Lucy Hoy, mergers and acquisitions analyst at XCarb Innovation Fund, is one of our top 50 Rising Stars in corporate venturing for 2026.
Lucy Hoy combines analytical judgement with strategic empathy for founders in her role as analyst for XCarb Innovation Fund, the corporate investment arm of steel company ArcelorMittal. Her ability to translate early-stage technical innovation into tangible corporate value creation helps the unit’s investments deliver not only financial returns, but also pathways to adoption, scale and partnerships at the parent company.
A natural sciences graduate, it was Hoy’s curiosity on how things worked at a fundamental level that led her to reach out to her now-manager at the XCarb Innovation Fund for an opportunity.
She was taken on as an intern and was promoted to the role of an analyst in the M&A team, focused on the corporate venturing arm.
“Do not get sucked into not accepting risk… innovation does not happen unless you push the boundaries, but it also needs to be an educated risk.”
Hoy focuses on industrial decarbonisation investments and says she has learned to look beyond the technology and to consider the importance of infrastructure, economics and policy before moving forward with investments.
On the subject of new technologies, Hoy is excited at how the field of robotics is developing and the potential use of robots in steelmaking operations. “It is an area evolving beyond disruption, to being used as a practical tool for making operations safer and more efficient. Robots can reach places humans cannot, in conditions humans cannot handle, which is a gamechanger for industrial environments.
“Also, given my physics background, I’m always excited to see where nuclear innovation is going.”
Hoy says curiosity and a willingness to take risks are important traits for anyone coming into corporate venturing.
“Do not get sucked into not accepting risk, especially if you are working very closely with the parent company. Innovation does not happen unless you push the boundaries, but it also needs to be an educated risk.”
The Rising Stars are early-career corporate venture professionals who are making an outstanding contribution to their teams and the industry.
See the full list of Rising Stars 2026 here.
