Participated · Seed · Mar 2021

Refraction AI develops the REV-1 last-mile delivery robot built on a bicycle foundation and designed to operate in bike lanes and roads rather than on sidewalks. The REV-1 can reach speeds up to 15 miles per hour and is currently being tested with a small fleet in Ann Arbor. The company uses cameras instead of LIDAR to lower costs and enable faster fleet scaling, and says the approach is resilient to Upper Midwest weather though it has limitations. Refraction was founded by University of Michigan professors Matthew Johnson-Roberson (now CTO) and Ram Vasudevan and debuted at TechCrunch Sessions: Mobility in 2019. The startup raised a $4.2M seed round to fund R&D, expand its geographic reach, and recruit grocery store and restaurant customers. With the new funding the company plans to expand operations beyond Ann Arbor, though no additional test markets have been announced. Refraction AI builds and operates the REV-1, a semi-autonomous, three-wheeled delivery robot used for restaurant deliveries and, more recently, grocery deliveries in Ann Arbor. The REV-1 is roughly the size of an electric bicycle, carries about six bags, travels 10–15 mph, and uses 12 cameras plus redundant radar and ultrasound sensors rather than lidar. The robots can navigate in rain and snow, do not depend on high-definition maps, and are being operated remotely with staff working from home. Refraction began grocery service from Produce Station after a three-month restaurant pilot and reports a 3–4x pandemic-related uptick in demand; as of May 2020 it had eight robots in operation and expected to have 20 soon. Operations have been adapted for COVID-19: robots are disinfected between deliveries, contain microbe-killing UV lights, and cleaning staff maintain physical distance. The company charges restaurants a flat $7.50 per delivery, has served over 500 customers (who may pay part of the fee if the business chooses), and tips go directly to its partners. Launched in July 2019, Refraction recently raised additional funding, bringing its total capital raised to $6.5M.

Participated · Equity · Nov 2020

Shoulder Innovations is a medical device company focused on shoulder arthroplasty that designs and commercializes implants and systems for shoulder replacement. Its core product platform centers on the patented InSet™ glenoid design, which testing has shown can significantly reduce glenoid implant micro-motion and simplifies the surgical technique, potentially reducing complications and increasing implant longevity. The company has also developed an anatomic reverse shoulder system designed to work with and maximize the available rotator cuff rather than substitute for it. Shoulder Innovations says it has expanded its product line and strengthened its sales organization and has emerged as a pure‑play leader in shoulder arthroplasty. Financially, the company closed a $40 million Series E equity financing led by U.S. Venture Partners to support commercialization and product development. Proceeds will be used primarily to advance commercialization of the InSet™ Total Shoulder and Reverse Shoulder Arthroplasty Systems, support new product development, and for general corporate purposes. Shoulder Innovations Inc. (SI) is a privately held medical device company based in Grand Rapids, Michigan and described as a leader in the shoulder replacement implant market. The company develops shoulder replacement implants and is supported by a broad team of innovators with experience in the shoulder space. SI announced it has closed an oversubscribed $42 million Series D financing. The financing round was led by Gilde Healthcare Partners. Returning investors included US Venture Partners, Lightstone Ventures and the cultivate (MD) Accelerator Capital fund; new investors include Gilmartin Capital and Aperture Venture Partners. The article does not disclose revenue, user metrics, or detailed use of proceeds. Shoulder Innovations develops a glenoid fixation solution for anatomic shoulder arthroplasty, commercialized as the InSet glenoid. Founded in 2009 and based in Holland, Mich., the company secured issued patents, 510(k) clearance and published multiple peer‑reviewed articles supporting the technology. In 2015 Genesis Innovation Group partnered with the company to provide capital and operational leadership, and Shoulder Innovations recorded its first commercial sale of the InSet glenoid in 2016. Continued investment led by Genesis and its cultivate(MD) Capital Funds and leadership from industry veterans supported ongoing growth and innovation. The company is led by CEO Rob Ball and has completed a $21.6M equity financing to further commercialization. The financing also prompted expansion of the board to six members, including new Series C representatives and two independent directors. Shoulder Innovations is a Holland, Mich.-based medical device company that develops and commercializes shoulder replacement systems. Led by Executive Chairman Rob Ball, the company leverages a patented inset glenoid design to commercialize a shoulder replacement implant system focused on improving outcomes related to glenoid loosening. It designs and commercializes innovative products aimed at improved patient care and reduced overall cost to the healthcare system. The company closed a $2.5M Series A equity funding round and intends to use the funds to accelerate new product development and to acquire inventory and assets to accelerate growth of its current Inset platform technology.

Participated · Equity · Jan 2020

Ripple Science offers a machine-learning enabled patient engagement platform—Ripple Essentials, Ripple Pro and Ripple Enterprise—that advances patient recruitment and management in clinical research. The suite delivers automation, analytics and insights for research sites, coordinating/call centers, CROs and sponsors, and is HIPAA‑compliant and SOC‑2 certified. Ripple applies data‑driven analytics, machine learning and AI‑enabled algorithms to speed enrollment, reduce dropouts and improve retention and diversity across traditional, remote, decentralized and hybrid trials. The company was spun out of the University of Michigan in 2016 and is based in Ann Arbor, Michigan. Ripple recently secured an additional $1.5 million in growth capital and says it will use findings from a newly formed Industry and Scientific Advisory Board to guide deployment of its platform. The advisory board, chaired by Jeanne Hecht and including Drs. Amir Kalali and Jeff Kingsley, will meet quarterly to identify customer needs, product opportunities and market challenges. Ripple Science offers a HIPAA-compliant SaaS platform that manages participant recruitment and retention across all trial stages and provides real-time analytics to track progress and mitigate risks. The platform centralizes communication and enables researchers to automatically build participant registries that can be shared and leveraged for future trials. Ripple's flagship product is used by research investigators at more than 100 academic and research centers worldwide, including Johns Hopkins University, Pennsylvania State University, UCLA, Brain Research Foundation Canada, University of East Anglia, Cognito Therapeutics and the University of Michigan. Led by President and CEO Peter Falzon, the company plans to use the new funding to scale sales and marketing and expand its commercial reach among private and public clinical research organizations. Ripple completed a $2.5M equity financing round. The company is based in Ann Arbor, Michigan.

