Called Mito Tech Ventures, the new fund launched by Mito Technology is entirely dedicated to investing in start-ups that innovate in climate technology. In particular, the new fund launched by Mito Technology focuses on technologies for reducing ci Co2 emissions, in reducing the impact in the fields of mobility, heavy industry, food production, and land use.
Mito Tech Ventures is the first VC fund in Italy in line with Art. 9 of the SFDR regulation,’ Mito Technology announced in a note. ‘Moreover, 30% of the carried interest will be linked to the achievement of quantified environmental impact targets. This second fund, which renews the experience gained with the fund called Progress Tech Transfer, also has among its subscribers CDP Venture Capital and FEI (European Investment Fund) with EUR 45 million subscribed, of which EUR 30 million from CDP Venture Capital and EUR 15 million from FEI. They are joined by companies in the environment and energy sectors, major professional pension funds and family offices .
Mito Tech Ventures is looking for technologies with a level of technological maturity (TRL higher than 4) in the sustainability sector and early-stage start-ups (pre-seed, seed, series A), i.e. those that are still in the initial investment phase. The Fund offers companies still at an early stage not only the economic resources needed to develop the project, but also the managerial experience, skills, relationships and knowledge needed to transform the results of scientific and technological research into economic initiatives capable of growing and developing.
The fund has a target fundraising of EUR 90 million (EUR 55 million at first closing; second closing within 24 months of launch); a hard-cap and EUR 120 million; it intends to invest in approximately 25-30 companies, 80% of which will be Italian.
Mito Tech Ventures follows the experience of Progress Tech Transfer the first venture capital fund launched by MITO Technology in December 2018 with an initial endowment of 41.6 million euros subscribed by the European Investment Fund (EIF) – with funds from InnovFin – Eu Finance for Innovators, a financial instrument developed under Horizon 2020 – , CDP Venture Capital, Enpaia and FinPosillipo. The fund closed its investment period in 2023 one year ahead of schedule, realising a total of 24 investments. The fund has already concluded 10 follow-on rounds, realised together with 15 investors, both financial and industrial, many of them international; it counts the presence of women among the founders in more than one third of the portfolio start-ups, and has concluded 10 proof-of-concept investments originated by universities and public research bodies scattered throughout Italy; about 50% of the portfolio start-ups are already present on international markets.
Start-ups in the Progress Tech Transfer Fund portfolio
For the energy transition area, the start-ups are: Waterview, a spin-off of the Politecnico di Torino, already incubated in I3P and supported in the seed stage by the business angels of the Club degli Investitori, Waterview is the first in the world to develop a solution for the real-time analysis of contextual meteorological conditions, aimed at providing the infrastructure manager with essential information for timely decision-making. Through the use of proprietary algorithms, various types of data and smart sensors, as well as images from cameras routinely installed on critical infrastructure, the company is able to provide its customers (including local authorities, companies managing road networks and telephone infrastructures, airport operators, and energy companies) with a reliable interpretation of the environmental conditions affecting the infrastructure itself, while also providing predictive indications (e.g. snow-layer growth rate, snow depth, and the speed of snowfall).speed of growth of the snow layer on road surfaces, presence and propagation of gaseous emissions in the vicinity of waste collection centres, risk of failure due to the formation of ice sleeves on high-voltage electricity transmission lines). Newcleo, a start-up company launched in September 2021 and led by Stefano Buono, Newcleo operates in the field of clean and safe nuclear energy, aiming to revolutionise the design and construction of Generation IV modular reactors, capable of reducing the production of waste and using as fuel those generated by old reactors, thus closing their cycle. Headquartered in London, it carries out most of its research and development activities in Turin. The company has already raised over EUR 400 million in capital to date and currently generates a turnover of EUR 50 million through the work of a team of around 700 people. An Italian high-tech company operating in the field of manufacturing machines and production lines for photovoltaic cells and modules, Rise Technology has developed and patented iSplash (Industrial Selective PLAting for Solar Heterojunction): an innovative technology applicable to photovoltaics and in the future also in the semiconductor and biomedical fields, which aims to eliminate the use of silver pastes from the photovoltaic cell manufacturing process with a reduction in production cost of at least 30% and in the carbon footprint of 90%, while also mitigating the geopolitical problems related to the supply of critical raw materials.
