Fundraising Fox
Stepchange
Venture capitalActively deployingSeattle · 1 people tracked
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Investment thesis
Stepchange backs software-driven startups focused on accelerating energy abundance and upgrading critical infrastructure. The firm concentrates on several themes: electrifying transportation through charging, trucking, and fleet optimization; enabling residential and commercial electrification and decarbonization in the built environment; scaling renewable generation, storage, and grid flexibility in the energy transition; powering AI's next frontier through chips, data centers, cooling, and grid infrastructure; geospatial and land-management earth intelligence for climate-smart decisions; and hardening critical infrastructure to build resilience against catastrophic loss.
Source: firm website, verified Sep 27, 2026.
Team · 1 people
from public directoriesWhat they invest in
from 17 of 26 portfolio companiesCleantech ×10AI & Machine Learning ×9Data & Infrastructure ×7Energy ×7SaaS ×6Climate Tech ×4Enterprise Software ×3Cloud Computing ×2
HQs:United States×7Canada×1Netherlands×1
Who they back
founder profiles across 11 portfolio companiesFounding team size:solo founder×32 founders×63 founders×2
Where their founders studiedfrom 17 founders with education data
Parsons School of Design - The New School ×2University of Cambridge ×2
What their founders studiedfrom 16 founders with field-of-study data
Engineering ×6Computer Science ×4Business & Management ×3Mathematics & Statistics ×2
Where their founders worked beforefrom 17 founders with career history
Little Universe ×2
Investments · 26 tracked
founders shown can be your intro pathBy year:2026 · 32025 · 12024 · 37 dated
Audette provides a platform for asset and portfolio managers to identify and prioritize building retrofit investments, using data analysis to uncover high-return opportunities that improve net operating income and reduce emissions.
PropTechSaaS
PartnerAnay Shah· solo GP
Co-investorsBuoyant Ventures Management, LlcCreative Destruction Lab (CDL)Energy Impact PartnersForesightModerne VenturesPanache Ventures+2 more
AZX is an AI transformation engineering firm that builds tailored AI-enabled solutions and software for organizations in energy, real estate, supply chain, government, and other critical infrastructure industries.
AI & Machine LearningEnergyEnterprise Software
Richard Evans(Founder)in
PartnerAnay Shah· solo GP
Co-investorsAllen Institute for AI (AI2) IncubatorAscend Venture CapitalKOMPAS VCUnion Bay PartnesAI2 IncubatorAscend+2 more
Bayou Energy provides APIs for companies to deploy and manage clean energy devices.
CleantechData & InfrastructureDeveloper ToolsEnergySaaS
James Gordey(Co-Founder and CEO)inJoris Van Hecke(Co-Founder and CTO)in
Co-investorsLeap Forward VenturesVery Serious VenturesSurface Ventures
CapeZero is a cloud-based project finance modeling platform that centralizes and operationalizes financing data, replacing spreadsheet models with investor-grade models and real-time analysis.
CleantechEnergyFintechSaaSKingston, US
Sumit Chachra(Technical Co-founder & Chief Technology Officer)inManish Hebbar(Co-founder & Chief Executive Officer)in
PartnerAnay Shah· solo GP
Co-investorsAvesta FundClimacticVirta VenturesPowerhouse
Lucend builds an AI-driven platform that optimizes data center operations to reduce energy and water consumption.
AI & Machine LearningCleantechCloud ComputingData & InfrastructureEnterprise Software
Jasper(Co-Founder)Rene(Co-Founder)
Co-investorsAvesta Fund4impact capitalNew Climate VenturesRemarkable Ventures
Eli simplifies access to home energy programs through software that streamlines complex workflows in clean energy and electrification.
AI & Machine LearningClimate TechEnergyFintechSaaS
Jeff Coleman(CEO & Co-Founder)inAdrian Del Balso(Head of Product & Co-Founder)inEduardo Del Balso(Head of Engineering & Co-Founder)in
PartnerAnay Shah· solo GP
Co-investorsCity LightLeap Forward VenturesLooking Glass CapitalLowercarbon CapitalR/GA VenturesSpero Ventures+2 more
AI copilot for private credit and asset-backed finance
PartnerAnay Shah· solo GP
Co-investorsCongruent Venturesfresh.fundPenny Jar Capital VentureA16Z SpeedrunKDXLeap Forward Ventures+4 more
Ezra offers advanced MRI-based full-body scans designed to screen for early signs of cancer and hundreds of other medical conditions.
Digital HealthHealthtechLongevity
Co-investorsAlumni VenturesGood FriendsHealthier CapitalLDV CapitalA16Z SpeedrunCongruent Ventures+7 more
GridCare develops AI-powered solutions to optimize energy efficiency and performance for data centers.
AI & Machine LearningCleantechData & InfrastructureEnergy
PartnerAnay Shah· solo GP
Co-investorsClearvision VenturesClocktower VenturesFuture Energy VenturesSherpalo VenturesXoraKleiner Perkins+2 more
Hammerhead makes Karoo, a cycling computer device for recording and displaying ride data, routes, and workouts.
