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Venture Capital
primemoverslab.com

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Investments

52

Portfolio Exits

3

Funds

19

About Prime Movers Lab

Prime Movers Lab invests in physics-powered startups, especially those in early-stage deep technology companies across nuclear, oil and gas, batteries, utilities, power plants, autonomous vehicles, aerospace, drones, water, connectivity, quantum computing, advanced materials, and defense.

Prime Movers Lab Headquarter Location

320 E Broadway

Jackson, Wyoming, 83001,

United States

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Latest Prime Movers Lab News

Use chronological scenario planning to help your startup get through a potential recession

Jun 28, 2022

Gaetano CrupiContributor Gaetano Crupi is a partner at venture capital firm Prime Movers Lab . He serves on the boards of OCEANIX, Atom Computing, Conscious Cultures and MycoWorks. Over the past few months, investors from Sequoia to YC have sounded the clarion call to get their portfolio companies preparing for winter. At this stage, it does not matter if we agree or not: Enough momentum in the market has shifted that market behavior has become a self-fulfilling reality. Over the past 60 days, we have been working closely with our portfolio companies to help devise “winterization plans.” We have gone through this exercise enough that we have seen some patterns that might be helpful to others as they create their own plans. We agree with many of our peers that scenario planning is vital at this stage. This is a point that we have communicated repeatedly to our own companies. We have found that placing scenarios within a 36-month decision tree is particularly useful for preparing winterization plans. Why 36 months when the usual feedback is 18 to 24 months of runway? We also believe that this downturn has the makings of a longer lasting and more volatile slump. A 36-month perspective is a more appropriate time horizon for collecting more information so you can decelerate even further (with cash to pivot) if things are worse in 12 months or accelerate if things are better in 18 months. Chronological scenario planning forces you to set drop-dead dates to make decisions, all in the context of having enough cash on hand to gracefully pivot. It forces the company to think in an “if, then” structure that is much more actionable than siloed scenarios. Cutting all costs to survive without the ability to make progress is not really surviving. We hope the information below helps you create your own decision tree for winter. The sooner you embark on the exercise, the more your psychology can move from “fearful unknown” to “curious possibility” — and in these periods of volatility, psychology has an outsized impact on outcome. Preparation Before you can start creating your decision tree, you should ensure you have the following materials prepared. Burn model Have a detailed monthly burn model until “cash-out” for your current plan. This should include the usual categories like revenue, COGS, salaries, etc. Ensure you break out recurring internal expenses (office space, software subscriptions, etc.) from consultant fees, lawyer fees, from capital expenditures. Try to start separating essential from non-essential costs. Two key points: Be honest with yourself on how well you actualize forecasts . Are you always spending more and making less than you project? That is a recipe for disaster when you are planning against burn. This is not a fundraising model; this is the time to be conservative with your numbers so you have a realistic picture of your expenses. If you don’t actualize your forecasts, start putting that discipline into the organization immediately. Once you close a month, look back at your forecast and see how you did. Getting good at forecasting and budgeting is a necessary skill in a tighter capital market. Get that skill now. Everyone regrets not making cuts sooner — often more than months too late. What you think is essential is likely not essential. I have unfortunately had to go through several scale-backs in my career, and I was always shocked at how much fat I considered to be muscle. Updated organization plan What is your current hiring plan? Has it changed in the past 10 weeks? Have you conducted performance reviews recently, and do you have an understanding of who your lower decile performers are at the company?

Prime Movers Lab Investments

52 Investments

Prime Movers Lab has made 52 investments. Their latest investment was in Space Perspective as part of their Series B on May 5, 2022.

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Prime Movers Lab Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/19/2022

Series B

Space Perspective

$17M

No

4

5/19/2022

Unattributed VC

Gilgamesh Pharmaceuticals

$13.76M

No

1

4/5/2022

Series A

Venus Aerospace

$20M

No

3

3/23/2022

Series E

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$99M

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10

3/10/2022

Series A

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$99M

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10

Date

5/19/2022

5/19/2022

4/5/2022

3/23/2022

3/10/2022

Round

Series B

Unattributed VC

Series A

Series E

Series A

Company

Space Perspective

Gilgamesh Pharmaceuticals

Venus Aerospace

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Amount

$17M

$13.76M

$20M

$99M

$99M

New?

No

No

No

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Co-Investors

Sources

4

1

3

10

10

Prime Movers Lab Portfolio Exits

3 Portfolio Exits

Prime Movers Lab has 3 portfolio exits. Their latest portfolio exit was Energy Vault on February 14, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

2/14/2022

Reverse Merger

$99M

5

12/31/2021

Reverse Merger

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$99M

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10

10/7/2020

Acq - Pending

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$99M

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10

Date

2/14/2022

12/31/2021

10/7/2020

Exit

Reverse Merger

Reverse Merger

Acq - Pending

Companies

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Valuation

$99M

$99M

$99M

Acquirer

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Sources

5

10

10

Prime Movers Lab Fund History

19 Fund Histories

Prime Movers Lab has 19 funds, including Prime Movers Lab Fund III.

Closing Date

Fund

Fund Type

Status

Amount

Sources

1/20/2022

Prime Movers Lab Fund III

$186M

1

1/27/2021

Prime Movers Lab Fund II

$245M

2

12/29/2020

Boom PML SPV 1

1

11/25/2020

Turntide PML SPV 1

$99M

10

10/15/2020

Commonwealth Fusion Systems PML SPV 1

$99M

10

Closing Date

1/20/2022

1/27/2021

12/29/2020

11/25/2020

10/15/2020

Fund

Prime Movers Lab Fund III

Prime Movers Lab Fund II

Boom PML SPV 1

Turntide PML SPV 1

Commonwealth Fusion Systems PML SPV 1

Fund Type

Status

Amount

$186M

$245M

$99M

$99M

Sources

1

2

1

10

10

Prime Movers Lab Team

6 Team Members

Prime Movers Lab has 6 team members, including current Founder, General Partner, Dakin Sloss.

Name

Work History

Title

Status

Dakin Sloss

Founder, General Partner

Current

Suzanne Fletcher

StartX, Paul Capital Partners, and Morgan Stanley

General Partner

Current

Zia Huque

General Partner

Current

Amy Kruse

General Partner

Current

David Siminoff

General Partner

Current

Name

Dakin Sloss

Suzanne Fletcher

Zia Huque

Amy Kruse

David Siminoff

Work History

StartX, Paul Capital Partners, and Morgan Stanley

Title

Founder, General Partner

General Partner

General Partner

General Partner

General Partner

Status

Current

Current

Current

Current

Current

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