For the field of green industry tech there are: Mat3D, a spinoff of the Universities of Modena and Reggio Emilia and of Parma, Mat3D develops and produces innovative advanced polymer resin-based materials for additive manufacturing production processes with high performance (e.g., in terms of thermo-mechanical resistance) and advanced functional properties specific to different application sectors. Mat3D has its main workplace at the University of Turin’s Innovation Centre and its legal and commercial office in Reggio Emilia, from where it serves a number of Italian companies in the world of manufacturing. Respectlife, a start-up born within the IRCCS Policlinico San Matteo Foundation in Pavia, which produces high-tech polypropylene-based fabrics for the manufacture of high-performance products with antimicrobial and antibacterial properties, tear-resistant, abrasion-resistant, stain-resistant and hypoallergenic, which will allow huge cost savings for their washing, sterilisation and ironing, a lower environmental impact and better safety conditions in the case of use in critical environments, such as hospitals. Varese-based Sqim, a pioneer in materials innovation, transforms by-products and low-value residues from the agro-industry into functional products with high added value and low environmental impact, mainly for the textile, luxury and interior design industries. Sqim has developed unique proprietary processes, based on the controlled fermentation of selected mycelia, and is currently on the market with specific brands for the fashion vertical and the interior design market, Ephea and Mogu respectively. Wemembranex, a spin-off of the National Research Council (at the Institute for Membrane Technology), the company has developed a patented technique for the surface treatment of membranes currently available on the market for the treatment of industrial wastewater, which, thanks to the anti-fouling properties of the coating applied to their surface, considerably lengthens the useful life of the membranes themselves. Smartglasses Dynamic Optics, a spin-off of the National Research Council – Institute of Photonics and Nanotechnology based in Padua – has developed special lenses that, by changing shape, will be able to compensate for presbyopia, a pathology that develops around the age of 40 in almost all people. Thanks to this new technology, it will be possible to develop glasses that autonomously restore focus for users, guaranteeing optimal visual comfort and making it easier for people with presbyopia to perform precision work tasks. Lithium Recovery, a proof-of-concept project developed with the University of Brescia and the National Inter-University Consortium for Materials Science and Technology (INSTM), aims to develop a patented technology for recovering lithium and cobalt from spent batteries of various origins (from electronic devices to cars), with processes that guarantee a lower environmental impact and without the use of environmentally hazardous chemical solvents. The project is led by a team of researchers who can boast a unique track-record in managing research projects funded by the European community. Naturbeads aims to combat environmental pollution caused by the uncontrollable spread of industrially used microplastics. Indeed, it specialises in the production of biodegradable microbeads made from cellulose. Founded in 2018 by a team of scientists and engineers, the company has developed a unique product that has already been successfully tested by major industrial clients to replace microplastics in multiple applications (from cosmetics to paints). The solutions proposed by Naturbeads are radically sustainable: they are based on the sourcing of raw materials from certified forest or agricultural waste, and rely on a production process that is much more efficient and less carbon-intensive than current standards, avoiding the use of aggressive chemical solvents in the treatment of its semi-finished products. Wearable Robotics is an Italian company, already present on international markets, that produces and develops wearable robotic systems and exoskeletons for rehabilitation, assistance and increased power of movement in the service of people. It specialises in exoskeletons for upper and lower limbs used to improve mobility, strength capacity and recovery of motor functions. Valuematic is a spin-off of Scuola IMT Alti Studi Lucca, which intends to bring to the market a solution to make cloud computing more sustainable, working on the optimisation of energy consumption to allow an optimal allocation of the necessary computing resources, without compromising performance levels. The start-up has developed a technology for automatic scaling of computational resources in the cloud that combines AI and proprietary modelling to provide better and longer-term predictions of computing times than solutions currently on the market. The technology can also be adapted on systems that use computational resources asynchronously, such as multiprocessor systems or mobile phones, to save energy.
In the agri-food sector, the investment in Finapp, a spin-off of the University of Padua, has developed a revolutionary sensor for measuring free neutrons that can be used to detect the presence of water in the environment, with applications ranging from measuring moisture in agricultural soils, to measuring available water reserves in snowfields or glaciers, or for locating leaks in water networks. The company was awarded an EIC Accelerator in 2023, the only Italian company to obtain such an award in that year.
In carbon tech there is Htms that has developed a technology to improve the energy efficiency and heat transfer capacity of fluids currently used in heating and cooling systems installed in large industrial and commercial buildings, such as manufacturing plants, offices, hospitals and data centres. Maxwell, Htms’ product on the market today, allows for a 15-20% increase in heat transfer capacity compared to commercial standards available today in the heating, cooling and ventilation sector.
