What Innventure does

Innventure, Inc. (NASDAQ: INV) is a publicly traded industrial growth conglomerate headquartered in Orlando, Florida that creates and operates standalone companies from breakthrough technologies sourced from multinational corporations. Its proprietary DownSelect® analysis framework, which uses a MATCH quality scoring system (Market, Advantage, Timeline, Capital, High Value), systematically evaluates and pressure-tests R&D-stage technologies where market need is validated but commercialization capital and operational scaling remain unaddressed. Since 2015 the company has launched four operating companies: PureCycle Technologies (polypropylene recycling, exited via 2021 NASDAQ listing as PCT), AeroFlexx (sustainable flexible liquid packaging using up to 50–85% less plastic than rigid bottles), Accelsius (two-phase direct-to-chip liquid cooling for AI/HPC data centers using eco-friendly dielectric fluid with less than 1 GWP), and Refinity (fluidized-bed plastic pyrolysis producing circular olefins and SAF precursors). Only ~2% of technologies evaluated under DownSelect® meet the criteria for company formation, and Innventure targets $1B+ enterprise value for each company it builds.

Each operating company is built around defensible technology licensed from a named multinational partner—Procter & Gamble (PureCycle, AeroFlexx), Nokia Bell Labs (Accelsius), and Dow (Refinity)—with supplementary exclusive IP licensed from PNNL (for Refinity) and VTT Technical Research Centre of Finland. The parent provides a shared platform of industrial operating expertise, capital, and strategic commercial relationships while each subsidiary runs independently with its own CEO (Josh Claman at Accelsius, Andy Meyer at AeroFlexx, Bill Grieco at Refinity), production facility, and customer pipeline. Accelsius's NeuCool product line supports up to 250kW per rack cooling, has been validated by Jacobs Engineering to deliver 35–44% annual OpEx savings versus single-phase liquid cooling, and attracted strategic investors Johnson Controls and Legrand in a $65M Series B round valuing the subsidiary at $665M post-money in January 2026.

Innventure's revenue is generated primarily through the eventual consolidation of operating-company cash flows upward, supplemented by direct hardware sales, future chemical product sales, and long-term equity stakes. AeroFlexx has logged seven consecutive quarters of revenue with a near-term commercial pipeline just under $30M and four anchor customer relationships, while Accelsius contributed 93% of Innventure's $1.44M consolidated Q1 2026 revenue (up 600% YoY) and is targeting a $100M annualized run rate by year-end 2026. Distribution combines direct enterprise sales (to hyperscalers, neoclouds, and CPG brands) with strategic manufacturing partners including Packaging Imolese for AeroFlexx in Europe, and Johnson Controls and Legrand for Accelsius globally. Innventure has deployed roughly $160–170M of balance-sheet capital into operating companies that have generated $800M+ in net asset value, including ~$460M returned to shareholders through the PureCycle exit.

Name

Innventure

Legal name

Innventure, Inc.

Website

https://innventure.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Innventure (NASDAQ: INV) is an Orlando-based industrial growth conglomerate that creates and operates standalone companies from breakthrough technologies sourced from multinational corporations. Its portfolio includes Accelsius (data center cooling), AeroFlexx (sustainable packaging), Refinity (plastic waste-to-value), and PureCycle (polypropylene recycling, exited 2021).

Ownership category

akta.pro rank

Product category

Industrial Technology Commercialization

NAICS

Urethane and Other Foam Product (except Polystyrene) Manufacturing (32615)

SIC

Plastics Foam Products (3086), Plastics Products, Nec (3089)

akta.pro primary industry

Factory Automation & Control Systems (PLC/SCADA/DCS) (IMAIAMAA)

akta.pro secondary industries

Prototype Program Management & Low-Volume Pilot Runs (Bridge to Production) (IMAAAFAO), Waste Heat Recovery & Heat Integration (HRSG/ORC, Pinch Analysis, Heat Exchangers) (EUABAJAF)

Keywords

• Industrial growth platform
• Technology commercialization services
• Corporate venture incubation
• Operating company creation
• Sustainable technology licensing

Headquarters

HQ city

Orlando

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Supply Chain, Marketing or Sales, Infrastructure, Others

