Morgenthaler Ventures

Founded in 1968, Morgenthaler Ventures is a seasoned venture capital firm based in Portola Valley, California. With over four decades of experience, the firm invests in early-stage technology companies across various sectors including IT software, TMT, healthcare, and life science.

Robin Bellas

General Partner

Gary Morgenthaler

Partner

David Morgenthaler

Partner

Hank Plain

Partner

Past deals in Manufacturing

Skb

Private Equity Round in 2025
Skb is a company that designs and manufactures molded polymer transport cases.

Webster Industries

Private Equity Round in 2024
Webster Industries is a leading manufacturer in the engineered class chain, sprockets, and vibrating equipment markets. The company specializes in producing high-quality chains intended for material handling and power transmission applications. Additionally, Webster Industries offers customized sprockets and vibratory equipment tailored to meet specific client needs. Their commitment to product excellence and evolving processes ensures that customers receive value-added solutions through empowered employees.

P&S Sales

Acquisition in 2024
Family owned distributors of detail products and auto body supplies. They also conduct coating certificate courses. They provides all types of car detailing, polishing and painting.

Mid-States Bolt & Screw

Private Equity Round in 2023
Mid-States Bolt & Screw is a distributor specializing in standard and specialty fasteners, tools, and industrial hardware. Serving a diverse range of customers, from wholesalers and retailers to homeowners and bridge builders, the company's extensive product portfolio includes fasteners, safety equipment, abrasives, tools, and more. By offering a wide array of industrial applications, Mid-States Bolt & Screw helps its clients reduce costs, enhance productivity, and maintain optimal inventory levels.

Flexpipe

Private Equity Round in 2023
Flexpipe is a manufacturer specializing in steel modular systems for lean manufacturing. The company produces a range of products, including coated steel pipes, joints, roller tracks, panels, fasteners, casters, and various related tools and accessories. By providing these components, Flexpipe aims to enhance productivity for its clients in commercial and industrial sectors.

80/20

Private Equity Round in 2021
80/20 specializes in the design and manufacture of modular aluminum T-slot building systems. These systems are versatile and widely applicable across various industries such as architecture, arts, environment, automotive, healthcare, and more. They enable clients to create custom solutions for automation challenges, robotic support, machine frames, displays, and other applications.

Waterfront Brands

Venture Round in 2021
Waterfront Brands is a manufacturer based in Fergus Falls, Minnesota, specializing in a comprehensive range of boating products for both fresh and saltwater environments. The company offers an extensive lineup of premium brands, including aluminum docks, aluminum boat lifts, steel docks, steel boat lifts, and plastic floating docks. Additionally, Waterfront Brands produces roto-molding equipment and various waterfront accessories, catering to the needs of dealers and distributors across North America. Through its diverse product offerings, Waterfront Brands aims to provide quality solutions for waterfront equipment, ensuring a reliable experience for customers engaged in boating activities.

Teel Plastics

Acquisition in 2020
Teel Plastics, Inc. is a manufacturer based in Baraboo, Wisconsin, specializing in custom extruded plastic tubing and profiles. Founded in 1951 and known as Insemikit Company, Inc. until its name change in 1958, the company produces a diverse range of products, including industrial plastic cores for applications such as water softeners and refrigerators, as well as medical tubing for devices like IV sets and catheters. Teel Plastics also offers plastic profiles for various sectors, including aerospace, furniture, and appliances, along with pultruded products like door thresholds and tool handles. The company primarily serves industries such as healthcare, food, utilities, and residential and commercial construction, focusing on innovative solutions that enhance product quality and reduce environmental impact.

Garmat USA

Private Equity Round in 2019
Garmat USA is a manufacturer specializing in paint booths and finishing solutions tailored for various industries, including automotive, aerospace, and industrial applications. The company offers a diverse range of products such as downdraft paint booths, modified paint booths, closed-top open-front booths, waterborne booths, and mixing stations. These solutions are designed to enhance productivity and reduce operating costs for clients in collision repair, marine, and aviation sectors. Garmat USA focuses on delivering high-quality equipment that meets the specific needs of its customers, supporting their operational efficiency and effectiveness.

