Where is Elemental's headquarters located?

Elemental's headquarters is located in Honolulu (United States).

How big is Elemental's investment team?

Elemental has a team of 48, including 15 partners.

How many companies has Elemental invested in?

Elemental has invested in 150 companies, including SPAN & SmartRecruiters.

Which companies has Elemental invested in lately?

DigitalPaani & Applied Carbon are the latest investments by Elemental.

How many exits has Elemental been involved in?

Elemental's portfolio has seen 4 IPOs and 27 acquisitions.

Elemental - 2026 Investor Profile, Portfolio, Team & Investment Trends

1. SPAN

Smart energy management technology platform that modernizes residential electrical systems. Its solutions replace traditional electrical panels with smart systems that provide homeowners with real-time visibility into household energy usage, circuit-level monitoring, and remote control of appliances and connected devices. It is designed to support modern electrified homes by integrating technologies such as home batteries, electric vehicle chargers, solar systems, HVAC systems, and heat pumps into a centralized energy management ecosystem.

Key facts about SPAN

Founded Year: 2014
Location: San Francisco (United States)
Valuation: $*****
Stage: Series C
Total Funding till date: $419M
Employee Count: 413 as on Sep 30, 2026
Investors: Qualcomm Ventures, Amazon and 34 Others
Latest Funding Round: Series C, Jan 15, 2026, $*****
Highlight: Editors' Pick

2. SmartRecruiters

Cloud-based ATS and Hiring Platform. It delivers built-in social referrals, a mobile-centric user interface, candidate pipeline, analytics, etc. The services include candidate assessment, offer management, candidate sourcing, recruitment marketing, and more.

Key facts about SmartRecruiters

Founded Year: 2010
Location: San Francisco (United States)
Last Known Valuation: $*****
Stage: Acquired
Total Funding till date: $225M
Investors: SLW, Saints Capital and 13 Others
Latest Funding Round: Series E, Jul 20, 2021, $*****
Highlight: Acquired

3. Proterra

Manufacturer of battery systems for heavy duty and commercial vehicles. The company provides energy storage solutions for various transportation sectors, including transit, school, and specialty vehicles, as well as off-highway, mining, and maritime equipment. Offerings include battery pack engineering, integration services, aftermarket parts, and technical support to assist manufacturers in transitioning to zero-emission operations. Battery configurations are designed to provide energy density and scalability for diverse industrial and transport applications.

Key facts about Proterra

Founded Year: 2004
Location: Burlingame (United States)
Annual Revenue: $100M - $500M as on Dec 31, 2022
Stage: Public
Total Funding till date: $858M
Employee Count: 418 as on Sep 30, 2026
Investors: Section Partners, Generation Investment Management and 39 Others
Latest Funding Round: Series H, Oct 15, 2020, $*****
Highlight: Public

4. Stem

Provider of AI and cloud-driven energy solutions. It offers a cloud-based energy solution and system that leverages real-time data, predictive analytics, energy storage, and value-added services to optimize energy use and stabilize the grid. Additionally, it offers a coordinated fleet of power monitor sub-meters, power storage devices, and monitors that give real-time visibility of grid and demand response.

Key facts about Stem

Founded Year: 2009
Location: Millbrae (United States)
Annual Revenue: $100M - $500M as on Dec 31, 2025
Stage: Public
Total Funding till date: $229M
Employee Count: 439 as on Sep 30, 2026
Investors: Mithril, BNP Paribas and 23 Others
Latest Funding Round: Series D, Jul 24, 2018, $*****
Highlight: Public

5. Enel X

Key facts about Enel X

Founded Year: 2001
Location: Boston (United States)
Annual Revenue: $100M - $500M as on Dec 31, 2016
Stage: Acquired
Total Funding till date: $168M
Employee Count: 2,379 as on Sep 30, 2026
Investors: Foundation Capital, Glen Capital and 9 Others
Latest Funding Round: Grant (prize money), Jan 01, 2021, $*****
Highlight: Acquired

View the full list of portfolio companies

Elemental has invested in 150 companies over the last 12 years, with an average of 3 new investments annually in the last 10 years. As of Aug 2026, it has made 1 investment in this year. Its most recent first time investment was in Applied Carbon and most recent follow-on round was in DigitalPaani.

Here are Elemental's Year-on-Year Investment Trends:

Year	No. of Investments
Year	1^st Round	Follow-on	Total
2026 (YTD)	0	1	1
2025	0	0	0
2024	2	1	3
2023	4	2	6
2022	8	2	10
2021	2	0	2
2020	1	0	1
2019	5	1	6
2018	6	0	6
2017	4	0	4

View all investments by Elemental

Elemental has made 15 investments in Series A stage with an average round size of $9.5M, 12 investments in Seed stage with an average round size of $3.96M and 5 investments in Grant (prize money) stage with an average round size of $3.5M.

