BIV Monthly Update LXV

BIV Monthly Update LXV – 3/23/26

“If it ain’t, it’ll do until the mess gets here” Sheriff Ed Tom Bell, No Country for Old Men

Highlights

• Confluence Philanthropy’s annual Practitioner’s Gathering was particularly good this year. Thoughtfully programmed, remarkable range of guests and perspectives, and great fun. Helpful to thing about the AI transition from a very different perspective. 

• Very interesting to see the world of Global Alts in Miami. Food for thought around our positioning. 

• Kudos to the BIV team for going to bat on multiple fronts as we move into the second round of funding for Fund II in particular. Most don’t need much help, because they’re great, but in a competitive environment you can see the impact our assistance is having. Nice to make a difference. 

• So fun to have the mic turned on me for the 50th episode of The Fundamental Molecule. Thanks to Christine and Steve for showing that they’re better in the interviewer seat than I am.

• An ongoing reminder of the thrill of seeing momentum build in companies. Algafilm, Cala Systems, Flocean, Subeca, CREW, and Irrigreen have had recent breakthrough developments - and they’re not alone.

March Asks

• Tune into new episodes of The Fundamental Molecule: Ep. 49: Paul O’Callaghan - Tolstoy, Chekhov and Liam Neeson, and Ep. 50: Tom Ferguson - Fat Tails, Charlie Munger and Being an m-Maximizer. 

• Buy an Irrigreen system. Buy a Cala Systems heat pump water heater. Buy an AquiSense water disinfection system, also available at Lowes. Use Beagle to install a home shutoff valve. 

• Point the smartest people you know to our BIV jobs - Marketing Intern and Investment Analyst/Associate.

BIV Portfolio Updates

Seed Fund I

• 2S Water – CEO Anthea Sargeaunt named a Fierce Sensors Rising Star 2026 for her technical leadership in real-time water sensing.

• Aclarity – PFAS destruction deployments across multiple commercial sites, with excellent verified destruction data. They’re on it.

• Aquafortus – Signed a collaboration agreement with GS Engineering & Construction Corp. to develop and commercialize wastewater treatment solutions for the secondary battery sector in the Republic of Korea. ABX™ Technology targeting battery manufacturing wastewaters with TDS as high as 150,000 mg/l. Kicking off a Series B.

• Beagle Services – Continued growth kicking on from 8 figure 2025 revenue, and profitable. Running an SPV shortly, contact us for details.

• CivilGrid – Gaining traction with engineering firms and construction companies for underground utility intelligence. Pipeline building. Hiring well.

• Daupler – Named to the 2026 GovTech 100 and showcased at DTech and TechAdvantage as its utility network continues to expand. Processed 1m emergencies last year. 

• Floodbase – Launched an instant quoting application with Liberty Mutual for parametric flood (re)insurance in the US. Brokers can now price parametric flood covers in minutes.

• Irrigreen – Exceptional to have their drip control unit launched. Potentially transformational for the company. B2B motion accelerating well. 

• LAIIER – Putting up numbers in commercial deployments and building pipeline post-CES momentum.

• NLine Energy – Executing across a growing ($500m and counting) deployment pipeline in industrial and grid infrastructure.

• SewerAI – Busy month - WWETT Show 2026 in Indianapolis (Feb 17-20), CWEA AI & Machine Learning in Wastewater Seminar at Irvine Ranch Water District (Feb 26), and NASSCO 2026 Annual Conference (March 2).

• Spout  – Beyond breakeven for 4+ months running. Demand continues to accelerate. 

• Ziptility – Expanding in the contract operator space with strong results from the new go-to-market motion.

• ZwitterCo – Episode 2 of ZwitterCo Unfiltered dropped: "The Membrane Autopsy Stories Every Plant Operator Should Hear." Growing the team with key hires in mechanical design and supply chain.

Seed Fund II

• AlgaFilm – First fully commercial demo project is live - and it works! Team execution continues to impress. Thanks to Antoine Walter for his deep dive. 

• Aquatic Labs – Advancing scalable aquatic sensor technology across industrial, CDR, and environmental monitoring applications.

• AquiSense – Building momentum across product lines for a strong 2026 in UV-C LED disinfection.

• Cala Systems – Recognized as a M2I2 recipient, launched Home Assistant integration, and expanded contractor partnerships while representing at the International Builders’ Show.

• CNSRV – Recipient of the 2026 Kitchen Innovations Award from the National Restaurant Association - each unit saving kitchens hundreds of thousands of gallons per year vs. traditional running water defrosting.

• CREW Carbon – Awarded $2.35M from the Colorado Energy Office to deploy wastewater carbon removal with South Platte Renew. Major deployment with HRSD. 

• Current Software – Inside sales motion for small water systems building rapidly. Execution continues at pace. Likely to be our fastest company to $1m ARR.

• Epoch – Partnered with Sphera to provide first mile intelligence to Sphera's 8,500+ customers. Long line for the Seed.

