Zanskar Valuation, Funding & Investors
Zanskar is valued at $118M as of May 2024.
Last Zanskar valuation
$118M
Series B · May 2024
Last Zanskar funding round
$115M
Series C · Jan 2026
Cumulative funding Zanskar raised
$157M
across 4 funding rounds
Key investors in Zanskar
Union Square Ventures
Lowercarbon Capital
Safar Partners
Obvious Ventures
Munich Re Ventures
First Star Ventures
About Zanskar
Zanskar is an Oakland-headquartered geothermal exploration company that uses AI-driven platforms to identify untapped resources. Founded in 2019, it analyzes massive subsurface datasets and satellite imagery for predictive mapping. The technology reduces drilling risks by 50 percent, targeting basins in the western United States and Indonesia for clean energy development.
Founded
2019
HQ
Salt Lake City, UTWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Services, Subscription
Valuation
$118M (May 2024)
Zanskar Valuation
Zanskar is currently valued at $118M, based on its Series B in May 2024.
The $30M round was led by Obvious Ventures, with participation from Clearvision Ventures, Union Square Ventures, First Star Ventures, Safar Partners, Lowercarbon Capital and 1 other investor.
Zanskar valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2024 | Series B | $118M |
Zanskar Funding History
Zanskar has raised a total of $157M across 4 funding rounds.
Zanskar's first fundraising round was a $200K seed round in August 2019. The most recent completed round was a $115M Series C in January 2026.
Zanskar funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2026 | Series C | Spring Lane Capital (lead); Clearvision Ventures; Union Square Ventures; Obvious Ventures; GVP Climate; UP Partners; Safar Partners; Lowercarbon Capital; Tranquillion; Chris Gibson; Orion Resource Partners; Cross Creek | $115M | - | Zanskar, a Salt Lake City, Utah-based geothermal energy company, develops an AI-powered platform for geothermal exploration and resource discovery. The company announced a $115 million Series C funding round on January 21, 2026, led by Spring Lane Capital, bringing total equity funding to $180 million. Participants included Obvious Ventures (Series B lead), Union Square Ventures and Lowercarbon Capital (Series A co-leads), Clearvision Ventures, Cross Creek, GVP Climate, Tranquillion, UP Partners, and others such as Munich Re Ventures, Susquehanna Sustainable Investments, Orion Resource Partners (as Orion Industrial Ventures), Safar Partners, and the All Aboard Fund. The funding will expand Zanskar's AI discovery platform, support large-scale exploration drilling, and initiate construction of multiple geothermal power plants in the Western U.S., targeting gigawatt-scale capacity with power delivery expected before 2030. Zanskar controls sites with over 700 megawatts of geothermal potential, including six 20-megawatt plants in the pipeline for commercial operations in three to four years. The company plans to secure non-dilutive development and project-level financing alongside this round. Zanskar demonstrated success with a perfect record in explorations: reviving the underperforming Lightning Dock plant in New Mexico (tripling production in May 2025), and discovering new sites like 'Big Blind' in Nevada (250°F reservoir at 2,700 feet) plus others yielding over 100 MW combined capacity. These achievements follow a $30 million Series B less than two years prior, positioning Zanskar to address rising demand for firm, clean baseload power amid electrification and data center growth. Investors highlight Zanskar's unique identification of more North American geothermal anomalies than any company in decades. |
| May 2024 | Series B | Obvious Ventures (lead); Clearvision Ventures; Union Square Ventures; First Star Ventures; Safar Partners; Lowercarbon Capital; Munich Re Ventures | $30M | $118M | Zanskar Geothermal & Minerals, based in Salt Lake City, UT, is an AI-native geothermal exploration company founded to accelerate the discovery and development of geothermal energy resources using machine learning, big data, and advanced technologies to map temperature, gravity, geology, and tectonic movement for identifying commercial sites and reducing drilling risks. The company aims to decarbonize electricity generation by creating a pipeline of new geothermal discoveries and scaling power generation to meet growing energy demands from electrification in transportation, oil, big tech data centers, and beyond. Zanskar has beaten industry discovery records since its Series A and developed tools to unlock deep geothermal resources. On May 6, 2024, Zanskar closed a $30 million funding round led by Obvious Ventures, with participation from existing investors Munich Re Ventures, Union Square Ventures, Lowercarbon Capital, Safar Partners, First Star Ventures, and new investor Clearvision Ventures. This follows a $12 million Series A in 2023 from Union Square Ventures and Lowercarbon, and seed funding in 2021 from Prime Coalition. The post-money valuation was $117.50 million. Funds will scale AI-led exploration technology, accelerate technology development, and advance greenfield power projects for new partnerships. Zanskar's CEO and Co-founder Carl Hoiland emphasized readiness for growth to make geothermal the cheapest and most widely deployed firm renewable. CTO and Co-founder Joel Edwards highlighted the team's breakthroughs in overcoming geothermal discovery barriers. Obvious Ventures' Andrew Beebe praised Zanskar's disruptive AI platform for making geothermal more accessible and cost-effective amid the energy crisis. |
| Aug 2022 | Series A | Lowercarbon Capital (lead); Union Square Ventures (lead); Grantham Foundation; First Star Ventures; Safar Partners; Munich Re Ventures | $12M | - | - |
| Aug 2019 | Seed | - | $200K | - | - |
Who has invested in Zanskar?
