The Venture Codex

Led · Equity · Jun 2024

Gamida Cell develops NAM-modified allogeneic cell therapies intended to treat hematologic malignancies. Its lead product, Omisirge (omidubicel-onlv), is an FDA-approved nicotinamide-modified allogeneic hematopoietic progenitor cell therapy. The company also advances GDA-201, an intrinsic natural killer (NK) cell therapy candidate. Gamida leverages proprietary nicotinamide technology to enhance and expand cells for potentially curative treatments. Recent leadership changes (CEO Dr. Joe Wiley, CFO Rory Nealon, CCO Sheila Frame) accompany a new ownership structure and capital infusion to support commercialization. The company now operates as a wholly owned subsidiary of Ayrmid Limited (a UK entity) and is pursuing broader access to Omisirge while continuing R&D and manufacturing efforts. Gamida Cell is a clinical-stage developer of cellular and immune therapies focused on treatments for cancer and orphan genetic diseases. Its lead product, NiCord, is an FDA Breakthrough Designated, stand-alone graft derived from a single umbilical cord blood unit expanded using the company’s proprietary NAM technology. NiCord is being developed to facilitate bone marrow transplantation for patients without a rapidly available fully matched donor and the company is currently enrolling an international, multi-center Phase 3 registration study. Gamida Cell’s pipeline also includes CordIn for rare genetic diseases and NK cells as a treatment for cancer, and the company is developing products to address conditions such as sickle cell disease, thalassemia, aplastic anemia, and other genetic and refractory autoimmune diseases. The company plans to expand in-house manufacturing capacity and increase its presence in the US to support late-stage development and commercialization. Gamida Cell develops cellular and immune therapies targeting cancer and orphan genetic diseases. Its core programs include NiCord for hematological malignancies, CordIn for sickle cell disease and thalassemia, and NK cell therapies for cancer. The company is conducting a Phase 3 registration study for NiCord and clinical trials for CordIn and NK cells. It received up to $4.4M in non-dilutive grant funding from the Israel Innovation Authority to support ongoing R&D and these clinical programs. The pipeline also targets bone marrow failure syndromes, genetic metabolic diseases and refractory autoimmune diseases. Gamida Cell is led by Dr. Yael Margolin and counts Novartis, Elbit Imaging, Clal Biotechnology Industries, Israel Healthcare Venture, Teva, Denali Ventures and Auriga Ventures among its shareholders. Gamida Cell develops cellular and immune therapies targeting cancer and orphan genetic diseases. Its pipeline includes programs for cancer, genetic hematological diseases such as sickle cell disease and thalassemia, genetic metabolic diseases, and refractory autoimmune diseases. NiCord is an experimental product for high‑risk hematological malignancies derived from a single cord blood unit expanded and enriched with stem cells and immune modulatory cells using the company’s proprietary NAM technology. The company plans to initiate a Phase III clinical trial of NiCord in mid‑2016. Novartis is a significant financial backer and has committed additional equity funding to advance clinical programs. Gamida Cell’s shareholders also include Elbit Imaging, Clal Biotechnology Industries, Israel Healthcare Venture, Teva Pharmaceutical Industries, Denali Ventures and Auriga Ventures. Gamida Cell is a Jerusalem-based provider of stem cell expansion technologies and therapeutic products. Its lead investigational product, NiCord, is derived from a single cord blood unit and expanded and enriched with stem cells using the company’s proprietary NAM technology. NiCord is being evaluated as the sole stem cell source in a Phase I/II study for hematological malignancies including leukemia and lymphoma. The company is led by president and CEO Dr. Yael Margolin. In connection with development plans for NiCord, Gamida Cell received a $35M strategic investment from Novartis Pharma. The deal includes equity and an acquisition option tied to development milestones, providing potential near-term funding and a path to commercialization.

