Promus Ventures

Promus Ventures Research

Investment Thesis

Promus Ventures is a Chicago-based, global early-stage venture capital firm founded in 2012 by Mike Collett. The firm backs ambitious Deep Tech founders tackling complex, real-world problems across mature industries — space, manufacturing, mobility and logistics, health, and energy and resources. Their core belief is that the greatest companies are built by exceptional people applying foundational technologies to transform industries that have been resistant to change.

Promus structures its investment philosophy around three pillars: People, Product, and Potential. On people, the firm focuses intensely on founders' passion, vision, dedication, adaptability, and work ethic. On product, they seek unique solutions to significant problems in large, mature industries that need cutting-edge technologies — automation, connectivity, computing, and enhanced production — to be fit for the future. On potential, they back companies executing proven business models with strong current traction and the ability to scale globally.

A defining theme in the portfolio is Physical AI — artificial intelligence that doesn't just process information but acts in the physical world. This spans full-stack robotics platforms (RobCo, Chef Robotics, Mytra, Capra Robotics), space systems and launch vehicles (Rocket Lab, ICEYE, The Exploration Company, Lunar Outpost), AgTech (Halter), geospatial intelligence (Mapbox, SeerAI, SATSURE, EARTH AI), and health optimization (WHOOP, Bellabeat, Biocogniv).

Stage Focus

Promus Ventures targets early-stage investments, with particular emphasis on Pre-Seed and Seed rounds where they can partner with founders from the earliest days. They have a strong tradition of leading seed rounds (e.g., Halter's seed round) and writing follow-on checks through Series A and beyond. The firm takes a long-term view, staying with companies through multiple funding rounds and maintaining board seats across a broad portfolio.

Check Size

Based on fund size (€120M latest fund, approximately $195M total raised across 5 funds since 2012) and their early-stage focus across approximately 160 investments, typical initial checks are estimated at $500K–$5M for seed rounds, with follow-on reserves for later stages. The firm also manages Orbital Ventures, a Luxembourg sovereign-backed space fund, indicating additional dedicated capital for that vertical.

Lead Tendency

Promus Ventures has led seed rounds (notably Halter's initial seed round) and participates in later-stage rounds. Mike Collett holds board seats at 17+ portfolio companies including ALL.SPACE, Chef Robotics, ICEYE, Rocket Lab, Halter, Capra Robotics, CrossLend, Dispatch, Enview, Foundry Lab, Gauss Surgical, Lunar Outpost, Recycleye, Samp, SeerAI, Spire, and The Exploration Company. This indicates active, high-conviction lead investing at early stages with follow-on participation.

Recent Activity

Promus has been extremely active in 2025–2026:

• May 2026: Participated in Lunar Outpost's $30M Series B for lunar rover and robotics infrastructure (led by Industrious Ventures)
• March 2026: Halter raised $220M Series E at $2B valuation (led by Founders Fund); Promus participated, having led the original seed round
• March 2026: WHOOP raised $575M Series G at $10.1B valuation
• January 2026: RobCo raised $100M Series C for industrial robotics
• January 2026: Mytra raised $120M Series C for warehouse automation
• November 2025: Encube Technologies emerged from stealth with $23M financing; Promus co-invested alongside Inventure and Kinnevik
• June 2025: Halter raised $100M Series D

Team additions: John Lusk joined as Partner in November 2025, Stephane Blanc joined as Partner in May 2026, and Sam Collett joined as Investment Associate in June 2026, reflecting meaningful expansion of the firm's investment team.

Portfolio Highlights

Promus has built a remarkable track record over 13 years:

Unicorns and major successes (active):

• WHOOP (Boston, ~$10.1B valuation): Wearable health performance system; $575M Series G in March 2026
• ICEYE (Helsinki, €10B+ valuation): SAR radar satellite constellation with 72+ satellites in orbit, €250M revenue, €1.5B contracted backlog, defense contracts across 5+ European nations; €1B Series F in June 2026
• Rocket Lab (Nasdaq: RKLB, Huntington Beach): Complete rocket systems and launch services; public company
• Mapbox (Washington): Leading location data platform used by major technology companies worldwide
• Halter (Auckland, $2.86B valuation): Physical AI for farm and ranch management; 1M+ solar-powered livestock collars deployed across New Zealand, Australia, US, and Canada; $220M Series E in March 2026, $315M raised at most recent valuation

