Participated · Series E · Mar 2024

Rakuten Medical, founded in 2010 and headquartered in San Diego, develops photoimmunotherapy using its Alluminox® platform, which combines targeted drug conjugates and light-delivery devices. Its lead asset, ASP-1929 (an antibody-dye conjugate using cetuximab and IRDye® 700DX), is approved in Japan for unresectable locally advanced or recurrent head and neck cancer and is being evaluated outside Japan. ASP-1929 is currently in a global Phase 3 trial in combination with pembrolizumab as a first-line treatment for recurrent head and neck cancer, with the company aiming to generate pivotal data to support a planned BLA submission to the U.S. FDA in 2028. Rakuten Medical is enrolling patients across the U.S., Japan, Taiwan, and Ukraine, with Poland sites expected to activate soon. The company is expanding its pipeline through internal programs and investigator-initiated trials, and plans a Phase 1 study of RM-0256 in Japan expected to begin in Q2 2026 with Japanese government grant support. Rakuten Medical operates offices in the United States, Japan, Taiwan, Switzerland and India and continues to grow its commercial presence in Japan to support global expansion.

Led · Series B · Sep 2022

ActivSurgical develops interoperative surgical intelligence through a combination of imaging hardware and software. The company is described as a pioneering digital surgery imaging startup focused on delivering interoperative surgical intelligence. In March 2022, Hikma Pharmaceuticals’ venture capital arm led a $15M financing for the company. That investment was an extension of ActivSurgical’s previously announced Series B from September 2021. Existing investors also participated in the extension, and the new financing brings the total Series B to $60M. Color’s core product is software and infrastructure that supports preventative health and infectious disease management by making healthcare programs more accessible. The company partners with almost 1,000 organizations, including public health departments, employers and universities, and counts partners such as Salesforce, the National Institutes of Health, the State of California and Thermo Fisher Scientific. Operationally, Color facilitates over 6,500 COVID-19 testing sites and runs 500 vaccination sites. With the new funding, Color says it will expand programs that deliver the last mile of care, adding vaccination and preventative health services for schools and employers and planning future infectious disease management programs. The company states it has built a strong, sustainable and profitable business that can scale with U.S. public health challenges. Color was co-founded by CEO Othman Laraki in 2013 and has raised a total of $378 million to date. Medical Microinstruments (MMI) is an Italian medtech company developing a robotic system for intricate microsurgical procedures. Founded in 2015 near Pisa, the company's system comprises a robotics platform and wristed microinstruments that provide wrist-like joint movement for precise manipulation. Its technology targets delicate surgeries such as reconstruction after traumatic injuries and tumor removal in the breast, head and bones. MMI has signed a financing agreement with the European Investment Bank granting access to up to €15 million, with the loan to be deployed over the next few years. That loan is backed by a guarantee from the European Fund for Strategic Investments, part of the Investment Plan for Europe. The company previously raised a €20 million Series A round led by Andera Partners in 2018. Exagen Diagnostics develops molecular tests for rheumatology, with a flagship Avise line that includes the Avise SLE+ assay for lupus and related autoimmune illnesses. The company plans to use new funding to grow its marketing team and expand sales nationwide for its proprietary tests. Management says strong sales of Avise SLE+ attracted the strategic investor and underpin near-term growth opportunities. Leadership reports the company is "fully capitalized" after the financing and does not expect to need additional fundraising. The firm is an 11-year-old, venture-backed diagnostics company with a history of equity investment from specialized health and venture investors.

Participated · Equity · May 2018

Propeller Health provides a platform and connected devices that enable medical technology and pharmaceutical companies to conceptualize, develop and commercialize digital medicines, with an initial focus on chronic respiratory disease. The company offers distribution at scale through the Propeller Provider Network and partnerships with payers, pharmacies and PBMs such as Express Scripts. Led by co‑founder and CEO David Van Sickle and based in Madison, Wis., Propeller’s platform is backed by eight FDA 510(k) clearances and CE marking. The company is working with industry experts and regulators to advance clinical research, real‑world evidence and the design and validation of novel endpoints. Propeller intends to invest in its pipeline of digital therapeutics and additional connected devices and to begin developing digital medicines for new therapeutic areas using proceeds from its recent raise. It has also announced a strategic partnership with Aptar Pharma to co‑develop and co‑market digital medicines across therapeutic areas. Propeller Health builds a sensor and software platform that monitors breaths, uploads patient data to clinicians, and helps head off asthma attacks and other respiratory events. The company launched in 2010 with a sensor and cloud platform aimed at improving disease management. Propeller has developed more than 45 programs with healthcare providers, including Dignity Health and managed-care systems covered by Molina Healthcare. Leadership says the company plans to add more devices and medications to its platform and to expand globally. It targets the more than 37 million people in the U.S. with asthma and other respiratory diseases. Financially, Propeller has raised $45 million to date, including the newly closed $21.5 million Series C. Propeller Health develops a digital therapeutic combining inhaler sensors, mobile apps, analytics and personalized feedback to help patients and physicians understand and control COPD, asthma and other respiratory diseases. Led by CEO and co-founder David Van Sickle and recently added COO Chris Hogg, the system encourages adherence to maintenance therapy, remotely monitors rescue-medication use, predicts exacerbations and facilitates early intervention by care teams. The company recently doubled its number of commercial programs, added its first contract with an accountable care organization, received FDA clearance for a new inhaler sensor, and is concluding a 500-person randomized controlled trial at Dignity Health. Propeller intends to use the Series B funds to accelerate product development, strategic alliances, client services, and sales and marketing. The company is actively recruiting engineering, product, user-experience design, data and other personnel to support growth. Launched in 2010 and based in Wisconsin, Asthmapolis makes snap-on, Bluetooth-enabled sensors for inhalers plus analytics and mobile apps for iOS and Android to log medication use and context. The platform captures time, location and usage data to help users visualize triggers and trends and to deliver personalized feedback. Early studies reported that access to the realtime data reduced the number of people with uncontrolled asthma or irregular inhaler use by 50%. Asthmapolis received FDA approval in July to market its asthma-tracking device and software to consumers. The company monetizes by selling its hardware and software solution to payers and health plan providers, arguing insurance providers and health plans can save between $4,000 and $6,000 in annual healthcare costs per patient. It has formed partnerships with payers and providers including Amerigroup Florida/WellPoint, Wyckoff Heights Medical Center and Dignity Health, and plans to expand relationships with providers, payers, retail pharmacy and the public sector.