--- title: "Transition Ventures lands $150M Fund II with Olix, Applied Atomics and Seneca on the portfolio" url: https://daily.dev/posts/transition-ventures-lands-150m-fund-ii-with-olix-applied-atomics-and-seneca-on-the-portfolio-e7rgnzn8y source_url: https://thenextweb.com/news/transition-ventures-150m-fund-ii-helgason-physical-ai type: article source: "The Next Web" published: 2026-05-28T11:32:46.453Z updated: 2026-05-28T11:33:06.581Z tags: ["venture-capital", "robotics", "deep-tech"] reading_time: 4 upvotes: 0 comments: 0 language: en --- > ## Documentation Index > Fetch the complete documentation index at: https://daily.dev/llms.txt > Use this file to discover all available pages before exploring further. # Transition Ventures lands $150M Fund II with Olix, Applied Atomics and Seneca on the portfolio **[The Next Web](https://daily.dev/sources/tnw)** · 4 min read · 0 upvotes · 0 comments ## Summary 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. ## Full article daily.dev links to this article rather than hosting it. Read it at the original source: ## Similar posts on daily.dev - [Lux Capital lands $1.5 billion for its largest fund ever](https://daily.dev/posts/lux-capital-lands-1-5-billion-for-its-largest-fund-ever-vhljeoc8t) · TechCrunch · 0 upvotes · 0 comments - [Seedcamp raises $320M and builds out a transatlantic bridge](https://daily.dev/posts/seedcamp-raises-320m-and-builds-out-a-transatlantic-bridge-5jzrtwolo) · The Next Web · 0 upvotes · 0 comments - [Breakout Ventures raises $114M fund to back AI science startups](https://daily.dev/posts/breakout-ventures-raises-114m-fund-to-back-ai-science-startups-cfdryrpvt) · TechCrunch · 0 upvotes · 0 comments - [Lightspeed is selling its OpenAI stake to a fund it will also run](https://daily.dev/posts/lightspeed-is-selling-its-openai-stake-to-a-fund-it-will-also-run-fve91p5zw) · The Next Web · 0 upvotes · 0 comments - [SpaceX backer 137 Ventures raises $700M for two growth-stage funds](https://daily.dev/posts/spacex-backer-137-ventures-raises-700m-for-two-growth-stage-funds-djqyiksnz) · TechCrunch · 1 upvotes · 0 comments --- Tags: [#venture-capital](https://daily.dev/tags/venture-capital), [#robotics](https://daily.dev/tags/robotics), [#deep-tech](https://daily.dev/tags/deep-tech) [View this post on daily.dev](https://daily.dev/posts/transition-ventures-lands-150m-fund-ii-with-olix-applied-atomics-and-seneca-on-the-portfolio-e7rgnzn8y)