Participated · Series C · May 2024

Chain Reaction develops Application Specific Integrated Circuits (ASICs) and related systems optimized for cryptographic calculations, aiming to make homomorphic encryption and other privacy-preserving computations practical at scale. The company also provides cloud data‑infrastructure designs to run privacy enhancing technologies and reduce electricity consumption while speeding compute. Built in stealth for about six years, Chain Reaction has a team of roughly 100 people including alumni from Nvidia, Mellanox, Israeli intelligence and TSMC. Its first customers were data centers and mining operators, and the company says privacy applications in the cloud are the longer‑term market opportunity. Chain Reaction works with TSMC as its sole foundry partner and plans to get its first products to market in Q1 2023. Co‑founders Alon Webman (formerly of Mellanox) and Oren Yokev (longtime Israeli government tech lead) lead the company’s technical and strategic direction.

Participated · Equity · Oct 2022

Wunder Mobility builds integrated software and hardware platforms for shared mobility operators, supporting fleets of e-bikes, e-scooters, e-mopeds and cars. Its one-stop solution is designed to help operators launch and scale vehicle-sharing services quickly. The platform supports operators across more than 200 cities worldwide. Wunder reported 45% year-on-year growth in platform revenue in the first half of 2022 versus the same period in 2021. The company plans to scale further and make sizable investments into software development and customer service to support operator growth. Founded in 2014 and based in Hamburg, Wunder positions itself as a European leader in shared mobility technology. Wunder Mobility is led by CEO Gunnar Froh and COO Sam Baker and builds a multi-modal mobility technology platform. The company completed a $60M Series B financing. Its platform powers services in 100+ cities on five continents and supports more than 100,000 vehicles facilitating over 12 million trips worldwide. Wunder’s product suite includes Wunder Carpool, Wunder Shuttle, Wunder Fleet, Wunder Rent, Wunder City and Wunder Park covering carpooling, on-demand ridesharing, vehicle sharing, rental booking, city mobility planning and digital parking management. The company’s headquarters and engineering offices are located in Germany, with U.S. offices in San Francisco and Los Angeles and nearly 150 employees worldwide. It plans to use the new funding to enhance its capabilities for companies, municipalities and fleet operators, build smart-city infrastructure and expand into the U.S. following the launch of a Los Angeles headquarters. Wunder Mobility supplies software, hardware and operational services for future-oriented mobility concepts, including Wunder Carpool, Wunder Shuttle and Wunder Fleet. The company serves more than two million users in about a dozen countries and processes around one million trips per month. Founded in Hamburg in 2014, Wunder operates from four offices across Asia, Germany and South America with about 70 employees. It plans to add roughly 100 employees over the next twelve months, focusing on product development and building an international B2B sales organization. Customers include B2C riders in emerging megacities and B2B clients such as OEMs, public transit companies and partners like Marubeni. The product lines target shared seats, multi-seat shuttle matching and minute-by-minute vehicle rentals, and the company competes with players such as Via, Door2Door and Vulog.

Participated · Series C · Apr 2022

Crusoe Energy Systems develops and operates vertically integrated, energy-sourced data centers optimized for artificial-intelligence computing. Its flagship offering, Crusoe Cloud, provides high-performance GPU resources to customers such as Cursor, Decart, Fireworks, Odyssey and Together AI. The company combines rapid energy sourcing, proprietary data-center design, and a managed AI cloud platform to deliver lower-cost and lower-emission compute. To expand service breadth, Crusoe recently acquired Atero, a GPU management and memory-optimization firm, accelerating its managed AI services roadmap. Geographic expansion is underway: the firm is adding capacity in Norway and Iceland and has opened offices in Dublin, Sunnyvale, and Tel Aviv. Major build-outs include a 1.2-gigawatt data-center campus in Abilene, Texas, and a newly announced 1.8-gigawatt campus in Wyoming, with additional multi-gigawatt sites planned across the U.S. Following its latest financing, the company’s valuation is expected to exceed $10 billion, underscoring strong investor confidence in its growth trajectory.