Here are Elemental's investments by stage:

Stage of entry	No. of Investments
Series A	15
Seed	12
Grant (prize money)	5
Series B	4
Angel	1
Others	2

Note: We have considered here, only first round of investments

View all investments by Elemental

Elemental has a diverse portfolio, with companies operating in the Sustainability Tech, Environment Tech, High Tech, Energy Tech and Enterprise Applications. Notably, it has invested in 130 Tech companies, 128 Enterprise (B2B) companies, 70 Software companies and at least 46 companies focusing on Tech hardware.

Here are Elemental's investments by sector:

Sector	No. of Investments
Sustainability Tech	25
Environment Tech	22
High Tech	18
Energy Tech	17
Enterprise Applications	15
Others	73

Note: We have considered here, only first round of investments

View all investments by Elemental

Elemental has made most investments in United States (32), followed by Australia where it has made 2 investments.

Here are Elemental's investments by geography:

Country	No. of Investments
United States	32
Australia	2
Canada	1
India	1
Italy	1
Others	2

Note: We have considered here, only first round of investments

View all investments by Elemental

Elemental has made 1 investments in 2026 so far - DigitalPaani.

Here are the most recent investments by Elemental:

Filter this list

Date	Company	Location	Round Details	Round Amount	Co-Investors
Aug 10, 2026	DigitalPaani	India	Seed	6688	Navam Capital [+6]
Jul 31, 2024	Applied Carbon	United States	Series A	5803	TO VC [+11]
Feb 07, 2024	Fervo Energy	United States	Series D	2700	Devon Energy [+11]
Jan 24, 2024	C16 Biosciences	United States	Grant (prize money)	4717	Gates
Sep 11, 2023	Dimensional Energy	United States	Series A	8990	Envisioning Partners [+10]

See more recent investments made by Elemental

4 of Elemental's portfolio companies have become public. Fervo Energy got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in May 2026 at marketcap of $7.45B and Xos got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ) at marketcap of $4.17M.

Here are Elemental's portfolio companies that went public:

Filter this list

Company	IPO Date	First Invested on	First Round of Investment	Round Size
Fervo Energy	May 13, 2026	Mar 18, 2021	Series B	5297
Xos	Aug 20, 2021	-	-	5576
Proterra	Nov 27, 2020	-	-	2071
Stem	Oct 09, 2020	-	-	3003

View more details about public companies in Elemental's portfolio

27 companies from Elemental's portfolio have been acquired. The most recent acquisition was Nuventura in Apr 2026 by Lucy Group for $*****.

Here are Elemental's portfolio companies that got acquired most recently:

Filter this list

Company	Acquisition Date	First Invested on	First Round of Investment	Round Size
Nuventura	Apr 06, 2026	-	-	5414
kWh Analyt	Mar 10, 2026	Sep 16, 2014	Seed	3228
Solstice	Feb 19, 2026	Sep 25, 2018	Seed	5995
Shifted Energy	Oct 09, 2025	-	-	4859
SmartRecruiters	Aug 01, 2025	-	-	8862

View all acquired companies in Elemental's portfolio

Elemental has a team of 48 members including 15 Partners, 1 Venture Partner and 17 Principals located in United States. Elemental's team does not sit on the board of any company as of now.

Here is a list of top team members in Elemental:

Name	Designation	Location	Board Memberships	Contact Details
Naveen Sikka	Partner	-	-	2 Emails
Laurene Powell Jobs	Partner	United States	-	3 Emails
Cheryl Martin	Partner	Boston	-	1 Email
Vivian Yasunaga	Partner	Honolulu	-	1 Email
Amanda Denney	Partner	San Francisco	-	1 Email
Anna Menke	Partner	San Diego	-	1 Email
Avra Van Der Zee	Partner	New York	-	2 Emails
Daniella Henry	Partner	New York City	-	1 Email
Lauren Tonokawa	Partner	Honolulu	-	1 Email
Melissa Rouse	Partner	San Francisco	-	1 Email
Melissa Uhl	Partner	San Francisco	-	1 Email

View team details of Elemental

Over the past 12 years, 377 investors have co-invested in Elemental's portfolio companies. This includes funds and angels.

Invested before Elemental: National Science Foundation, OSTI and 111 others have invested in rounds before Elemental. There are 4 companies where National Science Foundation has invested before Elemental and 3 companies where OSTI has invested before Elemental.
Top Co-investors of Elemental: 72 investors entered a company along with Elemental. These include investors like Grantham Foundation (3 companies).
Invested after Elemental: A total of 192 investors have invested in Elemental's portfolio after their investments. Top Investors include OSTI (4 companies) and Climate Capital (3 companies).