15 investors have backed Zanskar across its funding rounds, including Union Square Ventures, Lowercarbon Capital, Safar Partners, Obvious Ventures, Munich Re Ventures and First Star Ventures.
Lead investors include Spring Lane Capital, Obvious Ventures, Lowercarbon Capital and Union Square Ventures.
Zanskar Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| New York City, NY | 3 | Lead | Aug 2022 | |
| United States | 3 | Participant | Aug 2022 | |
| Jackson, MS | 3 | Lead | Aug 2022 | |
| San Francisco, CA | 2 | Participant | May 2024 | |
| San Francisco, CA | 2 | Lead | May 2024 | |
| United States | 2 | Participant | Aug 2022 | |
| San Francisco, CA | 2 | Participant | Aug 2022 | |
| Boston, MA | 1 | Participant | Aug 2022 | |
| New York City, NY | 1 | Participant | Jan 2026 | |
| Los Angeles, CA | 1 | Participant | Jan 2026 | |
| -- | 1 | Participant | Jan 2026 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Chris Gibson | Salt Lake City, UT | 1 | Participant | Jan 2026 |
| Boston, MA | 1 | Lead | Jan 2026 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialZanskar Competitors
Zanskar competitors include listed companies like Asteria and Airship AI, and private ones like Synerise, Ketch, Privateer and Great Expectations.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Japan | Publicly listed | $22M | $9M | $118M | 4.8x | |
 Krakow | Private | $9M | - | $120M | 13.3x | |
| San Francisco, CA | Private | $15M | - | $116M | 7.7x | |
| Kahului, HI | Private | - | - | $113M | - | |
| Salt Lake City, UT | Private | - | - | $108M | - | |
| United States | Publicly listed | $15M | ($5M) | $67M | 3.6x |
Zanskar Public Comps
Zanskar is still privately-owned, but its public comps include Asteria, Schwager, Hadron Energy, VivoPower, Esenboğa Elektrik, Onde, SunPower, Altea Green Power, Eolus AB and Haffner Energy.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $22M | $9M | 4.7x | 4.8x | 11.8x | - | |||
| $118M | $14M | 1.2x | - | 10.2x | - | |||
| - | ($72M) | - | - | (1.3x) | - | |||
| $61K | ($10M) | 2508.8x | 14.5x | (15.7x) | - | |||
| $31M | ($7M) | 10.1x | - | (46.8x) | - | |||
| $228M | $13M | 0.6x | 0.6x | 11.3x | 12.4x | |||
| $300M | ($8M) | 0.8x | 0.9x | (29.1x) | - | |||
| $25M | $15M | 6.1x | 5.8x | 10.4x | 10.4x | |||
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Common questions about Zanskar
| When was Zanskar founded? | Zanskar was founded in 2019. |
| Where is Zanskar headquartered? | Zanskar is headquartered in Salt Lake City, UT, United States. |
| Is Zanskar publicly listed? | No, Zanskar is a private, VC-backed company. |
| What is Zanskar's valuation? | Zanskar was last valued at $118M in its Series B in May 2024. |
| How much funding has Zanskar raised? | Zanskar has raised $157M across 4 funding rounds. |
| What was Zanskar's last funding round? | Zanskar's last funding round was a $115M Series C in January 2026, led by Spring Lane Capital. |
| Who are Zanskar's investors? | Zanskar's investors include Union Square Ventures, Safar Partners, Lowercarbon Capital, Clearvision Ventures, Obvious Ventures, First Star Ventures, Munich Re Ventures, Grantham Foundation, GVP Climate, UP Partners and 5 others. |
| Which companies are comparable to Zanskar? | Companies comparable to Zanskar include Asteria, Synerise, Ketch, Privateer, Great Expectations and Airship AI. |
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