Led · Convertible Note · Nov 2023

Arrival is an electric-vehicle startup that planned to use microfactories to build electric buses, vans and a car designed for Uber drivers. It also had programs for XL delivery vans targeted at the U.S. market with planned production in Charlotte, North Carolina by 2024. Those plans have largely unraveled: the company has dropped its Uber car and bus programs, slashed production targets, and laid off workers four times in the past 15 months. Arrival has missed SEC filing deadlines, including its 2022 annual report, and executed a reverse stock split to try to regain Nasdaq compliance. Financially, Arrival reported about $43 million of cash and cash equivalents at the end of the first half of 2023 and a net loss of $155.7 million in that period (versus a $100 million loss in H1 2022). It reduced capital expenditures to $4.1 million in H1 2023 from $198.9 million in H1 2022 as part of restructuring and cost-cutting efforts. The company is pursuing strategic alternatives, including a potential sale, while seeking additional capital to continue operations. Arrival is a pre-revenue electric vehicle maker focused on purpose-built last-mile delivery vans and a microfactory manufacturing approach. The company has shifted its product strategy to prioritize XL vans for the U.S. market and plans to start production in Charlotte, North Carolina in late 2024. Arrival is currently burning cash rapidly and has implemented drastic cost cuts, including a planned 50% headcount reduction to leave fewer than 800 employees and a target cash spend of no more than $35 million per quarter. It has built two L vans so far at its Bicester facility and aims to produce 10 L vans and accumulate 250,000 kilometers of public road mileage by the end of 2023 to validate engineering. Financially, Arrival says it is pre-revenue, reduced net debt by $121.9 million after a February sale of common stock, and is seeking further financing to fund XL development and ramp production. Leadership changes include the appointment of Igor Torgov as CEO and other governance moves such as a proposed reverse stock split to regain Nasdaq compliance. Arrival develops electric buses. The company is led by a former head of Yota. The article reports that a fund linked to Vladimir Potanin invested €50 million in Arrival. The report does not provide details on the financing instrument or other participating investors. No operating metrics, revenue, or user numbers are included in the article. Public comments attached to the article express a range of opinions about the company and its investors. Arrival is a British electric vehicle company that focuses on commercial vehicles, notably vans and buses. Founded in London in 2015 by Denis Sverdlov, the company has attracted strategic investors including Hyundai, Kia, UPS, and BlackRock. Earlier this year Arrival secured a reported €100 million strategic investment from Hyundai and Kia at a €3 billion valuation and later received a $118 million investment from BlackRock. The company has an order from UPS for 10,000 Generation 2 electric vehicles. Arrival plans to open a small-scale “microfactory” in Rock Hill, South Carolina, investing $46 million to establish its first U.S. production facility. The Rock Hill site is expected to produce up to 1,000 battery-powered buses per year and employ about 240 people once it opens next year. Arrival is a UK-based electric-vehicle startup led by Denis Sverdlov that has developed in-house software, materials, components and other technologies for Generation 2.0 electric vehicles. Its core product is a scalable 'skateboard' electric platform that can be adapted across multiple vehicle categories to underpin Purpose Built Vehicles (PBVs). Arrival is targeting vans and other vehicles for logistics, on-demand ride-hailing, and shuttle-service markets. The company plans to explore those segments through co-development with automotive partners. In January 2020 Arrival received a €100M investment from Hyundai Motor Company and Kia Motors Corporation to enable co-development of eco-friendly vans and other PBVs. Hyundai will contribute €80M and Kia €20M as part of the deal.

Participated · Debt Financing · Dec 2021

Urgently operates a Smart Mobility Assistance Platform that combines location-based services, real-time data, AI and machine-to-machine communication to power digital roadside and connected mobility assistance solutions. The company serves automotive, insurance, telematics, fleet, logistics and new mobility partners and claims more than 50 operating partners and a Service Provider Network of 80,000+. Urgently’s platform focuses on delivering transparent, high‑satisfaction assistance experiences and enabling partners to offer connected roadside services. The company plans to use recent financing to accelerate connected assistance product development, strengthen service provider solutions and expand its U.S. consumer and aftermarket roadside assistance membership footprint. Leadership frames the capital as support for transforming the legacy roadside market and defining a new market for connected mobility assistance services globally. Urgent.ly operates a marketplace-style app that connects car owners to tow trucks and other roadside services, showing the service fee upfront and handling payments in-app. The company does not charge annual membership fees, instead matching users with nearby service providers much like Uber or Lyft. Urgent.ly is positioned to scale beyond individual consumers to large fleets, offering an attractive integration point for OEMs and fleet operators. As electric vehicles proliferate, the company sees growing demand for services such as mobile charging. BMW has engaged Urgent.ly as a vendor partner for its BMW Assist roadside and extended mobility services in the U.S., reflecting OEM interest in its platform. The product emphasis is on providing a modern, digital alternative to legacy roadside assistance models. Urgent.ly operates a SaaS-based digital roadside assistance platform that leverages location-based services, real-time data, AI and machine-to-machine communication. The platform serves automotive, insurance and transportation-related verticals. In addition to U.S. operations, Urgent.ly powers roadside assistance programs for companies in Europe and Australia. Led by CEO Chris Spanos, the company positions its Roadside as a Service™ product for enterprise customers. The company said it will use the new funding to expand the global reach of its platform. A board appointment tied to the investment (James Micali of American Tire Distributors) will increase strategic connectivity with distribution partners. Urgent.ly operates an on-demand roadside assistance platform that connects drivers to approved service providers via a mobile app, providing realtime tracking, upfront flat-rate pricing, and cashless payment. The service covers tows, tire changes, fuel delivery, jump starts and lock-outs and includes automatic accident-detection alerts and a FamilyView feature for caregiver visibility. Urgent.ly positions itself as a cost-effective alternative to subscription auto clubs and emphasizes faster, more transparent service. The company reports over 200,000 drivers have used its service and it distributes access through integrations with mapping and connected-car platforms such as AT&T Drive, MapQuest, Mojio and others. Management says the business will use new capital to rapidly scale and expand its nationwide operations and deepen strategic partnerships. Urgent.ly operates a platform that connects motorists to roadside assistance providers through its iOS app and mobile web (m.urgent.ly), enabling users to locate and connect with nearby, available help for breakdowns, lock-outs, flat tires and empty gas tanks. Led by co-founder and CEO Chris Spanos, the company has built a network of more than 160 roadside assistance vehicles in the greater Washington, DC area. The company raised $1.2M in a Pre-Series A round and has nearly $1.8M in total funding to date. Urgent.ly plans to use the funds to accelerate growth throughout the greater Washington, DC area and to prepare for expansion into other markets. The platform emphasizes verified providers and real-time availability for motorists. Its core product is a mobile-first dispatch and marketplace connecting drivers with nearby service providers.

