Zanskar Geothermal & Minerals, a Salt Lake City, UT-based geothermal exploration company, has closed $30 million in new funding.
Investors
The round was led by Obvious Ventures, with participation from previous investors such as Munich Re Ventures, Union Square Ventures, Lowercarbon Capital, Safar Partners, and First Star Ventures, as well as newcomer Clearvision Ventures.
Founded in 2014, Obvious Ventures is a venture capital firm that invests in US startup companies aiming to deliver positive social and environmental impacts. Based in San Francisco, California, the firm invests in entrepreneurs who are reimagining trillion-dollar industries across planetary, human, and economic health.
Zanskar Use of Funds
This investment enables Zanskar to scale its AI-led exploration technology to develop new geothermal resources. With the newly secured funds, Zanskar aims to accelerate technology development and advance its portfolio of greenfield power projects to serve new partnerships.
About Zanskar
Zanskar is an AI-native geothermal developer leveraging a suite of new technologies to improve the geothermal discovery and development process. In its work to decarbonize electricity generation, the company is generating a pipeline of new discoveries and increasing the scalability of geothermal power generation. Zanskar leverages machine learning and big data to discover geothermal energy prospects, aiming to reduce the risk and cost associated with geothermal development.
Funding Details
Company: Zanskar Geothermal & Minerals, Inc.
Raised: $30.0M
Round: Unknown
Funding Month: May 2024
Lead Investors: Obvious Ventures
Additional Investors: Munich Re Ventures, Union Square Ventures, Lowercarbon Capital, Safar Partners, First Star Ventures, Clearvision Ventures
Company Website: https://www.zanskar.com/
Software Category: Geothermal
Source: https://www.businesswire.com/news/home/20240506288110/en/