Caterpillar Ventures
UnclaimedAt a Glance
- Check Size
- $2M – $10M
- Stage
- Series A, Series B+
- Sectors
- Robotics, Climate, AI +1
- Founded
- 2015
- HQ
- San Francisco, CA
About Caterpillar Ventures
Caterpillar Ventures is the venture investment arm of Caterpillar Inc., the construction and mining equipment, engine and turbine manufacturer. It invests through Caterpillar Venture Capital Inc., a wholly owned subsidiary, and its press releases carry a San Francisco dateline. Global Corporate Venturing reports that the unit has been operating since 2015. Caterpillar describes it as supporting early-stage companies delivering innovative solutions in autonomy, robotics, energy transition, sustainability and industrial technology, helping founders scale with the backing of Caterpillar's industry expertise, supply base and independent dealer network.
Caterpillar's site lists its focus as power, energy expansion, artificial intelligence and technology, with investment areas in autonomy, robotics, AI and analytics, energy solutions, sustainability, construction tech, mining tech and advanced manufacturing. Typical strategic investments range from $2 million to $10 million in early-stage venture rounds; director Mike Mahan has said the direct strategy sits largely in the Series A and B range. Recent deals listed by Caterpillar include ElevenEs's Series B first closing (February 2026), a £5 million strategic investment in Equipmake Holdings (March 2025) and Nth Cycle's $44 million Series B (December 2023). Global Corporate Venturing reports that its largest recent AI investment was in Novarc, which builds robotic welding systems.
Two features stand out. Deals often connect to Caterpillar products: its investment in busybusy was paired with offering busybusy's jobsite labor tracking as a subscription service within Cat Connect. The unit has also built a fund-of-funds program of 19 limited partner positions, mostly in pre-seed and seed funds, which Mahan says yields regular returns and market intelligence that informs direct deals. Caterpillar lists busybusy, Clearpath, Fisker and Sarcos among its exited investments.
Investment Thesis
“Caterpillar Ventures states its mission as empowering startups that move the world forward, investing in bold thinkers reshaping the future of Caterpillar's industries. It focuses on technologies that strengthen the future of industry: autonomy, robotics, AI and analytics, energy solutions, sustainability, construction tech, mining tech and advanced manufacturing. Director Mike Mahan describes a long-run goal of machines that can be told the end state of a site and complete clearing, grading, paving and earthmoving on their own, while noting that this is a very long way away. In the meantime the unit looks for software and hardware that let autonomy, AI and robots work alongside existing crews, and for tools that speed engineering drawings and assembly instructions.”
Sector Focus
Investment Stage
Notable Portfolio Companies
Key Team (1)
Mike Mahan
Director
Fund History
Caterpillar Ventures invests from Caterpillar's balance sheet through Caterpillar Venture Capital Inc., a wholly owned subsidiary, rather than a closed-end fund with outside LPs. No fund size or annual allocation is published. The unit has been active since 2015 and states a typical strategic check of $2 million to $10 million. Alongside direct deals, it holds 19 limited partner commitments in other venture funds, which Mahan says began generating returns even while M&A and IPO markets were slow. Disclosed direct activity runs at a few announced deals per year, including ElevenEs (2026), Equipmake (2025) and Nth Cycle (2023).
Frequently Asked Questions
What stage does Caterpillar Ventures invest at?
Caterpillar Ventures primarily invests at the Series A, Series B+ stages. This means they focus on companies that are scaling their go-to-market after proving product-market fit.
Where is Caterpillar Ventures located?
Caterpillar Ventures is headquartered in San Francisco, CA. Many of their portfolio companies are also based in this region, though they invest across geographies.
What sectors does Caterpillar Ventures focus on?
Caterpillar Ventures focuses on investments in Robotics, Climate, AI, Other. Their portfolio reflects deep expertise and networks within these sectors.
What is Caterpillar Ventures's typical check size?
Caterpillar Ventures's typical investment check size ranges from $2M to $10M. Actual amounts may vary based on the stage, sector, and specific opportunity.
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