Participated · Series C · Dec 2025

Last Energy is a nuclear technology startup building factory-manufactured small modular reactors that are permanently sealed within 1,000 tons of steel. Its commercial unit is a 20 MW pressurized water reactor derived from a decades-old government design once used on the NS Savannah, and each unit can power roughly 15,000 homes. The reactors are delivered pre-fuelled with six years of uranium, contain no penetrations beyond electrical and control lines, and the steel vessel doubles as a waste cask at end-of-life, eliminating separate disposal. The company is first constructing a 5 MW pilot reactor on a leased site at Texas A&M, targeting startup next year, and plans to bring its 20 MW commercial reactors into production in 2028. By mass-manufacturing at scale, management expects significant cost reductions similar to learning-curve effects seen in other industries. Proceeds from the latest funding will fully finance the pilot and support initial commercial deployments.

Participated · Series A · Jul 2025

Panthalassa builds self-propelled, autonomous floating nodes that capture wave energy to generate continuous clean electricity and run AI inference computing onboard, transmitting results to land via low-Earth-orbit satellites. The company has spent about a decade developing its power generation, propulsion, autonomy, and at-sea computing technologies and demonstrated capabilities with Ocean-1, Ocean-2, and Wavehopper prototypes in 2021 and 2024. Panthalassa plans to deploy its Ocean-3 pilot node series in the northern Pacific in 2026 to demonstrate AI inference at sea and to refine manufacturing ahead of commercial deployments in 2027. The platform uses the ocean for free supercooling to extend chip lifetimes and avoids transmitting power to shore by performing computing onboard. The company is a public benefit corporation headquartered in Portland, Oregon, and recently raised $140 million in a Series B to complete a pilot manufacturing facility and accelerate initial deployments.

Participated · Series A · Mar 2025

Stargate Hydrogen is a Tallinn-based manufacturer of electrolyser stacks and systems that has developed proprietary stack technology to increase reliability and minimize equipment degradation. Its innovations are designed to improve unit economics and raise returns for green hydrogen project developers. The performance of Stargate stacks has been validated by ZSW in Stuttgart. Customers include Fortum, Utilitas, and ABB. Led by CEO Marko Virkebau, the company intends to use the funds to scale manufacturing capacity, expand internal testing capabilities, and establish strategic partnerships within the global green hydrogen ecosystem. It raised €11M in a Series A and, together with grants, reports $50M of total committed capital. Stargate Hydrogen develops ceramic-based electrolysis technology that replaces precious-metal catalysts with ceramic-based catalyst materials to reduce the levelized cost of hydrogen. The company has created a proprietary stack and system design and treats the electrolyzer as a battery system, applying lessons from lithium-ion battery development cycles. Its IP portfolio covers materials, electrodes, stack design and plant control systems. The first installations of Stargate’s electrolyzer technology are already deployed in the field. Led by CEO Marko Virkebau, the company plans to use new funding to expand operations and advance development efforts. Stargate is based in Tallinn, Estonia.

Led · Series B · Jun 2022

Sana builds and administers vertically integrated health insurance plans aimed at small and medium-sized businesses, combining traditional coverage with free visits to virtual primary care, mental health, pediatrics and maternity. The company says its plans can save employers up to 20% versus their current insurance and generates revenue via fees for selling, underwriting and administering plans as well as on insurance risk. Sana currently offers plans in eight states, including Arizona, Oklahoma, Texas, Illinois, Ohio and Kentucky, and recently expanded into Virginia and Indiana with plans to enter more states. It has about 20,000 people on its plans, has tripled its customer count over the past year, and estimates 35–40% of new customers previously could not afford to provide employee healthcare. Sana opened a physical primary care center, Sana MD, in Austin, offering concierge care to members on most plans. The company is remote-first with 170 employees (up from 80 at the start of 2021); it is not yet profitable but plans to reach profitability with this funding and will use capital to hire and open more centers. Sana provides health insurance to small and midsize businesses with a vertically integrated, value-based care model that includes direct primary care and a Sana Care ecosystem of providers. The company emphasizes primary and preventive care and offers centers of excellence for more complex procedures. Sana is available in Arizona, Oklahoma, Texas, Illinois, and Kentucky and grew its customer base by 140% in the past year. The company plans to use new capital to invest in advanced primary care, expand into new markets and within its existing footprint, and scale its direct sales model. Sana will also invest in zero-cost care options, digital health offerings, care navigation, and building a network of providers committed to fair pricing. The company is headquartered in Austin, Texas. Sana Benefits manages self-funded insurance plans that let employers pick and pay for employee healthcare services. The company bundles startup benefit providers through partnerships with Beam Dental, PlushCare, Calm, Ginger.io, ClassPass and Maven Clinic. Sana says its approach saves customers roughly 20% compared with traditional plans. Plan options range from a $4,000 deductible with a $6,650 out-of-pocket maximum to a $0 deductible plan with a $1,250 individual out-of-pocket maximum. Sana generates revenue by managing, directing, and distributing the insurance plans for its customers. It currently operates in Texas and Kentucky and plans to expand to Illinois later this year. Sana Benefits provides premium health plans to small and medium businesses, selling plans directly to cut out brokers and build products around customer needs. The company emphasizes member choice by building provider networks around the doctors members want and by offering free premium services through partnerships with Plushcare, Maven, Beam, ClassPass, and Calm. Sana says it has built all of its own technology from scratch on a modern, HIPAA‑compliant web stack (AWS, Rails, React), enabling leadership in back‑office automation and data‑driven care management. The firm positions itself as focused on a modern, customer‑focused approach and aims to be "a smarter, more human health plan." Financially, the company reports having "dozens of customers" and claims its plans cost about 30% less than traditional options. Sana was established in 2017.

Participated · Series A · Mar 2022

Luminous is developing a custom AI supercomputer stack centered on proprietary silicon photonics to eliminate data‑movement bottlenecks and improve performance and programmability. The company is building nearly every part of the stack from chips to software, aiming for order‑of‑magnitude gains in performance and simplified programming models. Luminous says its work will enable much larger, more efficient AI models and support commercial‑scale AI applications. The company plans to double its engineering team and is actively recruiting photonics designers, digital and analog VLSI engineers, packaging and system integration engineers, and machine learning experts. Funding announced in the articles will support custom chip and software development and gearing up for commercial production. Luminous frames its mission around delivering useful, usable, and safe AI by providing the hardware needed to run tomorrow’s AI applications. Luminous Computing is developing photonics chips designed to handle AI workloads by using light to move and multiply dense arrays of data at high speed. The company says its approach will remove major bottlenecks that traditional processors struggle with, and its architecture is based on CTO Mitchell Nahmias’ Princeton research. The one-year-old, seven-person startup was founded by Michael Gao, CEO Marcus Gomez and Nahmias; Gomez and Gao have prior software and data-science experience. Luminous reports it already has working silicon and aims to ship development kits within the next few years. The company claims a single chip could replace the computing power of roughly 3,000 Google TPUs. It raised capital to grow the team and specifically hire people with semiconductor industry experience to accelerate engineering and development.