44 verticals.Clear boundaries.
Every sector we invest in is a vertical, with its own team and two funds, run from the office whose industry fits it best. Each company belongs to one vertical, based on what it makes.
I. The verticals
Six offices. 44 verticals.
Choose an office. Every vertical has its own team, two funds (Fund I, then Fund II) and written boundaries with its neighbors.
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Fund I · Fund II · in formation
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II. Where we started
Twelve hardware verticals.
Our first twelve verticals invest in the hardware under AI and industry. Each has written boundaries: what fits, and what does not.
01Dallas
Grid & Power Equipment Tech
What fits
Solid-state transformers, switchgear, power conversion, behind-the-meter generation equipment
What does not
Energy software (Energy Tech); real estate and data center campuses
02Dallas
AgTech
What fits
Irrigation, field and crop sensing, harvest and post-harvest processing equipment
What does not
Robotics and drones (Robotics & Advanced Manufacturing); biology (Biotech)
03Dallas
Sensing & Measurement Tech
What fits
Instruments, industrial sensors, condition monitoring
What does not
Quantum-specific electronics (Quantum Tech)
04Dallas
Telecom & Networking Tech
What fits
Non-AI terrestrial network hardware
What does not
Subsea (Subsea & Cable Tech), satellite (Space Tech) and AI compute interconnect
05Houston
Advanced Materials Tech
What fits
Engineered materials, specialty chemicals, coatings, composites and substrates sold as products
What does not
Battery and storage chemistries, hydrogen and carbon capture (Climate Tech); robotics; materials sold mainly to semiconductor makers (Semiconductor Equipment Tech)
06Houston
Cooling & Thermal Tech
What fits
Heat exchangers, chillers, liquid and immersion cooling hardware, industrial thermal management, including equipment sold to data centers
What does not
Electrical power conversion (Grid & Power Equipment Tech); data center developers, operators and campuses
07Houston
Energy Production Tech
What fits
Drilling, completion, well monitoring and production equipment for oil, gas and geothermal wells
What does not
Hydrogen, fuel cells and carbon capture (Climate Tech); energy software (Energy Tech); grid equipment (Grid & Power Equipment Tech)
08Houston
Critical Minerals Tech
What fits
Exploration sensing, extraction and mineral processing equipment
What does not
Recycling and circular economy (Climate Tech); mines, land and royalties; general-purpose instruments (Sensing & Measurement Tech)
09Houston
Water Tech
What fits
Treatment, reuse and monitoring for industrial and municipal water
What does not
Recycling and circular economy (Climate Tech); general-purpose pumps and valves (Flow Control Tech)
10Houston
Flow Control Tech
What fits
Industrial pumps, compressors, valves and actuators, flow control, and seals and bearings for rotating fluid equipment
What does not
Motors and drives, and flow meters sold as instruments (Sensing & Measurement Tech); liquid cooling systems (Cooling & Thermal Tech); water treatment systems (Water Tech); downhole and wellhead equipment (Energy Production Tech); subsea (Subsea & Cable Tech)
11San Francisco
Power Semiconductor Tech
What fits
GaN and SiC devices, voltage regulator modules, high-voltage DC rack power
What does not
AI compute chips and custom ASICs (AI / Software)
12San Francisco
Semiconductor Equipment Tech
What fits
Inspection, metrology, test and process control
What does not
Fabs
III. Platform programs
Three programs.
Platform programs a vertical fund may carry inside its lane.
Frontier
Technology that needs new physics or materials and may be more than about seven years from revenue. About $1 million.
Community
Companies placing plants, jobs or service in underserved and rural communities. About $500,000.
IV. Outside our verticals
Control buyouts, and buying, building or running real estate and real assets, belong to Dark Ice Capital and its eight platform companies. If you build there, we can introduce you to the right Dark Ice team, with your consent.
Inside one of our verticals?
Tell us what you are building.
We answer on fit within five business days.
Next chapter
How we invest