At One Ventures Research
Investment Thesis
At One Ventures is a climate-focused venture capital firm founded in 2020 by Tom Chi (former Google X founding team member), Laurie Menoud, and Helen Lin. The firm applies a moonshot lab prototyping mindset to identify and fund companies using disruptive deep tech to upend the unit economics of established industries while delivering climate-positive outcomes.
The firm's core philosophy centers on a formalized "Triad" investment thesis requiring companies to simultaneously:
- Deploy disruptive deep technology (hard science and novel engineering)
- Achieve fundamentally transformed unit economics (2.5-3x cost reduction vs. incumbent)
- Drive strong climate and nature-positive outcomes
At One Ventures explicitly targets climate verticals that currently lack adequate capital, betting that companies solving air, water, soil, and biodiversity challenges will become major focus areas for larger institutions 2-4 years forward.
Fund History and Size
At One Ventures has deployed multiple funds:
- Fund I (2021): $150 million, closed October 2021
- Fund II (2023): $375 million, closed October 2023
- Fund III: Currently raising, over-subscribed with $30M+ commitments from state institutions
- Total AUM: ~$525M across all funds
The firm has deployed capital into 43+ companies across early-stage investments and is actively deploying from all funds as of 2026.
Investment Strategy & Philosophy
Problem Identification: Tom Chi and team identified that while renewable energy and decarbonization receive substantial capital, critical climate verticals remain undercapitalized. The fund focuses on "Triad" companies that combine disruptive tech with superior unit economics and climate impact—a thesis that resonates with institutional capital increasingly concerned with climate risk.
Founder Support: The fund provides more than capital. Recognizing that deep-tech founders often come from academic or research backgrounds, At One Ventures adds value through:
- Commercialization expertise and scaling playbooks
- Global market expansion strategy
- Manufacturing and supply chain guidance
- Unit economics reverse-engineering
- Industry connections and advisor networks
Network Advantage: The firm leverages extensive relationships across Google X, academia (SRI International), industry leaders (BASF), and established projects to derisk deep tech commercialization.
Portfolio Approach: Rather than seeking single-round exits, the fund expects long-term partnership with portfolio companies. Many investments result in M&A post-Series A, providing returns without requiring venture scale.
Investment Sectors & Technology Focus
At One Ventures focuses exclusively on climate technology across interconnected subsectors:
Primary Investment Areas:
- Water & Soil: Water purification, agricultural efficiency, soil remediation, desalination
- Agriculture & Food: Climate-smart farming, alternative proteins (cell-based and plant-based), food production efficiency
- Robotics & Automation: Electric vehicles, autonomous farm equipment, industrial robotics for climate solutions
- Energy: Clean energy generation, energy efficiency, thermal management, grid modernization
- Materials Science: Alternative materials, advanced chemistry, sustainable manufacturing
- Carbon Management: Technologies for carbon sequestration and industrial decarbonization
- Biodiversity: Nature-positive technologies, habitat restoration
Key Technology Enablers:
- Deep tech and hard science (physics, chemistry, biology)
- Advanced materials and novel engineering
- Hardware and robotics for physical climate solutions
- AI/ML for optimization and process control
- Biotech and synthetic biology
Explicit Non-Interests:
- Pure software without hardware/deep tech components
- Companies not meeting the Triad (lacking any of: deep tech, unit economics, climate impact)
- Solutions targeting only wealthy developed markets without broader impact
Stage Focus & Check Size
Investment Stages:
- Primary: Seed stage ($1-5M typical)
- Secondary: Series A stage
- Selective: Pre-Seed for exceptional technical founders
- Follow-on: Reserve capital for follow-on rounds with existing portfolio companies
Check Size Range:
- Pre-Seed: $500K-$1M
- Seed: $1M-$5M (typical ticket: $1-5M per public data)
- Series A: Selective follow-ons
- Portfolio reserve: Significant follow-on capacity
Recent Notable Investments (2024-2026):
- Addis Energy (November 2025) - Seed stage, energy/climate tech
- Near Space Labs (2025) - Earth observation and climate monitoring
- Factor2 Energy (2025) - Energy tech, climate solutions
- Stellaria (Recent) - Molten salt nuclear reactors for clean energy
Geographic Focus
At One Ventures invests globally with emphasis on:
- Primary: United States (Menlo Park/Bay Area based)
- Secondary: Europe (growing interest in European deep-tech companies)
- Emerging: Asia and other regions
- Philosophy: Best technology and founders regardless of geography, with portfolio companies across multiple continents
Portfolio Companies & Recent Activity
Current Portfolio (43+ Companies Confirmed)
At One Ventures has made 43+ confirmed investments across two funds (Fund I and II) with Fund III actively deploying:
Notable Portfolio Companies (Visible on Website):
- Orbillion Bio - Cell-based heritage meats (Wagyu, bison, lamb, elk). Y Combinator-backed, raised $5M+ seed, positioning to commercialize premium cell-cultured products
- Finless Foods - Cell-cultured and plant-based seafood. Raised $34M Series B, expanding bluefin tuna alternative production
- Monarch Tractor - Fully electric tractor platform for precision agriculture
- Iron Ox - Robotic farming systems for controlled environment agriculture, 2M+ plants under management
- Climax Foods - Food technology company addressing climate impact through food innovation
- Inevitable Tech - Climate technology with deep tech focus
- Miraterra - Technology for soil and agricultural transformation
- Avalo - Climate/environmental technology
Recent Exits & Notable Outcomes:
- Ascend Elements - Battery recycling company, positioned for growth and acquisition potential
- Multiple portfolio companies with strong unit economics improvements
Fund Status: Actively deploying from Fund I, Fund II, and Fund III with strong LP support from institutional investors and state funds.