For the transport and mobility area there is Bluebrake founded in 2015 in Milan, is a company that employs more than thirty professionals and has twelve patents with international extension that concern braking on light vehicles, with particular reference to the e-bike sector. The company’s mission is to develop innovative solutions that make these vehicles safer and smarter, in order to facilitate the transition towards more sustainable mobility, both for the transport of people and goods (cargo-bikes). The company ranks among the very few in the world able to provide high-performance and high-security solutions, and is already firmly projected on international markets. Easyrain, a Turin-based start-up whose mission is to reduce road accidents caused by aquaplaning. The company develops hardware and software solutions, including DAI (Digital Aquaplaning Information), a true platform for detecting and calibrating vehicle dynamics on the road, with the aim of making driving safer in low-grip conditions, also with a view to the advent of systems of progressive autonomy in vehicle driving. An innovative startup established in 2017, Sealence has created DeepSpeed, the first electric jet outboard propulsion system for the marine industry. DeepSpeed innovates the on-water mobility sector, from recreation to transport, by drastically improving efficiency compared to today’s existing propulsion systems (propeller or inboard jet) and significantly reducing emissions related to current propeller-based ship propulsion standards. The project was awarded a ‘Seal of Excellence’ by the European ‘Horizon2020’ programme. The company has also integrated E-Drive Lab, a spin-off 10 from the University of Parma, which produces innovative electric storage systems specifically designed for the marine sector.
In the bio/medtech field, Deeptrace, a startup founded in 2018, the first spin-off of the IUSS of Pavia, aims to bring to the market the best results of the research carried out in the field of artificial intelligence applied to medical images, which enable the creation of personalised medicine solutions, as well as predictive diagnosis and early therapies on the onset of diseases such as Alzheimer’s, breast and uterine cancer. Endostart, a Tuscan medtech start-up, designed and developed the Endorail medical device to support difficult gastrointestinal endoscopy procedures, saving time and costs and increasing safety in clinical practice, as well as ensuring greater comfort and reduced invasiveness on the patient. In 2024, the company was granted FDA (US Food and Drug Administration) certification for its Endorail product, thanks to which it can also start marketing in the US market, which is crucial for its growth prospects worldwide. Specto Photonics, a deeptech start-up based in Milan, Italy, is engaged in the development of next-generation optical spectrometers based on Brillouin spectroscopy, which, on the basis of changes in reflected or scattered light, makes it possible to measure fundamental properties of matter and biological systems such as cells and tissues in a non-destructive and high-resolution manner.
In the field of spacetech, there is Picosats, an innovative SME based in Trieste that focuses on the development of state-of-the-art telecommunications systems for small satellites. Founded in 2014 as a spin-off of the University of Trieste and based in Area Science Park, Picosats is revolutionising the aerospace industry by introducing miniaturised and flexible solutions that enable cheaper access to space.
Mito Technology was founded in 2009 as a platform for matching technology supply and business demand for innovation. In fifteen years it has established itself as a reality in the field of technology transfer, working alongside private and public operators, large multinationals and SMEs, universities and research centres, startups and spinoffs, banks, venture capital and private equity funds. Over time, Mito Technology’s business model has evolved and, in 2018, Progress Tech Transfer, a venture capital fund with a focus on technologies for sustainability, focused on investments in startups, spinoffs and technologies with a high proximity to go-to-market (Technology Readiness Level – TRL: from 5 to 9), all originating from the world of scientific and technological research in the phase defined as “early stage” of their approach to the market and funding. Mito Technology belongs to Cleantech for Italy, the Italian declination of the European initiative Cleantech for Europe, an association that promotes a zero-emission future through innovation and dialogue with policy makers.
Mito Technology has a strong team with heterogeneous and complementary skills ranging from deeptech, technology transfer, innovation finance to intellectual property management and valorisation. Some of the team members have also gained a lot of experience in international corporate contexts and have, consequently, the ability to intervene pragmatically both in deal management and in supporting the founding teams of the investee start-ups. The Mito Technology team includes Andrea Basso, Alberto Calvo, Francesco De Michelis as managing director, Michele Costabile as venture partner, Massimiliano Granieri as chairman, Leonardo Massa as investment director and Valentina Sesti as associate. (photo by Colin Watts on Unsplash)
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