Unless

Unless is a venture capital investment firm founded in 2021 and based in Boulder, Colorado. The firm focuses on impact-oriented companies in sectors such as artificial intelligence, robotics, advanced manufacturing, and electrification. By combining exceptional teams from both private and public markets with a collective of industry experts, Unless aims to deploy capital effectively to achieve significant financial returns while addressing pressing societal challenges. The firm is committed to navigating the evolving landscape of industrial opportunities, leveraging its partners' deep understanding of technology adoption cycles and market dynamics.

Joshua Blanchfield

Partner and CIO - Perpetual Alpha

Aaron Marsh

CFO

Elisabeth Reynolds

Partner

11 past transactions

Villa Homes

Venture Round in 2025
Villa Homes is a construction company that helps homeowners and communities building backyard homes. It offers high-quality homes at reasonable prices, handling every part of the process to make it as easy as possible for them. VillaHomes was founded by James Connolly and Zephan McMinn in San Francisco, California.

PropCo

Venture Round in 2025
PropCo is actively funding development of entry-level homes using Villa's offsite construction platform across multiple projects located in prime locations. The joint venture has already closed on its initial acquisitions of infill development land sites in both California and Colorado, which are now breaking ground. Villa will begin delivering homes available for sale to homebuyers later this year.

Panthalassa

Convertible Note in 2023
Panthalassa is a pioneering renewable energy and ocean technology company dedicated to generating affordable, clean energy from the vast potential of the world's oceans. It focuses on developing and deploying innovative technologies that convert oceanic energy into green hydrogen and other clean fuels, aiming to provide sustainable energy solutions at reduced costs for global consumers.

Aether Bio

Series A in 2023
Aether Bio is a technology company that focuses on re-purposing enzymes to create new compounds using machine learning. By integrating machine learning with high-throughput robotic laboratories, Aether Bio engineers enzymes rapidly and enables massively parallelized experimentation. This innovative approach generates significantly larger datasets compared to competitors, allowing researchers to manufacture complex and novel products more efficiently and at a lower cost. The company's technology aims to provide healthcare institutions with sustainable and affordable chemicals and materials essential for their operations.

Alloy Enterprises

Series A in 2023
Alloy Enterprises Inc., incorporated in 2020 and located in Somerville, Massachusetts, specializes in developing advanced 3D printing technologies aimed at improving conventional manufacturing processes. The company focuses on addressing inefficiencies in the production of aluminum parts through its innovative aluminum additive technology. This technology enables the creation of dense and cost-effective components without the need for expensive and hazardous powders. By offering solutions that overcome traditional manufacturing limitations, Alloy Enterprises seeks to foster innovation and support advancements in lightweight materials and emissions reduction.

Sustainment

Series A in 2022
Sustainment is a software platform designed to enhance connectivity within the American manufacturing sector by linking small and medium-sized suppliers with enterprise customers. Its AI-based system facilitates the creation of agile supply chain networks, allowing manufacturers to efficiently identify and engage with essential suppliers. By fostering direct connections among various industry partners, Sustainment aims to strengthen domestic supply chains, promote resilience, and expand the network of US-based manufacturing. This platform not only enhances operational efficiency for heavy industry buyers but also provides vendors with greater access to potential customers, ultimately contributing to a more robust manufacturing ecosystem.

Panthalassa

Secondary Market in 2022
Panthalassa is a pioneering renewable energy and ocean technology company dedicated to generating affordable, clean energy from the vast potential of the world's oceans. It focuses on developing and deploying innovative technologies that convert oceanic energy into green hydrogen and other clean fuels, aiming to provide sustainable energy solutions at reduced costs for global consumers.

Xwing

Venture Round in 2022
Xwing, Inc. specializes in autonomous flight technology tailored for unmanned aircraft, focusing on enhancing the safety and efficiency of air transportation. Founded in 2016 and based in San Francisco, the company develops software that integrates sensors and maps with onboard flight control systems, enabling regional aircraft to navigate, take off, and land autonomously. Initially concentrating on transforming cargo aircraft into fully autonomous planes, Xwing aims to improve access to reliable and affordable delivery services worldwide. The company has garnered recognition for its innovation, being named one of the Most Innovative Transportation Companies by Fast Company and featured in TIME Magazine’s Best Inventions List after achieving the world’s first fully autonomous cargo flight. Xwing is committed to expanding its technology into other sectors of commercial aviation, with a focus on safety, scalability, and sustainability.

Xwing

Debt Financing in 2022
Xwing, Inc. specializes in autonomous flight technology tailored for unmanned aircraft, focusing on enhancing the safety and efficiency of air transportation. Founded in 2016 and based in San Francisco, the company develops software that integrates sensors and maps with onboard flight control systems, enabling regional aircraft to navigate, take off, and land autonomously. Initially concentrating on transforming cargo aircraft into fully autonomous planes, Xwing aims to improve access to reliable and affordable delivery services worldwide. The company has garnered recognition for its innovation, being named one of the Most Innovative Transportation Companies by Fast Company and featured in TIME Magazine’s Best Inventions List after achieving the world’s first fully autonomous cargo flight. Xwing is committed to expanding its technology into other sectors of commercial aviation, with a focus on safety, scalability, and sustainability.

Panthalassa

Series A in 2022
Panthalassa is a pioneering renewable energy and ocean technology company dedicated to generating affordable, clean energy from the vast potential of the world's oceans. It focuses on developing and deploying innovative technologies that convert oceanic energy into green hydrogen and other clean fuels, aiming to provide sustainable energy solutions at reduced costs for global consumers.

Sustainment

Convertible Note in 2021
Sustainment is a software platform designed to enhance connectivity within the American manufacturing sector by linking small and medium-sized suppliers with enterprise customers. Its AI-based system facilitates the creation of agile supply chain networks, allowing manufacturers to efficiently identify and engage with essential suppliers. By fostering direct connections among various industry partners, Sustainment aims to strengthen domestic supply chains, promote resilience, and expand the network of US-based manufacturing. This platform not only enhances operational efficiency for heavy industry buyers but also provides vendors with greater access to potential customers, ultimately contributing to a more robust manufacturing ecosystem.
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