Participated · Equity · Mar 2026

Earendil Labs applies AI across discovery, design, optimization, and development to generate and progress protein-based biologics programs. Its AI-native platform has produced more than 40 programs and includes HXN-1001, a half-life extended anti-TL1A antibody that the company says is ready for Phase 2 clinical development, with multiple IND submissions planned in 2026 and 2027. The company works through a combination of internal pipeline development and strategic partnerships, including a 2025 worldwide exclusive license agreement and broader strategic collaboration with Sanofi covering multiple programs. Earendil operates alongside affiliate Helixon Therapeutics and targets therapies for autoimmune diseases, cancer, and other areas of unmet medical need. With the announced $787 million financing, the company plans to scale its AI-driven R&D organization, expand scientific and engineering teams, and advance multiple internal programs toward clinical milestones.

Participated · Series B · Sep 2025

Avenzo Therapeutics is focused on creating potential best-in-class treatments for cancers with high unmet need. Its pipeline now includes four clinical-stage assets: AVZO-021, a selective CDK2 inhibitor in Phase 1 trials for advanced solid tumors and HR+/HER2- metastatic breast cancer; AVZO-023, a selective CDK4 inhibitor in Phase 1/2 trials for similar indications; AVZO-1418, an EGFR/HER3 bispecific antibody-drug conjugate in Phase 1/2; and AVZO-103, a Nectin4/TROP2 bispecific ADC slated to enter Phase 1/2 studies in 2025. The company has rapidly expanded its clinical portfolio from one to four programs within the past year. Avenzo has raised a total of $446 million to date, including a $386 million Series A/A-1 in November 2024 and the recently closed Series B round. These funds are earmarked to advance clinical development and broaden the company’s oncology pipeline. Headquartered in San Diego, Avenzo is led by co-founder, president, and CEO Athena Countouriotis, M.D.

Participated · Series A · Sep 2025

Founded in December 2023 by Wang Qian, X Square focuses on full-stack self-research of software and hardware for embodied intelligence, designing robot bodies and core components in-house. The company has released two high-performance robot bodies named "Quantum No. 1" and "Quantum No. 2" and developed robotic arms, joint modules, power drives and main controllers with algorithm adaptation to reduce overall robot cost. X Square says this vertical integration is intended to enable large-scale mass production and commercial implementation. Since early 2026 it has begun deployments and partnerships across industrial manufacturing, logistics and elderly care, and established a joint venture with Jack Technology and partnerships with 58 Daojia and Shenqi Group. Financially, X Square has raised over ¥3 billion across three rounds in about three months, with Meituan as the largest external shareholder holding roughly 11.09% and founder Wang Qian ultimately holding about 28.69% of shares. The company emphasizes building data-closed-loop foundation models, model iteration and data pipelines to advance embodied intelligence capabilities.

Participated · Series D · Sep 2025

Ronovo Surgical develops Carina™, a flagship modular robotic surgery platform for minimally invasive procedures. Carina received regulatory approval from China’s National Medical Products Administration (NMPA) in March 2025 with a first-time filing covering General Surgery, Gynecology, Urology, and Thoracic Surgery. Its configurable modular architecture is designed to address flexibility, adaptability and affordability challenges posed by legacy robotic systems. Ronovo has initiated global expansion with regulatory submissions underway in Europe and South America and has received enthusiastic feedback from international key opinion leaders. Financially, the company closed a $67 million Series D led by JJDC and has raised over $100 million in 2025, including a Series C earlier in the year led by Granite Asia. Ronovo also signed a targeted collaboration agreement with Johnson & Johnson Medical (Shanghai) Ltd. to offer Carina alongside J&J MedTech surgical technologies in portions of the China market to accelerate commercialization. Ruilong Surgical focuses on a modular laparoscopic surgical-robot platform, centered on its Haishan‑1® system along with an imaging system and surgical instruments. The company emphasizes multi-specialty clinical applicability, lower learning curve and improved cost-effectiveness for robotic-assisted surgery. Over the past three years it progressed Haishan‑1® from concept to regulatory testing, completed GLP animal studies and concluded multi-center, multi-specialty human clinical trials in February 2024. Ruilong has filed more than 100 domestic and international patents and is preparing a registration submission. The company is building an industrialization campus of over 12,000 sqm covering manufacturing, clinical research and training centers to support commercialization. Ruilong pursues a dual strategy of independent R&D and global collaboration, has established a U.S. clinical center and plans to accelerate international expansion. Ronovo Surgical develops robotic and digital systems for minimally invasive laparoscopic surgery, and has exited stealth with its inaugural modular robotic platform, Carina™. Carina is built on proprietary technology to enable configurable robotic assistance across multiple surgical specialties. The system was developed with Chinese laparoscopic surgeons as the initial use case, and early discussions with KOLs in the US and Europe suggest potential for broader international adoption. Ronovo plans to accelerate multi-discipline clinical trials for Carina and strengthen R&D and clinical applications development. The company also intends to bolster its talent base and continue discussions with clinical KOLs, strategic partners and global investors at upcoming medtech conferences. Financially, Ronovo announced it has raised more than $50M to support these efforts. Ronovo Surgical, founded in Shanghai in 2019, develops minimally invasive (MIS) and digital surgery technologies and surgical robotics aimed at democratizing MIS across the Chinese market. The company was built by surgeons, medtech veterans, and robotics experts with experience at firms such as Intuitive Surgical, Johnson & Johnson, Medtronic and KUKA and emphasizes three pillars—simplicity, precision, and intelligence—in its product strategy. Ronovo is positioning its technology platform as a gateway to China for global MIS and digital surgery companies and is pursuing strategic global partnerships to accelerate development and commercialization. The firm has assembled a world-class R&D team and is working with renowned clinical KOLs as it advances its pipeline. Management says it will accelerate technology development and pursue multiple global strategic partnerships to support an accelerated path to commercialization. Ronovo aims to enable China’s hospitals with digital surgery solutions that optimize patient clinical outcomes and reduce health economic burden. Ronovo Surgical develops Carina™, a modular, configurable laparoscopic robotic platform designed in Shanghai that emphasizes modularity, configurability and compatibility. The company aims to expand Carina’s clinical applications across multiple surgical specialties and to commercialize the system in China and internationally. Ronovo says it stands at the cusp of multi‑specialty human clinical trials, roughly 2.5 years after beginning conceptual design. Leadership highlights a clinically driven design approach and a team with industry experience from companies such as Intuitive, Auris Health, KUKA, Medtronic and Smith+Nephew. The firm is pursuing a multi‑specialty roadmap to broaden access to robotic surgery and accelerate adoption by surgeons and hospitals worldwide.

Participated · Seed · Sep 2024

Bambusa Therapeutics is pioneering a half-life-extended, high-concentration subcutaneous bispecific antibody platform aimed at transforming treatment across a broad range of chronic immunology and inflammation (I&I) diseases. Its lead assets, BBT001 (targeting IL-4Rα and IL-31) and BBT002 (targeting IL-4Rα and IL-5), have already advanced into Phase I trials for dermatology, respiratory and other Type 2 inflammatory disorders. In just 18 months the company moved these programs from development candidate to clinical proof-of-concept, demonstrating unusually rapid execution for I&I biologics. Preclinical candidates BBT003 and BBT004 will address gastroenterology and rheumatology indications, respectively, with IND-enabling studies funded by the latest raise. Bambusa anticipates more than ten clinical readouts across multiple indications in 2026, positioning the company for significant value inflection. Although the company has not disclosed revenues or user numbers, the oversubscribed Series A-2 round closed at a “substantial valuation step-up,” signaling strong investor confidence and an improved financial position.