Participated · Equity · Jun 2026

Ionic Digital positions itself as a fast-track provider of high-performance computing (HPC) and data center infrastructure designed for intensive AI workloads. The company emphasizes delivering fully ready assets, scalability, and speed to market to address industry bottlenecks such as constrained power and long development timelines. Ionic Digital highlights a seasoned management team with experience developing hundreds of megawatts and raising billions in capital. The company recently strengthened its financial position by completing a $400 million equity private placement that values the business at a $2.0 billion pre-money valuation. Management stated the new capital will support continued development of its digital infrastructure assets and the company’s broader platform strategy.

Participated · Series C · Mar 2026

Nscale builds and operates vertically integrated AI data centers, controlling everything from renewable energy sourcing and facility construction to the compute stack and orchestration layer. Backed by Nvidia, the company is developing ‘Stargate Norway,’ an installation targeting 100,000 Nvidia GPUs by the end of 2026 with OpenAI as an initial customer. In October it also partnered with Microsoft and Dell to deploy roughly 200,000 Nvidia GPUs across four data centers in Europe and the U.S. The firm positions itself as a low-cost, green alternative for AI compute, pledging to reuse waste heat and invest in local skills and infrastructure. Its latest funding round values the company at $14.6 billion, placing it among Europe’s few AI decacorns. Nscale plans to use the new capital to accelerate build-outs in Europe, North America and Asia while expanding its engineering and operations teams. The company has hinted at a possible IPO as early as this year to further bolster its capital base. High-profile board appointments—including Sheryl Sandberg, Susan Decker and Nick Clegg—underscore its growing prominence.

Participated · Series C · Nov 2021

Yellowbrick Data builds a modern, Kubernetes-based cloud-native data warehouse that can be deployed on any cloud, on-premises, or at the network edge. The product emphasizes price/performance and offers customers a choice of usage-based pricing or predictable fixed-cost subscriptions. The company positions its architecture as an alternative to consumption-based billing models and vendors that require advance purchase of credits. Yellowbrick reports strong commercial traction across financial services, hedge funds, insurance, telecom, healthcare, retail, and manufacturing. It is on track to more than double its ending ARR with this year’s bookings and says customer net retention is approaching 150%. The company has earned an NPS of 91 and received recognition from Forrester and GigaOm. Yellowbrick builds a hybrid data warehouse that lets enterprises keep data and workloads on‑premises or in the cloud. Its product is designed to serve organizations that expect a long‑term hybrid infrastructure mix rather than an all‑cloud approach. The company raised an $81M Series C to continue developing and scaling its technology and go‑to‑market efforts. The round brings Yellowbrick’s total funding to $173M. Leadership declined to disclose valuation and would only say revenue was growing at a healthy rate. The company has about 100 employees, and its COO noted that building out a data warehouse business is capital intensive. Yellowbrick Data offers the Yellowbrick Data Warehouse, a turnkey appliance built on a native flash query architecture that powers analytics on‑premises, in hybrid cloud, and at co‑location and edge data centers. The company reengineered the data warehousing stack to bring simplicity back to analytics and to accelerate traditional BI and predictive workloads. Yellowbrick reports enterprise customers across major verticals including finance, healthcare, hospitality, insurance, logistics and transportation, retail and e‑commerce, and telecommunications. Named customers and partners referenced include Overstock.com, Symphony Retail AI, TEOCO, Melco Resorts & Entertainment and Allscripts Payer and Life Sciences. The Yellowbrick Data Warehouse was made generally available in September 2017. Financially, Yellowbrick has raised a total of $92 million to date. Yellowbrick Data offers the Yellowbrick Data Warehouse, a turnkey analytic appliance and hybrid-cloud platform engineered for native flash queries. The system is designed to move data directly from flash memory to the CPU, delivering up to 140x faster query performance and a reported 97% size reduction versus legacy solutions. The appliance supports mixed workloads (ad hoc queries, large batch queries, reports, ETL and ODBC inserts) and can scale to petabytes by adding analytic nodes. Yellowbrick emphasizes deployment flexibility across on-premises, private cloud, co-location, edge computing and public cloud environments. The company emerged from stealth with production customers and is already generating revenue, with named customers including Overstock.com, Symphony RetailAI and TEOCO Corporation. General availability of the Yellowbrick Data Warehouse opened in September 2017.

