B Capital

Two B Capital portfolio companies just earned spots on 𝗧𝗜𝗠𝗘'𝘀 𝗔𝗺𝗲𝗿𝗶𝗰𝗮'𝘀 𝗧𝗼𝗽 𝗚𝗿𝗲𝗲𝗻𝗧𝗲𝗰𝗵 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗼𝗳 𝟮𝟬𝟮𝟲, and together they tell a story about where clean energy is actually heading. Fervo Energy came in at #1. Their mission is to leverage innovation in geoscience to accelerate the clean energy transition, and they are executing. By applying horizontal drilling and advanced subsurface analytics to enhanced geothermal systems, Fervo Energy is making 24/7 carbon-free, firm power scalable and cost-competitive. Cape Station in Utah will deliver first power in 2026, scaling to 500 MW, the largest next-generation geothermal development in the world. As AI drives unprecedented electricity demand, the grid needs always-on clean power. Fervo Energy is building it. Lunar Energy is on a mission to power homes around the world with endless clean energy. What makes Lunar Energy different is the combination: modular home batteries paired with Gridshare, an AI-driven virtual power plant platform that connects homes into a distributed grid resource. Lunar Energy learns each home's unique consumption patterns, maximizes solar production, and turns residential storage into something the broader grid can count on. Firm power at utility scale. Clean, intelligent energy at the home. Proud to support both teams as they build the infrastructure the grid needs.

We're proud to share that Robert Mittendorff, MD, MBA, General Partner and Global Head of Healthcare at B Capital, has been named one of GrowthCap's Top Healthcare Investors of 2026. GrowthCap recognized Robert's extensive experience spanning investing, clinical practice and operating roles, including his board work across a range of category-defining healthcare companies and his involvement in investments and exits with public equity and acquisition value exceeding $10 billion. As the leader of our venture and growth investments in healthcare, Robert drove three notable exits over the past year: Carlsmed's IPO, Evommune's IPO and the acquisition of Nalu Medical, Inc. He continues to build a portfolio focused on the convergence of AI and the engineering of chemistry and biology to reshape drug discovery, care delivery and patient outcomes. We congratulate Robert and all of this year's honorees.

Howard Morgan, Chair and General Partner at B Capital, recently traveled across India and Singapore, engaging with the founders, policymakers, and institutions at the center of Asia's next phase of growth. In India, Howard moved between the worlds of capital markets, policy, and innovation. He joined as Chief Guest at the National Stock Exchange bell ringing ceremony, participated in a fireside chat at the India Global Forum, and met with Hon'ble Chief Minister of Maharashtra, Shri Devendra Fadnavis, to discuss how the state is positioning itself at the intersection of AI, clean energy, EVs, space and advanced manufacturing. In Singapore, he engaged with the academic and deep tech community at the National University of Singapore on long-term investing and emerging technology waves. Across both stops, a consistent theme emerged: the alignment between policy, capital and entrepreneurship in Asia is creating the conditions for globally relevant companies to be built in the continent. Howard believes India is no longer an emerging market in innovation. It is becoming a defining one. These engagements reflect B Capital's continued focus on strengthening its presence across Asia's most important innovation ecosystems. We remain excited about partnering with founders building from India and across Asia for the world. Karan Mohla

India is one of the most consequential markets in the world right now, and that's no accident. Capital, policy, and technology are aligning at scale in ways that are creating real opportunity. During a recent visit, our Chair and General Partner Howard Morgan, and General Partner Karan Mohla, sat down with Samidha Sharma to discuss the evolving AI landscape, market cycles, and where long-term value is being created. Howard's view: periods of over-optimism are a natural part of rapid innovation. What separates enduring companies is discipline and a commitment to solving real problems. For B Capital, India is more than a large consumer economy. It's a growing hub for globally relevant, infrastructure-led innovation, and a market we've been deeply committed to for years. We're excited to keep partnering with founders building from India, for the world. Read the full conversation here: https://lnkd.in/e_fQJbe7

In 2024, the average U.S. electricity customer lost power for 11 hours. Nearly double the prior decade's average. Lunar Energy was built to change that. The grid is under more pressure than ever. Demand is rising as homes electrify transportation, heating and appliances. Retail electricity pricing is shifting in ways that place more responsibility on end users to actively manage consumption. For most homeowners, the tools to respond haven't kept pace. Lunar's integrated platform combines purpose-built hardware with intelligent software and native grid connectivity, designed from the ground up to serve homeowners, installers and grid operators. Each connected home becomes a node in a virtual power plant, coordinated in real time to meet peak demand without the cost or emissions of traditional gas peaker plants. The results: in 2025, Lunar customers earned an average of $464 through grid participation and saved an additional $338 on electricity bills compared to traditional residential battery operation. With 650 MW of distributed devices under management and a path to 100,000 units by 2028, scale is following substance. B Capital is proud to lead Lunar Energy's $100M Series C. We shared our full thinking on why we invested in the comments below. Congratulations to Kunal Girotra and the entire team. The investment was led by B Capital General Partner Jeff Johnson, Partner Karly Wentz, and investment team members Nate Johnson and Eric Brook.

The federal government spends $100B a year on software. Fewer than 500 SaaS applications are actually available to agencies. The bottleneck isn't demand. It's compliance. Knox Systems, Inc., led by CEO Irina Denisenko, is changing that. FedRAMP authorization can cost up to $5M and take years, putting the federal market out of reach for most SaaS companies. Knox is delivering authorization in 90 days at 90% lower cost. B Capital is proud to lead Knox's $25M Series A. The investment was led by B Capital Chair and General Partner Howard Morgan, General Partner Daisy Cai and investment team member Priya Banerjee. This is exactly the kind of infrastructure bet we believe in: a company removing a structural barrier that has slowed government modernization for decades. Congrats to the entire Knox team!

We’re excited to share that ORO Labs has raised $100M in Series C funding, with continued participation from B Capital. Since Oro’s Series A, we’ve seen the company grow into a category-defining platform, and this milestone reflects the team’s exceptional execution and vision. Oro is transforming how enterprises manage procurement, connecting people, processes, systems and intelligent agents through a single orchestration layer that automates workflows, strengthens compliance and delivers real-time visibility across the business. With 300% revenue growth over the past year and deployments in 100+ countries, the momentum speaks for itself. General Partner Gabe Greenbaum and investment team member Patrick Harmon Lopez have worked closely with Oro and we couldn’t be prouder to continue supporting Sudhir Bhojwani, Lalitha Rajagopalan and their team as they scale globally and lead the next era of agentic procurement. Congratulations to the entire Oro Labs team!

A new frontier in AI is emerging: systems that can prove whether code is correct. We're proud to see Axiom featured in The New York Times following its $200M funding round and $1.6B valuation, building on the seed round General Partner Yan-David (Yanda) Erlich and Principal Ida Girma led last year. As AI generates more of the world's software, speed has improved dramatically. Reliability hasn't kept up. Axiom is building AI systems that can formally verify code correctness, applying the same proof techniques used to solve complex mathematical problems. Their technology, AxiomProver, is built on Lean and recently achieved a perfect score on the Putnam Exam. This is exactly the kind of foundational infrastructure bet we look for: a technically exceptional team solving a problem that gets more critical as AI becomes central to how software is built. Congratulations to Carina Hong, Shubho Sengupta and the entire Axiom team. We're proud to be part of the journey.

This week, B Capital's Kate Bechtold, Managing Director of Investor Relations & Communications, joins fellow private markets leaders at the With Intelligence Women's Private Equity Summit in Arizona. If you're attending, reach out, we'd love to connect.