Garmat USA

Acquisition in 2019
Garmat USA is a manufacturer specializing in paint booths and finishing solutions tailored for various industries, including automotive, aerospace, and industrial applications. The company offers a diverse range of products such as downdraft paint booths, modified paint booths, closed-top open-front booths, waterborne booths, and mixing stations. These solutions are designed to enhance productivity and reduce operating costs for clients in collision repair, marine, and aviation sectors. Garmat USA focuses on delivering high-quality equipment that meets the specific needs of its customers, supporting their operational efficiency and effectiveness.

Cantrell

Acquisition in 2019
Cantrell is a manufacturer of equipment and systems for the poultry processing industry. Cantrell has earned a reputation for designing and delivering quality products and parts that meet the needs of the poultry processing industry. Among the products the company manufactures are evisceration and picking equipment, second processing equipment, wing segmenters, vacuum systems, and spare parts. Cantrell sells its products to leading poultry processors

DreamLine

Private Equity Round in 2017
DreamLine is a manufacturer and distributor of bathroom fixtures and accessories based in Warminster, Pennsylvania. The company specializes in producing shower doors, tub doors, shower enclosures, and acrylic shower bases. DreamLine offers a range of off-the-shelf and custom shower door solutions, characterized by sleek modern designs and competitive value. Their products allow customers to customize shower fittings to meet their specific needs, providing comprehensive bathroom solutions in the bath and shower marketplace. The company has garnered worldwide recognition for its innovative offerings and commitment to quality.

Twelve

Series C in 2015
Twelve manufactures medical devices. It was formerly known as Foundry Newco XII, Inc. The company was incorporated in 2009 and is based in Menlo Park, California.

dlhBOWLES

Acquisition in 2014
dlhBOWLES is a leading manufacturer of plastic air and fluid handling assemblies, tubing, hoses, and profile extrusions, serving the automotive sector and other industries. Established in 1975 and based in Canton, Ohio, the company specializes in the design, development, and production of automotive fluid management systems and components, including washer systems, powertrain and chassis parts, and electric vehicle thermal management solutions. With over fifty years of experience, dlhBOWLES has supplied more than a quarter of a billion components to major automakers, demonstrating its commitment to high-quality and cost-effective products. The company also provides engineering and manufacturing services, rapid prototyping, and lab testing, which enhance its capacity to deliver reliable and innovative solutions for diverse applications. As a subsidiary of Bowles Fluidics Corporation, dlhBOWLES continues to expand its technological capabilities and product offerings globally.

Twelve

Venture Round in 2012
Twelve manufactures medical devices. It was formerly known as Foundry Newco XII, Inc. The company was incorporated in 2009 and is based in Menlo Park, California.

Twelve

Series A in 2010
Twelve manufactures medical devices. It was formerly known as Foundry Newco XII, Inc. The company was incorporated in 2009 and is based in Menlo Park, California.

Phillips & Temro Industries

Venture Round in 2009
Phillips & Temro Industries specializes in designing and manufacturing thermal solutions and systems for a wide range of applications. With over a century of technical experience, the company provides heating, cooling, and electrification products tailored to diesel, gasoline, hybrid, and electric vehicle engines. Their services encompass concept design, rapid prototyping, and on-site product testing, ensuring effective solutions that meet complex engineering demands. By focusing on the evolving landscape of engine technology and new energy vehicles, Phillips & Temro Industries enables customers to enhance equipment performance, reliability, and safety. Their commitment to flexibility and rapid response has fostered long-standing partnerships with OEM leaders across various markets.

Zolo Technologies

Series D in 2007
Zolo Technologies, Inc. specializes in the design, development, manufacture, installation, and servicing of laser-based and multiplexed combustion monitoring systems. Founded in 1999 and based in Boulder, Colorado, the company serves various industrial sectors, including power generation, steel production, and petrochemical refining. Zolo Technologies offers tunable diode laser absorption spectroscopy instruments that measure vital constituents such as oxygen, carbon monoxide, carbon dioxide, and temperature in demanding combustion environments. Its product applications include steam methane reformers, ethylene cracking, electric arc furnaces, and glass furnaces. The company markets its innovative solutions under the ZoloBOSS, Zolographics, and SensAlign brand names, enabling clients to optimize processes and improve product quality through enhanced monitoring and diagnostics.

