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we catalyze the new

industrial revolution.

we catalyze the

new industrial


The venture performance of the last decade will not recur in the coming decades.

Venture capitalists' hit rates will be no better than those of randomly thrown darts.

Climate change will degrade and potentially devastate the quality of life on this planet.

Human experience will improve only incrementally.

Venture capital funds will be ineffective at capturing value and driving positive global outcomes.

Unless we focus on companies that are transforming key sectors.

Unless we have the domain expertise to invest in the right companies and thoughtfully navigate power-law return distributions.

Unless we address industrial sectors –which comprise 70% of greenhouse gas emissions.

Unless we activate disruptive, resilient, and sustainable innovation toward the safe, quality, and equitable work of the future.

Unless we create a new, perpetual capital structure that’s aligned with the dynamics of emerging industrial shifts.

Unless we create a new, perpetual capital structure that’s aligned with the dynamics of emerging industrial shifts.

We are at an inflection point

We are in the early phase of a new industrial revolution driven by the convergence, in industrial sectors, of Artificial Intelligence (AI), robotics, advanced manufacturing, electrification, and new business models, among other factors. This revolution will define the next generation and change how the global economy functions. It is the opportunity to mitigate climate change, boost the efficiency and resiliency of supply chains, and provide equitable work, but it must be catalyzed correctly.

Markets and economies do not move in a linear way. Their movement more closely resembles a step function – i.e., they remain in equilibrium until a technological, socioeconomic, or geopolitical shift occurs that dramatically alters the environment, creating a new equilibrium (an “inflection point”). These inflection points are inherent in the growth of our economy, the life of a company, and the strategies of successful investors. They are the opportunity set that helps produce the leading investment firms and the companies that lead industries.

We are entering a phase defined by a series of these inflection points – a phase in which the next generation’s leaders will emerge. Unless we recognize these inflection points before the masses, and then capitalize on the opportunities they present, we will not consistently generate the outsized risk-adjusted returns or drive the global impact that we and our partners seek.

Our company

Unless is an investment firm that delivers unique insights and partnership for impact-oriented industrial entrepreneurs and investors.

We bring together exceptional teams across private and public markets and couple them with our collective of experts to deploy capital for maximum return and maximum impact.

Our multidisciplinary partners are the best in their fields, operating at the frontiers of industrial opportunities in manufacturing, automation, climate adaptation, and the changing nature of work. The partners belong to the world’s top technology ecosystems, and they intimately understand the cycles governing technology adoption. Collectively, they guide Unless in navigating convergent advancements in science, technology, markets, and human behavior.

We recognize and invest in the inflection points of the new industrial revolution.

Reinventing venture capital for a world that works

Unless is now launching its first perpetual capital vehicle for venture investments. Built around its core portfolio of private companies, the Unless structure is designed to align interests with our investors and entrepreneurs and to fully capitalize on the generational market opportunity of the new industrial revolution.

The Unless team has a strong track record of recognizing exceptional entrepreneurial teams early and capitalizing on those opportunities to generate the outsized risk-adjusted returns and global impact that we and our partners continue to seek.

Today, Unless is continuing to partner with those exceptional teams, as well as the next generation of legendary entrepreneurs and limited partners, to reinvent venture capital for a world that works.

The decisions we make as a society today—the innovations we imagine, the entrepreneurs we empower, the investment structures we support—will set humanity’s course for generations.

Unless builds on a thesis of optimism, inviting our partners to reflect on what’s at stake and envision the possibilities.

Unless has made investments in category leading industrial companies - including  Aether, Alloy, Panthalassa, Sustainment, Vecna, and Xwing.

Our team

Trevor Zimmerman
Co-Founder and Managing Partner

David Mindell
Co-Founder and lead for the Unless Collective of Experts

Josh Blanchfield
Partner and CIO - Perpetual Alpha

Aaron Marsh

Peter Joers

Trish Rogers
General Counsel and Chief Compliance Officer

Michael Polansky