Participated · Series C · Jan 2021

Affinivax is a clinical-stage biopharmaceutical company pioneering the Multiple Antigen Presenting System (MAPS™) platform to induce broad B‑cell and T‑cell immune responses. The company is developing MAPS vaccines against multiple pathogens, including a lead pneumococcal candidate, ASP3772, and programs targeting Klebsiella pneumoniae, Pseudomonas aeruginosa, Staphylococcus aureus, and Clostridium difficile, as well as exploratory SARS‑CoV‑2 and melanoma efforts. ASP3772 includes 24 pneumococcal polysaccharides and two conserved proteins; it was safe and highly immunogenic in a Phase 1 study in adults 18–64, has a completed Phase 2 in adults 65–85 with analyses ongoing, and an ongoing Phase 1 in toddlers. Affinivax was founded in 2014 with seed investment from the Bill & Melinda Gates Foundation and holds an exclusive license to the MAPS technology from Boston Children’s Hospital; the company is based in Cambridge, Mass. The company’s S. aureus MAPS vaccine is being optimized for manufacturing and IND‑enabling preclinical studies with the goal of IND submission and clinical evaluation. Preclinical data from a lead S. aureus candidate demonstrated induction of B‑cell, Th1 and Th17 responses that reduced mortality, prevented skin abscesses, cleared gastrointestinal carriage, and prevented dermonecrosis in models. Affinivax pioneers a proprietary MAPS™ (Multiple Antigen Presenting System) platform, licensed from Boston Children’s Hospital, that links polysaccharide and protein antigens using a biotin–rhizavidin approach to elicit both B‑cell and T‑cell responses. Its lead candidate, ASP3772, is a Streptococcus pneumoniae vaccine containing 24 pneumococcal polysaccharides and two conserved proteins; ASP3772 was safe and highly immunogenic in a Phase 1 study in adults 18–64. A Phase 2 study in adults 65–85 has completed enrollment with data analyses ongoing, and a Phase 1 study in toddlers 12–15 months is underway. Affinivax is also developing a next‑generation pneumococcal MAPS vaccine and programs targeting healthcare‑associated bacterial pathogens including Klebsiella pneumoniae, Pseudomonas aeruginosa, Staphylococcus aureus, and Clostridium difficile, plus exploratory programs for SARS‑CoV‑2 and melanoma. The company was founded in 2014 and initially seeded by the Bill & Melinda Gates Foundation. Proceeds from its recent financing will be used to advance the MAPS vaccine pipeline across these indications. Affinivax leverages its proprietary MAPS technology to design vaccines that present both polysaccharide and protein antigens to induce broad B- and T-cell responses. Its lead program, ASP3772, a MAPS pneumococcal vaccine including 24 serotypes, has completed Phase 1 testing (safe and highly immunogenic) and is in a Phase 2 study nearing completion. The company is advancing ASP3772 toward Phase 3 and plans to expand the clinical program to include an infant indication. Affinivax is also developing first-in-class MAPS vaccine candidates targeting hospital-associated infections (Klebsiella pneumoniae, Pseudomonas aeruginosa, Clostridium difficile, and Staphylococcus aureus) and is exploring MAPS applications against viral diseases and cancer. The company has a partnership with Astellas Pharma to support certain programs, has grown to over 70 employees, and has previously been funded by non-dilutive grants and early investments from the Bill & Melinda Gates Foundation. Affinivax is advancing a proprietary Multiple Antigen Presentation System (MAPS) vaccine platform to develop next-generation vaccines. MAPS enables high-affinity binding of protective polysaccharides and proteins in a single vaccine and is designed to provide broader protection than current conjugate vaccines. The platform aims to protect against invasive disease, colonization, and transmission and has the potential to cover all pneumococcal serotypes. MAPS also offers a simpler, more cost-efficient manufacturing approach. The company has achieved preliminary preclinical proof-of-concept for several MAPS vaccines and is advancing its lead Streptococcus pneumoniae candidate toward IND submission and proof-of-concept clinical testing. Financially, Affinivax has received funding from the Bill & Melinda Gates Foundation to support its development work, including an initial $4.0M and an additional $2.5M follow-on investment. Affinivax is a biotechnology company developing novel vaccines built on its Multiple Antigen Presenting System (MAPS) platform. The company intends to use MAPS to combine protective polysaccharides and proteins in a single vaccine to induce broad immune responses. Its initial focus is a lead program targeting Streptococcus pneumoniae (pneumococcus). Affinivax launched with $4M in funding from the Bill & Melinda Gates Foundation, which has committed additional funding contingent on future milestones. The company secured an exclusive license from Boston Children's Hospital to the MAPS-related intellectual property initially developed by Richard Malley, M.D., its scientific founder. Steven B. Brugger serves as President and CEO, and Frances K. Heller was appointed to the board.

Participated · Equity · Feb 2015

Symphony is a secure cloud-based communications platform that offers a free product and a paid enterprise version with enhanced security and compliance features. The product includes content-tracking capabilities that let users follow hashtags and keywords inside the system and on public networks like Twitter. Symphony began in financial services to establish compliance and security standards and is now expanding beyond that market. The company has about 130 employees, roughly 100 of whom are in engineering. Management said the company is well-capitalized after the recent raise and plans to use the funds to expand sales and marketing, double headcount over 12–18 months, and grow internationally. Symphony also plans to open offices in Europe, Japan, and Australia, may pursue acquisitions if appropriate, and intends to keep a significant cash reserve as a hedge against market slow-downs. Symphony is a secure hosted communications and content‑sharing platform designed for financial services, offering encrypted messaging where message owners control the keys. It can plug into existing systems or operate standalone and includes a crowd‑sourced, vetted directory acquired from Markit’s collaboration services. The company is building a content hub to let firms share curated content on their terms and is debating which components to open source. Symphony was created to replace fragmented proprietary stacks on Wall Street and to enforce regulatory and relationship restrictions (FINRA, Sarbanes‑Oxley) by design. The product was in Alpha with 15 funders and about 1,000 daily active users, planning a 10,000‑user Beta in April and general availability by late June/early July. Symphony has about 70 employees and offices in Palo Alto, New York City and London, with planned openings in Singapore and Hong Kong.