoughts?
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[…] to forget. Like nine-figure funding rounds. But that, kids, is why I write things down. So when Panthalassa raised $140 million today, it got me thinking — how does that actually stack up against the largest rounds I’ve […]