Participated · Series D · Jun 2025

Allay Therapeutics is a clinical-stage biotech pioneering ultra-sustained analgesic products that combine validated non-opioid analgesics (bupivacaine) with biopolymers to deliver weeks of localized pain relief. Its lead candidate, ATX101, is an investigational formulation of bupivacaine designed to provide extended analgesia after surgery and is placed at the end of standard surgery to dissolve over weeks. The company is enrolling a 200-participant Phase 2b registration trial in total knee arthroplasty (TKA) initiated in February 2025, with results anticipated in Q4 2025 and a Phase 3 planned for 2026. ATX101 previously showed durable treatment effects versus standard-of-care bupivacaine in a prior dose-ranging Phase 2b, with less opioid use and improved function, and has received FDA Breakthrough Therapy designation. Allay has R&D teams in Singapore and the U.S., and its partner Maruishi Pharmaceutical is conducting a Phase I/II safety study in Japan and has expanded its license territory to South Korea and Taiwan. Proceeds from the recent financing and venture debt will advance the ATX101 Phase 2b registration trial and the company’s broader ultra-sustained pain platform. Allay Therapeutics is developing thin, coin‑sized biodegradable implants that are placed around an implanted knee joint to deliver a validated non‑opioid local anesthetic in a controlled fashion for up to three weeks. The company’s novel active ingredient–polymer architecture extends analgesic delivery an order of magnitude beyond existing local systems and the implants gradually dissolve as they release drug. Evonik supplies the biodegradable polymers used in the devices and has invested in the company, and Allay is positioning the technology as an alternative to systemic opioids to improve and accelerate recovery. Allay’s products are in early stages of clinical development and the firm is developing a portfolio of candidates based on the same drug‑polymer architecture for other orthopedic and soft‑tissue surgeries. The technology was developed in Singapore and Allay maintains R&D facilities there while being headquartered in San Jose, California. The company highlights the large U.S. market—more than 1.2 million knee joint interventions per year and an estimated $10 billion treatment volume for severe postoperative pain—against the backdrop of the opioid crisis. Allay Therapeutics is a clinical-stage biotechnology company pioneering ultra-sustained analgesic products to transform post-surgical pain management and recuperation. Its proprietary platform combines validated non-opioid analgesics and biopolymers to create dissolvable candidates that deliver targeted pain relief over weeks. The company’s lead candidate, ATX-101, is being advanced into a Phase 2b study in total knee arthroplasties in the United States. R&D teams in Singapore and the Bay Area have developed proof-of-concept implant variants, injectable formulations, on-demand self-dosing formulations, and formulations incorporating additional small molecules and local analgesics. Allay intends to advance at least one new clinical candidate into trials each year and is building manufacturing capabilities in the Bay Area to support future product launches. The company completed an oversubscribed $60M Series C to support clinical and platform development.

Participated · Series D · Oct 2021

Lark Health delivers infinitely scalable, virtual chronic and preventive healthcare through a conversational AI platform accessed via a text message–like interface. Its platform integrates remote patient monitoring tools and is built on a cognitive behavioral therapy framework to support behavior change. Lark’s service is designed to integrate with health plans’ and employers’ existing healthcare infrastructure to help scale chronic disease prevention and management programs. The company reports it has provided nearly 2 million people with unlimited, 24/7 personalized care. In October 2021 Lark raised $100 million in a Series D funding round to bolster growth. It plans to use the funds to expand its virtual care integrations to more payers. Lark Health provides chronic disease prevention and management through a conversational A.I. platform that uses a cognitive behavioral therapy framework and connected devices to monitor members 24/7. The service delivers unlimited, text‑message‑like counseling and escalates to live nurses and health coaches for complex or emergent issues. Programs include a CDC Fully‑Recognized Diabetes Prevention Program (DPP), Behavioral Health, Diabetes Care, and Hypertension programs. The platform integrates smart devices (blood pressure cuffs, scales, glucose meters) to remotely monitor conditions and personalize care. Lark reports its programs have served nearly 2 million members. The company plans to use new funding to expand relationships with commercial payers and telehealth providers. Lark builds wearable and app-based products for sleep and health tracking. It launched a wearable silent alarm onstage at TechCrunch Disrupt in 2010 and later expanded its lineup to include a sleep coach called Lark Pro and a general device and app called Larklife, announced in October 2012. Larklife was described as a way to track diet, exercise, sleep and deliver actionable recommendations and has been sold in Apple retail stores and elsewhere. The company is led by CEO Julia Hu and the SEC filing identifies Weili Dai as a member of its board. According to an SEC filing, Lark is raising $3.6M and has reported $3.1M raised so far. Lark previously raised $1M from Lightspeed Venture Partners, CrunchFund and others. Lark offers a silent waking system that uses an iPhone app paired with a small Bluetooth-enabled band worn across the wrist to vibrate users awake without loud alarms. The app turns the phone into a nighttime alarm clock and the band’s vibration aims to avoid disturbing partners. Since launch the company added sleep monitoring, plus personal sleep coaching and a personalized seven-day sleep assessment to advise users on sleep patterns. Lark worked with Harvard Medical School sleep expert Dr. Jo Select to test the app with students, producing positive results and reports of better partner sleep. The product is sold online and will be available in Apple retail stores in the U.S. and Canada starting June 14. The startup has raised $1 million in funding from Lightspeed Ventures and other strategic investors and sells the alarm with sleep monitoring for $129 and a version with coaching for $189.

Participated · Equity · Jan 2020

Alitheon develops FeaturePrint, an optical-AI system that captures unique surface details of physical objects to create immutable digital identities without tags, labels, or stickers. The company positions FeaturePrint as a 1-to-1 serialization method that enables provenance, anti-counterfeiting, and zero-trust verification across industries from industrial parts to healthcare and luxury goods. Alitheon holds more than 55 issued patents around its technology. The firm says its solution links physical items to digital records via standard camera scans, eliminating external markers that can be damaged or spoofed. Alitheon is headquartered in Bellevue, Wash., and the company plans to use newly raised capital to accelerate global deployment of its technology. Financially, the most recent disclosed funding is the $8 million Series A1 announced in June 2026, with participation from Emerald Technology Ventures, eBay Ventures, and existing investors.