HG Ventures

HG Ventures, founded in 2018, is the venture capital arm of The Heritage Group, located in Indianapolis, Indiana. The firm focuses on early and growth-stage investments in sectors such as transportation infrastructure, environmental services, specialty chemicals, advanced materials, and energy production. HG Ventures aims to support innovation by investing in private companies that are developing new technologies and approaches within these core and adjacent markets. It offers a unique value proposition to its portfolio companies by leveraging the expertise of The Heritage Group's operating companies and research center. The firm typically invests up to $20 million, primarily in companies based in the United States.

Nick Arnold

Principal, Investment Team

Ginger Rothrock

Senior Director

John Glushik

Managing Director

39 past transactions

PinPoint Analytics

Seed Round in 2024
PinPoint Analytics is the first AI-powered construction data platform that analyzes millions of data points using advanced Machine Learning algorithms. Comprehensive insights into every project with real-time pricing data, leveraging hundreds of factors including weather patterns, market conditions, and historical trend analysis.

Puraffinity

Series A in 2024
Puraffinity Ltd, founded in 2015 and based in London, specializes in innovative water treatment and purification solutions. The company, which was previously known as Customem Ltd before rebranding in July 2019, has developed a sustainable bio-based adsorbent material designed to effectively remove challenging pollutants from contaminated water and wastewater. Utilizing advanced supramolecular chemistry, Puraffinity's technology allows for the selective capture of micro-pollutants, including pesticides, pharmaceuticals, and hazardous chemicals such as per- and polyfluoroalkyl substances. This capability enables clients to comply with stringent wastewater regulations while contributing to the protection of local ecosystems. Puraffinity is committed to addressing pressing water quality challenges through environmentally sustainable practices.

ZwitterCo

Series B in 2024
ZwitterCo specializes in advanced membrane solutions for the treatment of highly impaired wastewater, focusing on the development of reverse osmosis and nanofiltration technologies. These innovations enable the effective reuse and recycling of water resources by addressing challenges such as fouling and chemical demands. ZwitterCo's membranes are designed to treat historically unfilterable streams, allowing customers to transform waste into a valuable resource. With features such as chlorine tolerance and resistance to irreversible fouling, the company's technology supports steady performance and durability, making wastewater treatment economically viable for industrial applications.

Vartega

Venture Round in 2024
Vartega Inc. specializes in recycling carbon fiber, a material known for its strength and lightweight properties, primarily serving the aerospace, automotive, wind energy, and sporting goods sectors. Founded in 2014 and based in Golden, Colorado, Vartega has developed a patented recycling process that produces low-cost carbon fiber suitable for various applications, including thermoplastic pellets, nonwoven fabrics, yarns, and three-dimensional printing filament. The company’s technology effectively diverts carbon fiber scrap and waste from landfills, contributing to environmental sustainability by reducing greenhouse gas emissions and enhancing fuel economy in vehicles. Vartega's carbon fiber is available in multiple forms, including semi-continuous, chopped, and milled, making it adaptable for mass-market use.

Aclarity

Series A in 2023
Aclarity, LLC is a cleantech startup established in 2017 and based in the United States. The company specializes in manufacturing and marketing advanced water purification devices designed for residential use. Aclarity's systems utilize innovative electrochemical technology to effectively eliminate a wide range of contaminants, including pathogens, metals, volatile organic compounds (VOCs), per- and polyfluoroalkyl substances (PFAS), and ammonia from water. These devices provide customers with cost-effective and low-maintenance solutions for comprehensive water treatment, addressing the pressing need for clean water in homes and contributing to broader environmental sustainability efforts.

Puraffinity

Series A in 2023
Puraffinity Ltd, founded in 2015 and based in London, specializes in innovative water treatment and purification solutions. The company, which was previously known as Customem Ltd before rebranding in July 2019, has developed a sustainable bio-based adsorbent material designed to effectively remove challenging pollutants from contaminated water and wastewater. Utilizing advanced supramolecular chemistry, Puraffinity's technology allows for the selective capture of micro-pollutants, including pesticides, pharmaceuticals, and hazardous chemicals such as per- and polyfluoroalkyl substances. This capability enables clients to comply with stringent wastewater regulations while contributing to the protection of local ecosystems. Puraffinity is committed to addressing pressing water quality challenges through environmentally sustainable practices.

