Participated · Series B · Mar 2025

Accro Bioscience is a clinical-stage biotech developing first- and best-in-class small-molecule therapeutics that target regulatory cell death pathways for inflammatory and immune-mediated diseases. Its lead asset, AC-101, is a selective RIPK2 inhibitor being developed for moderate-to-severe ulcerative colitis and has completed Phase I studies in healthy volunteers in Australia and China, plus a Phase Ib/IIa proof-of-concept study in Chinese patients. The company has received IND clearance from the U.S. FDA to proceed with Phase II studies of AC-101. Accro announced a $50 million Series C to fund a Phase IIb trial of AC-101 and to advance other pipeline candidates. The company operates out of New York and Suzhou and describes a multi-asset pipeline originating from a proprietary drug discovery platform focused on regulatory cell death and inflammation. Ongoing clinical progress and the new financing position Accro to advance global development of its lead and follow-on programs.

Participated · Equity · Jan 2012

Avalanche Technology, based in Fremont, CA, develops Perpendicular STT‑MRAM technology and P‑SRAM™ memory devices. The company aims to replace Flash and SRAM for unified memory architectures in future SoC systems, targeting GPUs, MCUs, DSPs, ASSPs and ASICs. Its technology is designed to deliver high performance and low power at 55, 40 and 28 nm with scalability to 22 and 14 nm. Avalanche reports a proven STT‑MRAM portfolio at multiple geometry nodes and an intellectual property portfolio of over 280 patents and applications. The company plans to use the new funding to accelerate development of its P‑SRAM devices for the Internet of Things, aerospace and defense markets and to pursue higher densities of persistent DRAM required for next‑generation machine learning architectures. Avalanche Technology develops patent-backed discrete and embedded STT-MRAM memory products. The company offers discrete STT-MRAM for OEMs and embedded licenses for strategic customers and partners. Its STT-MRAM is being positioned as a replacement for DRAM and SRAM across enterprise storage, consumer wearables, IoT, computing/networking, automotive and other industries. Avalanche is led by founder and CEO Petro Estakhri and is based in Fremont, CA. The company intends to use the new financing to transition from R&D to commercialization and production in 2016. Avalanche Technology is a mid-stage developer of high-performance, scalable non-volatile magnetic memory products built on its proprietary Spin Programmable Memory (SPMEM) platform. The company says its platform is protected by a comprehensive patent portfolio and is designed for a wide variety of telecommunication, networking, storage, computing and handheld applications. Avalanche licenses its technology for those markets and is led by serial entrepreneurs and veterans from the semiconductor, memory and storage industries. Headquartered in Fremont, CA, the company is focused on advancing its SPMEM products toward commercial production. Recently announced financing is intended to support continued development efforts at this key stage. Avalanche Technology is developing Spin Programmable Memory (SPMEM), a non-volatile memory class that the company says enables lower write current, smaller cell size, and scalability beyond 10nm using proprietary spin current and voltage switching. The firm claims SPMEM provides non-volatility, low power dissipation, unlimited write endurance, high density, and high performance while requiring fewer manufacturing steps and integrating with standard CMOS processes. Avalanche is targeting high-volume embedded and stand-alone applications across telecommunications, computing, mobile, and networking, and cites a global total addressable market above $30 billion. The company says its technology could blur the gap between memory and storage and enable changes in system architectures and performance. Avalanche was founded in 2006 and is based in Fremont, California. Financially, the startup has completed three institutional funding rounds, most recently raising $11.5M, after a prior $7.5M round in February 2010.

