Engine Ventures

Aero X Ventures is a specialized early-stage venture firm investing in innovative technologies that are transforming Aerospace and Defense (A&D). We are experienced investors focused on Advanced Air Mobility (AAM) and related A&D sub-markets with increased technology demand, competition, and M&A to generate competitive venture investment returns. Our Vision Within Aerospace & Defense (A&D), we see a meaningful opportunity to invest into early-stage companies with product traction in Advanced Air Mobility (AAM), Robotics & Autonomous Systems (RAS), & Smart Manufacturing. Each of these A&D sub-markets are utilizing key enabling technologies to drive scalable solutions to difficult problems and have both a military and commercial application. Within Defense, we see a positive trend and demand for private capital investment. We are particular to companies innovating and driving growth of critical technologies within the Department of Defense. We will support each portfolio company navigate market and optimize strategy. We will maximize the value of our social and intellectual capital to accelerate growth. Target companies seeking seed & series A equity financing with product-market fit Invest into companies up to $10M in annual revenue and post-money valuation up to $100M Leverage our domain expertise and network of public and private relationships Investment size of $500k to $3M Lead, Co-Lead or Participate in venture financing rounds Maximize our Strategic Advisory Board of experienced Aerospace & Defense executives and regulatory leaders

With offices in Europe, Silicon Valley, Boston, China and Israel, we are working with Deep-tech companies worldwide. Having our investment sweet spot in early stage we are also looking into later stage companies, as well as seed stage in selected cases. We prefer to syndicate our investments with existing or new investors in the company and can take the lead, co-lead or follow as necessary. Beyond the financial commitment, startups receive access to our vast network and support in commercial collaborations. At a glance:Up to EUR 25m per Company Up to 25% Equity Position and 100% Commitment Focus AreasAI / Deep Learning Automation & Digitalization Semiconductor & Next Generation Computer AR / VR Mobility Solutions Automation & ElectrificationElectronics & power electronics Sensors, actuators, and MEMS devices Electric systems, incl. robotics Autonomous systems Enabling TechnologiesConnectivity Signal processing and interpretation Human-Machine-Interface (HMI) Modern software technologies Web/internet based business models Climate TechLocal generation & energy harvesting Local distribution & storage Efficiency of energy conversion Energy management Environmental technologies HealthcareLab and point of care patient diagnostics Chronic diseases management with focus on pulmonary conditions Cancer diagnostics and treatment progress E-health devices, sensors, applications and services

Molten Ventures is Europe’s largest listed tech VC firm. We inject the most visionary companies with energy to help them transform and grow. This energy comes in many forms - capital of course but also knowledge, experience, relationships, and commitment. For our portfolio, for our investors and for our society, we make more possible. We invest in companies for the long term, but we start from early stage, so we have chosen a name that captures that very first change. When a solid becomes a liquid, it becomes Molten. We transformed venture capital In helping our portfolio transform, so too have we. Our public listing and multi-fund model allow us to provide entrepreneurs with a more flexible approach to funding, to back the best teams for as long as they need and give investors the ability to share in the growth of the companies that are inventing the future. We are global The best entrepreneurs will take their companies beyond Europe. We are part of a global community of independent funds that can help them scale across the world. We invest in Europe’s best tech companies Molten Ventures portfolio of investments boasts 67 companies includes exciting early-stage companies like Irish drone delivery company Manna Aero, Cambridge-based quantum computing software company, Riverlane, London-based climate intelligence company, Cervest and Finnish satellite company ICEYE. As a testament to its ability to support companies throughout their lifecycle, Molten’s portfolio also includes European unicorns like Trustpilot, UiPath, Graphcore, Revolut, Cazoo, Ledger and Aircall.

We are focused on advancing Celestica's global strategy in key end markets and connecting portfolio companies to our services including new product introduction, design and advanced engineering support, as well as our global supply chain and manufacturing expertise. We focus on investing in Seed to Series C companies aligned with Celestica's core markets as well as other emerging markets with complex electronics.

Our planet is facing a multitude of urgent challenges; from climate change, dwindling natural resources and rapid urbanisation, to a growing demand for accessible healthcare. These pressing issues call for innovative and sustainable solutions that only scientific advancements can provide. Deep Science as an Asset Class.We invest in scientific breakthroughs that together advance human capability and create financial returns. We’re looking for: Entirely new technologies developed from fundamental research IP-rich innovations with competitive defensibility Solutions to real problems in Life Sciences, Advanced Materials, TechBio, Photonics and Quantum Hardware, Robotics and Automation, AgChem/Tech and DeepTech We offer portfolio exposure to deep science investments supported by a best-in-class due diligence process conducted by experienced entrepreneurs, operators, investors and scientists Investing with Empirical Ventures. ACCESS: leading pre-seed and seed rounds by leveraging our market-leading due diligence and domain expertise, opening doors to the best deals and co-investors SELECTION: our robust, highly selective process identifies cutting-edge scientific advances from the UK R&D landscape with the most compelling commercial opportunities SCALE: Our track record presents unparalleled opportunities to scale our portfolio companies and attract the best follow-on investors and talent POSITION: Our approach increases the probability of reaching Series A, a key inflection point for pre-seed and seed investors.

