About Third Derivative
Third Derivative is a venture capital firm founded in 2020. It is primarily based out of Boulder, United States. As of Aug 2025, Third Derivative is an active investor, having invested in 64 companies, with 1 new investment in the last 12 months. It primarily invests in Seed round in India based startups. Its investments are spread across a wide range of sectors from Environment Tech to Energy Tech and High Tech. Most recently it participated in the $***** Grant (prize money) round of Dynami Battery Overall, Third Derivative portfolio has seen 7 acquisitions including key companies like Eavor, Gaiascope and Quanterra Systems. A lot of funds co-invest with Third Derivative, with names like Climate Capital sharing a substantial percentage of its portfolio. Third Derivative has team of 37 people including 1 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 1 more
Portfolio Acquisitions
Portfolio Soonicorns
Deals in last 12 months
Third Derivative's List of Top Investments
Third Derivative has a portfolio of 64 companies. Their most notable investments are in Mojo Green and LoadExx.Their portfolio spans across United States, Canada, India and 11 more locations. They have invested in Environment Tech, Energy Tech, High Tech and 21 other sectors, across stages such as Seed, Series A and 1 more. Here is the list of top investments by Third Derivative:
1. Nithio
Nithio provides analytics and financial solutions to businesses, capital providers, governments and stakeholders in the distributed energy sector. The company provides geospatial customer profiling solution that merges point-of-sale & repayment data with spatial data layers and provides predictive contexts and targeting capabilities for operators. Offers consumer credit scoring solution that segments & predicts future repayment patterns for customers.
Key facts about Nithio
- Founded Year: 2017
- Location: Washington, DC (United States)
- Stage: Series B
- Total Funding till date: $63.8M
- Employee Count: 26 as on Jun 30, 2026
- Investors: MaC Venture Capital, The Rise Fund and 12 Others
- Latest Funding Round: Series B, Jan 26, 2024, $*****
- Highlight: Editors' Pick
2. Antora
Manufacturer of thermal battery. It stores energy as heat in blocks of solid carbon to power global industry. Its thermophotovoltaic technology converts light from the hot carbon blocks into electricity with no moving parts.
Key facts about Antora
- Founded Year: 2018
- Location: Sunnyvale (United States)
- Stage: Series C
- Total Funding till date: $822M
- Employee Count: 268 as on Jun 30, 2026
- Investors: BlackRock, Shell and 29 Others
- Latest Funding Round: Series C, Jul 30, 2026, $*****
- Highlight: Editors' Pick
3. Mission Zero
Developer of technology to recover carbon dioxide from the atmosphere. The technology efficiently recovers carbon dioxide emissions anywhere with electricity access. The recovered carbon dioxide is permanently removed or used to displace fossil carbons. The company partners with users, project developers, engineers, and scientists.
Key facts about Mission Zero
- Founded Year: 2020
- Location: London (United Kingdom)
- Stage: Series A
- Total Funding till date: $32.8M
- Employee Count: 44 as on Jun 30, 2025
- Investors: Breakthrough Energy, Stripe and 12 Others
- Latest Funding Round: Series A, Mar 18, 2024, $*****
- Highlight: Editors' Pick
Developer of modular scalable lithium refining technology for battery‑grade production. The company offers an electrochemical refining platform that converts lithium chloride or sulfate from diverse feedstocks including brines, hard rock, clay, and recycled sources into high‑purity lithium hydroxide or carbonate. The modular design enables co‑location with extraction or battery manufacturing facilities and scalable capacity adjustments. The process reduces waste, minimizes chemical requirements, and lowers carbon emissions compared to conventional methods. It is intended to support lithium supply resilience and flexible integration across the battery value chain.
Key facts about Mangrove Lithium
- Founded Year: 2013
- Location: Delta (Canada)
- Stage: Series B
- Total Funding till date: $46.5M
- Employee Count: 77 as on Jun 30, 2026
- Investors: National Bank of Canada, Export Development Canada and 10 Others
- Latest Funding Round: Conventional Debt, Jan 16, 2026, $*****
- Highlight: Editors' Pick
Manufacturer of home automation devices for temperature control. Its device is equipped with Bluetooth, sensors. The vent works with existing internet-connected thermostats to adjust the temperature in individual rooms being used, using occupancy sensors and historical occupancy data. It can also be paired with existing connected cooling units to control temperature. Its systems can be controlled via smartphones, tablets, and smartwatches.
