Engine Ventures is a Cambridge, Massachusetts venture firm that invests in Tough Tech, breakthrough science and engineering companies addressing climate, human health, and advanced systems. It traces to The Engine, launched by MIT in October 2016 to help startups commercialize foundational technology. Katie Rae became president, CEO, and managing partner in early 2017 and led the first fund, which held a first close of more than 150 million dollars in April 2017 with MIT contributing 25 million dollars and ultimately closed at over 200 million dollars, followed by a 230 million dollar second fund in October 2020. The investment operation later separated from the nonprofit side. The Engine continues as a 501(c)(3) accelerator providing lab space and programs, while the fund manager became the independent firm Engine Ventures in 2023. In June 2024 the firm closed its 398 million dollar Fund III, again anchored by MIT, bringing assets under management above 1 billion dollars. Its website states 1.1 billion dollars under management and 65 portfolio companies. The firm leads early rounds and stays engaged through manufacturing, deployment, and scaling, and runs fellowship and workforce programs. Holdings include Commonwealth Fusion Systems, Form Energy, Boston Metal, and Sublime Systems, all still private.
No confirmed public exit yet; the firm's notable positions remain private.