Beyond Earth Ventures: Why We Invested in Zeno Power

Go behind the scenes of the Series B investment in Zeno Power. In this deep dive, we unpack the research, strategic rationale, and why radioisotope power is a game-changer for space and defense.

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One of the missions of Space Ambition is to inspire more people to develop and support SpaceTech startups. Such efforts are led by personal examples of entrepreneurs and investors which already operate in the sector. This is why we believe that any example of how VCs make their investment decision about a specific deal is very insightful. Today we invited our friends from Beyond Earth Ventures so that they share their reasoning behind their investment in Zeno. Now we give the microphone to the guest writers.

Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial, investment, or legal advice. It should not be interpreted as a recommendation or solicitation to invest in any security, asset, or company. Readers are encouraged to conduct their own research, assess their individual financial situations and risk tolerance, and consult with a licensed financial advisor before making any investment decisions. All investments carry risk, including the potential loss of principal.

Introduction

At Beyond Earth Ventures, we see numerous exciting startups, but occasionally, a company captures our imagination by promising to transform entire industries. That’s precisely how we felt when investing in Zeno Power’s $50M Series B round, a round led by Hanaco, alongside distinguished co-investors such as Seraphim, 7i Capital, Balerion Space, and others. The company was founded in 2018 in Seattle, the United States, and it has raised $95M in total funding to date.

Zeno Power leverages the passive decay of radioisotopes such as Strontium-90 and Americium-241, producing compact, lightweight, and long-lasting energy solutions. Unlike traditional power systems constrained by hours or days, Zeno’s technology offers sustained energy for five years or more, fundamentally transforming operations in sectors like maritime, defense, aerospace, and distributed energy.

From the first interaction, it was clear that Zeno Power wasn’t just building innovative technology—they were pioneering a new energy paradigm. The company's groundbreaking nuclear batteries, designed to deliver reliable, continuous power for years, address a critical gap in energy supply across extreme environments—from the seabed to space exploration.

Zeno Power is tapping into a near-term market opportunity valued at $14 billion by 2026 (according to independent market assessments), specifically targeting maritime and space deployments. Beyond this immediate potential, their technology also positions them well to enter and eventually dominate the broader distributed energy sector, estimated to reach $250 billion. Now is the ideal moment for investment, driven by clearer regulatory pathways, increasing commercial demand for long-duration power in remote environments, and Zeno’s strategic advantage as an early mover in navigating complex nuclear licensing.

Market validation

With anchor customers including the U.S. Navy, NASA, and the U.S. Space Force, Zeno Power has already secured substantial contracts worth over $60 million through 2026, demonstrating strong market traction and validation.

A particularly compelling application in the space sector is NASA’s "Project Harmonia," which entrusts Zeno with delivering nuclear batteries essential for sustained lunar missions. This positions Zeno Power as an indispensable player in the emerging space infrastructure economy. Additionally, Zeno’s nuclear-powered satellite systems contracted by the U.S. Space Force highlight the broader potential of their technology in maneuverable and deep-space satellites.

Zeno’s technology also holds significant promise in maritime applications, notably autonomous undersea vehicles (AUVs), where current energy systems limit missions to days. Zeno’s nuclear batteries unlock years of uninterrupted operations, drastically reducing logistics overhead and revolutionizing subsea exploration and surveillance.

In addition, Zeno Power has been awarded a $7.5 million contract by the U.S. Department of Defense to build and demonstrate a radioisotope power system (RPS) capable of providing resilient, distributed power on the seabed. This initiative, part of the “Distributed Energy Provided Throughout the Seas” (DEPTHS) program, aims to develop decentralized nodes for energy generation and distribution on the seabed, enabling future applications such as long-endurance sensors and charging stations for autonomous undersea vehicles. The DEPTHS team includes partners like Blue Origin and Sunpower, collaborating to integrate Stirling convertor technology into the RPS.

We were also drawn to Zeno Power's unique technological edge, highlighted by their proprietary heat source that significantly improves power density and reduces radiation shielding requirements. The successful demonstration at Pacific Northwest National Laboratory in October 2023 validated their approach, marking a critical milestone towards regulatory approval and commercialization by 2026.

The company's proactive engagement with regulatory bodies like the Nuclear Regulatory Commission (NRC) further strengthens their market position. By navigating complex licensing processes effectively, Zeno has achieved a first-mover advantage, preparing to scale rapidly in high-value markets.

Team

Moreover, Zeno Power’s leadership team originated from Vanderbilt University's NSF I-Corps Site Program, where the founders first honed their concept, refined their market strategy through intensive customer discovery, and validated their groundbreaking approach to nuclear power solutions. Today, the team comprises seasoned executives and technical experts from prestigious organizations such as NASA, Blue Origin, SpaceX, and the Department of Energy. They stand out due to their deep industry expertise, proven track records in developing and deploying advanced nuclear and aerospace technologies, and exceptional ability to navigate complex regulatory environments. This combined strength is a testament to their operational excellence and strategic vision.

Their robust advisory board, featuring influential figures like former Chief of Naval Operations Admiral John Richardson and former Assistant Secretary of Nuclear Energy Dr. Rita Baranwal, adds critical expertise and strategic depth. The total headcount is 68 employees.

We especially liked the founders:

• Tyler Bernstein (CEO) is a Thiel Fellow and Forbes 30 Under 30 recipient, recognized for his leadership in frontier tech. He brings a strong entrepreneurial mindset and a track record of translating deep tech into real-world products. His business acumen and ability to build partnerships with major government agencies like NASA and DoD are key to Zeno's traction.

• Jonathan Segal (COO), also recognized on the Forbes 30 Under 30 list, has a background in systems engineering and operations, shaped by his time at Vanderbilt and experience working with government-focused programs. He brings structure and execution discipline to the team, ensuring complex hardware and regulatory initiatives move forward on time.

• Jacob Matthews is a technical powerhouse with experience in advanced nuclear systems. He previously worked on critical R&D programs within the Department of Defense and has led key innovations in radioisotope power design. His science and engineering leadership anchors the company’s technical credibility.

Investing in Zeno Power was about recognizing an exceptional opportunity—not just in their technological capabilities or market potential, but in their strategic vision to lead the distributed energy future. As Zeno prepares for rapid scaling and market expansion, we see immense potential for their solutions to drive transformative changes across multiple industries.

At Beyond Earth Ventures, we are proud to back Zeno Power as they unlock the next generation of reliable, sustainable energy. This isn’t merely about powering the next frontier—it’s about creating a resilient and energy-abundant future, both on Earth and beyond.

We at Space Ambition hope that stories like this will inspire our readers to start their journey in the aerospace sector whether you are an entrepreneur, engineer, sales & marketing expert, or investor. If you need our help, please shoot us an email via hello@spaceambition.org. Good luck with your future endeavors!