As Boundary Holding advances, its strategy remains rooted in disciplined innovation, patient capital, and a commitment to technologies that deliver lasting industrial, societal, and economic impact.
Boundary Holding, the Luxembourg-based deep-technology venture capital firm founded by Rajat Khare, has successfully completed a full exit from Dutch energy-monitoring company Withthegrid, marking a significant milestone in the firm’s portfolio evolution. The investment, originally made in early 2021, delivered a reported 2.0x multiple on invested capital (MOIC), according to people familiar with the transaction. Beyond the financial outcome, the exit reflects Boundary Holding’s broader strategy of disciplined capital rotation and long-term value creation.
The decision to exit comes at a time when Withthegrid has reached a more mature stage of operational and infrastructure development. While the company continues to benefit from strong market demand for grid digitisation and energy analytics, Boundary Holding determined that the timing was right to realise gains and redeploy capital into earlier-stage opportunities aligned with its evolving investment thesis.
Founded to address growing complexities in modern energy infrastructure, Withthegrid is best known for its proprietary “Teleport Gateway,” a system that enables real-time monitoring, diagnostics, and remote control of energy assets. The platform has gained traction among utilities and grid operators seeking to modernise operations, enhance reliability, and improve resilience in increasingly decentralised energy networks.
Boundary Holding backed Withthegrid during its formative growth phase, supporting its transition from an emerging technology company into a recognised player within Europe’s energy-monitoring ecosystem. As the company scaled and its infrastructure footprint expanded, Boundary Holding viewed the exit as a natural conclusion to a successful partnership rather than a reflection of reduced confidence in the business.
Despite the full financial exit, Rajat Khare confirmed that he will continue to support Withthegrid in an advisory capacity. His ongoing involvement underscores the firm’s founder-centric philosophy and its emphasis on long-term relationships beyond capital deployment.
“We are proud to have supported Withthegrid in its formative years, and I believe the company is well-positioned for its next phase of growth,” Khare said. “Our exit aligns with our philosophy of periodically rotating capital into the next generation of truly impactful technologies.”
The Withthegrid exit forms part of a broader rebalancing strategy at Boundary Holding, which has increasingly focused on identifying technologies capable of delivering long-term structural impact rather than short-term valuation spikes. With capital markets currently dominated by enthusiasm for artificial intelligence, the firm is taking a deliberately contrarian stance.
Boundary Holding has expressed caution about what it describes as an emerging “AI asset bubble,” driven largely by inflated valuations and a proliferation of near-identical generative AI ventures. While acknowledging the transformative potential of artificial intelligence, the firm believes current market dynamics are unsustainable and prone to correction.
“Everyone is betting on artificial intelligence right now. It’s a frenzy, and frenzies rarely end well,” said a person familiar with Boundary Holding’s investment philosophy. “The firm wants to be on the other side of the curve, backing technologies that will survive beyond the hype cycle rather than being defined by it.”
Instead of pursuing general-purpose AI platforms, Boundary Holding is narrowing its focus toward specialised AI applications designed to solve complex operational challenges. This includes systems built for industrial command-and-control environments, robotics intelligence, autonomous inspection of hazardous sites, and predictive automation platforms that improve safety, efficiency, and workforce sustainability.
What differentiates these areas, according to the firm, is their emphasis on measurable outcomes. Rather than abstract promises of disruption, Boundary Holding prioritises technologies that demonstrably reduce labour dependency, improve process reliability, and address critical infrastructure bottlenecks.
While specialised AI remains an important pillar of the firm’s strategy, Boundary Holding is also expanding its focus beyond AI into what it views as the foundational technologies of future industries. These include autonomous robotics, precision manufacturing systems, advanced sensing technologies, and next-generation infrastructure solutions.
According to a source close to the firm, these sectors share common characteristics: deep engineering requirements, long development cycles, and high barriers to entry. Unlike software-only ventures, these technologies often require years of iteration, rigorous testing, and close integration with physical systems.
“They are not fast-flip businesses,” the source said. “They address structural problems such as workforce shortages, hazardous operating environments, and the growing need for secure, efficient, and resilient infrastructure.”
Boundary Holding’s redeployment strategy emphasises backing companies that combine deep technical expertise with real-world utility. The firm intentionally avoids investments driven solely by narrative momentum or short-term market trends, instead favouring solutions with enduring relevance across economic cycles.
This approach reflects Rajat Khare’s broader investment philosophy, shaped by decades of exposure to aerospace, robotics, advanced manufacturing, and infrastructure-focused technologies. For Khare, the post-Withthegrid phase represents not merely a reallocation of capital, but a recalibration of long-term priorities.
“Our aim is not to join a race for short-term visibility or to become part of a bubble that is bound to burst,” Khare said. “We want to back founders who are building technologies that will still matter 10 to 15 years from now.”
The exit from Withthegrid highlights Boundary Holding’s willingness to make disciplined decisions even when portfolio companies continue to perform well. Rather than maximising exposure to later-stage growth, the firm remains committed to its core strength: identifying and supporting transformative technologies at earlier stages, where capital, guidance, and patience can create disproportionate long-term value.
As global investment flows increasingly concentrate around a narrow set of technology themes, Boundary Holding’s strategy positions it as a long-term builder rather than a momentum follower. By rotating out of mature investments and reallocating resources toward frontier innovation, the firm aims to stay aligned with technological shifts that unfold over decades rather than quarters.
For Rajat Khare, the Withthegrid exit is both an endpoint and a beginning—closing a successful chapter while opening space for the next wave of deep-tech innovation. In an environment marked by volatility and hype, Boundary Holding’s measured approach underscores a belief that true technological progress is built patiently, engineered deeply, and proven over time.
As Boundary Holding advances, its strategy remains rooted in disciplined innovation, patient capital, and a commitment to technologies that deliver lasting industrial, societal, and economic impact.
Source of URL– https://www.deaandeelhouder.nl/nieuws/2026/01/25/523045-rajat-khare-lead-vc-firm-boundary-holding-exits-withthegrid/
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