• Flocean – Flocean One subsea desalination pod shipped to Mongstad, Norway for first full deployment of the 1 MLD commercial subsea freshwater system. Check out this video for more.

• HOPE Hydration – COO Cristina Gnecco named one of Ink Magazine’s 2026 Female Founders 500; Ross Hatamiya joins as Chief Revenue Officer to support HydroStation network growth.

• Subeca – Building on a fast start to 2026 (5 consecutive quarters of beating budget) with an expanding deployment pipeline. Round moving well. 

• TeamSolve – Featured in Powerhouse Ventures article for AI “Knowledge Twin” improving utility field operations; presented with Philippine water operators at the 47th PAWD National Convention. NYC happy with their work.

• Previsico – CEO Jonathan Jackson published "What Turned Storm Chandra Into a UK Flood Crisis" - making the case for real-time flood forecasting as compound risk events become a new normal. 

• Power & Water – Everyone hates dealing with the price and complexity of chemicals, and it shows. Pipeline growing well. 

• Waterly – Named to the GovTech 100 by GovTech News; platform expands to new product. 

Growth Fund I

• Aqua Membranes – Went to MINEXCHANGE to showcase RO solutions for mining; hiring a Sales Manager as the team continues to grow; watch their new video! 

• Daupler – Named to the 2026 GovTech 100 (again) and showcased at DTech and TechAdvantage as its utility network continues to expand. Processed 1m emergencies last year. 

• Irrigreen –  Exceptional to have their drip control unit launched. Potentially transformational for the company. B2B motion accelerating well.

Company Pipeline

• Overall Pipeline: 2250 (+12)

• We saw sustained pipeline activity this month, with particularly strong momentum across AI and automation, wastewater treatment, and next-generation water monitoring. With Fund II nearing capacity, we’re leaning into selectivity as we prioritize our highest-conviction investments.

Market Insights‍ ‍

• Watering the New Economy from Team Xylem. Steve’s impressions available here.

• Oil built the Persian Gulf. Desalinated water keeps it alive. War could threaten both

• The Iran War’s Most Precious Commodity Isn’t Oil

Team‍ ‍

• Props to Jessica in the season of audit, tax, year-end results, multiple important events - she’s a very serious plate spinner. 

• As we build the next generation of BIV’s platform, it’s clear we have a very entrepreneurial group. It’s fun.

BIV Insight/Visibility

• Why We’re Building Our First Growth Fund 

• Mind the Market: Show Your Working: Understanding our DD Process

• Funding The Best Water Entrepreneurs in the World - BIV on the Water MBA Podcast

• Christine at the Women’s Venture Capital Summit, February 2-4

• Jennie at the Duke MBA Association of Women in Business Conference, February 4

• Steve at Produced Water Society Conference, February 10-12

• Tom at NEXUS 2026, February 22-23

• Christine in London for World Water Tech, February 23-26

• Jennie at Energy and Climate Ventures at Duke Summit, February 24

• Tom at Confluence Philanthropy, March 3-5

• Jennie and Wayne featured in an Atlantean Media article: 7 Investor Icks and How to Avoid Them 

• Steve at The Drop 2025 – Ripple Roundtable Summaries 

We’re Reading/Listening/Watching‍ ‍

• Most of the stuff that you all are. It’s good that founders are used to Hard Mode. 

• Cheeky Pint is excellent. Stripe’s Annual Letter about the growth of online commerce is remarkable. 

• The AI impacts on SAAS businesses, based on the Citrini Resarch post and the related post by SaaStr on the implications of private credit, which has driven the purchase of SAAS companies at high multiples. 

• This post suggests AI is pushing VC investing’s power law to be even more extreme.

• Guy Ritchie’s Young Sherlock is quite fun.

• Felt like a rubicon crossed to watch Batman Begins with Kiyan. 

• No-one is to mention the Carabao Cup.

Opportunities‍ ‍

• Go Make – Greentown Labs (deadline: soon! March 10)

• 2026 Cleantech Open Accelerator (deadline: April 6)

• Google.org Impact Challenge: AI for Science (deadline: April 17)

• Urban Future Prize Competition: Climate change: solve it with us. (deadline: April 27)     

• Piloting Opportunities at BATWorks NYC 

• 2026 Western Washington Short School & Trade Show‍ ‍

• Foresight Canada: Cleantech Accelerations Program 

• Forest Valley Institute’s Sandbox Program: Climate Tech Startup Accelerator 

• Samnam Ventures’ Accelerating Water Innovation Program 

• TTI x SAP: Water Resilience & Efficiency Challenge 

• ClimAccelerator - Scaling Start-Ups for Climate Impact (regional program options)

Things to Work On‍ ‍

• Push the momentum in GF I’s raise to its interim (ideally final) conclusion. 

• Lots and lots and lots of company support to help them get to the best outcomes possible.