CleantechHardwareNew York City, US
Laurence Wattrus(Founder)inRaveen Beemsingh(Founder)inJon Morgan(Founder)in
Co-investorsBuoyant Ventures Management, LlcCourtside VenturesNext VenturesR/GA VenturesTechstarsVTF Capital+9 more
it's electric installs and maintains curbside Level 2 EV chargers on partner properties in U.S. cities, using the property's spare electrical supply at no cost to the owner.
CleantechEnergyMobility & TransportationNYC, US
Tiya Gordon(Executive Officer, Director, Promoter)inNathan King(Executive Officer, Director, Promoter)in
BoardTopias Soininen(Director)
PartnerAnay Shah· solo GP
Co-investorsChloe CapitalClean Energy VentureE8 AngelsFailup VenturesFamily Angel Management FundGener8tor+9 more
Lemurian Labs develops Tachyon, a software stack that runs AI workloads on any hardware and cloud while matching or exceeding the performance of hand-tuned kernels.
Advanced ManufacturingAI & Machine LearningDeep TechDeveloper ToolsOakland, US
Jay Dawani(Founder & CEO)inRobert Ferguson(Chief Financial Officer)Ron Gershoni(Chief Executive Officer)Sanjay Tolia(Director)
PartnerAnay Shah· solo GP
Co-investors1Flourish CapitalAlumni VenturesBlackhorn VenturesBlueLake.vcfutureland venturesGood Growth Capital+13 more
LGND provides AI-powered Earth intelligence tools that turn satellite imagery into actionable insights through fast, no-code analysis.
AI & Machine LearningData & InfrastructureDeep TechSaaS
PartnerAnay Shah· solo GP
Co-investorsAvilaBasic CapitalCity LightCoalition OperatorsJavelin Venture PartnersMission One Capital+2 more
Lucend builds an AI-driven platform that optimizes data center operations to reduce energy and water consumption by up to 40%, targeting data center operators seeking to improve resource efficiency and sustainability.
AI & Machine LearningCleantechCloud ComputingData & InfrastructureEnterprise Software
JasperRene
.avif)
PartnerAnay Shah· solo GP
Co-investors4impact capitalGlobal BrainRemarkable Ventures
Nevoya is a fully-electric trucking carrier that moves freight for shippers and third-party logistics providers, combining zero-emission vehicles with AI-driven operations.
CleantechClimate TechLogistics & Supply ChainMobility & TransportationColton, US
Sami Khan(Executive Officer, Director)inThomas Atwood(Founder)in
BoardJohn Verdon(Director)inTom Atwood(Director)in
PartnerAnay Shah· solo GP
Co-investorsCool Climate CollectiveFloating PointKeiki CapitalLMNT VenturesLowercarbon CapitalNecessary Ventures+3 more
Rhizome Data combines AI technology and climate science to help utilities build resilient electrical grids.
AI & Machine LearningCleantechClimate TechData & InfrastructureEnergySaaS
PartnerAnay Shah· solo GP
Co-investorsConvective CapitalEl Cap EquityJetstreamLooking Glass Capital
Shovels provides a building permit and contractor data platform that uses AI to turn fragmented U.S. permit records into structured, searchable intelligence covering 164M+ permits across 2,450+ jurisdictions.
Construction TechData & InfrastructurePropTechLafayette, US
Ryan Buckley(Executive Officer, Director, Promoter)in
PartnerAnay Shah· solo GP
Co-investorsCool Climate CollectiveMission One CapitalVirta VenturesBase10 PartnersCoelius Capital
Skyward develops a lightning wildfire prevention system that uses AI to forecast where lightning is most likely to ignite wildfires and releases inert atmospheric materials to reduce cloud-to-ground strikes before fires start.
AI & Machine LearningCleantechClimate Tech
PartnerAnay Shah· solo GP
Co-investorsActive Impact InvestmentsAngel Collective Opportunity FundCity LightClimate Innovation CapitalDangerous VenturesDiagram+1 more
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
AardenAbodeAudetteBaltoDistill EnergyEzra ClimateFutureProofWattBot
Portfolio news
latest coverage across their companiesLemurian Labs · lemurianlabs.com · Apr 1, 2026
Ezra · gamesbeat.com · Mar 12, 2026
Lucend · eu-startups.com · Jan 29, 2026
Nevoya · techcrunch.com · Jul 22, 2025
Shovels · shovels.ai · Jun 10, 2025
Frequently asked questions
- How many investments has Stepchange made?
- Stepchange has 26 tracked investments, 1 of which have exited, including 4 dated in the last 24 months.
- What sectors does Stepchange focus on?
- Stepchange focuses on AI & Machine Learning, Cleantech, Climate Tech, Energy, InsurTech, Mobility & Transportation, PropTech.
- Where is Stepchange located?
- Stepchange is headquartered in Seattle, US.
- Who does Stepchange co-invest with?
- Stepchange most often shares deals with City Light, Buoyant Ventures Management, Llc, Looking Glass Capital, among 84 tracked co-investors.
Images
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