Participated · Series A · Aug 2019

Orbion Space Technology focuses on building plasma thrusters that provide in-space propulsion for satellites, especially the rapidly growing population of small spacecraft in low-Earth orbit. The company emphasizes a manufacturing approach that significantly lowers production costs, making high-performance propulsion more accessible to resource-constrained satellite operators. Its technology addresses the increasing need for reliable maneuvering solutions as orbital traffic intensifies. Orbion’s plasma thrusters enable satellites to maintain position, avoid collisions, and extend mission lifetimes. By reducing both component and overall mission costs, Orbion positions itself as a key supplier in the booming commercial space sector. The firm recently secured fresh capital to accelerate its growth and meet rising market demand.

Participated · Convertible Note · Aug 2019

ONL Therapeutics is a clinical-stage biopharmaceutical company focused on developing therapeutics to protect and improve vision in patients with retinal disease, specifically geographic atrophy (GA) associated with dry AMD. The firm targets a mechanism of action that prevents Fas-mediated death of retinal cells and inflammatory signaling pathways, which it cites as root causes of vision loss. Its lead candidate, ONL1204 Ophthalmic Solution, showed reductions in the rate of growth of GA lesions in a Phase 1b trial after six months with either a single injection or two injections 90 days apart versus sham. A consistent treatment effect was observed when comparing treated eyes to fellow eyes. The company is led by CEO David Esposito and co-founder and chief scientific officer David Zacks, M.D., Ph.D. ONL plans to use the new financing to expand development efforts and further advance its differentiated clinical program in GA. ONL Therapeutics is a clinical-stage biopharmaceutical company based in Ann Arbor, Michigan, developing first-in-class therapeutics to protect retinal cells from Fas-mediated cell death. Its lead asset, ONL1204 Ophthalmic Solution, is a novel small-molecule Fas inhibitor intended to protect photoreceptors and other retinal cells across a range of retinal diseases. ONL1204 has an active IND and has been granted orphan drug designation by the FDA for macula-off rhegmatogenous retinal detachment (RRD). The company is preparing to initiate a U.S.-based Phase 2 study in macula-off RRD next quarter and is conducting two ongoing Phase 1b studies in geographic atrophy (GA) associated with AMD and in progressing open-angle glaucoma (OAG) at sites in Australia and New Zealand. Preclinical work is ongoing to enable trials in other indications, including inherited retinal degeneration. The recently announced financing will support advancement of ONL1204 into Phase 2 and regulatory preparations for additional Phase 2 programs in GA and OAG. ONL Therapeutics, based in Ann Arbor, Michigan, is developing novel therapies to protect vision in patients with retinal disease. Its lead compound, ONL1204, is a novel small-molecule Fas inhibitor designed to protect key retinal cells, including photoreceptors, from Fas-mediated cell death. The company is building a platform of products intended for a range of blinding diseases, including retinal detachment, glaucoma, age-related macular degeneration (AMD), and inherited retinal degeneration (IRD). ONL1204 has been granted orphan drug designation by the U.S. FDA for retinal detachment, and the company has focused initial clinical plans on the acute indication of retinal detachment while pursuing preclinical work for chronic indications. Planned clinical activity includes completing a Phase 1 study in retinal detachment and initiating Phase 1b studies in open-angle glaucoma and dry AMD, plus a repeat-dose toxicology study to support accelerated chronic dosing. The company is led by CEO David Esposito and co-founder/CSO David Zacks, M.D., Ph.D. ONL Therapeutics is developing a platform of Fas inhibitors intended to protect key retinal cells and preserve vision across a range of retinal diseases. Its lead compound, ONL1204, is a novel, first-in-class small-molecule Fas inhibitor designed to protect photoreceptors and other retinal cells from cell death. ONL1204 has been granted orphan drug designation by the U.S. FDA for the treatment of retinal detachment. The company is preparing ONL1204 for a Phase I study in retinal detachment to be conducted in Australia later in 2019. ONL is pursuing a Series B to continue funding clinical development and to expand its Fas inhibitor pipeline into indications including glaucoma, age-related macular degeneration, and inherited retinal degeneration. Financially, ONL recently raised $3 million in a convertible note from a mix of current investors, management, and new investors to advance its clinical program. ONL Therapeutics is developing ONL1204, a novel first‑in‑class small‑molecule Fas inhibitor designed to prevent retinal cell death via direct and inflammatory signaling. The company is initially advancing ONL1204 toward clinical trials for retinal detachment, where the compound has received U.S. FDA orphan drug designation. Preclinical data and literature cited by the company support potential application of ONL1204 in glaucoma, wet and dry age‑related macular degeneration (AMD), non‑infectious uveitis and other retinal neuropathies. ONL closed a $4.25 million Series A and combined those proceeds with a recently announced $1.0 million grant from the National Eye Institute to finalize preclinical development. The financing also included conversion of a previously announced $1.0 million bridge loan. Funds will be used to complete preclinical work, prepare for first‑in‑human trials, and broaden research into other ocular indications with significant unmet need.