The Venture Codex

Participated · Series D · Aug 2023

Pivotal Commware builds a mmWave product ecosystem for extending the wireless edge and increasing coverage for radio access networks, aimed at enabling Fixed Wireless Access (FWA) for mobile network operators. Its product lineup includes the Pivot 5G network repeaters that redirect mmWave signals beyond line-of-sight, Echo 5G subscriber repeaters for indoor penetration through glass, the WaveScape network planning tool, and an Intelligent Beam Management System. The company uses a patented Holographic Beam Forming antenna technology to minimize cost, size, weight, and power consumption. Pivotal offers Pivotal Turnkey Services as an end-to-end solution for planning and deploying FWA and emphasizes low total cost of ownership and fast time-to-revenue for MNOs. The company recently raised $102 million in a Series D to fund aggressive investment in Pivotal Turnkey and to develop next-generation software and hardware, supplemented by capital and cash flow from operations. Pivotal Commware is privately held and headquartered in Bothell, Washington. Pivotal Commware develops communications platforms, systems and applications built on Holographic Beam Forming (HBF) technology to enable cost-effective deployment of 5G millimeter-wave networks for mobile and fixed wireless access. Its product ecosystem includes the WaveScape network modelling tool, Pivot 5G outdoor network repeaters, Echo 5G indoor subscriber repeaters, and an Intelligent Beam Management System (IBMS) for remote management and optimization. The company says HBF antennas increase network speed, capacity and spectral efficiency while minimizing cost, size, weight and power consumption. Pivotal announced the closing of a $50 million Series C led by an affiliate of Tracker Capital Management, with participation from Devonshire Investors, DIG Investment, Thermo, Lux Capital and Bill Gates. Proceeds will be used to expand product support, distribution and R&D across its mmWave ecosystem and to extend offerings into mid-band frequencies including C-Band, CBRS and Band n53. Headquartered in Kirkland, Washington, the company positions itself to scale globally as a 5G telecom infrastructure provider. Pivotal Commware develops metamaterials-based flat-panel antennas and repeater systems intended to boost and extend millimeter-wave 5G signals. Its product lines include the Echo 5G, a customer-installed paddle-like device with an interior "power puck," and the Pivot 5G for operators to extend range and wrap signals around corners. The company demonstrated gigabit-scale indoor transmission rates in recent field trials and plans to begin shipping the Echo 5G to wireless operators in December, with broader appearances expected next year. Pivotal was spun out of Intellectual Ventures in 2016 and is based in Kirkland, Wash.; its prior investors include Bill Gates, DIG Investment, Lux Capital and Thermo Companies. Financially, the company has raised a $17M Series A in 2017 and a $22M Series B that closed last December, and has now secured $10M in convertible-debt financing. The fresh financing is intended to support the product launch and expand headcount, which is approaching 100 employees. Pivotal Commware is a Bellevue, WA–based developer of communications products that use Holographic Beam Forming (HBF). It is the exclusive licensee of metamaterials technology for terrestrial communications markets including cellular, Access-in-Motion (planes, cars, ships, trains and drones) and defense. The company's HBF products have generated significant 4G and 5G interest and been field-tested with Tier 1 operators. Pivotal is working with Globalstar to leverage its technology into future service offerings over Globalstar's terrestrial spectrum. The company was spun out of Intellectual Ventures in 2016. Financially, Pivotal raised $17M in a Series A round with backers that include The Thermo Companies, DIG Investment, Bill Gates, Lux Capital, the family office of Barry Sternlicht and others.

Participated · Series B · Jan 2023

Qvantum develops and supplies heat pump generation technology tailored for urban apartment buildings and district systems. Its core product adapts heat pump configurations to specific building interiors and external thermal-transfer capacity. The systems include a connected control platform that reports to Qvantum's operational centre and enables data extraction and publication to support building operators or residents. Qvantum positions its technology as a decarbonisation solution for densely populated district networks that have historically favoured cheaper gas-fired heating. The article cites strong Nordic activity in large heat-pump projects and high Swedish uptake of heat pumps as market context for Qvantum's expansion. Qvantum announced an SEK 460 million (€41.2 million) fundraise backed by Thomas von Koch and IKEA's investment arm Ikeasfaren.

