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§ Venture Capital · Campbell, CA, USA
Venture capital firm, backed by Standard Industries, investing in applied technology to modernize industrial sectors.
Key people at 40 North Ventures.
40 North Ventures is an early-to-growth stage venture capital firm based in New York and San Francisco that invests in applied technology and industrial innovation. Operating as the venture capital arm of Standard Industries, the firm backs startups developing software and hardware solutions designed to modernize traditional manufacturing, logistics, energy, and physical infrastructure. The firm launched its dedicated applied technology strategy with a $200 million initial fund and has completed at least 28 investments across the enterprise software and advanced manufacturing sectors. The firm's holdings expanded significantly after acquiring eleven investments directly from the GE Ventures portfolio. This transaction added to an existing roster of recognizable portfolio companies that includes 3D printing technology firm Velo3D, Carbon, and Parsable. The broader investment platform was founded in 2009 by David Millstone and David Winter.
40 North Ventures is a venture capital fund dedicated to transforming established industrial sectors through strategic technology investments. The firm’s mission centers on accelerating the digital evolution of industries such as manufacturing, logistics, mobility, energy, infrastructure, and construction by backing startups that drive data-driven, consumer-centric, and sustainable innovation. Its investment philosophy emphasizes early-to-growth stage opportunities, focusing on companies that leverage technology to modernize traditional business models and operations. By targeting high-potential startups, 40 North Ventures plays a pivotal role in shaping the future of industrial technology, helping to bridge the gap between legacy systems and next-generation digital solutions.
The firm’s impact on the startup ecosystem is amplified by its deep industry expertise and access to global networks through its parent organization, Standard Industries. This enables portfolio companies to scale rapidly, tap into commercial opportunities, and benefit from operational guidance. 40 North Ventures has invested in more than 25 companies, including notable names like Claroty, Volta Charging, Carbon, and Vertical Aerospace, contributing to the advancement of industrial tech and sustainability.
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Founded in 2009, 40 North Ventures was established by David Millstone and David Winter, Co-CEOs of Standard Industries, a global industrial leader. The firm was created to harness the operational insights and capital resources of Standard Industries to support innovation in the industrial sector. Over the years, 40 North Ventures has evolved from a niche investor into a leading venture arm focused on industrial transformation, guided by Co-Managing Directors Marc van den Berg and Marianne Wu. The firm’s roots in industrial operations have shaped its unique perspective, allowing it to identify and nurture startups that address real-world challenges in manufacturing, logistics, energy, and beyond.
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40 North Ventures is riding the wave of industrial digitalization, a trend accelerated by the rise of the Industrial Internet of Things (IIoT), automation, and sustainability imperatives. The timing is critical as traditional industries face pressure to modernize, reduce emissions, and improve agility. Market forces such as supply chain disruptions, energy transition, and the demand for smarter infrastructure are working in the firm’s favor, creating fertile ground for innovation. By investing in startups that reimagine industrial processes, 40 North Ventures is helping to shape a more resilient, efficient, and sustainable industrial future.
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Looking ahead, 40 North Ventures is poised to deepen its influence as industries continue to embrace digital transformation and sustainability. The firm’s ability to blend venture capital with operational expertise positions it as a key player in the next phase of industrial innovation. Trends such as AI-driven automation, clean energy adoption, and smart infrastructure will likely shape its investment strategy, while its network and track record will attract top-tier startups. As the industrial sector evolves, 40 North Ventures will remain at the forefront, driving change and enabling the companies that are building the industrial future.
Key people at 40 North Ventures.
40 North Ventures has 8 tracked investments across 8 companies. The latest tracked deal is $150.0M Series E in Verbit in November 2021.
