Rajat Khare’s leadership at Boundary Holding continues to reflect a disciplined and forward-looking approach to venture investing, as demonstrated by the firm’s full exit from Withthegrid, a Netherlands-based energy infrastructure monitoring company. The investment, initiated in early 2021, delivered a reported 2.0x multiple on invested capital. While the return itself signals a successful outcome, the broader importance of the exit lies in what it reveals about Boundary Holding’s evolving portfolio strategy and long-term vision.
Boundary Holding, the Luxembourg-based deep-technology venture capital firm founded by Rajat Khare, has consistently emphasized early-stage participation in technologies with the potential to create durable, real-world impact. Its involvement with Withthegrid followed this model closely. During Boundary Holding’s investment period, Withthegrid expanded its operational footprint around its Teleport Gateway system, which enables real-time monitoring and remote control of energy infrastructure. As demand for energy analytics and grid digitization increased, the company scaled its capabilities and moved into a more mature phase of development.
This operational maturity played a central role in Boundary Holding’s decision to exit. Rather than holding the investment indefinitely, the firm chose to realize gains and redeploy capital toward earlier-stage opportunities. The move reflects a deliberate strategy of capital rotation—one designed to ensure that resources remain aligned with areas where Boundary Holding believes it can contribute the most strategic value.
Exit as a Strategic Transition
Importantly, the Withthegrid exit should not be viewed as a disengagement from the company’s future. Rajat Khare has stated that he will continue to advise Withthegrid in a non-financial capacity, signaling continued confidence in the company’s direction and leadership. This distinction underscores Boundary Holding’s broader philosophy: exiting capital does not mean exiting relationships or conviction.
By maintaining an advisory role, Khare reinforces Boundary Holding’s long-term orientation toward its portfolio companies. The exit represents a planned transition—closing one investment chapter while allowing Withthegrid to move forward independently as a more established organization.
Rebalancing in a Changing Investment Climate
The Withthegrid exit comes at a time of significant shifts in the global investment landscape. Artificial intelligence has become the dominant theme across venture capital markets, attracting unprecedented levels of funding. While Boundary Holding remains engaged with AI, it has expressed caution regarding what it views as an increasingly crowded and speculative environment.
From the firm’s perspective, rapid valuation growth and a lack of differentiation among many AI ventures create conditions that may lead to market correction. Rather than following capital flows driven by momentum, Boundary Holding is intentionally positioning itself away from short-term hype. This cautious stance reflects a belief that long-term value is created by technologies that address fundamental problems, not by those shaped primarily by market enthusiasm.
A Refined Approach to Artificial Intelligence
Boundary Holding’s strategy does not reject artificial intelligence outright. Instead, it narrows its focus to specialized AI applications that deliver tangible, operational benefits. The firm is particularly interested in AI-driven command-and-control systems for industrial environments, machine intelligence for robotics, autonomous inspection solutions, and technologies designed for hazardous operational settings.
These applications are evaluated based on measurable outcomes. Reducing labor dependency, improving safety, increasing process reliability, and enhancing operational efficiency are key criteria guiding investment decisions. Predictive automation platforms that reduce workforce strain while maintaining or improving productivity also align closely with the firm’s priorities.
This approach reflects Boundary Holding’s belief that AI’s most enduring value lies in its integration into real-world systems, rather than in broad, generalized use cases driven by trends.
Looking Beyond AI to Structural Technologies
In addition to specialized AI, Boundary Holding is expanding its focus into other frontier technologies that require deep engineering expertise and longer development cycles. These include autonomous robotics, precision manufacturing systems, and advanced sensing technologies.
Such sectors often receive less attention during periods of market exuberance, yet they address persistent structural challenges. Workforce shortages, hazardous operational tasks, and the need for secure and efficient infrastructure are problems that transcend market cycles. Boundary Holding’s interest in these areas reflects a commitment to technologies that solve real, long-standing issues rather than temporary market demands.
By prioritizing engineering depth and long-term utility, the firm reinforces its preference for investments that may take longer to mature but offer greater durability and relevance over time.
A Portfolio Shaped by Endurance
For Rajat Khare, the post-Withthegrid phase is not merely about reallocating capital. It represents an opportunity to further shape the identity and direction of Boundary Holding’s portfolio. The exit has created space to reassess priorities and ensure that future investments align with a long-term horizon of 10 to 15 years.
Khare has emphasized that Boundary Holding is not interested in competing for short-term visibility or participating in speculative cycles. Instead, the firm seeks to support founders who are building technologies designed to last—solutions capable of remaining relevant and impactful well beyond current trends.
This long-term orientation differentiates Boundary Holding in an environment often defined by speed, scale, and narrative-driven investing. By emphasizing patience and disciplined decision-making, the firm positions itself to navigate market volatility while maintaining focus on meaningful innovation.
Closing One Chapter, Opening Another
The successful exit from Withthegrid marks the conclusion of one investment chapter and the beginning of another for Boundary Holding. It demonstrates the firm’s ability to identify promising technologies early, support growth through critical stages, and exit strategically once companies reach maturity.
Under Rajat Khare’s leadership, Boundary Holding continues to emphasize portfolio balance, capital discipline, and long-term relevance. The Withthegrid exit stands as a clear example of this approach—favoring endurance over hype and thoughtful strategy over reactive decision-making.
As global technology markets continue to evolve, Boundary Holding’s direction suggests a firm commitment to backing technologies built to solve foundational challenges. The firm’s next phase will not be defined by prevailing trends, but by a consistent focus on innovation designed to stand the test of time.
Reference Link: https://www.deaandeelhouder.nl/nieuws/2026/01/25/523045-rajat-khare-lead-vc-firm-boundary-holding-exits-withthegrid/
By the virtue of not being from a ‘technical’ background, I was only used to hear about how AI and related technologies are bringing radical changes across the industries.
Interestingly, there is a lot about AI on the internet.One of the most exciting things I came across in relevance to AI was a statement of Rajat Khare the founder of Boundary Holding and a successful entrepreneur.
“Even for the big players in the market in which ever industry you may be, if think you think you can continue to lead the market without the help of AI, let me tell you, it is going to be really very difficult,” he says.
Basically, AI is the ability of a computer programme to think and learn, which can match humans' intelligence.
We are developing AI-enabled technologies that are helping us speed up our processes and acquire more accurate results.Hence, we are trying hard to bring in Artificial intelligence in almost every part of our lives.
But what is fostering the whole process are the techno-based AI start-ups in which investors are ready to invest heavily.