Transcend Software

Series B in 2023
Trancend’s mission is to transform the way engineering firms, utilities, and technology suppliers assess and design critical infrastructure. Transcend was started to help transform the culture of these firms by providing software that automates the preliminary engineering of any kind of vertical asset. As these firms implement Transcend’s software it lowers costs, increases revenue (bid on more projects, faster, with more detail in less time), and frees up engineers to evaluate innovative technologies and sustainable design approaches, transcending the standard and sub-optimal solutions of years past.

Bind-X

Series B in 2023
Bind-X focuses on biotechnology applications aimed at enhancing sustainability across various industries. The company has developed a microbiologically induced bio-cement that utilizes a bio-geochemical process to promote calcium carbonate precipitation within soil. This innovative approach allows for a more cost-effective and environmentally friendly method of controlling dust and pollution, transforming sand into bricks. By optimizing biotechnological processes, Bind-X seeks to improve both the sustainability and profitability of its clients' operations, addressing pressing environmental challenges while providing practical solutions.

Material Evolution

Series A in 2023
Material Evolution is a manufacturing company focused on decarbonizing the cement industry through innovative technology. It specializes in producing smart and sustainable concrete that significantly reduces carbon dioxide emissions. By leveraging artificial intelligence and machine learning, the company transforms material chemistry to create a sustainable cement replacement sourced from hyper-local waste streams. This low-capital expenditure, low-energy manufacturing process allows the construction industry to adopt a more sustainable alternative to traditional ordinary Portland cement, helping businesses meet their environmental goals effectively.

Solarcycle

Series A in 2023
Solarcycle is a solar technology company focused on creating a circular economy for solar energy and renewables through innovative recycling solutions. It provides an affordable and environmentally friendly service for recycling and reusing decommissioned solar panels, targeting solar asset owners. Utilizing patented technology, Solarcycle can recover up to 95% of valuable materials such as silver, silicon, copper, and aluminum from solar panels, while also facilitating the repurposing or recycling of panels still in use. This comprehensive platform aims to enhance solar sustainability and ensure that clean energy remains renewable over its entire lifecycle.

Vartega

Seed Round in 2022
Vartega Inc. specializes in recycling carbon fiber, a material known for its strength and lightweight properties, primarily serving the aerospace, automotive, wind energy, and sporting goods sectors. Founded in 2014 and based in Golden, Colorado, Vartega has developed a patented recycling process that produces low-cost carbon fiber suitable for various applications, including thermoplastic pellets, nonwoven fabrics, yarns, and three-dimensional printing filament. The company’s technology effectively diverts carbon fiber scrap and waste from landfills, contributing to environmental sustainability by reducing greenhouse gas emissions and enhancing fuel economy in vehicles. Vartega's carbon fiber is available in multiple forms, including semi-continuous, chopped, and milled, making it adaptable for mass-market use.

Upclub

Seed Round in 2022
Upclub is a blockchain social NFT project that is using NFT members to build a cultural experience and entertainment. Web3 and NFT technology is used by Upclub to develop and strengthen its community. Members of Upclub can attend parties, networking events, concerts, musicals, events where brands have worked with them, and even host their own events.

Circulor

Series B in 2022
Circulor Ltd. is a company that specializes in developing a blockchain-based traceability platform for industrial supply chains. Founded in 2017 and headquartered in London, with an additional office in Dublin, Circulor serves a diverse clientele, including car manufacturers, electric vehicle battery producers, commodity traders, and miners. The company's innovative technology leverages blockchain and artificial intelligence to enhance the traceability and due diligence of raw materials, helping businesses manage their supply chains more effectively. By enabling the tracking of materials, emissions, and compliance from source to consumption, Circulor allows its customers to secure deliveries, manage payments, and verify the provenance of their raw materials, thereby supporting their sustainability objectives and responsible sourcing initiatives.

6K

Series D in 2022
6K is a company that specializes in advanced microwave plasma technology to develop engineered materials for various industries, including additive manufacturing, renewable energy, aerospace, and consumer electronics. Founded in 2014 and headquartered in North Andover, Massachusetts, 6K focuses on sustainability while producing high-quality materials tailored to specific industry needs. Its proprietary Unimelt systems significantly accelerate production times, transforming battery cathode material manufacturing from days to mere seconds, while reducing energy consumption by two-thirds and generating no wastewater. Additionally, in the realm of additive manufacturing, 6K creates premium powders from certified millings and turnings, utilizing sustainable input streams and producing only the necessary sizes to minimize waste. Through its innovative processes, 6K provides companies with unprecedented access to materials engineering, enabling the creation of a new range of commercial and consumer products.