Key facts about Flair Systems
- Founded Year: 2014
- Location: San Francisco (United States)
- Stage: Series B
- Total Funding till date: $8.78M
- Employee Count: 21 as on Jun 30, 2026
- Investors: Susquehanna Growth Equity, Tech Emerge and 18 Others
- Latest Funding Round: Series B, Mar 31, 2026, $*****
- Highlight: Editors' Pick
Third Derivative's Year-on-Year Investment Trends
Third Derivative has invested in 64 companies over the last 6 years, with an average of 2 new investments annually in the last 5 years. In 2025, it made 2 investments. Its most recent first time investment was in Dynami Battery and most recent follow-on round was in BasiGo.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 2 | 0 | 2 |
2024 | 2 | 0 | 2 |
2023 | 3 | 0 | 3 |
2022 | 1 | 1 | 2 |
2021 | 3 | 0 | 3 |
2020 | 2 | 0 | 2 |
Third Derivative's Investments by Stage
Third Derivative has made 9 investments in Seed stage with an average round size of $1.12M, 3 investments in Series A stage with an average round size of $14M and 1 investment in Grant (prize money) stage.Stage of entry | No. of Investments |
|---|---|
Seed | 9 |
Series A | 3 |
Grant (prize money) | 1 |
Note: We have considered here, only first round of investments
Third Derivative's Investments by Sector
Third Derivative has a diverse portfolio, with companies operating in the Sustainability Tech, Environment Tech, Energy Tech, High Tech and Transportation and Logistics Tech. Notably, it has invested in 55 Tech companies, 52 Enterprise (B2B) companies, 23 Tech hardware companies and at least 18 companies focusing on Software.Sector | No. of Investments |
|---|---|
Sustainability Tech | 11 |
Environment Tech | 10 |
Energy Tech | 8 |
High Tech | 7 |
Transportation and Logistics Tech | 6 |
Others | 17 |
Note: We have considered here, only first round of investments
Third Derivative's Investments by Geography
Third Derivative has made most investments in India (4), followed by United States where it has made 3 investments.Country | No. of Investments |
|---|---|
India | 4 |
United States | 3 |
Indonesia | 1 |
Italy | 1 |
Kenya | 1 |
Others | 3 |
Note: We have considered here, only first round of investments
Third Derivative's recent investments
Third Derivative has not made any investment in 2026 so far.Here are the most recent investments by Third Derivative:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Aug 26, 2025 | United States | Grant (prize money) | 4278 | - | |
Mar 11, 2025 | New Zealand | Series A | 7041 | [+5] | |
Mar 19, 2024 | Singapore | Seed | 7567 | [+6] | |
Mar 05, 2024 | Vietnam | Seed | 9111 | [+1] | |
May 01, 2023 | India | Seed | 5123 | [+16] |
Acquired companies in Third Derivative's Portfolio
7 companies from Third Derivative's portfolio have been acquired. The most recent acquisition was Quanterra Systems in Sep 2025 by Vaisala for $*****.Here are Third Derivative's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Sep 02, 2025 | - | - | 4866 | |
Apr 01, 2025 | - | - | 9854 | |
Feb 19, 2025 | - | - | 3758 | |
Jan 04, 2023 | - | - | 2367 | |
Nov 15, 2022 | - | - | 4854 |
Team profile of Third Derivative
Third Derivative has a team of 37 members including 1 Partner, 1 Venture Partner and 7 Principals located in United Kingdom, United States and 3 more locations. Third Derivative's team does not sit on the board of any company as of now.Here is a list of top team members in Third Derivative:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Amsterdam | - | ||
Venture Partner | - | - | ||
Principal | Singapore | - | ||
Principal | - | - | ||
Principal | Atlanta | - | ||
Principal | Bengaluru | - | ||
Principal | Birmingham | - | - | |
Principal | St Albans | - | - | |
Principal | San Francisco | - |
Co-investors of Third Derivative
Over the past 6 years, 240 investors have co-invested in Third Derivative's portfolio companies. This includes funds and angels.
- Invested before Third Derivative: State of California, National Science Foundation and 124 others have invested in rounds before Third Derivative. There is 1 company where State of California has invested before Third Derivative and 1 company where National Science Foundation has invested before Third Derivative.
- Top Co-investors of Third Derivative: 46 investors entered a company along with Third Derivative. These include investors like Climate Capital (2 companies).
- Invested after Third Derivative: A total of 68 investors have invested in Third Derivative's portfolio after their investments. Top Investors include Breakthrough Energy (1 company), Lowercarbon Capital (1 company) and Shell (1 company).
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