Piva Capital

What Piva Capital does

Piva Capital is a privately held venture capital firm founded in 2019 and headquartered in San Francisco that invests in early- to growth-stage companies developing breakthrough technologies across three verticals: the Future of Industry & Work (IoT, AI, robotics, automation, supply chain, additive manufacturing, security), the Future of Materials & Production (specialty chemicals, alternative proteins, circular economy), and the Future of Energy & Mobility (energy transition, decarbonization, electrification, smart cities). The firm backs companies at the commercial inflection point where scientific breakthroughs meet mass-market deployment, and its portfolio spans AI-driven distributed energy software (Lunar Energy), industrial digital twins (Worlds.io), superconducting power delivery for AI data centers (VEIR), geologic hydrogen (Koloma), Power-to-X e-fuels (INERATEC), zero-trust security (Xage Security), additive manufacturing (Alloy Enterprises, VELO3D), alternative proteins (Oobli, Plantible Foods), and autonomous electric aircraft (Pyka).

Piva launched with a single $250 million fund in December 2019, anchored primarily by PETRONAS Ventures, and is led by Founder/CEO Ricardo Angel (formerly founding Managing Director of GE Ventures) and Managing Partner Mark Gudiksen (formerly TPG Capital, McKinsey), supported by a partner track including CFO Tony Di Bona and Partner & Legal Counsel Lisa Read Blanco, plus venture partners and senior advisors drawn from BP, ClearSky, TPG, DFJ, Stanford GSB, and former General Motors. The firm operates a thesis-driven, sales-led investment approach with a global network spanning more than 90 countries across six continents and claims 100+ portfolio board seats.

The firm's revenue model is conventional venture capital economics: it earns management fees on committed capital and carried interest on successful exits. Piva does not publicly disclose fund terms, revenue, or pricing for its investment management services. Distribution is through direct fundraising from institutional and strategic LPs (with PETRONAS Ventures as the anchor and relationship co-managed by Co-Founding Partner Adzmel Adznan) and through co-investment syndicates with strategic corporate venture arms such as Chevron Technology Ventures, Aramco Ventures, Microsoft Climate Innovation Fund, Munich Re Ventures, and Breakthrough Energy Ventures.

Name

Piva Capital

Legal name

Piva Capital, Inc.

Website

https://piva.vc

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Piva Capital is a San Francisco-based venture capital firm founded in 2019 that invests early- to growth-stage capital across energy, materials, and industrial technology verticals, backing companies at the intersection of scientific breakthrough and mass-market deployment, anchored by PETRONAS Ventures.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Portfolio Management and Investment Advice (523940), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

akta.pro secondary industry

Impact / ESG Venture Capital (FSANAAAG)

Keywords

• Venture capital funding
• Early growth investments
• Climate tech investing
• Industrial technology venture
• Energy transition capital

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Venture Capital Returns: Piva Capital generates returns through equity investments in early to growth-stage companies across three technology verticals, providing capital in exchange for ownership stakes and generating carried interest on successful exits and IPOs.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Piva Capital is a venture capital firm that invests equity capital from a $250 million fund into early to growth-stage companies developing breakthrough technologies across energy, industrial, and materials sectors. The firm provides portfolio companies with capital, strategic guidance, operational expertise, and access to a global network of partners and professionals, generating returns through management fees and carried interest on exits and IPOs.

Product overview

Piva Capital is a San Francisco-based venture capital firm investing in people, companies, and breakthrough technologies across three technology verticals: Future of Industry & Work, Future of Materials & Production, and Future of Energy & Mobility. Its portfolio spans a diverse set of companies including Xage Security (Zero Trust security platform), Worlds.io (Spatial AI for industrial 4D digital twins), OneRail (last-mile delivery), Menlo Micro (MEMS Ideal Switch), Urbint (AI incident prevention), Alloy Enterprises (additive manufacturing), VELO3D (metal 3D printing), Lunar Energy (AI-driven home battery/VPP platform Lunar Gridshare), Malta (long-duration grid storage), Koloma (geologic hydrogen), VEIR (superconducting power delivery), Planted Solar (integrated solar platform with automation), INERATEC (Power-to-X e-fuels), Boston Metal (MOE clean steel), Oobli (sweet protein platform), Plantible (plant-based protein), and Pyka (autonomous electric aircraft). Piva Capital itself is not a product company but an investor in these diverse technology platforms and products.

