# Unless: portfolio, investments and team > Unless is a vc firm based in United States. 2 investments on record, 2 in the last 12 months, latest May 2026. Portfolio, stages, co-investors and team. Source: https://millionrounds.com/fund/unless (Millionrounds; every figure on the page links to its filing or article) United States · [Investor](https://millionrounds.com/investors) # Unless Last cheque observed May 2026; 2 cheques on record. Email Deploying now New fund $1.6M, Jun 2026 VC firm Series A Series B Grid Gas Battery Follow Unless and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Funless) Deploying now **100%** of best year **2** **cheques in 12 months**, 2 on record Since the last cheque **180** days **00** hrs **00** min **00** sec Median round **$185M** Rounds led **1 of 2** Pitch Unless ## Unless highlights - 01 2 cheques in the last 12 months - 02 Mostly Growth and Series B: 100% of its rounds - 03 Led 1 rounds ## What they do > We're an investment firm on a mission to back visionary companies transforming industrial systems. From their own website - **Type:** VC firm (from a list, unverified) - **Cheque size:** Not stated - **Stages:** Series A Series B - **Sectors:** Grid Gas Battery - **Based in:** Boulder, United States - **Cold pitches:** Not stated ## The record Every round we can evidence, newest first **2 appearances** - **2026** 2 rounds - **May** **[Panthalassa](https://millionrounds.com/company/panthalassa)** Growth · US · TechStartups **$140M** With 26 others - **Feb** **[Positron](https://millionrounds.com/company/positron)** Series B · US · TechCrunch **$230M** *Led* An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor. ## The team Named by the firm itself, on a filing, its Form ADV or its company registration **4 named** AD **Aaron David Marsh** Chief Financial Officer i Form ADV DM **David Mindell** Lead for Collective of Experts i Form ADV PJ **Patricia Jane Rogers** General Counsel and Chief Compliance Officer i Form ADV TZ **Trevor Zimmerman** Executive Officer, Director, Promoter i Filing they signed We also hold **4** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them. ## What the register says From the firm's own filings with the SEC, which it must file accurately by law **$253M** assets it manages Oct 2026 **5+** funds on file numbered funds in its name **Registered** investment adviser full reporting to the SEC - **Legal name:** Unless Management LP - **SEC number:** CRD 318549 ## What they claim to have backed From their own portfolio page (on their website) **8** of 10 we have independently watched raise [Aether Moving industrial](https://millionrounds.com/company/aether-bio)[Afference Unlocking artificial](https://millionrounds.com/company/afference)[Alloy Advanced manufacturing](https://millionrounds.com/company/alloy-enterprises)[Panthalassa Renewably generating](https://millionrounds.com/company/panthalassa)[Positron Purpose Built](https://millionrounds.com/company/positron-ai)[Sustainment](https://millionrounds.com/company/sustainment)[Vecna Robotics Intelligent](https://millionrounds.com/company/vecna-robotics)[Xwing Supplying autonomy](https://millionrounds.com/company/xwing) Enosemi Ushering in Villa Building housing Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded. New fund on file **$1.6M** raised in Jun 2026 From its SEC filing, not a journalist: a firm that has just raised has money to deploy. ## The cheque Series A Series B Median round joined **$185M** the round, not its cheque Led 1 of 2 rounds **50%** - **Sole investor:** Never alone - **Last cheque:** May 2026 Rounds by stage said on their site - Growth *1* - Series B said *1* - Series A said *-* Cheques by month Led Joined Dec 2023 Nov 2026 **Pitching Unless?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque. Add to your CRM *→* ## Recently backed The latest companies Unless put money into. [**Panthalassa** $140M · May 2026](https://millionrounds.com/company/panthalassa)[**Positron** $230M · Feb 2026](https://millionrounds.com/company/positron) ## Quick answers about Unless ### What does Unless invest in? Unless invests most often at Growth and Series B (100% of the rounds on record), in sectors such as Grid, Gas and Battery. ### How active is Unless? 2 investments on record, 2 of them in the last 12 months, and it led 1. The most recent was in May 2026. ### What has Unless invested in recently? Its most recent investments on record: Panthalassa (Growth, May 2026) and Positron (Series B, Feb 2026). ### How big are Unless's cheques? The median round it joins is $185M. ### Is Unless investing now? Yes: it is actively investing, with 2 investments in the last 12 months. ### What kind of investor is Unless? Unless is a VC firm based in Boulder, United States. ### How much does Unless manage? About $253M, as regulatory assets under management (Oct 2026). ### Has Unless raised a new fund? Its latest fund filing with the SEC was in Jun 2026, reporting $1.6M raised. ## Raising now? Find the investors who back rounds like yours, and keep every conversation on one fundraising board. 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