Ferrum
Scheduling for continuous-casting steel mills
Series C
Portfolio
64 companies. We led the round in 51.
Every company here took our first cheque at pre-seed or seed. Outcomes are marked plainly — including the ones that shut down, and the acquisition that returned less than the money that went into it.
- Companies backed
- 64
- Rounds we led
- 51
- Still operating
- 57
The companies
24 of the 64, named.
The rest are pre-launch, in a quiet period, or asked us not to list them. Filter by sector and stage — the counter is live.
Showing all 24 companies
Halyard
Marine insurance underwriting on AIS track data
Acquired
Quiller
Formal verification for embedded firmware
Series B
Rowan Grid
Interconnection-queue modelling for utilities
Series A
Sable
Payment rails for clinical-trial sites
Acquired
Cormorant
Cold-chain telemetry for vaccine logistics
Series B
Ostrich
Consumer credit for thin-file borrowers
Shut down
Bellwether
Payroll compliance across 40 jurisdictions
Series A
Meridian Labs
Protein-folding compute for small biotechs
Series A
Tessellate
Warehouse slotting for irregular freight
Growing
Kestrel
Satellite tasking sold to insurers
Series A
Anvil Works
Instant CNC quoting for contract machine shops
Growing
Piedmont
Load forecasting for rural electric co-ops
Series A
Ledgerwork
Close automation for multi-entity finance teams
Growing
Thornfield
Soil-carbon measurement without the guesswork
Growing
Basalt
Failure prediction for rotating industrial equipment
Series B
Wrensis
Prior-authorisation workflow for specialty clinics
Series A
Corbel
Structural review tooling for civil engineers
Growing
Ninefold
Deterministic build caching for large monorepos
Series A
Marlstone
Reserve modelling for specialty reinsurers
Series B
Pallas Bio
Assay automation for contract research labs
Shut down
Sedgewick
Grid-edge dispatch for behind-the-meter storage
Growing
Fathom Yard
Berth planning for mid-size container terminals
Series A
Oakum
Static analysis for safety-critical control code
Acquired
No company matches that pair of filters. Clear one and try again.
Outcomes
The distribution, not the highlight reel.
A seed portfolio is mostly unresolved for a long time. Anyone showing you a clean chart at year six is showing you a selection, not a fund.
57
Still operating
Of 64. Most are somewhere between "working" and "not yet obviously working," which is what year three looks like from the inside.
3
Acquired
Two returned more than the fund's cost basis in that company. One did not, and we still signed the paperwork the same week the founders asked us to.
4
Shut down
Two are named on this page. The other two asked to be left off, and that is a request we honour without argument.
Figures describe this fictional demonstration fund. No valuation, multiple, or return figure is published here, because a fund at this stage does not honestly have one to publish.
Founders
Ask them what we were like in the bad quarter.
We will hand you the full list and step out of the room. No curation, no warm-up call first.
“We missed plan for three quarters straight. Not one of those calls started with the number. They started with what I had learned, and whether I still believed the thesis. I did. They wrote the bridge.”
“They told me my co-founder was the problem. It cost them the relationship for about four months. They were right, and they never once said so afterwards.”
Two more references, including one from a company that shut down, are available on request — ask us for the list.
Think you belong on this page?
Two meetings, one reference call, and an answer in fourteen days — with the reasoning attached either way.