H2O

Initial Coin Offering in 2022
H2O is a data-backed stable asset with a managed float regime that serves as a medium of exchange and unit of account in decentralized data marketplaces.

Valerann

Series A in 2022
Valerann Ltd is a company that specializes in manufacturing wireless sensors and developing software aimed at enhancing road and highway operations. Founded in 2014 and headquartered in Tel Aviv, Israel, with an additional office in London, Valerann's products include V-API, which serves as a gateway for data collection from sensors, a cloud control center for data analysis and consolidation, and Sense-X, which helps analyze the relationship between vehicles and road lanes. The company's technology empowers road network operators by converting complex data from infrastructure and traffic systems into actionable insights. This transformation supports improved safety, reduced congestion, lower emissions, and facilitates the integration of Connected and Autonomous Vehicles (CAVs). Valerann's solutions are designed to optimize traffic management, enhance real-time decision-making, and ultimately improve the efficiency of roadway operations.

Biosynthetic Technologies

Series A in 2022
Biosynthetic Technologies manufactures bio-based synthetic molecules that are made from organic fatty acids found in plant oils. These highly-functional biosynthetic oils have numerous uses in the lubricant, chemical, and cosmetics industries, often outperforming their petroleum counterparts in similar applications. In addition to their high-performance properties, these renewable oils are biodegradable and nontoxic. Finally, BT holds a broad portfolio of issued and pending patents protecting these novel biosynthetic oils. It was founded in 2006 and headquartered in Irvine, California.

Duality

Series A in 2021
At Duality, we are building Falcon — our Digital Twin Integration platform for solving real-world problems, powered by our best-in-class 3D simulator. The data produced in our enterprise metaverse has efficacy and behaviors from participants or autonomous agents predictive of the real world.

Seeded Network

Seed Round in 2021
Seeded Network is a borrowing and lending protocol that integrates traditional decentralized finance (DeFi) concepts with a focus on incubating innovative projects. The platform aims to create a cohesive network of DeFi products designed to utilize seeded tokens effectively. By leveraging mechanisms such as borrowing, lending, and staking, Seeded Network offers users the ability to lend digital assets for competitive returns, use assets as collateral for borrowing, and earn rewards through staking. This approach not only enhances accessibility for investors and startups but also fosters a collaborative ecosystem within the cryptocurrency space.
Titan Advanced Energy Solutions (Titan) develops advanced battery management systems for lithium-ion batteries (LiB).Their patented ultrasound technology provides over 99% SoH/SoC accuracy over the life of the battery. The benefits of this dramatically improved accuracy are significant: at least 20% increase in charge capacity and 125% increase in battery life. The technology also provides unprecedented safety monitoring and control, real-time cell level monitoring and balancing. Suitable for automotive, ESS and consumer markets, Titan’s ultrasound ionView™ technology is priced comparably to traditional solutions, while adding significant benefits to manufacturers, integrators, producers and consumers.

Waggle

Seed Round in 2021
Waggle is a decentralized marketplace that enables retail investors to diversify their investments into the market while providing project teams with additional liquidity for the continuity of their innovations. The company provides access to liquidity for the projects.

Carbon Limit

Pre Seed Round in 2021
Carbon Limit is a technology company founded in 2020 and headquartered in Boca Raton, Florida, that specializes in carbon capture solutions. Its innovative technology transforms concrete into a permanent carbon capture and storage medium, creating a carbon-negative alternative to traditional Portland cement. By partially replacing Portland cement, this solution allows concrete to actively attract, capture, and permanently store CO2 from the atmosphere. In addition to offering a sustainable building material, Carbon Limit's technology generates high-quality carbon credits, assisting customers in reducing their carbon footprints and achieving their carbon reduction targets in construction projects.

OnStation

Seed Round in 2021
OnStation builds an app that provides instant jobsite location, access to plans and design, and a team communication tool. It features an automatic station finder that empowers the user with the quickest and easiest way to know their location on the job. Their Station Finder feature can be converted to operate from the user's statewide milepost network. This allows OnStation to provide value on the numerous smaller jobs where survey data and project documents might be limited.

