Hardware incubator Lemnos announces $20M investment fund
Lemnos Labs, the San Francisco-based investor/incubator for hardware startups, announced yesterday that it’s raised $20 million in new funds for investing in more early-stage tech companies.
The new money means Lemnos will be able to increase its typical investment from around $100,000 up to $250,000, with money in reserve for startups that need a bit of extra cash to make the final push. Lemnos typically receives 10 percent equity for its investment.
Going beyond money, the company also works closely with its incubatees on product development and business strategy. To that end, Lemnos recently opened an 8,000-square-foot warehouse space with $150,000 worth of equipment for communal use. TechCrunch TV toured the space and interviewed co-founder Jeremy Conrad.
Conrad told TechCrunch that the combination of workspace, a machine shop, and hands-on support is critical to ushering startups through the initial stages of development. “These aren’t the kind of companies you can start at Starbucks,” he said.
A directory of other IoT incubators and accelerators can be found here.