Zanskar raises $115M Series C

Spring Lane Capital led the round. Returning backers Obvious Ventures, Union Square Ventures and Lowercarbon Capital took part, along with more than a dozen other investors, including Munich Re Ventures, StepStone Group and Susquehanna Sustainable Investments. Zanskar says total equity raised now stands at $180M. Valuation has not been reported. Proceeds go toward expanding its AI discovery platform and starting construction on power plants at sites it has already found. The company targets delivery of power before 2030 across the Western US. The raise follows a $30M Series B in 2024. Zanskar says its prior round funded exploration at three sites, all of which produced results: a revived plant in New Mexico and two new sites that together could exceed 100 MW. It also holds a conditional 100 MW, 20-year power purchase agreement with NV Energy. Its models are trained on historical discoveries, which matters because most geothermal systems show no surface signs such as hot springs. For AI founders, the deal is an example of a model-driven discovery business that moves into owning and building physical assets. Capital needs, permitting and construction risk then replace software margins as the main variables. Demand from data centers for firm power is the commercial pull, and investors appear willing to fund the build phase once the models have produced drilled results.