Chase Lochmiller has raised close to $75M for his innovative startup that combines AI, and cleaner energy, in one of the biggest industries on our planet.
From a deep love of math at a young age to mountaineering and launching a unique startup that solved a decades-old problem, this entrepreneur has learned a lot about the journey and charting your own path.
In our interview on the DealMakers Podcast, Chase shared how his road to entrepreneurship has developed so far, how travel can give you new perspectives, his insights on startup fundraising, and the roles his company is hiring for now.
Lochmiller was born and raised in Denver, right in the foothills of the Colorado Rocky Mountains. It was here that he found a love for both math and mountaineering.
Even when he was just five years old he says he was obsessed with completing sheets of multiplication problems. He would even make his mother time him so he could keep beating his own time.
This passion for problem-solving led him to MIT to study physics and math. That took him into the realm of quantitative finance. He spent a number of years building large scale machine learning algorithms.
Desiring to keep up the intellectual challenges and build on his skills, Chase started attending Stanford part-time online to study computer science and obtain his Master’s Degree.
He loved the infectious entrepreneurial culture, being in the heart of Silicon Valley, and learning from professors who were often founders themselves, who would come back and lecture in between ventures. It’s consistently been a school that has produced projects that end up at Google. Like self-driving cars and Google Brain.
Then it was Chase Lochmiller’s turn to get into a young venture. He teamed up with crypto startup Polychain. He was drawn by creating a new form of currency, and the ability to use blockchain to create digital assets which were actually scarce. A stark contrast to your typical PDF.
He rode that journey from being a $25M company to be a $1B company. In 2018 he decided to go out on his own. He was ready for a change from being in companies purely focused on managing money and driven by chasing returns.
Reaching New Heights
He was ready for a break. Back in middle school, one of his teacher’s husbands had climbed the Seven Summits. The highest mountain peaks on each continent. He did it blindly.
It was always inspiring to Chase. He had attempted climbing Mount Everest back in 2014. That mission was aborted due to an avalanche close to the Khumbu Icefall that had killed 15 sherpas.
This felt like a great time to try it again. A chance to unplug and fulfill his lifelong dream at the same time. He describes it as a transformative experience that gave him room to meditate and think and consider what he really wanted to do.
Climbing the Himalayas isn’t unlike the journey of an entrepreneur to the peak of being able to exit.
They both involved:
- A lot of preparation
- Mental challenges
- Being physically challenged
- Constantly thinking ahead
- Having good guides
- Forecasting the weather ahead
- Being sure you have the right gear and fuel and how to manage what you have to reach your goals
In this case, there is a lot that goes into an expedition up Everest. There are common routes, a lot of going up and backtracking to acclimatize yourself to the conditions, and frequent equipment failures. You can spend weeks going up, for just an hour at the top.
Chase and his companion recognized that the typical path was to go back and forth through the same Khumbu Icefall of the tragedy of Chase’s first trip. They decided to de-risk and speed up their climb by taking a different path. It worked. He returned with a lot of clarity.
Brainstorming the Future
Back on the ground, Chase met up with his new now cofounder. Cully Cavness was a friend from his school days, whose family was in the oil and gas industry for several generations.
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