Participated · Equity · Apr 2026

Founded in March 2023, Shengshu Technology builds foundational or "world" models across three areas: multimodal generation, real-time interaction, and physical-world actions. Its Vidu Q model targets professional video and content production use cases in comics, advertising, e-commerce, and film. The Vidu S1 model enables voice-controlled video generation at 540P and 25FPS while running efficiently on consumer-grade graphics cards. In December 2025 the company open-sourced Motus, presented as a unified world model for perception, prediction, and action, and its Motubrain robot control model reached a 95.8% success rate on the RoboTwin 2.0 benchmark. The company announced a $500 million funding round to support continued model research and technological innovation.

Participated · Series A · Apr 2023

Adcentrx Therapeutics is a biotechnology company developing Antibody-Drug Conjugate (ADC) therapeutics for cancer and other life‑threatening diseases. The company combines biologic targeting with small‑molecule payloads using its proprietary i‑Conjugation™ technology. Its lead ADC candidate, ADRX-0706, targets Nectin-4 and uses a novel tubulin inhibitor payload, AP052, yielding a drug‑antibody ratio of eight (DAR 8). ADRX-0706 showed favorable pharmacokinetic and safety profiles and significant efficacy in preclinical models and is currently being evaluated in a Phase 1a/b clinical trial. Adcentrx intends to use the newly raised funds to continue advancing its proprietary ADC pipeline in the clinic. The company is led by founder and CEO Hui Li and operates in San Diego and Shanghai. Adcentrx Therapeutics is based in San Diego, CA and Shanghai, China and develops antibody-drug conjugates (ADCs) that combine the targeting precision of biologics with the disease‑fighting power of small‑molecule payloads. The company’s lead candidate, ADRX-0706, is anticipated to enter a first-in-human Phase 1 clinical trial in the second half of 2023. Adcentrx is advancing additional ADC candidates in parallel with the goal of advancing at least one into the clinic each year. The company intends to use proceeds from the financing to advance its proprietary ADC therapeutic pipeline into the clinic. Adcentrx is led by founder and CEO Hui Li, Ph.D.

Participated · Series A · Nov 2020

Subtle Medical builds vendor-neutral, AI-powered imaging software designed to operate across existing MRI, PET and CT scanners regardless of manufacturer. Its portfolio includes 11 FDA-cleared software products and its technology is deployed on more than 1,300 scanners globally. The company is developing an AI Imaging Hub intended to help providers manage imaging performance across modalities and scanner fleets. Subtle Medical has been recognized by TIME and by CB Insights on multiple industry lists. Financially, the company has raised a total of $86 million following a $33 million growth financing led by Morgan Stanley Expansion Capital. The company plans to use the new capital to accelerate product development and commercial expansion in the U.S. and international markets.

Participated · Series B · Feb 2019

Neuspera Medical is developing implantable neuromodulation devices intended to improve the lives of patients battling chronic illnesses. The company is advancing a discreet, minimally invasive, ultra-miniaturized implant designed to provide patients personal control and relief from urinary urge incontinence (UUI), a symptom of overactive bladder (OAB). The Neuspera System includes an ultra-miniaturized pulse generator attached to an electrode array. Led by CEO Steffen Hovard, the company emphasizes minimally invasive, patient-controlled therapy. Neuspera recently raised $23M in a Series D financing and intends to use the funds to further enhance growth through expected U.S. Food and Drug Association (FDA) premarket approval (PMA) of its system. Neuspera Medical is a San Jose, Calif.-based, clinical-stage, venture-backed medical device company that engineers miniaturized implantable neuromodulation technologies. The company leverages both exclusively licensed and proprietary power transfer techniques to build its platform. Its lead indication is Urinary Urgency Incontinence, a symptom of overactive bladder, and it describes its products as part of bioelectronic medicines. Neuspera intends to use the Series C proceeds to conduct the SANS-UUI pivotal clinical study. The company is led by Milton M. Morris, Ph.D., President & CEO. It closed a $65M Series C equity financing in July 2021. Neuspera Medical is a clinical-stage neuromodulation company based in San Jose, CA. The company engineers miniaturized implantable neuromodulation technologies using exclusively licensed and proprietary power transfer techniques. Its technology platform, described as bioelectronics medicines, aims to provide patients and physicians less invasive, more adaptable, and potentially earlier treatment options. Neuspera is led by Milton M. Morris, Ph.D., President & CEO. The company intends to use the financing to advance its clinical programs for its implantable neuromodulation technology platform. Neuspera focuses on product development and regulatory programs tied to milestone-driven funding tranches. Neuspera Medical is a clinical-stage medical device company based in San Jose, California that develops miniaturized implantable neuromodulation technologies. It engineers hermetically sealed implantable modules using exclusively licensed and proprietary power transfer techniques. The company describes its modules as more than 100 times smaller than other neuromodulation devices and says they may reduce implant procedure complexity, patient complication, and post-surgical pain. Neuspera positions its products within a bioelectronics medicines technology platform. Led by President & CEO Milton M. Morris, Ph.D., the company focuses on advancing product development and clinical programs. It held the initial closing of a $26M Series B equity financing to support those efforts.