Five Star Technologies

Venture Round in 2006
Five Star Technologies is a supplier of high-performance dispersions, inks and pastes used in displays, photovoltaics, and microelectronic packaging. Combining its patented hydrodynamic cavitation process with innovative chemistry, Five Star produces the ElectroSperseâ„¢ series of inks and pastes as well as a wide range of precision dispersions. The ElectroSperse line features a range of conductive pastes with exceptional printability, low firing temperatures, high levels of conductivity, strong adhesion to a variety of substrates, and RoHS compliance. ElectroSperse grades can be tailored for a range of processing techniques, including screen, gravure, extrusion and ink jet printing. Targeted applications include electrodes, interconnects, and linearization patterns for displays, photovoltaic front side contacts, and hybrid microcircuits.

NanoOpto

Series D in 2006
NanoOpto is a manufacturer specializing in integrated modular nano-optic components for optical systems and networks. The company utilizes proprietary nano-optics and nano-manufacturing technology to develop a range of products, including infrared cut filters, nano-optic isolators, deep ultraviolet polarizers, polarizing beam splitters, optical isolators, microlens arrays, and waveplates. Based on extensive research, NanoOpto's innovations enable rapid prototyping and enhance performance while reducing overall system costs. In addition to its product offerings, the company provides services such as conformal optical coatings through atomic layer deposition, precision coatings via e-beam deposition, precision dicing, and optical design and engineering. NanoOpto operates a high-volume manufacturing facility in Somerset, New Jersey, where it employs subwavelength techniques to improve conventional optical components and develop new classes of integrated components.

Zolo Technologies

Series C in 2005
Zolo Technologies, Inc. specializes in the design, development, manufacture, installation, and servicing of laser-based and multiplexed combustion monitoring systems. Founded in 1999 and based in Boulder, Colorado, the company serves various industrial sectors, including power generation, steel production, and petrochemical refining. Zolo Technologies offers tunable diode laser absorption spectroscopy instruments that measure vital constituents such as oxygen, carbon monoxide, carbon dioxide, and temperature in demanding combustion environments. Its product applications include steam methane reformers, ethylene cracking, electric arc furnaces, and glass furnaces. The company markets its innovative solutions under the ZoloBOSS, Zolographics, and SensAlign brand names, enabling clients to optimize processes and improve product quality through enhanced monitoring and diagnostics.

NanoOpto

Series C in 2005
NanoOpto is a manufacturer specializing in integrated modular nano-optic components for optical systems and networks. The company utilizes proprietary nano-optics and nano-manufacturing technology to develop a range of products, including infrared cut filters, nano-optic isolators, deep ultraviolet polarizers, polarizing beam splitters, optical isolators, microlens arrays, and waveplates. Based on extensive research, NanoOpto's innovations enable rapid prototyping and enhance performance while reducing overall system costs. In addition to its product offerings, the company provides services such as conformal optical coatings through atomic layer deposition, precision coatings via e-beam deposition, precision dicing, and optical design and engineering. NanoOpto operates a high-volume manufacturing facility in Somerset, New Jersey, where it employs subwavelength techniques to improve conventional optical components and develop new classes of integrated components.

NanoOpto

Venture Round in 2004
NanoOpto is a manufacturer specializing in integrated modular nano-optic components for optical systems and networks. The company utilizes proprietary nano-optics and nano-manufacturing technology to develop a range of products, including infrared cut filters, nano-optic isolators, deep ultraviolet polarizers, polarizing beam splitters, optical isolators, microlens arrays, and waveplates. Based on extensive research, NanoOpto's innovations enable rapid prototyping and enhance performance while reducing overall system costs. In addition to its product offerings, the company provides services such as conformal optical coatings through atomic layer deposition, precision coatings via e-beam deposition, precision dicing, and optical design and engineering. NanoOpto operates a high-volume manufacturing facility in Somerset, New Jersey, where it employs subwavelength techniques to improve conventional optical components and develop new classes of integrated components.

Five Star Technologies

Series C in 2004
Five Star Technologies is a supplier of high-performance dispersions, inks and pastes used in displays, photovoltaics, and microelectronic packaging. Combining its patented hydrodynamic cavitation process with innovative chemistry, Five Star produces the ElectroSperseâ„¢ series of inks and pastes as well as a wide range of precision dispersions. The ElectroSperse line features a range of conductive pastes with exceptional printability, low firing temperatures, high levels of conductivity, strong adhesion to a variety of substrates, and RoHS compliance. ElectroSperse grades can be tailored for a range of processing techniques, including screen, gravure, extrusion and ink jet printing. Targeted applications include electrodes, interconnects, and linearization patterns for displays, photovoltaic front side contacts, and hybrid microcircuits.

