New York Ventures
New York Ventures is the venture-capital arm of Empire State Development, New York State's economic-development agency, deploying over $300 million of public capital into early-stage companies from Seed to Series B across climate, health, ag-tech and AI. Its water bets back wastewater treatment and water monitoring. As of 2026, New York Ventures has backed 2 water companies.
Compiled by Antoine Walter, (don't) Waste Water, from official filings and direct intelligence in Leviathan.
The take
New York Ventures is one of the very few venture funds whose limited partner is a state government: it is the investment arm of Empire State Development, New York's economic-development agency, set up in 2015 to put public money into homegrown startups. That public mandate shapes everything it does. Since 2015 it has backed 122 companies, 45% of them outside New York City, and 71% led by women, minority or veteran founders, turning roughly $106 million of state capital into more than $715 million of private co-investment.
New York Ventures is not a water fund, and it does not pretend to be one. Water turns up as a subset of its climate and ag-tech mandate, which is exactly why the two bets it has made are worth a look. CREW Carbon, a Yale spinout, slots carbon-removing minerals into municipal wastewater treatment so a sewage plant quietly becomes a climate asset, and Resource Monitor builds ultrasonic flow meters that stream real-time data on how much water is actually moving through a system. Both treat water as climate-and-data infrastructure, not pipes and pumps.
New York Ventures is the fund I watch for the public-money question: whether a state can keep de-risking water and climate infrastructure early enough that private capital follows. On both of its water deals New York Ventures co-invested alongside specialist climate and water backers rather than writing cheques alone, which is the pattern you want from catalytic public capital. For a newcomer trying to read where government dollars are nudging water technology in the United States, New York Ventures is a cleaner signal than most.
Water Commitment Score
Compiled from official filings, third-party records, and direct intelligence from investors and founders, in Leviathan · recomputed monthly · as of Jun 2026.
How they invest
Portfolio · 2 water companies
Invests alongside
Highlighted = profiled on (don't) Waste Water.
Frequently asked
- What does New York Ventures invest in?
- New York Ventures invests in early-stage New York companies from Seed through Series B, across climate technology, health tech and life sciences, ag-tech, advanced manufacturing, AI and social-impact software. In water it has backed wastewater-treatment and water-monitoring technology, treating water as part of its broader climate and data mandate rather than as a standalone thesis.
- Who runs New York Ventures?
- New York Ventures is led by Managing Director Jennifer Tegan, who has headed the team since 2020. She works with a group of senior directors and investment staff, including Karan Mehta, Ryoko Nozawa and Josh Nelson, operating from offices in New York City, the Capital Region, the Southern Tier and Western New York.
- How many water companies has New York Ventures backed?
- New York Ventures has backed 2 water companies, according to (don't) Waste Water's tracking: CREW Carbon, a Yale spinout that pairs wastewater treatment with permanent carbon removal, and Resource Monitor, which makes ultrasonic flow meters for real-time water data. (don't) Waste Water rates New York Ventures' water commitment Committed.
- Is New York Ventures a government fund?
- Yes. New York Ventures is the venture-capital arm of Empire State Development, the State of New York's economic-development agency, so its capital is public money rather than a private limited-partner fund. It deploys over $300 million through direct investments and fund-of-funds programs, with a mandate to widen venture access across New York State.
- Where is New York Ventures based?
- New York Ventures is based in New York State, operating from Empire State Development offices in New York City, the Capital Region around Albany, the Southern Tier and Western New York. Founded in 2015, it invests statewide, and 45% of its portfolio companies are located outside New York City.