Participated · Series C · Feb 2026

Founded in 2016, Skyryse is an El Segundo, California–based aviation automation company focused on SkyOS, a flight control operating system that replaces dozens of traditional gauges and switches with touchscreen-based automation. The system handles take-off, landing, hover, and engine-out emergencies, while still keeping a pilot in the loop, thereby enhancing safety and reducing pilot workload. Skyryse has already integrated SkyOS into platforms ranging from civilian helicopters to U.S. military Black Hawk helicopters and has inked integration contracts with United Rotorcraft, Air Methods, and Mitsubishi Corporation. The company is nearing the final stages of FAA certification after receiving final design approval for its flight control computers. New funding will accelerate SkyOS deployment across additional aircraft types and support the remaining certification testing. Including the latest round, Skyryse has secured more than $605 million in equity financing and now carries a $1.15 billion valuation.

Participated · Series E · Jan 2026

xAI develops state-of-the-art artificial-intelligence models and related platform technology, positioning itself as a frontier provider of advanced AI capabilities. The company’s Grok models are slated for deployment in Saudi Arabia through a 500 MW joint data-center and compute-infrastructure initiative with strategic partner HUMAIN. xAI is on the cusp of being acquired by SpaceX, a transaction that will marry its AI expertise with SpaceX’s global scale and engineering resources. The merger is expected to accelerate product integration and platform expansion across both terrestrial and space-oriented applications. Financially, xAI just closed a multi-billion-dollar Series E round, its final fundraising before the SpaceX acquisition, reinforcing investor confidence in its technology and growth trajectory. HUMAIN’s investment converts into SpaceX equity upon completion of the merger, providing continuity of long-term capital support for xAI’s roadmap.

Participated · Series K · Jan 2022

Swiggy operates a two-sided marketplace that connects consumers with restaurants and convenience stores, delivering meals and everyday essentials via its Instamart quick-commerce arm. The company is investing aggressively in warehouse infrastructure, last-mile logistics and customer acquisition to expand market share against rivals such as Blinkit and Zepto. To strengthen its balance sheet, Swiggy recently divested its entire stake in ride-hailing platform Rapido for about ₹2,400 crore. In Q2 FY26, the firm generated ₹5,561 crore in revenue from operations, up 54% year-on-year, while adjusted revenue reached ₹5,900 crore, a 52.6% YoY increase. Despite this growth, it posted a net loss of ₹1,092 crore, though losses narrowed from the previous quarter’s ₹1,197 crore. Management intends to use new capital to fund further growth in food delivery, support "new experiments" in quick commerce, and moderate the pace of warehouse expansion to improve margins.

Participated · Series G · Nov 2021

Farmers Business Network (FBN) is an agricultural marketplace serving a network of over 117,000 farms across 187 million acres in the U.S. and Canada. The platform offers more than 7,200 products and delivers most orders within 24 to 72 hours; 35% of farmers shop with FBN and online input purchases are up 86% year-over-year. FBN has launched "Norm," a Large Language Model focused on agronomy and crop marketing inquiries, with plans for broader personalized support. The company is expanding private-label crop protection, biologicals, and nutrition offerings and enabling third-party sellers to reach members directly. FBN opened its marketplace to third-party seed offers and is growing its livestock marketplace with new feed, fencing, and farm and ranch supplies. In Canada, FBN expanded its wheat crop protection portfolio, added bulk liquid fertilizer and equipment financing, and plans to open two new distribution centers in 2026. Management states a goal to reduce a farm’s operating costs by 20% or more compared to brick-and-mortar retail. Farmers Business Network (FBN) operates a farmer-to-farmer agtech platform that offers FBN Direct (direct-to-farm inputs), FBN Financial (fintech and lending), ecommerce purchasing, and logistics. The company serves a network of more than 33,000 farmers who farm over 80 million acres across North America and Australia and employs over 800 people. FBN emphasizes price transparency on crop protection products, biologicals, seeds, technology, and services and runs on-farm R&D through its R&D Network. The company is investing in IP and technology for seed breeding, crop protection, biologicals, and robotics, and is expanding its Gradable platform to measure and verify carbon scores for grain and other crops. FBN plans to scale its fintech offerings with new land, operating and equipment loans and insurance products and to grow its direct-to-farm agriculture logistics network. It intends to hire over 350 new team members and use proceeds for general corporate and working capital purposes. Farmer’s Business Network (FBN) operates a direct-to-farm ag‑tech platform and farmer-to-farmer network that provides ecommerce purchasing, transparent pricing on inputs, and farm-focused services. Its FBN Direct range includes seed, crop protection and biologicals designed to reduce farmers' cost of production. FBN is building out a Crop Marketing and Financial Services (CMFS) platform to help farmers manage risk and access insurance, loans, marketing tools, and sustainability-related premiums and incentives. The company also offers financing options and timely pricing data to improve decision-making and competition in the supply chain. FBN has over 12,000 members farming more than 40 million acres across the U.S. and Canada, recently launched operations in Australia following the acquisition of Farmsave, and employs over 600 people. Offices are located in San Carlos, Calif.; Chicago, Ill.; Sioux Falls, S.D.; with a Canadian headquarters in High River, Alberta and an Australian headquarters in Perth. Farmers Business Network (FBN) operates a subscription-based, members-only social network that lets farmers share seed and crop data and upload and analyze data from drones, satellites, mobile apps and on‑ground sensors. Members pay $600 per year for access to pooled data and insights that help them choose seeds, pesticides and vendors. FBN also runs an e-commerce arm, selling herbicides and fungicides it sources directly and warehouses in nine company-owned facilities. The company has developed a marketing product to connect farmers with buyers for specialty crops; its members represent just shy of 5,000 farms managing roughly 16 million acres. FBN employs about 200 people across the U.S., is three years old, and is headquartered in San Carlos, California. Management says it will use new capital to hire, accelerate the business, push more aggressively into Canada, and possibly create some of the products it currently sells, while remaining a “data network first and foremost.” Farmer's Business Network began as a professional network for farmers and agronomists to anonymously share what they pay for seeds, fertilizers and other inputs and to exchange effectiveness information. The company applies crowdsourced price transparency to help farmers negotiate fairer prices and says it can save members up to 50% on inputs purchased through its service. FBN Direct (formerly FBN Procurement) lets users buy roughly 500 farm chemicals, fertilizers, seeds and seed treatments at prices members set; FBN sources products at those prices. Members can pick up supplies at nearby warehouses or have them shipped to their farms. The company announced a $40 million Series C this round, bringing total capital raised to $88 million. Investors named in coverage include GV and DBL Partners, Bow Capital, and earlier backers Acre Venture Partners and Kleiner Perkins Caufield & Byers.

Participated · Equity · Jun 2021

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.