Led · Equity · Jun 2021

Dirac develops patented digital audio optimization technology used across mobile, gaming, VR/AR, headphones, streaming, automotive, and residential and commercial AV. Led by CEO Peter Friedrichsen, the company licenses its sound-solution technology to OEMs and brands including Rolls-Royce, Volvo, Polestar, BMW, BYD, Harman, Datasat, NAD, ASUS and OPPO. Over the past 12 months Dirac experienced marked success across home audio, pro audio, automotive, headphone, mobile and streaming channels, signing OEM deals with Onkyo, Pioneer, Philips, Hyundai, Volvo, Polestar, BYD, Klipsch and ASUS. It has also developed new sales channels by working directly with semiconductor and middleware companies such as NXP, Analog Devices (ADI), and CRI Middleware to integrate audio into chipsets and platforms. The company has offices in Shenzhen, Beijing and Shanghai, an R&D facility in Copenhagen, and representation in Germany, Japan, Korea, Taiwan and the USA. Dirac raised 150 MSEK (USD 17.73M) to accelerate global growth and was valued at just under 1,200 MSEK (approximately USD 142.2M). Dirac develops patented digital audio signal processing solutions and a suite of products to optimize sound across devices and environments. The company recently launched a headphone technology and mobile app that automatically enhances the performance of connected headphones. Its technology is applied across mobile, gaming, VR/AR, headphones, automotive, residential and commercial AV. Dirac’s sound solutions are used by brands including BMW, Datasat, Harman, NAD, OnePlus, OPPO, Rolls Royce, Volvo and Xiaomi, and by music professionals and producers. The company intends to use the new funding to further evolve the capabilities of its headphone technology and app and to expand its ability to create intelligent audio solutions across devices and content. Dirac is led by CEO Mathias Johansson and maintains headquarters in Uppsala, Sweden, with offices in Shenzhen, Beijing and Shanghai and an R&D facility in Copenhagen. Dirac builds sophisticated digital signal processing and audio software used for capture through playback across a range of device sizes and form factors. Its platform is licensed by manufacturers such as BMW, OnePlus, Rolls-Royce, Volvo and Xiaomi. CEO Mathias Johansson says the company focuses on digitizing sound systems to create more intelligent and adaptive audio processing solutions. Dirac plans to advance those capabilities to establish new standards in audio playback and capture across applications. The company recently appointed former Harman International executive Armin Prommersberger as CTO and opened a Copenhagen Research Development Center. Management also highlighted that emerging 5G networks are expected to enable new use cases for audio technologies.

Led · Series B · Sep 2018

Sarcos Robotics develops the Guardian XO, a battery-powered robotic exoskeleton aimed at augmenting industrial workers rather than replacing them. The company plans to use its latest funding to bring the Guardian XO into full commercial production, with the suit scheduled for release next year and pre-orders already open. Sarcos is positioning the product for heavy-lift tasks — Delta announced at CES that it would partner with Sarcos to outfit ground crew to help lift up to 200 pounds without fatigue. Financially, the company announced a $40 million Series C and had previously raised $56.1 million. Founded in the early 1980s and spun out of Raytheon in 2015, Sarcos is based in Utah and has been a significant recipient of DARPA grants. ABI Research projects the market for these devices will exceed $11.5 billion over the next decade, indicating sizable market opportunity. Sarcos Robotics develops robotic systems that augment rather than replace humans, including the Guardian S mobile inspection and surveillance robot and the Guardian XO powered full-body industrial exoskeleton line. The company leverages more than 25 years of R&D and offers additional products such as the Guardian GT. Sarcos says its products aim to reduce workplace injuries while increasing productivity and efficiency across industries like manufacturing, construction, mining, oil & gas, power, aerospace and defense. The company has doubled its workforce in the last year as it scales. Sarcos is headquartered in Salt Lake City, Utah, with additional offices in the Seattle area. It plans to use new funding to expand its team, scale production and deployment of the Guardian S, and prepare commercial launches of Guardian XO products in late 2019. Sarcos Robotics designs and produces dexterous, human-controlled robotic systems intended for use in unstructured environments to improve health, safety, and quality of life. The company is led by Chairman and CEO Benjamin Wolff and is based in Bellevue, Washington and Salt Lake City, Utah. Sarcos plans to use new capital to expand its team, commercialize its advanced robotics technologies, and grow sales and marketing efforts. In 2016 the company raised more than $25m in total funding. The firm develops robots aimed at industrial and field applications where human-level dexterity and remote operation are required. Recent corporate developments include new strategic investors joining the cap table and an addition to the board of directors.