Archcom Delaware Holding

Series B in 2004
Archcom Delaware Holding specializes in the development and manufacturing of optical solutions, focusing on communication products that utilize laser diodes and photodiodes. The company produces both cooled and uncooled laser modules specifically designed for Erbium-Doped Fiber Amplifier (EDFA) applications. In addition to its standard product offerings, Archcom Delaware Holding provides custom chip design and packaging services tailored to meet the specific needs of a diverse range of clients.

Five Star Technologies

Series C in 2003
Five Star Technologies is a supplier of high-performance dispersions, inks and pastes used in displays, photovoltaics, and microelectronic packaging. Combining its patented hydrodynamic cavitation process with innovative chemistry, Five Star produces the ElectroSperseâ„¢ series of inks and pastes as well as a wide range of precision dispersions. The ElectroSperse line features a range of conductive pastes with exceptional printability, low firing temperatures, high levels of conductivity, strong adhesion to a variety of substrates, and RoHS compliance. ElectroSperse grades can be tailored for a range of processing techniques, including screen, gravure, extrusion and ink jet printing. Targeted applications include electrodes, interconnects, and linearization patterns for displays, photovoltaic front side contacts, and hybrid microcircuits.

NanoOpto

Series B in 2003
NanoOpto is a manufacturer specializing in integrated modular nano-optic components for optical systems and networks. The company utilizes proprietary nano-optics and nano-manufacturing technology to develop a range of products, including infrared cut filters, nano-optic isolators, deep ultraviolet polarizers, polarizing beam splitters, optical isolators, microlens arrays, and waveplates. Based on extensive research, NanoOpto's innovations enable rapid prototyping and enhance performance while reducing overall system costs. In addition to its product offerings, the company provides services such as conformal optical coatings through atomic layer deposition, precision coatings via e-beam deposition, precision dicing, and optical design and engineering. NanoOpto operates a high-volume manufacturing facility in Somerset, New Jersey, where it employs subwavelength techniques to improve conventional optical components and develop new classes of integrated components.

ConForm

Acquisition in 2003
ConForm Automotive is the largest manufacturer of needlepunched nonwoven fabrics and polyester staple fibers in North America. The company specializes in producing a variety of products, including premium sheets, roll goods, floor carpets, and custom thermoformed items, catering primarily to the automotive industry. ConForm is notable for its commitment to sustainability, as it manufactures much of its own polyester fiber using post-consumer and post-industrial recycled resin. This practice, termed "Green Manufacturing," allows the company to integrate recycled materials into its products, yielding significant environmental benefits. For instance, a single vehicle program can utilize up to 2 million pounds of recycled resin annually, translating to approximately 6-7 pounds of fiber derived from recycled sources per car. This eco-friendly approach distinguishes ConForm's floor carpet products from competitors in the market, highlighting both durability and sustainability in automotive interiors.

Precision Parts International

Acquisition in 2003
Skill Tool & Die Corp. is a manufacturer of high-precision, complex stampings and assemblies for the automotive and plumbing fixture markets.

MPI International

Acquisition in 2003
Established in 1969 and based in Rochester Hills, Mich., MPI International is the leading manufacturer of custom, fineblanked stampings and assemblies in North America. It has six manufacturing sites in Wisconsin, South Carolina, Indiana, and Ohio. More information about MPI can be found on www.mpi-int.com

Inplane Photonics

Venture Round in 2002
Inplane Photonics is a manufacturer based in South Plainfield, New Jersey, specializing in planar lightwave circuits (PLCs) for optical networks utilized in telecommunications and defense applications. The company operates a 5,000-square-foot wafer processing facility that leverages silica-on-silicon PLC technology, allowing for the integration of optical circuits on multifunction silicon chips. This innovative approach facilitates data transmission, distribution, detection, and conditioning while enabling miniaturization of components for various markets, including telecom, biophotonics, and test and measurement. By providing integrated photonic components, Inplane Photonics aims to reduce system costs and enhance reliability, supporting clients in developing new architectures and operational innovations within the optical sector.

Innovance

Series B in 2002
Innovance is a 100% employee-owned holding company that oversees a portfolio of subsidiaries, including Lou-Rich, Inc. and Almco, Inc. Lou-Rich specializes in contract engineering and manufacturing services, while Almco is recognized for its advanced manufacturing of industrial deburring, parts washing, and vibratory metal finishing equipment. Innovance is dedicated to nurturing and growing its industrial manufacturing businesses, providing essential machinery and products that serve various applications across the construction and manufacturing sectors. By fostering a collaborative and employee-driven environment, Innovance aims to enhance operational efficiencies and drive innovation within its subsidiaries.

