Climate Tech Founders | February 2024

This month in our Climate Tech Founder newsletter:

• Tom Chi on fundraising in this difficult environment
• What the Big Tech and media layoffs in 2024 mean for climate tech founders
• Portfolio companies in the news
• We've hired an IP and Patents strategist!

Fundraising Tips

Fundraising right now is difficult. Here are the 3 things you should do now, says Tom Chi

• Close the capital that you are able to raise,? get it signed and in the bank!
• Focus on critical fundamental milestones:Get product to customer at good margins, ORAchieve a series of compelling scientific, engineering or manufacturing milestones
• Don't lose hope. In the macro, we are on an upswing in climate and there should be dollars available.

Marketing and Talent

Layoffs continue at Big Tech and media companies – what this means for YOU

?Last year 260,000 jobs in the tech sector disappeared, but the bloodbath is not over . So far in 2024, another 32,000 people have been laid off from companies like Amazon, Microsoft, Google, TikTok, and Salesforce.?

?It's not that unexpected, though – at publicly traded companies, cost discipline is rewarded by Wall Street and stock prices reflect that. We also can see a bit of 'herd mentality' as one company does it, so do the rest.?

?In media, however, it's a bit of a different story. Shifts in consumer behavior (who reads news anymore?) combined with faulty business models? (ads still suck) have created a perfect storm for news organizations. Tens of thousands of jobs have been cut, including at legendary media brands like The Washington Post, LA Times, Business Insider, TIME, Forbes, CNBC and TechCrunch.?

?So what does this mean for climate tech founders? At One's head of talent, Lisa Noeltner , and marketing lead, Ana Yoerg , share their insights:

1. It's a great time to hire tech talent. The past few years have been tough as a startup trying to hire talent, as both software and hardware engineers have been in high demand. The layoffs do signify a shift in the job market back to the employer, but it's important to remember that many of these candidates who were laid off have been treated badly, and this is the chance to demonstrate values of transparency and honesty. For instance, getting back to candidates on the promised timeline,? conducting interviews in a reasonable manner. We all need to help each other and be kind, keep commitments, and not add on steps just because we can.
2. There will be more tech startups, but not necessarily in direct competition. There will be more startups, but not necessarily (good ones) in climate. After any big layoff period in Big Tech, we typically see a surge in early-stage tech startups as former workers start companies and become founders. But most of these are going to be in areas where their skills directly translate, so, in SaaS, retail, fintech, etc.?
3. Fewer journalists = less opportunity to get PR. Reporters were already overworked and inundated with pitches, but now it's going to be even more difficult to connect with them and tell your story through the media. Here's what you should do:?? Check in on your existing contacts. Confirm that they are still at the publication, either through online/social research or through a tactful check-in. If they're gone, find out who is now covering the space.??? Make it easy to write your story. Reporters don't have time to do extra work. Make sure your media kit (logos, photos, one-pager, press releases) are in an online shared folder. Use a one-click scheduling system so they can quickly find a time to connect with you.???? If all else fails, DIY. Sometimes you're going to just get ignored, or not get the attention of the writers you want, when you want. Be prepared to publish your news and thought leadership on channels you own and have full control over, like your website, email and social media.?

Portfolio Companies in the News

Two founders & companies were guests on Climate Tech Cocktails

In just the past month we've had two MORE founders from our portfolio interviewed on the popular climate tech podcast.? Listen to them here:

• Anand Nandakumar (Halo Car)
• Tony Pan (Modern Hydrogen)

To see more episodes, subscribe (free) to Climate Tech Circle .

Temo raises $6.5 million to make small sailing boats electric

The French-based company has designed an electric alternative to heavy, gas-guzzling, and noisy motors used on dinghies and rowing boats. We led the round and Bpifrance is a co-investor. View coverage on Business Insider.

Inlyte Energy named 'Startup to Watch' by SF Business Times

The company was named one of the 17 Hottest 'Startups to Watch' in the Bay Area. Their battery technology uses iron and sodium chloride (table salt) to create much-needed long-duration energy storage for the grid. See their mention.

Transmutex raises $23M to recycle nuclear waste

Swiss startup Transmutex raised $23.2 million to produce energy and nuclear fuel from radioactive waste. Lead investors were Union Square Venture and Steel Atlas. Read Axios article.

MightyFly debuts 3rd-gen aircraft

At a private event at its Bay Area headquarters, the company unveiled its third generation of the Cento aircraft, an autonomous hybrid electric vertical take-off and landing (eVTOL) cargo aircraft designed to carry 100 pounds of cargo for 600 miles. See more in Flying Magazine .

Team Addition

As a firm that backs climate tech solutions, we've seen firsthand the need for defensibility, that is, how to protect the the proprietary technologies that you are creating.

?It's why we've decided to bring on someone who can work directly with climate tech founders to understand the value of intellectual property (IP) and create a strong, lasting patent strategy.?

William Dunbar (Bill) has generated significant IP and trade secrets by leading conception, drafting and prosecution of 25 patent families with over 100 issued patents. And to help entrepreneurs, you need someone who has walked in their shoes – many, many times. Bill is a serial entrepreneur, a founder CTO of two deep-tech startups, where he defined the technology vision and strategy, while developing key algorithms and overseeing and solving systems engineering and instrumentation challenges. So we're overjoyed to have Bill on our side, and now on the side of the 70+ founders in the portfolio, too.

Parting Thoughts

About At One Ventures: What We Look For

We back early-stage (Seed, Series A) companies that are using disruptive deep tech to upend the unit economics of established industries while dramatically reducing their planetary footprint. We also look for companies that are pioneering new industries that are actively regenerative to planetary health. Lastly, we look for companies that have significant potential to be healthy, scalable businesses, because the positive impacts we invest in only last as long as the businesses that carry them.