Panthalassa Raises $140M in Series B to Build Wave-Powered Compute and Energy Infrastructure

Most companies look at the ocean and see distance. Panthalassa looked at it and saw infrastructure hiding in plain sight. That is the lane Panthalassa chose back in 2016, when Garth Sheldon-Coulson (CEO) and Brian Moffat (Co-founder) decided the open sea wasn’t empty, it was underutilized capacity moving in rhythm, waiting to be captured.

Fast forward and the signal is getting louder. Panthalassa just secured $140M in Series B funding, led by Peter Thiel, with participation from John Doerr, TIME Ventures, SciFi Ventures, Susquehanna Sustainable Investments, Hanwha, and Fortescue Ventures. That is not a casual cap table. That is a room full of people who understand that when infrastructure shifts, everything built on top of it moves with it.

Inside the company, the bench is just as intentional. Rob Williams (Executive Vice President) brings operational weight. Sash Catanzarite (Executive Vice President, Product & Commercial) is wiring product to market reality. Riaan Ahmed (Vice President, Strategy) is thinking a few moves ahead. Justin Ulland (Vice President Engineering, Node Program) is pushing the hardware into existence while Keturah Pliska (Vice President, Operations) and Dana Hartsig (Vice President of Manufacturing) make sure it actually scales beyond a deck and a demo.

Then you get into the engine room. Daniel Place (Director of Engineering), Huong Vo (Director of Core Electronics & Software), and Grzegorz Filip (Director of Fluid Dynamics) are solving problems most teams wouldn’t even know how to define. Danny MacNaughton (Director of Manufacturing Technology) and Alexander Chally (Director of Internal Subsystems Manufacturing) are turning theory into steel. Jacob Leguineche (Director of Marine Operations Engineering) makes sure it survives where it lives, which is not exactly forgiving.

What they are building is deceptively simple to describe and brutally hard to execute. Autonomous nodes in the open ocean capturing wave energy, converting it into continuous power, and using that power for AI compute and clean fuel production. No land constraints. No grid dependency. Just physics doing its job and a system designed to harvest it.

If AI is the appetite, energy is the bill. Most companies are still arguing over how to split the check onshore. Panthalassa moved the restaurant offshore and invited the ocean to cover it. Their wave powered computing grid is not a concept piece. It is a response to a very real bottleneck where compute demand is outpacing the infrastructure built to support it.

This $140M raise is about moving from elegant theory to deployed reality. Manufacturing nodes near Portland. Getting them into open water. Letting them run. First stop is compute because that demand is immediate and unforgiving. Fuel follows because once you can generate clean energy anywhere, distribution becomes a choice, not a constraint.

The signal in this moment is clear. Capital is flowing toward companies that are not asking for incremental permission, they are building in places others cannot reach. Panthalassa is not chasing the edge of the grid. They are redrawing where the grid begins.