Revenue model

1. Operating Company Product Sales (Accelsius): Hardware sales of NeuCool two-phase direct-to-chip liquid cooling systems, coolant distribution units, integrated racks, and related services to data center operators, hyperscalers, and neocloud providers. Q1 2026 revenue contribution from Accelsius was 93% of consolidated revenue ($1.4M total).
2. Operating Company Product Sales (AeroFlexx): Sales of AeroFlexx Pak sustainable liquid packaging and integrated packaging/filling solutions to consumer packaged goods companies across personal care, household, baby care, pet care, food, and industrial categories. Reported seven consecutive quarters of revenue.
3. Operating Company Product Sales (Refinity): Future commercial revenue from sale of circular olefins (ethylene and propylene) to petrochemical steam cracker complexes and SAF-ready distillate hydrocarbon liquids to aviation sector customers; pre-commercial at the data cutoff.
4. Technology Licensing / IP Acquisition from MNCs: Innventure licenses or acquires breakthrough R&D IP from multinational corporations (Procter & Gamble, Nokia, Dow) and uses it as the foundation for new operating companies, providing future economic participation to MNCs without commercialization risk.
5. Equity Value Realization from Operating Companies: Long-term ownership stake in launched operating companies (PureCycle exit returning ~$460M to shareholders; Accelsius $665M post-money Series B valuation; AeroFlexx and Refinity launching direct capital raises). Revenue is realized as operating company cash flow consolidates upward to the parent.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Innventure is an industrial growth conglomerate that identifies breakthrough technologies from multinational corporations (MNCs) and creates, funds, and operates standalone operating companies around them. Its proprietary DownSelect® analysis framework with MATCH quality scoring (Market, Advantage, Timeline, Capital, High Value) systematically evaluates and pressure-tests MNC-validated technologies, advancing roughly 2% of evaluated technologies into company formation. The platform has launched four operating companies: Accelsius (NeuCool® two-phase direct-to-chip liquid cooling for AI/HPC data centers), AeroFlexx (AeroFlexx Pak sustainable flexible liquid packaging), Refinity (DuoZone™ plastic-to-olefins conversion), and the exited PureCycle Technologies (polypropylene recycling).

Product overview

Innventure operates a platform-plus-portfolio architecture: the parent company (Innventure, Inc., NASDAQ: INV) is an industrial growth conglomerate that identifies breakthrough technologies from multinational corporate R&D, evaluates them through its proprietary DownSelect® analysis, and creates, funds, and operates standalone operating companies around each technology. The current operating-company portfolio comprises four launched companies—PureCycle (polypropylene recycling, exited via NASDAQ listing in 2021), AeroFlexx (sustainable liquid packaging using the AeroFlexx Pak), Accelsius (two-phase direct-to-chip data center liquid cooling under the NeuCool product family), and Refinity (plastic waste-to-value recycling using the DuoZone reactor and PNNL/VTT-licensed processes)—with each company built to operate independently with its own CEO, capital base, and commercial roadmap while the parent provides the shared industrial operating expertise, MATCH-scoring diligence framework, and access to multinational partnerships.

Differentiator

Problem solved

Functional benefit

Brands

• PureCycle (PureCycle Technologies): Polypropylene recycling - launched by Innventure in 2015 from Procter & Gamble technology; went public on NASDAQ as PCT in 2021 as a successful Innventure exit.
• AeroFlexx
• Accelsius
• Refinity

