Participated · Equity · Oct 2025

Ridepanda operates an e-bikes-as-an-employee-benefit platform that enables companies to subsidize electric bike and scooter subscriptions for their workforce. Founded in 2020 by Chinmay Malaviya and Charlie Depman, the company targets enterprise customers seeking to boost wellness, retention, and ESG performance. Employees access a curated fleet of e-bikes and scooters through monthly subscriptions, while employers track impact metrics such as reduced single-occupancy car trips. Ridepanda more than doubled its business in 2025 and now serves high-profile organizations including Amazon, Google, Goodwin Law, and the County of San Mateo. The platform positions the firm as a U.S. leader in micromobility benefits. With fresh capital, management plans to expand its enterprise sales team, speed product development, and further scale the service. No specific revenue or user figures were disclosed, but the rapid growth and marquee client list highlight strong commercial traction.

Participated · Series A · Mar 2025

Tandem PV builds perovskite-silicon tandem solar panels that stack a thin perovskite layer atop conventional silicon cells to increase power output and lower costs. Its panels currently achieve about 28% efficiency and are reported to be roughly 30% more powerful than average silicon panels. The company emphasizes durability and scalability, citing lab results that project decades-worth of stability and plans for extensive third-party testing in real-world conditions. Tandem PV is expanding domestic manufacturing to support U.S. clean-energy leadership, supply-chain resilience, and lower costs. The recent CEC grant will fund independent validation of long-term durability, environmental resilience, and energy yield to accelerate commercial readiness. To date the company has combined venture, debt, and government funding to advance manufacturing and commercialization efforts. Tandem PV develops perovskite-based tandem solar panels that combine industry-leading durability and efficiency for broad-scale deployment. Its panels currently achieve 28% efficiency and are projected to surpass 30% by late 2025, about 30% more powerful than the average silicon panel. The company’s perovskite layer is roughly 200 times thinner than silicon and its production reportedly requires just 10% of the energy of conventional panels, lowering production energy, labor, and land costs. Tandem PV plans to build a commercial-scale U.S. manufacturing facility to accelerate commercialization and re-establish domestic solar manufacturing leadership. Industry reports project perovskite modules will reach gigawatt-scale production by 2028, positioning the company to scale with existing silicon infrastructure. Financially, Tandem PV has raised a total of $83 million in venture capital, debt, and government funds to date. Tandem PV develops thin-film perovskite layers stacked on conventional silicon cells to produce higher-efficiency tandem solar panels. The company is currently producing tandem panels with roughly 26% efficiency, about 25% more powerful than typical silicon panels, and claims potential designs up to 40% more powerful than today’s panels. More power at similar price-per-watt is positioned to lower installation labor, land-acquisition costs, and total cost of ownership for customers. Tandem PV has demonstrated the equivalent of decades of projected durability in lab testing and plans independent industry-standard validation of efficiency and durability in 2024. Research and development continue alongside plans for a first manufacturing facility to enable broader deployment. The company emphasizes commercializing durable, highly efficient perovskite-based panels for large-scale adoption. Tandem PV designs tandem perovskite-on-silicon solar panels that boost the output of conventional silicon cells by stacking thin-film perovskite materials. The company is producing panels with about 26% efficiency, roughly 25% higher output than average silicon panels, and reports lab-demonstrated durability equivalent to decades. Tandem PV plans to obtain independent industry-standard validation of efficiency and durability during 2024 and to bring customer agreements to begin building its first manufacturing facility. The company is led by CEO Scott Wharton, who joined last summer to accelerate commercialization. Tandem has raised venture and government funding to support R&D and scale-up activities. Tandem PV specialises in ultra-high-efficiency tandem metal-halide perovskite solar panels that convert conventional silicon modules into higher-efficiency tandems via a perovskite-coated front glass drop-in replacement. The company plans to manufacture its first commercial-grade tandem solar panels to provide more efficient and affordable solar energy to customers. It will use the recent financing to build a pilot manufacturing facility at its San Jose, California headquarters. Tandem PV says it has strong market pull from residential solar installers, end users, equipment distributors and utilities. The company was co-founded by materials science PhD Colin Bailie, who developed the design at Stanford, and Chris Eberspacher, former CTO of Hanwha Solar. The move into pilot production is positioned as the next step toward demonstrating and commercialising its perovskite-silicon tandem technology.

Participated · Debt Financing · Jun 2019

First Light Diagnostics is a Chelmsford, Mass.-based developer of automated products for rapid, sensitive and cost-effective diagnosis and treatment of life-threatening, antibiotic-resistant infections. Its products are based on the proprietary MultiPath™ detection technology and aim to combine the clinical performance of advanced commercial laboratory tests. The tests rapidly detect infections, identify infectious agents and determine effective targeted antibiotic therapy. The company is developing and preparing to commercialize these diagnostic products. First Light closed a $4.5M debt financing that includes a Lease Line with CSC Leasing of Virginia to acquire equipment and infrastructure to support development and pilot manufacturing. It also secured a debt financing facility with MassDevelopment to support working capital requirements; the company is led by CEO David Macdonald and Don Straus is the founder and primary inventor of the core technology. First Light Diagnostics develops automated products for rapid, sensitive, and cost-effective diagnosis of life-threatening, antibiotic-resistant infections. Its tests are based on proprietary MultiPath™ detection technology that rapidly detect infections, identify infectious agents, and determine effective targeted antibiotic therapy. The company closed an $8.25M Series A-2 round and intends to use the proceeds to continue development of the MultiPath technology. Funds will also support preparation for product commercialization and a planned launch in early 2020. First Light is led by CEO David Macdonald and founder and primary inventor Don Straus. The firm aims to commercialize innovative diagnostics to combat the spread of antibiotic resistance.