Participated · Equity · Aug 2026

Etched.ai develops rack-scale inference systems and broader frontier inference infrastructure. Since founding, the company has grown to more than 400 employees, hiring over 200 people after its Series B late last year. It has secured more than $1 billion in customer orders and established deep manufacturing and supply-chain partnerships, including opening a factory in Taiwan. Etched is currently validating its first rack-scale inference product with customers. The company’s near-term plans emphasize production, manufacturing scale-up, and deployment of its inference systems, supported by cumulative funding of $800 million.

Participated · Equity · Aug 2026

Databricks operates a cloud data platform and AI products, with its core cloud data warehouse generating $1.5 billion of its annualized run-rate revenue and growing 100% year-over-year. The company reported a $7 billion annualized run-rate revenue figure while growing at roughly 80% and being cash-flow positive. Databricks launched Lakebase in June 2025, which has reached a $100 million revenue run-rate, and its AI chatbot tool Genie is described as highly popular. The company maintains a roughly 100-person AI research team and faces multi-billion-dollar cloud commitments with major hyperscalers. Databricks has been active on the M&A front, acquiring companies including Electric (PGlite) and AI cybersecurity firm Panther, and it says it plans to continue investing in AI and acquisitions while remaining open to a future IPO.

Participated · Equity · Aug 2026

Avere Therapeutics is advancing AVR-001 (HS-20118), a cyclic peptide IL-23R antagonist designed for once-weekly oral dosing to treat inflammatory diseases including plaque psoriasis, ulcerative colitis, and Crohn's disease. AVR-001 was licensed from Hansoh Pharmaceutical under an exclusive ex-Greater China agreement signed in June 2026 that included $120 million in upfront payments, up to $2.18 billion in development and sales milestones, and mid-single- to low-double-digit royalties. Hansoh generated Phase Ib data in moderate-to-severe plaque psoriasis showing Week 4 and Week 8 PASI and PASI 75 responses comparable on a cross-trial basis to once-daily icotrokinra, and reported a plasma half-life for AVR-001 of approximately 100 hours supporting once-weekly dosing. Avere announced a $500 million private placement (in addition to a $320 million concurrent placement tied to its merger with NextCure) and said the combined $820 million in pre-merger capital should fund the company's operating plan through 2029. The company is merging with NextCure and, upon closing in the second half of 2026, the combined company will trade on Nasdaq as AVRX with Hansoh expected to hold between 30% and 40% of the combined company and to appoint two directors to the board.

Participated · Equity · Aug 2026

Firmus Technologies is described as a neocloud that is preparing for an initial public offering and ASX listing later this year. The company’s latest financing effort values its equity at about US$15.5 billion pre-IPO. As part of that process it is issuing preference shares that will convert into ordinary equity at the IPO. Nvidia has committed roughly US$500 million to the preference-share placement. The fundraising is being conducted as a large pre-IPO equity raise of US$2.0 billion (A$2.9 billion). The articles do not provide details on revenue, users or prior funding rounds.

Led · Equity · Aug 2026

Medallia provides AI-driven experience management that ingests and analyzes billions of customer and employee feedback signals for enterprise customers, including seven of the Fortune 10. The company is focused on evolving experience management from reporting and analytics into a predictive, automated operating system that can recommend and initiate business actions. Following a recent recapitalization that reduced its outstanding debt and brought in $150 million of new capital, ownership transferred to an investor group led by Blackstone-managed funds, with Apollo and FS KKR Capital Corp. Medallia plans to deploy the strengthened balance sheet to accelerate investments in generative AI, automation, integrations with enterprise systems, and connections to agentic AI platforms. It is also advancing its Frontline-Ready AI foundation to support these strategic shifts.