Led · Series B · Oct 2024

Medtrace Pharma A/S operates a platform for the production, infusion and analysis of 15O-water used in medical imaging. The technology is applied to myocardial perfusion imaging and other indications that require perfusion data, including heart scans. The company raised $30 million in a Series B to scale its platform and operations. Lead investors in the round are Swisscanto Invest, ATP and the Bankinvest group. CEO and co‑founder Martin Stenfeldt said the funding will enable ramping European and U.S. expansion plans in myocardial perfusion imaging and other perfusion applications. The capital is intended to support production, infusion and analytical capabilities needed to deploy 15O-water imaging more broadly across clinical settings.

Led · Series A · Oct 2022

Ascidian Therapeutics develops RNA exon editors that can replace multiple mutated exons simultaneously to address diseases beyond the reach of viral-vector gene therapy and base editing. Its platform can target genes too large for viral packaging and those with high mutational variance. The approach does not introduce exogenous enzymes, reducing the risk of adverse immune reactions, and it does not modify DNA, lowering off-target risk. The company’s lead program is an RNA exon editor intended to halt progression of Stargardt disease and other ABCA4 retinopathies. Ascidian plans to submit an IND for its lead ABCA4 program to the FDA in early 2024. Beyond ABCA4, it is advancing programs with first-in-class potential in neurological and neuromuscular disorders. The company is based in Boston, MA. Ascidian Therapeutics is a Boston, MA-based biotechnology company whose platform enables therapeutic targeting of large genes and genes with high mutational variance while maintaining native gene expression patterns and levels. Its approach aims to deliver the durability of gene therapy while reducing risks associated with DNA editing by deploying RNA editors that can replace multiple mutated exons without modifying DNA. The platform combines high-throughput molecular biology with computational biology and does not require the introduction of exogenous enzymes, which the company says lowers the risk of immunogenicity. Ascidian's lead program for ABCA4 retinopathy is in IND-enabling studies, and the company is advancing a pipeline across ophthalmology, neurological, neuromuscular, and rare diseases. The company plans to use proceeds from the Series A to expand development efforts to extend the therapeutic potential of RNA medicines. Romesh Subramanian serves as CEO.

Led · Series C · Sep 2022

Veo builds automated AI sports cameras and accompanying analytical and sharing tools that let coaches, players, and teams record and review matches without a camera operator. The system records sports matches and provides tools for access, sharing, and analysis. Veo serves over 15,000 clubs in 80 countries and is used by teams across top leagues as well as more than a half-dozen Major League Soccer clubs. The company is title sponsor of the KDB Cup and its cameras were distributed by the NBA for scouting prior to the 2020 draft. Veo has offices in Copenhagen, Miami, and London and plans to make more than 200 hires over the next two years. Its stated vision is to democratize video broadcasting and analytics that today are mostly available only to professional teams. Veo develops an AI-driven camera system and software that records entire soccer pitches with a 4K lens and uses AI to produce TV-like virtual panning and zooming. The hardware is designed to be mounted on a 23-foot tripod and the AI crops and follows the action to create framed views for playback on smartphones and tablets. Starting from 4K preserves sufficient quality despite cropping, though overall resolution can be reduced. In the last year Veo recorded 25,000 games across 1,000 clubs in 50 countries and employs 35 people at its Copenhagen headquarters. The company plans to use its new capital to launch in the U.S. market and to leverage U.S. presence to expand globally and into other sports. It raised $6 million in a Series A to fund the U.S. launch and continued product development. Veo sells a camera mount containing two 4K cameras in a 3D-printed enclosure that sits on a four-metre tripod and captures a 180-degree panoramic view of a pitch. Its software stitches the images and uses deep neural networks and computer-vision algorithms to track the ball and players, then virtually pan and zoom to create match footage and highlights. The cameras remain static during recording, and users can manually create edits after matches by choosing virtual camera angles and zooms. Video quality is reduced when digitally zooming, but the company positions the output as suitable for smaller screens such as smartphones and tablets. Veo’s business model is subscription-based, with entry camera subscriptions starting at £999 annually and paid upgrades to embed local sponsors’ logos for additional club revenue. The startup says its mission is to democratise recording of football by removing the need for a cameraman and post-match editor. Financially, Veo has raised €2 million in seed funding to date.