In the past 15 years, Canada’s innovation ecosystem has taken off. Startups, accelerators, incubators, investors, and forward-thinking policies have created a true hotbed of entrepreneurship. Bold ideas are flourishing, transformative ventures are thriving, and Canadian technology is reshaping industries, driving growth at home and societal impact worldwide. We could look back and self-applause our progress, but let’s be radically transparent: major challenges remain and there is still a lot left to be done. A majority of our technology companies are not achieving the global scale they legitimately could attain. They do not achieve their full potential; frequently selling prematurely instead of being the market consolidator and building for the long term. ​ A central cause of this problem is the lack of early-stage venture leadership and risk-taking at the true “inflection point” - when startups have early revenue, signs of product-market fit, and are ready to scale. Canada has no shortage of funds willing to follow on, but far too few are prepared to lead Seed and Series A rounds: to structure financings, set valuations, negotiate terms, and define the conditions for success. The “Death Valley” is real. Canadian venture capital lacks leadership, and needs to contribute more expertise. The “Death Valley” is the critical scaling stage that most companies fail to overcome. It happens as a company attempts to bridge the gap between early commercial success and achieving significant revenue scale. In 2024, roughly six in ten Canadian seed rounds included foreign investors, a dynamic that intensifies by Series A and beyond. Half of that was led by US Too often, the most promising Canadian startups saw their early rounds led by U.S. VCs. While we welcome foreign investors, global connections strengthen our ecosystem, Canada simply lacks enough lead investors to keep ownership at home. For early-stage and scale-up companies, the shortage of funding alternatives is a major barrier. Many of our best founders head south in search of stronger capital partners. The gap is readily filled by international investors, and who can blame them? Canadian founders are known to outperform and to be more capital efficient than their U.S. peers. The best founders will always attract global capital and seek out the strongest partners. But this comes at a cost. Every time leadership is ceded abroad, Canada loses ownership of its most successful businesses. An ecosystem of “follower investors” produces an economy of subsidiaries, when what we need are global leaders. The problem is twofold: not enough Canadian capital to lead at the inflection point, and not enough seasoned expertise to scale our champions. If you believe, as we do, that local technology champions will be the cornerstone of our future economic prosperity, then our ecosystem must level up. We need more early-stage capital that doesn’t just follow, but leads. Equity financing must evolve to deliver not only dollars, but expertise, resources, and technology to nurture local champions. Understandably so, when they lead funding rounds, most Canadian VC firms will either focus on the pre-seed stage, where the power-law is magnified and placing many small bets is more important than bringing expertise, or the growth stages (Series B+) where significant risk is already behind and larger checks drive the outcomes. A paradigm shift is required. New organizations must emerge that add real value and aren’t afraid to take the lead at the Seed stage. This is why we are launching Amiral Ventures. Amiral Ventures is a new venture capital firm on a mission to empower Canada’s most ambitious founders with dynamic capital and scaling expertise, building the next generation of technology flagships with lasting societal impact. Vaisseau Amiral (French for Flagship): A ship or building that is recognized for its size and strength, making it the pride of a fleet or an organization As entrepreneurs ourselves, we have utmost respect for the founder journey. We don’t just invest, we aim to deserve the right to partner with them along the way. Amiral creates the ecosystem where visionary founders thrive, with capital, expertise, global networks, and technology to fuel their growth. We’ve built scale-ups, felt the entrepreneurial highs and lows, and now channel that experience into backing the founders solving the world’s toughest problems. Prosperity Decoded Backing Canadian founders at seed to series-a to drive enterprise productivity, sustainability & resilience The challenges we face, low productivity, climate urgency, and fragile infrastructure, are systemic. But they also represent one of the greatest investment junctures of our time. New enterprise technologies, powered by AI and software, can equip leaders with transformative, mission-critical solutions. Productivity. Canada’s productivity gap is real—our workers produce only ~70% of what their U.S. peers achieve. The answer isn’t more talk, it’s action: applied AI, automation, robotics, and digital platforms. We back Canadian founders building these solutions at home and scaling them worldwide. Sustainability. Profitability and environmental impact can no longer be at odds. The transition to renewables and the optimization of energy use are urgent. Software and AI will be the linchpins of this shift, from clean energy production to efficient consumption. Resilience. Supply chains, industries, and critical infrastructure are under strain. Building resilience means more autonomy, security, and sovereignty, enabled by smart industry, robotics, digital twins, cybersecurity and intelligent manufacturing. More than just capital. Founders-led and founders-backed. Amiral Ventures will focus on leading early-stage rounds between theSeed and Series A and will actively support companies to achieve a strong global position. Capital is a commodity, expertise is not. An integral part of our investment thesis is having a dedicated impact team that will create value post-investment. Our initial focus is helping portfolio companies expand globally and seize international opportunities to scale. Over time, Amiral’s impact team will operate like a service organization, combining internal expertise, external networks, and proprietary technology to empower founders. Our goal is clear: every dollar invested by Amiral should deliver a measurable impact on a founder’s trajectory. Beyond the Amiral team’s expertise, we are surrounding ourselves by an unprecedented group of investors who are themselves founders, CEOs, CTOs, CROs, and not only share our vision but are eager to roll up their sleeves to help our flagship companies. ​Building an enduring franchise We are proudly Québécois but our market is much wider. We believe that for Québec & Canada to succeed, we must expand beyond our borders just like the Admiral butterfly. Papillon Amiral (French for Admiral Butterfly): Emblem of Québec, it is known for its rapid flight, its impressive migration, resilience and its noble appearance. Building a dynamic, resilient, and cleaner economy means securing local ownership while scaling globally. Amiral is an investment firm with an entrepreneurial mindset, built to create value for the next generation of innovators. We stand on the shoulders of the Canadian venture pioneers who came before us. History will mark the early 2020s as an inflection point. Technologies once magical are now everyday tools. The means to create prosperity are in our hands. But good is no longer good enough. High-paying jobs, economic development, and new technologies are necessary but we must also increase Canadian ownership in our champion companies, deploy smarter capital, and elevate our ecosystem. The “Death Valley” for Canadian startups must be crossed. Ambitious founders are ready to take flight on the global stage. Let’s build the next generation of Canadian flagships.