Led · Convertible Note · Nov 2021

Lime operates shared electric micromobility services, primarily e-scooters and Gen4 e-bikes, used for commuting and tourism. The company plans to refresh a significant portion of its fleet, scale into more cities (targeting North America, Europe and potentially the Middle East) and develop new technologies to win city RFPs. Lime is dedicating capital toward decarbonization, including $20 million from the latest raise and commitments to supplier emissions targets; its carbon targets were validated by the Science-Based Targets Initiative and it is working toward net-zero by 2030. CEO Wayne Ting said the company has achieved third-quarter EBITDA profitability for the second time and expects 2021 revenue to return to 2019 pre-pandemic levels. Lime has launched roughly 80 contracts this year and plans to deepen relationships in existing cities as part of its pre-IPO roadmap. Lime builds and operates shared electric bikes and scooters with GPS-enabled, self-locking vehicles and a mobile app. The company is launching a new generation e-bike this summer featuring a swappable battery interoperable with its Gen4 scooter, increased motor power, a phone holder, a standardized handlebar display, and an automatic two-speed transmission. Lime says the swappable battery will streamline operations, reduce charging and rebalancing frequency, and increase vehicle availability. The company plans to expand service to 25 additional cities this year, primarily across Europe and North America, with a handful in Australia and New Zealand. Lime reported riders took more than three million rides through the platform last year and sees e-bikes as key for medium-length trips under five miles. It has also announced partnerships and sustainability commitments, including work with the League of American Bicyclists and a pledge to be carbon negative by 2025 and net-zero by 2030. Lime operates shared electric scooters and bikes and announced a $170 million funding round alongside the acquisition of Uber’s micromobility unit, Jump. The company plans deeper integrations with Uber and Jump while keeping both apps active for now. Lime paused operations in 99% of its markets during the COVID-19 pandemic and subsequently laid off about 13% of its workforce (roughly 80 employees). The Information reports the company’s valuation fell 79% to $510 million with this round; in April 2019 Lime had been valued at $2.4 billion. Leadership has shifted: Wayne Ting was promoted to CEO and co-founder Brad Bao will remain chairman. The deal is expected to yield operating-cost savings as Jump employees transition to Lime. Lime provides shared electric scooters and bikes deployed across cities. The company has deployed scooters and bikes in more than 100 U.S. cities and 27 international cities, and since June has more than doubled the number of U.S. cities where it operates. Lime began as a bike-share company and has partnered with Segway to launch a next generation of Segway-powered scooters. The company has faced safety challenges, including a scooter recall over battery fire concerns and a fatal scooter accident; it also put $3 million toward a safety initiative called “Respect the Ride.” Lime has integrated with Uber to offer Lime scooters within the Uber app. Management says new funding will be used to expand into new markets, enhance technology, strengthen the team, pilot new opportunities, and invest in rider safety and city collaboration. Lime operates a fleet-based electric scooter rental service that users unlock via mobile app. The company has entered a strategic relationship with Uber, which invested as part of a $335 million financing and will promote Lime within its app and place Uber branding on Lime scooters. The deal is not an outright acquisition, though the arrangement has drawn comparisons to Uber’s earlier tie-up with JUMP bikes that preceded a $200 million purchase. Lime’s newest round also included GV, Alphabet’s venture arm. The partnership is intended to extend Lime’s distribution and brand reach but comes with risks, including potential brand dilution and dependence on how prominently Uber features Lime in its crowded app. Observers noted the tie-up could be double-edged given Uber’s operational ups and downs and uncertainty over future prominence in Uber’s product.