Lux Capital's Contrarian Bet on Kurion Yields 34x Return in 2016 Acquisition

New York, NY – Venture capitalist Josh Wolfe, co-founder of Lux Capital, celebrated a significant investment milestone in 2016 with the acquisition of portfolio company Kurion by French environmental giant Veolia. The deal, valued at nearly $400 million, represented a 34-fold return on Lux Capital's initial investment, a success Wolfe succinctly acknowledged on social media, stating, "Yes in 2016." This outcome underscored Lux Capital's distinctive strategy of backing "contrarian" deep technology ventures.

Kurion, founded in 2008 with Lux Capital's support, specialized in advanced robotics and chemistry for nuclear waste cleanup. The company gained international prominence as one of the first responders to the 2011 Fukushima Daiichi disaster in Japan, where its technology played a crucial role in treating radioactive water. This rapid response solidified Kurion's reputation and demonstrated the critical need for its innovative solutions in the nuclear sector.

Wolfe's investment philosophy often centers on identifying overlooked problems and backing unconventional solutions. He frequently asks, "What sucks?" to pinpoint areas ripe for technological disruption, a strategy that led Lux Capital to invest in nuclear waste management when many venture firms focused on other "clean tech" areas. This approach allowed Lux to find opportunities where others weren't looking, transforming a niche problem into a substantial financial and societal impact.

The acquisition by Veolia, announced in February 2016, was a strategic move to integrate Kurion's expertise into Veolia's global offerings in nuclear facility cleanup and radioactive waste treatment. Veolia's Chairman and CEO, Antoine Frerot, emphasized that the acquisition would enable the company to provide comprehensive solutions for managing low and medium-level radioactive waste worldwide. Josh Wolfe expressed his satisfaction, noting, "The dream when we started was deep technology, rapid growth and permanent global impact."

The Kurion success story highlights Lux Capital's commitment to investing in hard sciences and engineering to address complex global challenges. Wolfe, a prominent voice in the venture capital community, continues to champion investments in areas like AI, biotech, and defense, advocating for solutions that often lie outside mainstream tech trends and promising long-term, impactful returns.