Discover if this is a suitable investor for your startup. If they are we'll make a warm introduction for free. Otherwise, we'll connect you with matching investors.
Lemnos is an early-stage deep tech venture firm founded in 2011 in San Francisco, California. The firm was established to support hardware startups, evolving from an accelerator model to a venture capital fund. Lemnos has raised four funds, with Fund III raising $50 million in 2017. The firm has made over 75 investments, positioning itself as one of the original hardware-focused accelerators.
Currently, Lemnos operates primarily in Silicon Valley and focuses on U.S.-based startups. The firm has a notable history of successful alumni, including companies like Fitbit, Square, Oculus, and GoPro. Lemnos emphasizes a hands-on approach, providing founders with guidance on customer understanding, problem anticipation, and asset leverage.
Lemnos invests in early-stage hardware companies, specifically targeting the pre-seed and seed stages. The firm emphasizes engineering, manufacturing, marketing, and financial capital as critical components for transforming innovative ideas into successful hardware businesses. Lemnos has a broad sector focus that includes aerospace, robotics, transportation, agriculture, IoT, construction, and manufacturing.
The firm typically invests $100,000 for a 10% equity stake, with the potential to scale investments up to $1.5 million in larger rounds. Lemnos operates a unique program structure that lasts between 6 to 15 months, allowing for extended support compared to typical accelerators. This extended timeline is designed to accommodate the longer development cycles often required for hardware startups.
Jeremy Conrad, Co-founder: Former US Air Force engineer with a background in hardware development. He holds a degree from MIT.
Helena Zelman Boniske, Co-founder: Also an MIT graduate, she brings expertise in engineering and startup development.
Eric Klein, Partner: Experienced in venture capital and hardware investments, contributing to the firm's strategic direction.
Lemnos runs a program designed for early-stage hardware startups, providing a structured environment for growth. The program lasts between 6 to 15 months, accommodating the longer timelines often required for hardware development. Each year, Lemnos accepts 8 to 12 startups into its cohort, offering in-person support and dedicated co-working space.
In July 2025, Lemnos made an investment in FORT Robotics, signaling continued activity in the hardware sector. Earlier, in April 2025, the firm celebrated the exit of FarmWise, marking a successful outcome for one of its portfolio companies. These events highlight Lemnos' active role in supporting and investing in hardware startups.
What are Lemnos' investment criteria?
Lemnos focuses on early-stage hardware startups, particularly in sectors such as aerospace, robotics, and IoT. The firm seeks companies that require engineering and manufacturing support, emphasizing the need for hands-on guidance.
How can startups apply or pitch to Lemnos?
Startups interested in pitching to Lemnos should reach out through their website. While specific application forms are not detailed, a clear presentation of the startup's technology and market potential is essential.
What makes Lemnos different from other venture firms?
Lemnos differentiates itself by providing an extended program structure that lasts 6 to 15 months, offering in-depth support that includes formal design reviews and access to a deep supplier network. This hands-on approach is tailored for hardware startups, which often face unique challenges compared to software companies.
What is the geographic scope of Lemnos' investments?
The firm primarily invests in U.S.-based startups, with a strong focus on the Silicon Valley and San Francisco regions. This geographic concentration allows Lemnos to leverage local resources and networks effectively.
What is the typical check size for investments?
Lemnos typically invests $100,000 for a 10% equity stake, with the ability to scale investments up to $1.5 million in larger funding rounds. This flexibility allows them to support startups at various stages of their growth.
What kind of post-investment involvement does Lemnos have?
Lemnos maintains a high level of involvement with its portfolio companies, providing ongoing support through mentorship, access to resources, and strategic guidance. Founders benefit from 24/7 access to partners, enhancing their chances of success.
All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks, and brands does not imply endorsement.