Lemnos Labs launches $20 million fund to support early-stage hardware


San Francisco hardware incubator Lemnos Labs is looking to expand its portfolio of early-stage startups with a new $20 million venture capital fund it announced on Wednesday.

The firm anticipates making 10-12 investments a year of up to $250,000 for 10 percent equity. Founding partner Jeremy Conrad said Lemnos Labs will spend a year to a year and a half with each startup, with the goal of at least half of them reaching the Series A funding stage.

It’s not a crazy goal: Since Lemnos Labs first started investing in 2012, its first 10 startups, which include companies like Nanosatisfi and Airware, have raised $35 million and five have gone through Series A or seed rounds. Conrad said Lemnos Labs is not afraid of high tech, and the new fund will focus on spaces like robotics, aerospace, transportation, agriculture and connected devices. He said they want the investment-friendly Dropcams of the world, not the George Foreman grills.

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