Transition Ventures, the London-based early-stage firm led by Unity co-founder David Helgason, has closed a $150M Fund II, bringing total AUM to over $300M. The fund backs companies at the intersection of AI and the physical world — power, robotics, materials, and hardware-software convergence. Notable portfolio companies include Olix (optical tensor processing units, valued at $1B), Applied Atomics (small modular nuclear plants for data centres), Seneca (wildfire-suppression autonomous drones), and Upway (refurbished e-bikes, 30x revenue growth). The close is notable given the broader European VC fundraising slowdown, and signals continued conviction in deep-tech hardware-plus-AI bets over pure software plays.
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