Wealthy family offices made fewer direct investments in September, but continued backing bold bets in emerging technologies. John Arnold and John Doerr's firms led a $135 million funding round for Mazama Energy, a geothermal startup, while Stanley Druckenmiller's office invested in semiconductor manufacturing and brain implant technology.
Panthalassa, an Oregon-based startup, has raised $140m to develop wave-powered floating data centres designed to power AI infrastructure. The company's 85-metre ocean nodes use wave motion to generate electricity through turbines, avoiding traditional complexity while operating remotely via Starlink. The technology addresses the energy crisis created by AI's massive power demands, which the IEA projects will grow 30% annually through 2030.