Participated · Series E · Mar 2022

RefleXion Medical develops and commercializes SCINTIX biology-guided radiotherapy, a therapy that uses a single radiotracer injection to generate real-time signals to guide autonomous radiotherapy. SCINTIX is delivered via the RefleXion X1, a dual-treatment modality platform that also provides image-guided radiotherapy. The company positions SCINTIX to treat all stages of indicated solid tumor cancers, including metastatic disease, by addressing targeting and motion-management barriers. SCINTIX has received FDA De Novo marketing authorization and a Breakthrough Device designation for lung tumors, and is indicated for FDG-guided treatment of lung and bone tumors. The X1 platform is also cleared for image-guided external-beam radiotherapy for solid tumors located anywhere in the body. RefleXion plans to use proceeds from its recent equity raise to extend commercialization of SCINTIX therapy. RefleXion Medical is a privately held therapeutic oncology company developing biology-guided radiotherapy (BgRT) and commercializing the RefleXion X1 radiotherapy platform. The X1 is cleared for delivery of stereotactic body radiotherapy (SBRT), stereotactic radiosurgery (SRS) and intensity modulated radiotherapy (IMRT). The company is developing BgRT, which uses PET imaging to enable tumors to continuously signal their location and synchronize that data with a linear accelerator. RefleXion is pursuing commercialization of X1 while preparing BgRT for regulatory review and future clinical use. The company is building a radiopharmaceutical program and has a co-development agreement with Telix Pharmaceuticals to explore a PSMA-targeted PET tracer for use with BgRT. RefleXion recently hosted a cancer symposium with clinicians from 30 top U.S. cancer programs to support clinical engagement and adoption. RefleXion Medical is a privately-held therapeutic oncology company developing biology-guided radiotherapy (BgRT) and the RefleXion X1 system to enable treatment of multiple tumors, including metastatic disease. The X1 is currently cleared for stereotactic body radiotherapy (SBRT), stereotactic radiosurgery (SRS) and intensity modulated radiotherapy (IMRT), while BgRT is pending regulatory review and not commercially available. BgRT incorporates PET radiotracer imaging to continuously signal tumor location and synchronizes those data with a linear accelerator to direct radiotherapy with subsecond latency. The company has positioned BgRT to expand radiotherapy to late-stage cancers and the technology recently received FDA Breakthrough Device designation for use in lung tumors. RefleXion reports delivering nearly 2,000 patient treatments, completing a feasibility study, securing an additional radiopharmaceutical agreement, and expanding its commercial footprint. The $80 million financing will fund further development and commercialization of the BgRT platform. RefleXion develops the RefleXion X1 system and is pioneering biology-guided radiotherapy (BgRT), which uses PET imaging data to enable tumors to continuously signal their location and allow radiotherapy with sub-second latency. The X1 is currently cleared for delivery of stereotactic body radiotherapy (SBRT), stereotactic radiosurgery (SRS) and intensity modulated radiotherapy (IMRT); the BgRT capability requires additional 510(k) clearance and is not yet available for sale. The company says BgRT is designed to scale radiotherapy from one or two tumors to all visible tumors, including those that move rapidly due to breathing or digestion, in the same treatment session. Commercialization efforts began in mid-2020 and the company reports a promising market ramp since then. Financially, RefleXion completed a Series D financing that now totals $150 million, reflecting continued investor support as it approaches broader commercialization. The company is based in Hayward, Calif., and emphasizes partnering with pharmaceutical agents and international investors to establish a global footprint. RefleXion develops the RefleXion X1, a biology-guided radiotherapy (BgRT) system designed to treat multiple visible tumors, including those that move due to breathing or digestion, within the same session. The BgRT approach incorporates PET imaging data so tumors continuously signal their location and the system synchronizes those data with a linear accelerator to deliver radiotherapy with subsecond latency. The company recently received FDA clearance for stereotactic body radiotherapy (SBRT), stereotactic radiosurgery (SRS) and intensity modulated radiotherapy (IMRT). RefleXion notes that the BgRT capability requires a separate 510(k) clearance and is not yet available for sale. The company has secured its first system order at a leading cancer center and is focused on scaling market and clinical adoption of the X1 platform. To support commercialization and validation of BgRT in practice, RefleXion closed a $100 million equity financing led by PSP Investments.

Participated · Series C · Dec 2021

Ursa Major provides flight-proven propulsion solutions for hypersonics, solid rocket motors, space mobility, and launch applications. Headquartered in Berthoud, Colorado, with additive manufacturing operations in Youngstown, Ohio, the company leverages advanced production techniques and flexible architectures to serve land, air, sea, and space domains. Recent milestones include multiple successful flights of its hypersonic engines and tactical missiles, completion of tests for space-propulsion systems, and the addition of industry veterans Ronald Sugar and Gilman Louie to its board. Through the first three quarters of 2025, Ursa Major secured more than $115 million in bookings from government and commercial customers such as the U.S. Department of Defense, the U.S. Air Force Research Laboratory, Stratolaunch, and BAE Systems. The fresh capital will be used to scale manufacturing capacity, accelerate production of throttleable, storable liquid-fueled hypersonic and space-based defense solutions, and expand solid-rocket-motor output. The company positions itself as a modern alternative to legacy defense suppliers, aiming to deliver capabilities faster and at lower cost.