Underground Ventures
Venture capitalPre-Seed–Series A · 6 people tracked
Find your way into Underground Ventures
2,336 people in our graph share verified history with the Underground Ventures team — schools, employers, funds. One of them is your warm intro.
Investment thesis
UGV invests in the enabling technologies — the 'picks and shovels' — that the geothermal industry needs to scale, rather than in individual developers or projects. It targets geothermal-specific challenges such as equipment temperature limits, corrosive geochemistry, and hard basement rock, spanning siting and characterization, drilling and rock destruction, well design, reservoir engineering, and power production. The firm is indifferent to resource model (EGS, AGS, SHR, conventional hydrothermal) as long as the technology is genuinely differentiated and transformational. Founded by startup founders, it takes early-stage technology risk and supports inventors and engineers scaling beyond first-of-a-kind deployments, deploying $40m across a handful of startups.
Source: firm website, verified Aug 3, 2026.
Team · 6 people
from the firm's website
Founder mafia
2 people who came through Underground Ventures went on to found or lead other companies.
What they invest in
from 5 of 8 portfolio companiesCleantech ×5Energy ×5Deep Tech ×2Hardware ×2Climate Tech ×1Robotics ×1
HQs:United States×2Switzerland×1Netherlands×1
Investments · 8 tracked
founders shown can be your intro pathBy year:2026 · 12025 · 12 dated
Borobotics develops an autonomous bore-robot called "Grabowski" for drilling, aimed at accelerating the energy transition.
CleantechEnergyRobotics
Hans-Jörg Dennig(Co-founder)Philipp GanzinMoritz Pillin
Co-investorsKickfundEmissions Reduction AlbertaVenture Kick
Creates directional steel shot drilling systems for steered drilling and branched boreholes from shallow heat exchangers to deep geothermal.
Canopus develops directional steel shot drilling (DSSD) technology for constructing geothermal wells and borehole heat exchangers at shallow, deep, and ultra deep depths.
CleantechDeep TechEnergyDelft, NL
Jan Jette Blangé(Founder)in
Co-investorsSHIFT Invest
GA Drilling develops drilling tools intended for energy projects.
CleantechEnergyHardware
Igor Kocis(Founder)in
Co-investorsNeulogy VenturesPlanet A VenturesExtantia Capital
Develops measurement-while-drilling tools that operate in superhot geothermal environments at temperatures above 210°C.
Spring, US
Steve Krase(Executive Officer, Director)John Clegg(Executive Officer, Director)
BoardTorsten Kolind(Director)inJeffrey Engelman(Director)Tove Lilliestierna(Director)Julia Wright(Director)
PartnerTorsten Kolind· quoted
Co-investorsAll AboardBaruch Future VenturesNew System Ventures
Hephae Energy Technology develops drilling design and measurement equipment aimed at harnessing the earth's heat for geothermal power, drawing on the founders' background in the energy and oil & gas industries.
CleantechClimate TechDeep TechEnergySpring, US
Co-investorsBaruch Future VenturesFuture Ventures
Terra Ferno develops patent-pending Autonomous Flow Control Devices (FCDs) designed for geothermal wells, aimed at improving flow distribution and addressing issues such as heel dominance and short-circuiting.
CleantechEnergyHardware
Portfolio news
latest coverage across their companiesFrequently asked questions
- How many investments has Underground Ventures made?
- Underground Ventures has 7 tracked investments, including 1 dated in the last 24 months.
- What stage does Underground Ventures invest at?
- Underground Ventures invests at the Pre-Seed, Seed, Series A stages.
- What is Underground Ventures's typical check size?
- Underground Ventures typically writes checks of $500K – $2M.
- What sectors does Underground Ventures focus on?
- Underground Ventures focuses on Cleantech, Climate Tech, Deep Tech, Energy.
- Does Underground Ventures lead rounds?
- Yes, Underground Ventures leads investment rounds.
- Who does Underground Ventures co-invest with?
- Underground Ventures most often shares deals with Baruch Future Ventures, Future Ventures, Neulogy Ventures, among 6 tracked co-investors.
Similar investors
Cottonwood Technology Fund is an early-stage deep tech venture capital fund investing in patent-based hard science companies in the Southwest US and Northwest Europe.
Hyderabad Angels is an angel investment network founded in 2010, comprising entrepreneurs, industrialists, and family offices that back early-stage startups across India with capital and mentorship.
Innovestor is a Finnish investment manager active in venture capital, real estate, and energy storage, and also provides corporate venturing services.
Non Sibi Ventures is a venture capital firm that invests in founder-led, category-defining companies within industrial technologies, artificial intelligence, and sustainability.
SOSV is a deep tech venture capital firm that makes first-check pre-seed investments and follow-on rounds in startups focused on human and planetary health, providing lab space and hands-on support at its US locations.