Differentiator

Problem solved

Functional benefit

Products and services

• Piva Capital Fund I

Quantifiable outcome

• Carbon neutral since inception (100%)

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability9 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• NVIDIAcoreStrategic or Co-development Partner · 1 December 2025Xage Security (Piva portfolio company) established a strategic partnership with NVIDIA to secure hyperscale AI factories. The integrated solution supports up to 10 million assets and 50 million simultaneous AI interactions at throughput up to 400 Gbps.
• World Economic Forum (WEF)minorStrategic or Co-development PartnerPiva Capital contributes to WEF's development of best governance practices in venture capital.
• Venture Climate Alliance (VCA)minorStrategic or Co-development PartnerPiva Capital is a member of VCA, contributing to industry standards and guidance for achieving net-zero greenhouse gas emissions by 2050.
• Venture ESGminorStrategic or Co-development PartnerPiva Capital contributes to Venture ESG's IPO-readiness playbook for start-ups.
• Project FrameminorStrategic or Co-development PartnerPiva Capital participates in Project Frame's forward-looking emissions impact assessment for investors.
• National Venture Climate Alliance (NVCA)minorStrategic or Co-development PartnerPiva Capital contributes to NVCA's policy positions pertaining to the U.S. climate technology ecosystem.
• NASDAQminorStrategic or Co-development PartnerPiva Capital co-authored a paper with NASDAQ on pre-IPO considerations for startups, including sustainability considerations and impact quantification in climate tech.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• DCVC: Deep-tech venture fund investing in computational, materials, and energy breakthroughs. Overlaps with Piva's Future of Industry and Materials verticals, and co-invested in Lunar Energy.
• Breakthrough Energy Ventures: Bill Gates-backed climate technology venture fund. Directly comparable to Piva as both invest across the energy transition, decarbonization, and industrial innovation themes, and co-invest alongside each other (e.g., Planted Solar round).
• Congruent Ventures: Early-stage climate-tech fund investing across energy, mobility, and industrial decarbonization. Closely comparable given similar stage focus and climate-thesis overlap with Piva.
• Prelude Ventures: Climate-focused early-stage venture fund with overlapping thesis in energy, mobility, and industrial decarbonization. Co-invested alongside Piva in Lunar Energy.
• Energy Impact Partners: Cooperative of global energy and industrial corporates investing in climate and energy startups. Piva shares the strategic-LP-and-co-investor model and overlapping industrial-tech thesis.
• Munich Re Ventures: Corporate venture arm focused on insurance, climate, mobility, and energy. Direct comparable as another corporate-anchored deep-tech/climate fund; led VEIR round alongside Piva.
• Lowercarbon Capital: Climate-focused venture fund backing founders working on decarbonization and carbon removal. Comparable given similar climate-tech thesis and stage focus.
• Khosla Ventures: Climate-tech and deep-tech focused VC with sector breadth similar to Piva's three verticals. Co-invested alongside Piva in Planted Solar.
• Activate Capital: Climate-tech growth investor focused on decarbonization of industrials, transport, and buildings. Led the Lunar Energy Series C alongside Piva's participation.
• TPG Rise Climate: Climate-focused growth equity platform of TPG with thesis overlap in energy transition and industrial decarbonization. Comparable given Piva Managing Partner Mark Gudiksen's TPG Capital background.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/pivavc
• LinkedInlinkedin.com/company/pivavc

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

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

M&A

Investments34 records

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

Frequently asked questions about Piva Capital