PowerTech Water

Series B in 2021
PowerTech Water, Inc. is a company that develops and markets innovative water treatment solutions, focusing on chemical-free technologies. Founded in 2014 and headquartered in Lexington, Kentucky, the company specializes in its flagship product, CapCo, an electrochemical filter designed to effectively remove various metals from water. PowerTech Water serves a diverse range of industries, including batteries, microelectronics, electroplating, automotive, metal finishing, mining, food and beverage, and oil and gas. The CapCo filter targets contaminants such as lead, copper, manganese, iron, silver, gold, mercury, zinc, nickel, and aluminum, aiming to provide efficient and sustainable solutions for wastewater management.

Transcend Software

Venture Round in 2021
Trancend’s mission is to transform the way engineering firms, utilities, and technology suppliers assess and design critical infrastructure. Transcend was started to help transform the culture of these firms by providing software that automates the preliminary engineering of any kind of vertical asset. As these firms implement Transcend’s software it lowers costs, increases revenue (bid on more projects, faster, with more detail in less time), and frees up engineers to evaluate innovative technologies and sustainable design approaches, transcending the standard and sub-optimal solutions of years past.

Pretred

Seed Round in 2021
Pretred repurposes waste tires and plastics into innovative and efficient industrial use barriers and blocks. It makes green products having superior benefits and replaces one of the most destructive materials on earth i.e. concrete, enabling governments, construction companies, and private entities to use more sustainable products available at subsidized costs. The company was founded in 2020 and is based in Lakewood, Colorado.

Romeo Power

Post in 2020
Romeo Power is a battery technology company that creates energy-dense battery packs. Its cutting-edge consumer, industrial, and electric vehicle (EV) battery systems deliver more energy in the most efficient manner. The company was founded in 2015 and is headquartered in Vernon, California.

Ateios

Seed Round in 2020
Ateios Inc. develops advanced technology for manufacturing ultra-thin and customizable batteries suitable for various applications in electronics. Based in Indianapolis, Indiana, the company was founded in 2018 and focuses on creating zinc-oxide batteries that offer 2-5 times higher energy density compared to traditional coin cells. This innovative manufacturing process enables the production of flexible batteries that can be tailored to fit specific product requirements. Ateios' technology is particularly applicable to smart textiles, soft robotics, Internet-of-Things (IoT) devices, and medical or fitness wearables. By facilitating a new generation of thin and flexible electronics, Ateios aims to enhance the integration of battery technology into diverse electronic devices.

MITO (Materials)

Seed Round in 2020
MITO Material Solutions, Inc. is a specialty chemical company that focuses on developing and manufacturing graphene-based hybrid polymer modifiers and additives to enhance material performance across various industries. Founded in 2016 and headquartered in Indianapolis, Indiana, with an additional office in Stillwater, Oklahoma, MITO offers innovative products such as the MITO T-Series, a nano-additive that significantly increases the toughness of composite materials by up to 100% while reducing the likelihood of mechanical failure by 80%. This versatility allows industries, including aerospace, recreational vehicle, and boating, to either enhance product durability or decrease material usage, leading to substantial cost savings and weight reduction. MITO's products are compatible with a range of applications, including epoxy resins and thermoplastics, ultimately contributing to improved efficiency and performance in manufacturing processes.

Equispheres

Series B in 2020
Equispheres Inc. is a Canadian company based in Ottawa, established in 2015, that specializes in the development, manufacture, and marketing of high-performance spherical metal powders for additive manufacturing and metal spray applications, particularly in the aerospace and automotive sectors. The company employs a patent-pending atomization technology that produces uniform, agglomerate-free metal powders with specific characteristics, such as narrow particle size distribution and excellent sphericity. These features enhance the flowability and microstructure of the powders, improving the quality of end products without the need for additional processing like sieving. Equispheres aims to enable manufacturers to fully realize the potential of industrial additive manufacturing while reducing production costs and increasing efficiency.

Wildnote

Seed Round in 2020
Wildnote is an intuitive, customizable, digital platform for efficiently collecting (online/offline), managing, and reporting environmental. Wildnote technology is so much more than a general, data-collection app. The company builds a cloud-based platform focused on the environmental-services industry - compliance, monitoring, restoration, and remediation. Its direct clients include the likes of AECOM, Jacobs Engineering, and Caskey Biological. Indirectly, Wildnote serves PG&E, SoCal Gas, and SDG&E, as examples. All are large-scale utility projects requiring years to complete. Wildnote is a data-management system that includes a cross-platform mobile app, a web app, a library of prebuilt, standard forms for data collection, agency-ready forms for collection and reporting (Wetlands Delineation for the USACE as an example), customizable form capability, and a huge time-saving photo-management system that none of our competitors have. Wildnote is a customizable, cloud-based platform that streamlines environmental data collection, management, and reporting, resulting in improved productivity and work quality, as well as time and money saved. Wildnote's features create efficiency that results in a minimum 1:10 cost to savings ratio.

