Kiln Systems

Monitoring note

Kiln is the realised comp for the rest of the industrial map. A narrow operational loop, a buyer who already spent money on power, and a strategic that needed the team more than the model. It is why Cartograph is still in diligence and why we do not need another generic ‘AI for energy’ screen.

Sold after a partial realisation in August 2024. Total proceeds €48.4m on €14.0m of cost, 3.46x. The distribution is the bulk of Fund II DPI. Helio kept the Stockholm team and folded the control software into its data-hall product.