Led · Series B · Jan 2026

Superstate builds tokenization technology and digital transfer agent infrastructure to create on-chain investment products intended to improve liquidity, accessibility, and operational efficiency. The company is commercializing a tokenized fund, the Superstate Short Duration US Government Securities Fund (USTB), for which Invesco Advisers, Inc. is expected to become the investment manager in Q2 2026. Superstate has entered a strategic partnership with Invesco that includes an equity investment from Invesco Private Capital as part of its ongoing Series B. Beyond USTB, Superstate and Invesco plan to collaborate on additional tokenized investment offerings. The partnership signals growing institutional interest in Superstate’s technology and aims to scale its role in modernizing capital markets infrastructure.

Led · Equity · Dec 2025

Fogo is a next-generation layer-1 blockchain optimized for institutional-grade trading and decentralized finance workloads. Built on the Solana Virtual Machine (SVM), the network advertises block times of roughly 40 milliseconds—up to 18× faster than other high-performance chains such as Solana and Sui—and has reached a peak of 136,866 transactions per second on testnet according to Chainspect. The protocol incorporates custom MEV-mitigation features and near-instant finality to serve decentralized exchanges, launchpads, lending markets, and other real-time financial applications. At mainnet launch, about ten dApps—including the Valiant DEX, Moonit launchpad, Brasa liquid staking, and lending markets Pyron and Fogolend—are going live. Points-program participants can immediately convert their rewards into tradable FOGO tokens, which are listed on Binance, OKX, Bybit, Bitget, Gate.io, MEXC, LBANK, and Backpack. Fogo has funded development through multiple token and equity rounds, most recently a $7 million strategic token sale at a $350 million valuation. Prior financing includes an $8 million community-first crowdfunding via Echo in January 2025 and a $5.5 million seed round.

Participated · Equity · Apr 2025

Nous Research builds Hermes, an open-source AI agent that performs tasks on behalf of users and includes built-in capabilities such as internet search, code generation and image understanding. Hermes can auto-learn new skills from user behavior and the company has released specialized language models focused on mathematics and programming. The project has gained substantial community traction on GitHub with over 214,000 stars and around 40,000 forks. Users can run Hermes locally on personal computers or virtual servers, and Nous Research also offers a cloud subscription tier priced between $20 and $200 per month. Financially, the company has previously raised $70 million from investors including Paradigm and others, and is now preparing to raise at least $75 million at a reported $1.5 billion valuation. The company intends to use new funding to further develop its products and business model.

Participated · Equity · Mar 2025

Axelar operates the Axelar Network, a decentralized blockchain interoperability platform and open stack that enables permissionless cross‑chain tooling through its Mobius Development Stack (MDS). The Axelar Foundation, a nonprofit supporting adoption of the network, disclosed strategic investments into the AXL token that exceeded $30M. The AXL token provides protocol‑level utility and is accumulated in reward pools to incentivize Verifiers as new blockchain connections scale interop demand. A portion of the new investments were purchases of unlocked AXL tokens from the Foundation’s ecosystem allocation; those tokens are now subject to lockups ranging from six to 12 months, while the exact amount sold was not disclosed. Axelar counts adopters including Uniswap, Microsoft and dozens of natively multichain startups with a combined total value locked (TVL) above $1 billion. The platform emphasizes an open, scalable, and secure cross‑chain layer for developers. Axelar is a decentralized network that connects users, assets and decentralized applications across multiple blockchains. Founded by the team behind Algorand, the company is building an interoperability stack and developer tools to enable cross-chain composability and liquidity. The phased mainnet launch began last month, and Axelar has started onboarding validators and wallet integrations. Planned product work includes a beta of Satellite, a dapp for transferring assets between chains such as Ethereum and Terra, and an SDK for developers to build on the Axelar network. Axelar already has live integrations with Polygon, Polkadot, Cosmos and Pangolin Exchange. Financially, the company recently raised $35 million in a Series B at a $1 billion valuation, following a $25 million Series A led by Polychain Capital last summer. Axelar operates a decentralized interoperability protocol suite, tools, and APIs designed to enable cross-chain communication and asset transfer. The Axelar Network is currently live in testnet and has early adopters including Polygon, Polkadot, Terra, Avalanche, Pangolin Exchange, and Keplr Wallet. The protocol aims to let developers build on any blockchain while leveraging global cross-chain liquidity and composability. Axelar says the latest funding will be used to grow the core team and support ecosystem development. Leadership emphasizes the goal of increasing liquidity and secure cross-chain asset transfer to expand user reach. The company positions itself as a universal framework for decentralized interoperability across blockchain networks. Axelar is a decentralized protocol that enables developers to build on any blockchain using global cross-chain liquidity and composability. Designed by the founding members of the Algorand blockchain, Axelar aims to provide interoperability across chains. The company raised $25 million in a Series A round led by Polychain Capital, with participation from Dragonfly Capital, Galaxy Digital, North Island Ventures, Robot Ventures, Collab+Currency, Cygni Capital, Lemniscap, Divergence Ventures and others. Proceeds will be used to support the network’s integrations and to add engineering resources. The network is currently in testnet with Polkadot, Terra and Avalanche. When live, Polkadot users will be able to move assets from external chains via the Moonbeam smart contract platform, and Avalanche users will be able to access assets on Bitcoin, Ethereum and other chains connected to Axelar. Axelar is a decentralized protocol designed by the founding members of the Algorand blockchain to enable cross-blockchain communication for decentralized applications. The protocol acts as a communications bridge connecting blockchain ecosystems that speak different languages, offering a universal protocol and API so developers can avoid rewriting dapps for each network. Axelar plans to use the seed funding to accelerate its roadmap and scale cross-chain communication, according to CEO Sergey Gorbunov. The company said the $3.75M seed will go toward developing the network's technology, tools and API solutions, and recruiting engineers to design underlying protocols. Investors in the round include Binance X (the investment arm and accelerator of Binance), San Francisco-based DCVC, Lemniscap, Divergence Ventures, Waikit Lau and Naval Ravikant. The fundraising gives Axelar early-stage capital to advance its cross-chain infrastructure and developer tooling.

Led · Equity · Sep 2024

Huma is a Cupertino, CA-based provider of a PayFi network that finances global payments by providing instant access to liquidity. Led by CEO Kazım Rıfat Özyılmaz, the company offers on-demand payment financing across payment-focused chains. Huma plans to use the $38M funding to expand its PayFi network to Stellar’s Soroban and to Solana in the coming months, making the network accessible from all major payment-focused chains. The company intends to launch the Huma Foundation this year to decentralize the PayFi network and broaden global access. In April Huma merged with Arf, combining two PayFi/on-demand liquidity players. Huma and Arf have already surpassed $1.8 billion in payment financing transactions and are on track to reach $10 billion next year, becoming a fast-growing use case for Circle’s USDC. Huma is an income-backed DeFi lending protocol based in San Francisco that builds infrastructure components to enable income-backed decentralized financial services for people and businesses. The company is developing an on-chain factoring market and working with launch partners to enable borrowing against invoices and user incomes. Initial launch partners include Circle, Request Network and Superfluid, which are enabling borrowing against invoices and users’ incomes. Huma was founded by Erbil Karaman, Richard Liu, Ji Peng and Lei Du. The company plans to use the seed funds to continue developing the platform and to expand its reach into new markets. No operating metrics were disclosed in the article.