Zolo Technologies

Series B in 2001
Zolo Technologies, Inc. specializes in the design, development, manufacture, installation, and servicing of laser-based and multiplexed combustion monitoring systems. Founded in 1999 and based in Boulder, Colorado, the company serves various industrial sectors, including power generation, steel production, and petrochemical refining. Zolo Technologies offers tunable diode laser absorption spectroscopy instruments that measure vital constituents such as oxygen, carbon monoxide, carbon dioxide, and temperature in demanding combustion environments. Its product applications include steam methane reformers, ethylene cracking, electric arc furnaces, and glass furnaces. The company markets its innovative solutions under the ZoloBOSS, Zolographics, and SensAlign brand names, enabling clients to optimize processes and improve product quality through enhanced monitoring and diagnostics.

Fiber Optic Network Solutions (FONS)

Series B in 2001
Fiber Optic Network Solutions (FONS) Corporation is a manufacturer of passive optical components and interconnect solutions. FONS' portfolio of products includes fused technology based optical components and packaged modules including splitters, taps and filter-based DWDMs. The company's broad, vertically integrated product line also includes traditional fiber optic connectivity hardware and components such as cable assemblies, connectors, enclosures, pre-wired enclosures and frames.

Innovance

Series A in 2000
Innovance is a 100% employee-owned holding company that oversees a portfolio of subsidiaries, including Lou-Rich, Inc. and Almco, Inc. Lou-Rich specializes in contract engineering and manufacturing services, while Almco is recognized for its advanced manufacturing of industrial deburring, parts washing, and vibratory metal finishing equipment. Innovance is dedicated to nurturing and growing its industrial manufacturing businesses, providing essential machinery and products that serve various applications across the construction and manufacturing sectors. By fostering a collaborative and employee-driven environment, Innovance aims to enhance operational efficiencies and drive innovation within its subsidiaries.

Lightwave Microsystems Corporation

Series E in 2000
Lightwave Microsystems engages in the design, customization, and manufacture of a range of passive and active waveguide components and integrated devices.

Zolo Technologies

Series A in 2000
Zolo Technologies, Inc. specializes in the design, development, manufacture, installation, and servicing of laser-based and multiplexed combustion monitoring systems. Founded in 1999 and based in Boulder, Colorado, the company serves various industrial sectors, including power generation, steel production, and petrochemical refining. Zolo Technologies offers tunable diode laser absorption spectroscopy instruments that measure vital constituents such as oxygen, carbon monoxide, carbon dioxide, and temperature in demanding combustion environments. Its product applications include steam methane reformers, ethylene cracking, electric arc furnaces, and glass furnaces. The company markets its innovative solutions under the ZoloBOSS, Zolographics, and SensAlign brand names, enabling clients to optimize processes and improve product quality through enhanced monitoring and diagnostics.

Fiber Optic Network Solutions (FONS)

Series A in 2000
Fiber Optic Network Solutions (FONS) Corporation is a manufacturer of passive optical components and interconnect solutions. FONS' portfolio of products includes fused technology based optical components and packaged modules including splitters, taps and filter-based DWDMs. The company's broad, vertically integrated product line also includes traditional fiber optic connectivity hardware and components such as cable assemblies, connectors, enclosures, pre-wired enclosures and frames.

Wastequip

Pre Seed Round in 1989
Wastequip is a manufacturer of waste handling and recycling equipment that serves the industrial sector. The company designs and produces a diverse range of products, including dumpsters, compactors, balers, carts, containers, and trailers, made from steel and plastic. These products are specifically engineered to collect, process, and transport recyclables, solid waste, liquid waste, and organic materials from household, commercial, and industrial sources. With a strong foundation of technical expertise and industry experience, Wastequip addresses the collection and handling challenges faced by waste operators, enhancing their efficiency and profitability in waste management operations.

Central Coated

Central Coated is a manufacturing company that specializes in producing customized waxed papers and specialty papers for a wide range of industrial applications, primarily serving the food packaging industry. The company offers custom wax paper solutions tailored to specific needs, such as food processing, food service, protective purposes, moisture resistance, and anti-slip uses.
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