Products and services

• Accelsius NeuCool Two-Phase Direct-to-Chip Liquid Cooling System Patented two-phase, direct-to-chip liquid cooling system using eco-friendly dielectric fluid for AI and HPC data centers, targeting up to 50% energy savings versus air cooling, 1.08 PUE, and 100kW+ per rack cooling capacity.
• Accelsius NeuCool MR250 Rack-Level Two-Phase Cooling Two-phase direct-to-chip cooling product supporting up to 250 kilowatts per rack, designed for at-scale AI and HPC workloads, with Jacobs Engineering analysis showing 35-44% annual OpEx savings and 8% five-year TCO savings versus single-phase liquid cooling.
• Accelsius NeuCool IR150 Integrated Rack-Level Two-Phase Cooling Industry's first fully integrated rack-level two-phase liquid cooling solution combining Coolant Distribution Unit, 42U IT rack space, and integrated manifolds within a single enclosure supporting up to 150kW of cooling capacity for hyperscale and neocloud operators.
• AeroFlexx Pak Sustainable Flexible Liquid Packaging Patented all-in-one flexible-yet-rigid liquid packaging with self-sealing valve, one-hand squeeze dispensing, e-commerce/ISTA-6 Amazon approved, ships flat before filling, and uses up to 50-70% less plastic upfront (up to 85% less virgin plastic versus rigid bottles), sold to consumer packaged goods brands.
• Refinity DuoZone Fluidized-Bed Plastic Pyrolysis Conversion Precision depolymerization technology using fluidized-bed conversion to convert polyolefin-rich mixed plastic waste into light olefin gas streams (ethylene and propylene) at yields typically above 50%, with pilot-scale trials achieving 60-70% conversion yields processing 1 metric ton of real-world mixed plastic waste.
• Refinity PNNL-Licensed Oligomerization Catalyst for SAF and Renewable Diesel Exclusive two-step catalytic oligomerization process using two different catalysts to produce medium distillate-range olefins from waste plastic-derived light olefins, suitable for upgrading into SAF, renewable diesel, or lubricants.
• PureCycle Technologies Ultra-Pure Recycled Polypropylene (Exited Portfolio Company) Patented solvent-driven polypropylene (PP) recycling technology licensed from Procter & Gamble that purifies and recycles PP plastic waste into near-virgin-grade ultra-pure recycled PP resin, separating color, odor, and other contaminants without a chemical reaction; PureCycle went public on NASDAQ as PCT in 2021 as a successful Innventure exit.

Quantifiable outcome

• Up to 50% energy savings versus traditional air cooling; 100kW+ per rack cooling capability; tested up to 2,200 watts per socket; 1.08 targeted PUE.
• +6 more outcomes

Named customers5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Eleven partnerships are on record, tiered core, flagship and minor.

• Pacific Northwest National Laboratory (PNNL)coreTechnology or Integration · 22 June 2026PNNL granted Refinity an exclusive license (announced June 22, 2026) for catalyst technology to convert waste plastic-derived light olefins into distillate-range products for upgrading into SAF, renewable diesel, or lubricants. The license includes a granted patent and a pending patent. Refinity collaborates with PNNL on optimizing the catalyst system for use with waste plastic-derived light olefins.
• Packaging Imolese S.p.A.coreChannel Partner/ Reseller/ Distributor · 11 May 2026Strategic manufacturing and market partnership announced May 11, 2026. AeroFlexx's filling machine has been delivered to Packaging Imolese's facility in Imola, Italy, leveraging Imolese's seven-plant manufacturing footprint and market leadership as Italy's largest dishwasher gel producer to scale AeroFlexx in European household and personal care markets.
• Aveda (The Estée Lauder Companies)flagshipGTM or Marketing Partner · 26 February 2026Global partnership announced February 26, 2026, making Aveda the first prestige beauty brand to globally adopt AeroFlexx's curbside recyclable refill packaging. Select best-selling products launch beginning early 2027, with packaging using up to 70% less plastic than conventional Aveda bottles. Estée Lauder Companies employs ~46,000 people and has more than $14 billion in annual revenue, signaling significant multi-brand/multi-geography rollout potential.
• Kinetic VisionminorStrategic or Co-development Partner · 7 November 2025Strategic partnership announced November 7, 2025, to jointly develop and commercialize the next generation of AeroFlexx liquid packaging solutions using Kinetic Vision's AI-driven predictive modeling and immersive visualization.
• DowflagshipStrategic or Co-development Partner · 1 January 2024Dow is the source multinational for Refinity (founded 2024). Dow provides technical resources, supports deployment of waste-to-value processes, site identification for commercial plants, and waste supply chain development. The collaboration integrates with Dow's 'Transform the Waste' initiative targeting three million metric tons of circular/renewable solutions by 2030.
• Nokia (Nokia Bell Labs)flagshipStrategic or Co-development Partner · 1 January 2022Nokia is the source multinational for Accelsius's two-phase direct-to-chip liquid cooling technology. Innventure founded Accelsius in June 2022 after acquiring the technology rights from Nokia Bell Labs.
• L'OréalminorOEM/ Whitelabel/ Licensing Partner · 18 July 2019PureCycle Technologies (Innventure exit) signed an agreement with L'Oréal on July 18, 2019, for the supply of Ultra-Pure Recycled Polypropylene (UPR) resin. Historical partnership evidencing PureCycle's commercialization track record.
• Procter & GambleflagshipStrategic or Co-development Partner · 1 January 2015Procter & Gamble is the original source multinational for both PureCycle Technologies (founded 2015/2017) and AeroFlexx (founded 2018) technologies. The collaboration enabled Innventure to license/acquire breakthrough R&D IP and spin out operating companies. PureFive™ Resin (PureCycle) is advancing toward qualification with P&G brands, evidencing a continuing commercial relationship.
• VTT Technical Research Centre of FinlandcoreStrategic or Co-development PartnerVTT collaborates with Refinity and PNNL on optimizing process conditions and evaluating the licensed catalyst system for use with waste plastic-derived light olefins. VTT is also the source of fluidized bed technology underpinning Refinity's conversion process.
• NVIDIA (Inception Programme)coreStrategic or Co-development PartnerAccelsius is affiliated with NVIDIA's Inception programme and was a Silver Sponsor at NVIDIA GTC Washington, D.C. (October 2025), supporting the next generation of power-dense AI data centers.
• Jacobs EngineeringcoreImplementation/ SI/ Consulting PartnerIndependent analysis partner for Accelsius; Jacobs Engineering conducted analysis validating 35-44% annual OpEx savings and 8% five-year TCO savings for Accelsius two-phase direct-to-chip cooling versus traditional single-phase liquid cooling.

