# Zanskar Geothermal and Minerals

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/zanskar-geothermal-and-minerals

- Industry: Renewable Energy
- Headquarters: Salt Lake City, US
- Website: www.zanskar.com
- Total disclosed funding: $160M
- Latest round: Series C (Jan 21, 2026)
- Investors on record: 20

## About

Established in 2021 and based in Utah, US, Zanskar Geothermal and Minerals, Inc. is a technology company focused on developing methods for identifying geothermal resources and optimizing approaches to maximize output. The firm was co-founded by Carl Hoiland (CEO) and Joel Edwards (CTO). In January 2026, Zanskar Geothermal and Minerals, Inc. raised USD 115 million in series C funding led by new investor Spring Lane Capital, with participation from other new investors Susquehanna Growth Equity, Imperative Ventures, StepStone, University Growth Fund, Cross Creek, GVP Climate, Carica Sustainable Investments, UP.Partners, All Aboard Fund, Orion Industrial Ventures, and Tranquillion. Returning investors Obvious, Union Square Ventures, Lowercarbon Capital, Munich Re Ventures, Clearvision Ventures, Safar Partners, and other unspecified investors also participated in the round.

The company's technology integrates artificial intelligence, big data, and advanced sensing techniques to uncover concealed geothermal resources. This enables clients to mitigate risks associated with geothermal exploration by providing insights and information.

The company plans to utilize the January 2026 funding to grow its geothermal projects, expand drilling, and build new partnerships.

## Funding rounds

- Series C, Jan 21, 2026, $115M — Union Square Ventures, StepStone, Susquehanna Growth Equity, Cross Creek, Obvious, Clearvision Ventures, Munich Re Ventures, Spring Lane Capital, University Growth Fund, Safar Partners, Imperative Ventures, Lowercarbon Capital, UP.Partners, Carica Sustainable Investments, GVP Climate, All Aboard
- Series B, May 6, 2024, $30M — Union Square Ventures, Obvious, First Star Ventures, Clearvision Ventures, Munich Re Ventures, Safar Partners, Lowercarbon Capital
- Series A, Aug 26, 2023, $12M — Union Square Ventures, First Star Ventures, Munich Re Ventures, Safar Partners, Lowercarbon Capital, Neglected Climate Opportunities
- Seed, Apr 6, 2021, $3.2M — First Star Ventures, Xplorer Capital, PRIME Impact Fund, Safar Partners

## Investors

- First Star Ventures (https://capitalatlas.ai/funds/first-star-ventures) — Seed, Series A, Series B
- Xplorer Capital (https://capitalatlas.ai/funds/xplorer-capital) — Seed
- PRIME Impact Fund (https://capitalatlas.ai/funds/prime-impact-fund) — Seed
- Safar Partners (https://capitalatlas.ai/funds/safar-partners) — Seed, Series A, Series B, Series C
- Union Square Ventures (https://capitalatlas.ai/funds/union-square-ventures) — Series A, Series B, Series C
- Munich Re Ventures (https://capitalatlas.ai/funds/munich-re-ventures) — Series A, Series B, Series C
- Lowercarbon Capital (https://capitalatlas.ai/funds/lowercarbon-capital) — Series A, Series B, Series C
- Neglected Climate Opportunities (https://capitalatlas.ai/funds/neglected-climate-opportunities) — Series A
- Obvious (https://capitalatlas.ai/funds/obvious) — Series B, Series C
- Clearvision Ventures (https://capitalatlas.ai/funds/clearvision-ventures) — Series B, Series C
- StepStone (https://capitalatlas.ai/funds/stepstone) — Series C
- Susquehanna Growth Equity (https://capitalatlas.ai/funds/susquehanna-growth-equity) — Series C
- Cross Creek (https://capitalatlas.ai/funds/cross-creek) — Series C
- Spring Lane Capital (https://capitalatlas.ai/funds/spring-lane-capital) — Series C
- University Growth Fund (https://capitalatlas.ai/funds/university-growth-fund) — Series C
- Imperative Ventures (https://capitalatlas.ai/funds/imperative-ventures) — Series C
- UP.Partners (https://capitalatlas.ai/funds/up-partners) — Series C
- Carica Sustainable Investments — Series C
- GVP Climate (https://capitalatlas.ai/funds/gvp-climate) — Series C
- All Aboard (https://capitalatlas.ai/funds/all-aboard) — Series C