Luxembourg-based deep-tech VC firm Boundary Holding has completed a profitable exit from Dutch energy-monitoring company Withthegrid, signalling a deliberate shift toward specialised AI, autonomous robotics, and frontier technologies built to outlast the current hype cycle.  

In a move that reflects both financial discipline and long-term strategic conviction, Boundary Holding — the Luxembourg-based deep-technology venture capital firm founded by Rajat Khare — has completed a full exit from Withthegrid, a Dutch company specialising in real-time monitoring and remote control of energy infrastructure. The investment, first made in early 2021, generated a 2.0x multiple on invested capital, according to people familiar with the transaction.

The exit marks more than a profitable trade. It marks a deliberate rebalancing of Boundary Holding's portfolio — and a clear statement about where the firm believes the next decade of meaningful technology investment lies.

A Successful Partnership Reaches Its Natural Conclusion

Withthegrid built its reputation on the strength of its Teleport Gateway — a system that enables real-time monitoring and remote control of energy infrastructure, placing it squarely at the intersection of two of the most compelling investment themes of the past decade: energy analytics and grid digitisation. For Boundary Holding, the early investment thesis proved well-founded. As the company matured, grew its infrastructure, and attracted broader institutional interest, the conditions for a disciplined exit aligned naturally with the firm's portfolio rotation philosophy.

Although Boundary Holding has exited its financial position entirely, Rajat Khare confirmed he will continue to engage with Withthegrid in a non-financial advisory capacity — a reflection of the firm's commitment to long-term relationships beyond the transactional.

"We are proud to have supported Withthegrid in its formative years, and I believe the company is well-placed for the next phase," Khare said. "Our exit is in line with our philosophy, which is rotating funds periodically into the next generation of truly impactful technologies."

Avoiding the AI Asset Bubble

With the Withthegrid chapter closed, Boundary Holding's attention turns firmly to what comes next — and the firm is making its position on the current AI investment landscape unusually explicit.

As generative AI valuations continue hitting new highs and capital flows overwhelmingly into largely indistinguishable ventures, Boundary Holding is sounding a note of caution that few in the investment community are willing to voice publicly. The firm believes a correction in the broader AI market is not a possibility — it is an inevitability.

"Everyone is betting on artificial intelligence. It is a frenzy, and frenzies do not end well," said a person familiar with the firm's investment philosophy. "Boundary wants to be on the other side of the curve — backing technologies that will survive the hype cycle, not be defined by it."

Rather than competing in the crowded and increasingly overvalued space of general-purpose AI, Boundary Holding is turning its attention to specialised AI — systems built not for consumer novelty or broad language tasks, but to solve deep, operational problems in demanding real-world environments.

Where Boundary Holding Is Looking Next

The scope of specialised AI, even stripped of the generative AI boom, remains enormous. Boundary Holding is focusing on AI-driven command-and-control systems for industrial environments, machine intelligence for robotics, autonomous inspection platforms for hazardous-site operations, and predictive automation tools that meaningfully reduce workforce strain while improving safety and operational efficiency.

The common thread across these investment targets is measurable, structural impact — technologies that reduce labour dependency, increase process reliability, and solve the kind of persistent operational problems that no amount of consumer-facing AI can address.

Beyond AI, Boundary Holding is also broadening its focus into what it describes as the foundational industries of the future. Autonomous robotics, precision manufacturing systems, and advanced sensing technologies are all areas the firm is actively exploring. These are not fast-moving, hype-driven sectors. They require deep engineering capability, long development cycles, and the kind of patient, conviction-led capital that characterises Boundary Holding's investment approach at its best.

What unites these areas is a shared characteristic: they address structural problems — workforce shortages, hazardous operational tasks, the need for more secure and efficient infrastructure — that will only grow more pressing as the global economy evolves.

Building for the Next Decade

At its core, Boundary Holding's post-Withthegrid redeployment strategy rests on a single, defining principle: backing companies that combine deep engineering with genuine real-world utility, rather than those simply riding the wave of current market enthusiasm.

For Rajat Khare, this phase is not merely about redeploying capital. It is about reshaping the portfolio's direction for the long term — building a collection of investments that will remain relevant and impactful long after the current AI frenzy has run its course.

"Our aim is not to join a race for short-term visibility and be part of a bubble that is bound to burst," Khare said. "We want to back founders who are building technologies that will matter 10 to 15 years from now."

In an investment landscape increasingly defined by momentum, narrative, and the fear of missing out, Boundary Holding's deliberate, contrarian positioning stands apart. The Withthegrid exit is not just a profitable milestone — it is the opening move in what the firm believes will be its most consequential investment chapter yet.

Boundary Holding is a Luxembourg-based deep-tech venture capital firm founded by Rajat Khare, with investments spanning specialised AI, autonomous systems, clean technology, advanced sensing, and frontier deep-tech innovation.

Source of URL- https://www.deaandeelhouder.nl/nieuws/2026/01/25/523045-rajat-khare-lead-vc-firm-boundary-holding-exits-withthegrid/