Siemens
About Siemens
Siemens AG is a leading German multinational technology company based in Munich and Berlin. Founded in 1847, it has grown to become the largest engineering firm in Europe and a global leader in industrial AI, automation, and industrial software. With approximately 318,000 employees, Siemens generated €78.9 billion in revenue in fiscal 2025. The company operates across various sectors, including electrification, automation, and digitalization.
Siemens focuses on four main business segments: Digital Industries, which enhances factory efficiency through automation and software; Smart Infrastruct
Siemens announced Next47 in June 2016 as an innovation and startup unit, effective October 1, 2016. The name refers to the year Siemens was founded. It started with about €1 billion in funding over five years. Siemens CTO Siegfried Russwurm headed it on an acting basis, with offices in Berkeley, Shanghai and Munich. Artificial intelligence was one of its named innovation fields, along with autonomous machines, distributed electrification and blockchain. Next47 later described itself as a $1.2 billion independent venture firm backed by Siemens AG, based in Palo Alto. In April 2018 it added Matthew Cowan and T.J. Rylander as partners and Ching-Yu Hu as a principal. Siemens has not published a current list of partners who lead AI deals, so check the Next47 site before you pitch.
Next47 describes itself as a firm for enterprise founders and says it uses the Siemens customer and industry network to help portfolio companies. Its recent AI-related lead deals are mostly enterprise software. It led the $14M Series A of Patlytics, a generative AI patent workflow platform, in February 2025. It led the $20M Series A of Nominal, an AI-native ERP startup, in July 2025. Separately, Siemens itself led a strategic investment in Skeleton Technologies in October 2026. Skeleton makes ultracapacitor systems that smooth power swings in AI data centers. The deal came with an exclusive global sales partnership. Neither company disclosed the amount beyond calling it a 9-figure deal, and Bloomberg reported more than $100 million. The Lounge deals desk also lists Emerald AI, a $25M seed round in February 2026.
Siemens does not publish check sizes. Crunchbase lists Next47 as investing from seed through later stages. Third-party sources disagree on size. Capboard lists $2M to $40M across seed to Series B. Private Equity List shows $1M to $5M at seed and Series A. Public lead rounds include Series A deals of $14M to $20M. The Skeleton investment was a late-stage strategic deal.
- Skeleton Technologies: ultracapacitor power systems for AI data centers; strategic investment led by Siemens, October 2026, valued above $1B.
- Emerald AI: seed round of $25M, February 2026, per the Lounge deals desk.
- Nominal: AI-native ERP platform; $20M Series A led by Next47, July 2025.
- Patlytics: generative AI patent workflow platform; $14M Series A led by Next47, February 2025.
- Verkada: video security with computer vision; $15M Series A led by Next47, April 2018.
- tech.eu/2016/06/28/siemens-next47
- siliconrepublic.com/start-ups/siemens-next47-startup-fund
- crunchbase.com/organization/siemens-venture-capital
- parsers.vc/fund/Next47.com
- ess-news.com/2026/10/15/siemens-leads-investment-valuing-skeleton-tech
- parsers.vc/fund/next47.com
- capboard.io/en/investor/next47
- privateequitylist.com/investors/siemens-venture-capital
Investing activity
Siemens appears in 2 AI deals tracked by the AI Lounge deals desk, rounds totalling $125M, and led 1 of them. The rounds are mostly Growth and Seed, with a median round size of $100M. The most recent are Skeleton Technologies (Strategic investment, $100M, Oct 2026) and Emerald AI (Seed, $25M, Feb 2026).
Siemens most often invests alongside Energy Impact Partners, Lowercarbon Capital, NVentures and Radical Ventures, and the companies it backs on AI Lounge are mostly in AI data center power and energy storage and AI.
Deals
Frequently asked questions about Siemens
Does Siemens invest in AI startups?
Yes. Siemens invests through Next47 and directly. Examples are the Next47-led Series A rounds in Patlytics and Nominal, and Siemens' own lead of the Skeleton Technologies round in October 2026.
What is Next47?
Next47 is the venture firm Siemens set up in 2016, with about €1 billion in initial funding over five years. It later described itself as a $1.2 billion independent firm backed by Siemens AG.
What check size does Siemens write for AI startups?
Siemens does not publish it. Third-party databases estimate $1M to $5M or $2M to $40M. Public lead rounds include $14M and $20M Series A deals.
What stage does Siemens invest in?
Crunchbase lists seed through later stages. Recent public AI deals are mostly Series A leads, plus a late-stage strategic round in Skeleton.
Where is Siemens' venture team based?
Next47 launched with offices in Berkeley, Shanghai and Munich. Crunchbase lists it in Palo Alto. Siemens AG is headquartered in Munich.
What AI companies has Siemens invested in?
Siemens's AI investments include Skeleton Technologies and Emerald AI. The 2 rounds on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is Siemens based?
Siemens is based in Munich, Bavaria, Germany.
What stage does Siemens invest at?
In the rounds tracked on AI Lounge, Siemens has invested at Growth and Seed, with a median round of $100M. Siemens led 1 of those rounds.
Who does Siemens co-invest with?
Siemens's most frequent co-investors on AI Lounge are Energy Impact Partners (1 deal), Lowercarbon Capital (1 deal), NVentures (1 deal), Radical Ventures (1 deal) and Samsung Venture Investment (1 deal).
How can founders reach Siemens?
Founders on AI Lounge can see Siemens's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add Siemens to their Investor Pipeline to track the conversation.