P2 Science

Series C in 2020
P2 Science a venture-backed, renewable specialty chemicals company, co-founded by Yale scientists, a chemical industry CEO and Elm Street Ventures, an early-stage venture fund. P2 Science has developed a unique process technology for converting renewable feedstocks—including vegetable oils—into high-value, specialty chemicals. These include flavor, fragrance and cosmetics ingredients. Many of their products are today available only from petrochemical sources. Among the first products to be produced by P2 are vegetable-derived, cost-effective versions of current petrochemical fragrance ingredients. Major users and formulators of specialty chemicals have a strong interest in substituting renewable for petrochemical ingredients. Patrick Foley, a Yale graduate of the PhD program in Environmental Engineering, is P2′s Chief Scientific Officer. Neil Burns, an executive with 20+ years experience in the specialty chemical industry, is the company’s CEO. P2 has a laboratory in New Haven, CT to support this technology’s development and commercialization, as well as partnerships with major companies at a number of points along the supply chain.

Duality

Venture Round in 2019
At Duality, we are building Falcon — our Digital Twin Integration platform for solving real-world problems, powered by our best-in-class 3D simulator. The data produced in our enterprise metaverse has efficacy and behaviors from participants or autonomous agents predictive of the real world.

Romeo Power

Venture Round in 2019
Romeo Power is a battery technology company that creates energy-dense battery packs. Its cutting-edge consumer, industrial, and electric vehicle (EV) battery systems deliver more energy in the most efficient manner. The company was founded in 2015 and is headquartered in Vernon, California.

Puraffinity

Seed Round in 2019
Puraffinity Ltd, founded in 2015 and based in London, specializes in innovative water treatment and purification solutions. The company, which was previously known as Customem Ltd before rebranding in July 2019, has developed a sustainable bio-based adsorbent material designed to effectively remove challenging pollutants from contaminated water and wastewater. Utilizing advanced supramolecular chemistry, Puraffinity's technology allows for the selective capture of micro-pollutants, including pesticides, pharmaceuticals, and hazardous chemicals such as per- and polyfluoroalkyl substances. This capability enables clients to comply with stringent wastewater regulations while contributing to the protection of local ecosystems. Puraffinity is committed to addressing pressing water quality challenges through environmentally sustainable practices.

Biosynthetic Technologies

Series A in 2019
Biosynthetic Technologies manufactures bio-based synthetic molecules that are made from organic fatty acids found in plant oils. These highly-functional biosynthetic oils have numerous uses in the lubricant, chemical, and cosmetics industries, often outperforming their petroleum counterparts in similar applications. In addition to their high-performance properties, these renewable oils are biodegradable and nontoxic. Finally, BT holds a broad portfolio of issued and pending patents protecting these novel biosynthetic oils. It was founded in 2006 and headquartered in Irvine, California.

Epogee

Venture Round in 2019
Epogee LLC, based in Indianapolis, Indiana, specializes in developing and producing fat replacement and flavor enhancement food ingredients. Established in 2018, the company offers a portfolio of ingredients designed to reduce calories and fat content while maintaining taste and flavor. Its products are suitable for various food applications, including confectioneries, baked goods, frozen dairy, spreads, dips, peanut butter, grain products, and pasta. Epogee's ingredients are gluten-free, allergen-free, vegan, and made from natural vegetable oils that are free from genetically modified materials, allowing food manufacturers to enhance nutrition and performance in their offerings.

Renewal Mill

Seed Round in 2019
Renewal Mill is an ingredients company based in Oakland, California, founded in 2016, that focuses on reducing food waste by upcycling byproducts from food manufacturing. The company specializes in transforming okara, a byproduct of soymilk production, into high-quality ingredients such as gluten-free flour, which is rich in protein and fiber. Renewal Mill also produces consumer packaged goods, including a vegan okara chocolate chip cookie. Its products are available for purchase online and are distributed in convenience stores and tech company offices throughout the Bay Area, with plans for nationwide distribution. By utilizing its proprietary technology and establishing partnerships with food manufacturers, Renewal Mill aims to create a circular economy in the food industry that enhances nutrition and combats health issues like heart disease and obesity.
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