Participated · Convertible Note · Jul 2022

Northvolt is a Swedish manufacturer of battery cells for electric vehicles, operating a flagship gigafactory (Northvolt Ett) in Skellefteå and Northvolt Labs in Västerås. The company has filed for Chapter 11 bankruptcy protection in the US to enable restructuring, reorganisation and additional fundraising while continuing operations. Northvolt says operations will continue as normal during the bankruptcy and expects to complete the restructuring by Q1 2025. Founders include former Tesla executives Peter Carlsson and Paolo Cerruti; Carlsson will step aside as CEO, take a Senior Advisor role, and remain a Board member. The company has previously raised over $13.8 billion but has struggled with falling EV demand, intense Chinese competition, a €2 billion lost BMW contract, and large workforce reductions (1,600 layoffs). Operational metrics show it missed a production goal of 100,000 cells per week, shipping roughly 20,000, and it reports having enough cash for about one week of operations despite securing new financing. Northvolt is a Swedish battery startup building large-scale gigafactories to produce lithium-ion cells and packs for electric vehicles. The company aims to ramp production capacity to about 60 gigawatt hours, which the article equates to enough cells for over 1 million Volkswagen ID.3 vehicles. Northvolt says it has offtake contracts totaling more than $55 billion with automakers including BMW, Volkswagen, Volvo and Scania. It is expanding its manufacturing footprint with additional factories in Germany and Montreal; the Montreal site is intended to attract U.S. production tax credits under the Inflation Reduction Act. Financially, Northvolt secured a $5 billion debt package that includes refinancing an existing $1.6 billion facility from 2020, improving its runway for factory build-out and scale-up. Northvolt develops and manufactures sustainable battery cells and systems, with activities spanning R&D, manufacturing and recycling. It operates Europe’s first homegrown gigafactory, Northvolt Ett in Skellefteå, and runs an R&D and industrialization campus, Northvolt Labs, in Västerås. The company has received $55 billion in orders from major customers including BMW, Volvo Cars, Volkswagen Group, Scania and Fluence, and is supported by over 5,000 employees across Sweden, Germany, Norway, Poland, Portugal, the US and Canada. Northvolt is developing additional projects across Europe and the Northvolt Six fully integrated battery factory in Saint‑Basile‑le‑Grand and McMasterville, Québec, which when built will target up to 60 GWh annual production and on‑site cathode, cell and recycling facilities. Groundwork for Northvolt Six was expected to start by the end of 2023. The company was established in 2016 in Stockholm, Sweden. Northvolt makes lithium-ion batteries and is developing next-generation lithium-metal cell technology, including work on electric aviation at a California facility. The company operates a gigafactory in Skellefteå and is building another in Gothenburg with Volvo, plus plants in Germany and an energy storage factory in Poland. This round is intended to fund expansion into North America and further growth in Europe; sources say Northvolt is close to finalizing plans for a multibillion-dollar factory in Canada. Financially, Northvolt has secured more than $55 billion in customer orders and has raised a total of $9 billion in debt and equity since 2017. The company has previously issued convertible notes, including $1.1 billion last year, and continues to use convertible instruments as it prepares for future milestones. Northvolt is a Stockholm-based maker of sustainable lithium-ion batteries. The company produces cells at a Sweden gigafactory, having produced its first battery cell just before 2022 and making first commercial deliveries in spring of this year. Its core product is sustainable lithium-ion battery cells intended to supply decarbonization efforts. Financially, Northvolt has secured close to $8 billion in equity and debt to support its expansion. The latest financing is a $1.1 billion convertible note, following approximately $2.75 billion in equity funding announced about a year earlier. The company says the capital will support plans to establish a supply of sustainable batteries to enable the decarbonization of society. CEO Peter Carlsson said the company is thankful for investor support and will work to deliver on its promise to build the world’s greenest battery.

Led · Equity · Nov 2021

Marengo Therapeutics develops first-in-class therapeutics that activate selected Vβ T cell receptor variants to boost anti-tumor CD8+ and CD4+ T cell responses and promote long-term tumor immunity. Its proprietary Selective T Cell Activation Repertoire (STAR) platform mines an antibody library targeting diverse germline-encoded TCR Vβ variants to prime clonally diverse effector and memory T cells. The lead candidate, STAR0602, is an antibody fusion that cis-targets and activates a specific Vβ TCR subset while delivering additional signals to reprogram T cells for enhanced anti-tumor activity. The company reports reduced pro-inflammatory cytokine release with this approach, which may improve safety and tolerability. Marengo is advancing a broader pipeline of additional STAR programs to engage other immune cell types. The company intends to progress STAR0602 into the clinic in late 2022 for advanced and metastatic solid tumors.