The Venture Codex

Participated · Series C · Jan 2026

Nasdaq Private Market (NPM) runs a full-service platform that supports structured liquidity programs, trading, settlement, and data services for private-market participants. To date, the company has executed almost $70 billion in transaction volume for more than 200,000 eligible employee shareholders and investors, spanning over 900 company-sponsored liquidity programs. Its technology facilitates secondary transactions and other liquidity events, giving private companies a means to manage equity and provide shareholder liquidity prior to an IPO or exit. Management, led by CEO Tom Callahan and CFO René Paula, plans to scale operations, invest in product innovation around secondary transactions, enhance global distribution, and integrate AI tools. The firm reports that its valuation has quadrupled since its Series B round in 2024, underscoring rapid growth and increasing market demand. With fresh capital, NPM intends to accelerate platform enhancements and expand its international reach, further embedding itself in the private-market ecosystem.

Participated · Series A · Feb 2023

Oxford Quantum Circuits, founded as a spinout from Oxford University in 2017 and based in Reading, develops superconducting quantum computing hardware and supporting software. The company deploys its machines in data centres and offers access to customers and researchers as a cloud service. OQC targets business and government customers, citing demand from financial services, defence and security companies for secure quantum technology. It positions itself to move from long-term promise toward near-term commercial delivery and plans to scale internationally and advance its technology roadmap. The company recently strengthened its financial position by raising a £260 million Series C to accelerate commercialization and market expansion. No revenue or user metrics were disclosed in the provided article.

Participated · Series B · Jan 2022

Mojo Vision pioneers a wafers-in, wafers-out micro-LED platform intended to enable massively parallel optical I/O for AI infrastructure. Its integrated approach combines advanced 300mm CMOS circuitry, GaN-on-silicon micro-LED emitters, silicon photodetectors, multicore fiber bundles, custom micro-lens arrays, and proprietary software and tools. The company says this architecture enables thousands of optical channels in a compact footprint, delivering high bandwidth density, low energy per bit, and built-in redundancy. Mojo Vision has framed its technology as relevant to terrestrial data centers as well as distributed and orbital computing architectures where power, weight, and scalability matter. The company is based in Cupertino, Calif., and recently completed a $75 million financing the prior August before securing the $17.5 million strategic investment from Future Ventures. Mojo Vision is collaborating with Marvell to develop high-density micro-LED connectivity solutions as it advances commercialization.

Participated · Series C · Aug 2021

iSpace builds and operates robotic lunar landers aimed at transporting scientific and commercial payloads to the Moon. Although it has flown two missions, the company has yet to achieve a successful soft landing. Management is now focused on Mission 3 (target launch 2027) and Mission 4 (target launch 2028), which incorporate hardware upgrades intended to improve landing reliability. The firm recently secured new contracts, including a ¥6.4 B deal with JAXA for a lunar water-sensing satellite, a $22 M payload agreement with Magna Petra for Mission 3, and an $8 M delivery contract with the Taiwan Space Agency for Mission 4. Financially, iSpace reported first-quarter FY2025 net losses of ¥2.88 B ($19.2 M), nearly double the prior-year period, and ended the quarter with ¥26.4 B ($175.6 M) in cash—of which ¥15 B ($99.8 M) came from short-term loans. To fund upcoming missions and offset widening losses, the company is turning to the equity markets for additional capital. Proceeds are earmarked for ¥4.8 B to Mission 3 development, ¥9.5 B to Mission 4 work, and ¥4 B for general working capital.