Scale indicators24 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Idealab: Idealab is one of the longest-running technology startup studios, founding and operating companies from a centralized platform. Like Innventure, Idealab creates and operates multiple ventures under a single parent entity, making it a direct comparable for the company-creation-as-platform business model.
• PureCycle Technologies: PureCycle Technologies (NASDAQ: PCT) is Innventure's own first operating company, founded 2015 from Procter & Gamble-licensed polypropylene recycling technology and exited via 2021 NASDAQ IPO. It is the most direct proof point of the Innventure platform model and a useful comparable for valuing future exits.
• Science Inc. Science Inc. operates as a startup studio that builds, launches, and operates consumer technology companies through a centralized platform. Like Innventure, it uses a repeatable company-creation playbook to launch and operate multiple ventures under one corporate umbrella, though focused more on digital/consumer businesses than industrial technology.
• CoolIT Systems: CoolIT Systems is a leading direct liquid cooling provider for data centers, hyperscalers, and HPC applications. It competes most directly with Accelsius in the liquid-to-chip cooling category, with established hyperscaler relationships and broader product breadth than Accelsius's two-phase-only focus.

Emerging players

• Intellectual Ventures (now Xinova): Intellectual Ventures (spun out in parts to Xinova) was a patent-centric invention and technology commercialization company that sourced IP from large corporations and research institutions. Comparable to Innventure in the concept of monetizing large-corporation R&D through external company creation, though historically more IP-licensing focused than operating-company focused.
• Brightmark: Brightmark is a waste-to-energy and plastics-to-fuel company operating commercial-scale pyrolysis facilities. It is the most direct U.S. comparable to Refinity's plastic waste-to-olefins/SAF business model, though Brightmark focuses on transportation fuels rather than petrochemical feedstocks.
• Agilyx: Agilyx is a pioneer in chemical recycling of mixed plastic waste back to virgin-equivalent feedstocks using proprietary pyrolysis technology. Refinity's DuoZone reactor and Agilyx's systems both target the same circular plastics value chain, making Agilyx a direct technology competitor in plastic-to-olefin conversion.

Broad incumbents

• Berkshire Hathaway: Berkshire Hathaway is the archetypal industrial conglomerate operating a diversified portfolio of operating businesses with decentralized management. While vastly larger, it represents the broader comparable business model for Innventure's industrial growth conglomerate architecture, especially in how parent-level value compounds through operating company equity stakes.
• Vertiv Holdings: Vertiv (NYSE: VRT) is a global leader in data center critical infrastructure, including liquid cooling solutions for AI and HPC applications. Accelsius directly competes with Vertiv's liquid cooling portfolio, and former Vertiv Americas President John Hewitt now sits on Innventure's board, indicating deep competitive overlap in the AI cooling market.
• AptarGroup: AptarGroup is a global leader in dispensing systems and packaging solutions for consumer packaged goods, with deep relationships across personal care, beauty, and household categories. AeroFlexx competes for the same CPG packaging RFPs with Aptar's premium dispensing solutions, particularly in sustainability-driven refill packaging.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/innventure1

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries4 records

Funding overview

Funding rounds5 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Innventure