Team & Leadership
At One Ventures is led by three experienced partners with complementary expertise:
Tom Chi - Founder & Managing Partner
- Background: Founding member of Google X (formerly Google's "Moonshot Factory"), led projects including Google Glass and self-driving car research
- Career: Spans astrophysical research, Fortune 500 consulting, corporate innovation
- Expertise: Deep tech commercialization, moonshot lab methodology, product-market fit at scale
- Strategic Value: 20+ years bridging research and commercialization, unique Google X perspective
- Recent Activity: Speaking at major climate conferences (GreenFin 2025), quoted in TechCrunch on 2026 climate tech outlook
Laurie Menoud - Founding Partner
- Role: One of three original founders alongside Tom Chi and Helen Lin
- Expertise: Climate tech investment, fund strategy
- Recent Activity: Speaking on podcast about scaling climate solutions and interconnected systems thinking
Helen Lin - Partner
- Role: Original founding team member
- Expertise: Climate technology evaluation, investment thesis development
- Recent Activity: Co-hosting podcast on scaling climate solutions and grounding impact
Team Philosophy: Partnership-based decision making with integrated expertise across deep tech evaluation, founder support, and climate science.
Investment Decision Process
Decision Structure: Partnership model - all three managing partners evaluate investments together, allowing integrated perspective on technology merit, unit economics, and climate impact.
Due Diligence Approach:
- Technical deep dive on the "deep tech" component of the Triad
- Unit economics analysis (must demonstrate 2.5-3x cost improvement)
- Climate/environmental impact quantification
- Commercialization timeline assessment
- Use of advisor networks for domain expert validation
Timeline: Estimated 4-8 weeks for decision on Seed stage companies (varies with complexity of deep tech assessment)
Founder Interaction: Direct meetings with founders, focus on technical merit and commercialization understanding, assessment of founder's ability to execute across hardware/software/biotech domains
Macro Context & Market Opportunity
At One Ventures positions early-to-mid 2020s as an exceptional moment for climate tech investing:
Government Support & Policy Tailwinds:
- United States: $500B+ from Inflation Reduction Act (IRA), CHIPS & Science Act, Jobs Act
- Europe: $1.1T+ by 2030 from European Green Deal
- Global: 40% of Fortune 500 companies with Net Zero commitments
- Emerging: State and international funds (e.g., New Mexico SIC) backing climate VC
Market Dynamics:
- Deep tech commercialization timelines dramatically compressed by AI/ML, advanced materials, hardware automation
- Corporate and government buyers increasingly act as early customers (de-risking sales)
- Climate venture capital now attracts institutional capital (pension funds, state investment councils)
- Unit economics arbitrage: Technologies that replace incumbent processes can capture 2.5-3x cost advantage
Fund Vintage Advantage: At One Ventures Fund III closing in favorable vintage (2025-2026) positions portfolio well for 3-5 year deployment and 5-7 year exit window aligning with policy support peak.
Lead Tendency & Investment Style
Lead Tendency: Tends to lead Seed rounds where deep tech merit is clear, but selective and willing to follow in Series A. Structure varies by company stage and capital needs.
Typical Involvement: Beyond capital, At One Ventures partners become key advisors:
- Board observation or seat (selective)
- Ongoing commercialization mentoring
- Access to network for recruiting, partnerships, corporate relationships
- Support for unit economics optimization and manufacturing scale
Warm Introduction: Not strictly required, but highly valued. Introductions from trusted sources (other founders, advisors, industry experts) weighted positively.
Summary
At One Ventures represents a specialized climate-focused fund with world-class leadership (Tom Chi from Google X), a rigorous Triad investment thesis (deep tech + unit economics + climate impact), and deep operational expertise in commercializing frontier technologies. The fund's focus on undercapitalized climate verticals (food, water, agriculture, robotics, materials) combined with strong institutional backing ($525M+ AUM) positions it as a leading source of capital for technical founders building the next generation of climate solutions.
The firm's unique value proposition—combining moonshot methodology with business scaling expertise—makes it particularly attractive to technical founders from research backgrounds seeking to commercialize deep tech solutions at climate scale.