Carma Fund
Herzogstr. 64, München, Bayern, 80803, Germany
Overview
Carma Fund is an early-stage investment fund for advancing life science and healthcare technologies.
- Total investments
- 11
- Lead investments
- 3
- Investments · 12mo
- 3
- Active investors
- 1
Investment portfolio
- Kupando
Participated · Series A · Mar 2026
Kupando develops therapies addressing unmet needs in cancer and infectious diseases by harnessing innate immune stimulation and induction of trained innate immunity via dual Toll‑Like Receptor (TLR) agonists. Its lead candidate, KUP101, is a differentiated dual TLR4 and TLR7 agonist with a preclinical profile and a stated clear path to the clinic. The company plans to use the newly raised Series A funds to advance KUP101’s Phase 1b clinical study in advanced solid tumors and to accelerate its infectious‑disease preclinical programs. Kupando is led by CEO and Founder Johanna Holldack and is based in Schönefeld, Germany. Financially, the latest €10M Series A tranche brought the total capital raised to $23M.
- Exciva
Participated · Series B · Jan 2026
Founded in 2016 by Drs. Anton Bespalov, Hans Moebius and Rao Vepachedu, Exciva focuses on therapies for neuropsychiatric symptoms in Alzheimer’s disease dementia and related brain disorders. Its lead candidate, Deraphan, combines two CNS-active compounds designed to reduce agitation in Alzheimer’s patients. The company is currently preparing and financing a Phase 2 clinical study to evaluate Deraphan’s therapeutic potential. Exciva leverages proprietary discovery capabilities to identify synergistic compound combinations addressing unmet neuropsychiatric needs. The latest capital infusion strengthens its balance sheet and extends runway through critical mid-stage clinical development. While the company has not disclosed revenue or patient enrollment numbers, the new financing underscores investor confidence in its scientific approach and market opportunity. The refreshed board now includes representatives from key new and existing investors, ensuring broad strategic guidance as the program advances.
- TECregen
Participated · Seed · Jan 2026
TECregen pioneers thymus regeneration with a pipeline of differentiated thymopoietic biologics designed to revitalize and expand thymic epithelial cells (TECs) and replenish T-cell populations. Its therapeutic approach targets conditions driven by impaired T-cell responses, aiming to boost immune recovery after transplantation or cytotoxic therapy, promote lifelong immune health, and improve immune surveillance against cancer. The platform also holds promise across broader immunology, oncology, and rare-disease indications. Fresh capital from a CHF 10 million seed financing provides the resources to advance preclinical programs toward first-in-human studies. The company has reinforced its leadership by appointing seasoned biotech executive Dr. Bo Rode Hansen as chairman to guide strategic growth. Backed by a syndicate of specialized life-science investors, TECregen is positioning itself at the forefront of immune-restoration therapeutics. No revenue or user metrics have been disclosed, as the company remains in the preclinical stage.
- Akribion Therapeutics
Led · Seed · Feb 2025
Akribion Therapeutics develops a proprietary G-dase® E nuclease platform that enables RNA-guided, nuclease-based programmable cell depletion by shredding DNA and RNA only when a guide RNA matches an intracellular RNA sequence. The technology is designed to kill only targeted cells while leaving healthy cells unharmed. The company was founded in 2024, spun out of BRAIN Biotech AG, and is based in Zwingenberg, Germany. Akribion is initially focused on precision oncology, specifically HPV-induced Oropharyngeal Head & Neck Cancer (OPSCC), and is exploring applications in other oncology indications as well as autoimmune diseases, fibrosis, and infectious diseases. The platform’s guide-RNA-driven adaptability is positioned to speed target switching and accelerate development compared with traditional approaches. A recent seed financing is intended to advance the program toward in vivo proof of concept.
- Aignostics
Participated · Series B · Oct 2024
Aignostics develops AI that transforms complex multimodal pathology data into actionable insights by combining proprietary access to clinical data, technologies, and scientific expertise. It builds products and services for precision medicine that support drug discovery, translational research, clinical trials, and CDx development. The company was established in 2018 as a spin-off from Charité Berlin and operates in Berlin and New York under CEO Viktor Matyas. Aignostics recently raised $34M in a Series B round to expand its product offerings and accelerate growth in the United States. It also plans to develop pathology foundation models in collaboration with Mayo Clinic and to deliver new offerings for biopharmaceutical clients. Aignostics develops explainable AI-powered digital pathology solutions that combine proprietary technology, a pathologist network, and access to key data modalities to build bespoke AI models for pharma and biotech clients. Its models cover key tissue staining technologies including hematoxylin-eosin (H&E), immunohistochemistry (IHC) and multiplex immunofluorescence (mIF) to accelerate pre-clinical and translational research. The technology is intended to improve understanding of disease biology, mode of action, biomarkers, and drug response characteristics that are difficult to assess with traditional microscopy. Leadership includes CEO Viktor Matyas and CTO Dr. Maximilian Alber. The company originated from joint research at Charité and TU Berlin, entered the BIH Digital Health Accelerator in 2018 and spun out in early 2020. Aignostics plans to use the new funding to continue building its presence and team with a focus on the US market and maintains offices in Boston. Aignostics is a spin‑off from Charité – Universitätsmedizin Berlin and the Berlin Institute of Health that builds computational pathology tools based on Explainable AI. Its proprietary platform is designed to quantify morphological features, visualize model decisions, and uncover biomarkers that predict therapy response. The technology draws on research from Fraunhofer Society, Charité and TU Berlin and cites founders and contributors including Prof. Frederick Klauschen and Prof. Klaus‑Robert Müller. Aignostics says it has comprehensive access to key data modalities and pathologists, allowing development of bespoke AI models for clinical trials and companion/complementary diagnostics (CDx). The company will use the funds to expand its pharmaceutical research portfolio and to fund longer‑term projects aimed at developing CDx applications for clinical routine. Aignostics formally started in early 2018 and develops its applications in close collaboration with computer scientists, medical researchers and surgical pathologists.
Team
Martin Raditsch, PhD, RTTP
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