Other notable active portfolio: Swift Navigation (precise GNSS positioning), AngelList (startup investing platform), Chef Robotics (food automation), RobCo (industrial robotics), Mytra (warehouse automation), The Exploration Company (space cargo), Capra Robotics (mobile robotics), ALL.SPACE (satellite comms), Lunar Outpost (space robotics), FLYR (aviation AI), Voi (European e-scooter network), Wakeo (supply chain visibility), Bellabeat (women's health wearables), StatMuse (sports data and AI), Encube Technologies (hardware product development AI), Rhombus (physical security AI cameras), SATSURE (satellite analytics for agriculture/insurance), Biocogniv (neurology AI), Ellipsis Drive (geospatial data management), EARTH AI (mineral exploration AI), Jua (weather forecasting AI), Deako (smart home lighting), Opencare (dental care marketplace), True Fit (fashion fit personalization), Tulip Retail (manufacturing floor apps), Ambition (sales performance software), Safehub (structural earthquake monitoring), Mangata Networks (satellite internet), and others.

Notable exits:

• Spire Global (NYSE: SPIR) — Earth observation satellite company; Spire Maritime unit acquired by Kpler for $241M
• Kensho (acquired by S&P Global)
• Figure Eight (acquired by Appen)
• AltspaceVR (acquired by Microsoft)
• Cobalt Robotics (acquired)
• Gauss Surgical (acquired)
• Cape Analytics (acquired by Guidewire)
• Dispatch, Fernride, Recycleye, Behavio, and others

Team

• Mike Collett (Founder, Managing Partner): Founded Promus Ventures in 2012. Previously founded Masters Capital Nanotechnology Fund (deep tech VC focus). Earlier career in M&A at Merrill Lynch (VP level). MBA Finance from Washington University; BS Math, BA English from Vanderbilt. Holds 15+ active board seats across the portfolio.
• John Lusk (Partner, joined November 2025): 25+ years building and leading technology companies. Most recently CEO of Spire Maritime, growing it from $300K to $48M ARR and leading its $241M acquisition by Kpler in 2025. Founded three startups. Executive roles at WhitePages and Spire Global (served as executive officer during NYSE IPO). Also served as Operating Partner at a PE firm and as EIR at the Kauffman Foundation. MBA in Entrepreneurial Marketing and Strategy from Wharton; BBA in MIS from SMU. Author of The MouseDriver Chronicles.
• Stephane Blanc (Partner, joined May 2026): 30+ years in global technology businesses. Head of Global Sales at Spire Global during rapid expansion. Head of Amazon Pay Southern Europe; Senior Director International Business Development at Amazon London. Prior roles at Vodafone, In-Fusio, Centrica Hive, and Oberon Media. MS in Computing and Business Management; BS in Physics and Mathematics from University of Bordeaux.
• Bill Merchantz (Venture Partner, since 2018): Serial entrepreneur and CEO with multiple successful exits. Founding Partner of Whittman-Hart; Founder and CEO of Lakeview Technology (enterprise software, sold to Vision Solutions in 2007). Board of the University of Illinois Foundation.
• Matthew Martorello (Venture Partner, since 2018): Investor, entrepreneur, and strategic leader across technology, financial services, and asset leasing. Founded Braviant Holdings (high-growth fintech for non-prime consumers) and Bellicose Capital. Founding investor in Green Key Technologies (AI-driven voice collaboration for financial markets). Earlier career at KPMG Transaction Services, Great Point Capital (proprietary trading), and Salomon Smith Barney (institutional corporate bond sales).
• Sam Collett (Investment Associate, joined June 2026)
• Jenny Shepherd (Chief Financial Officer)

Geographic Focus

Promus invests globally with a strong concentration in the United States (particularly San Francisco Bay Area, Boston, Seattle, and Denver), Europe (Finland, Germany, Sweden, UK, France, Luxembourg), and the Southern Hemisphere (New Zealand, Australia). The Luxembourg office and European Investment Fund (EIF) backing support European investment activities. The firm operates Orbital Ventures, a Luxembourg sovereign-backed space fund.

Decision Process

Promus operates as a partnership with Mike Collett as the central decision-maker alongside partners John Lusk and Stephane Blanc, supported by Venture Partners Bill Merchantz and Matthew Martorello. Mike maintains deep involvement through board seats across the portfolio. The firm prides itself on long-term, hands-on partnership with founders, often investing early and staying through IPOs and acquisitions.

Founder Preferences

Promus consistently backs technical and domain-expert founders with deep passion and clear vision for transforming large, mature industries using foundational technologies. They favor founders with proven work ethic, transparency, and adaptability under pressure. The firm is patient and contrarian — they remained invested in ICEYE for 8+ years from 2018 through the €10B Series F in 2026. They lean toward founders attacking technically complex, hardware-intensive, or data-intensive problems in underserved markets with strong global scale potential.