Participated · Equity · Jan 2011

PneumRx is a Mountain View, California-based medical device company focused on development and commercialization of minimally invasive products to treat emphysema. Its core product is the PneumRx RePneu Lung Volume Reduction Coil (LVRC) System, which bronchoscopically implants Nitinol coils to compress damaged tissue and restore elastic recoil. The company has begun selling the RePneu LVRC System in Europe and recently established a subsidiary, PneumRx GmbH, in Germany. PneumRx intends to use the funds to support European sales and to begin a pivotal clinical trial to support a PMA application in early 2011. It plans to submit trial results to enable sales of the RePneu LVRC System in the United States. The company raised $33m in capital in the reported financing to fund these efforts. PneumRx develops diagnostic and therapeutic medical devices for lung cancer and chronic obstructive pulmonary disease (emphysema). Its core products include PneuSeal, an adhesive sealant currently in clinical trials in Germany to evaluate safety and effectiveness for reducing pneumothorax complications after lung biopsy. The company is also developing a minimally invasive lung volume reduction device for emphysema that it says has demonstrated quantitative improvements in lung function. PneumRx plans to commence clinical trials on the lung-volume-reduction device later this year. The company raised $27 million in a Series B to complete clinical trials and prepare for commercialization of these two major devices. Investors in the round included Adams Street Partners, Telegraph Hill Partners, Sage Venture Partners and existing backers such as Alta Partners, KBL Healthcare Ventures and Spray Venture Partners.

Led · Debt Financing · Dec 2009

Lytx develops video-driven telematics products used by driving fleets to monitor driving habits and collect driving data. The company’s technology is positioned around driver safety systems and fleet video telematics. In April 2018 Lytx raised a $700M funding round from a group of private equity investors. The funding gives Lytx an enterprise value in excess of $1.5 billion. Investors in the round included Clearlake Capital Group, HarbourVest Partners, Public Sector Pension Investment Board (PSP Investments), Guggenheim Investments and existing shareholder GTCR. Lytx said it was advised on the transaction by Rothschild & Co. and Kirkland & Ellis. Brandon Nixon remains chairman and CEO of the company. DriveCam, Inc. is a global driver risk management company based in San Diego, California. Its solution combines data and video analytics with real-time driver feedback and coaching to address causes of poor driving. DriveCam’s product is designed to prevent collisions and reduce fuel costs by improving how people drive. The company and Volvo Group have joined forces to deliver safety-centric solutions to the global commercial vehicle industry and pursue a shared goal of reducing accidents toward zero. The strategic investment from Volvo Group aims to support collaborative development efforts between the two companies. The article does not disclose DriveCam’s revenue or user metrics. DriveCam provides a video-based driver safety and risk management SaaS platform that combines data and video analytics with real-time driver feedback and coaching. Its solution aims to prevent collisions and reduce fuel costs by addressing causes of poor driving. The company reports deployment in over 170,000 commercial vehicles and says it has monitored and analyzed more than 4 billion driving miles, maintaining what it calls the world’s largest database of risky driving. DriveCam states it has achieved strong profitability, significant year-over-year growth and continues to win multi-year orders from new and existing clients. The company plans to expand into new market segments, broaden its value proposition through strategic partnerships and pursue targeted acquisitions, beginning with the announced purchase of RAIR. DriveCam will use the new investment to fund aggressive growth initiatives and the RAIR acquisition. DriveCam offers a behavior-based driver risk mitigation solution that uses sight and sound, expert analysis and driver coaching to predict and prevent risky driving behaviors likely to result in collisions. The company’s core product couples video and audio capture with expert review and coaching to change driver behavior and reduce incidents. DriveCam has developed deep industry expertise across a wide range of fleets, including transit; utilities and energy; trucking and distribution; solid waste; concrete and construction; telecom; residential and commercial services; and government and municipalities. The company received a $4M term loan from Leader Ventures. Leader Ventures is described as an investment firm offering blended debt and equity financing. CEO Brandon Nixon said the funding will help DriveCam continue to grow and help clients realize a 50% or greater reduction in costs associated with risky driving while improving road safety.

Participated · Series D · Jul 2009

Vindicia provides an on-demand billing platform that delivers subscription billing and fraud-management software as a service. It supports online merchants in sectors such as online gaming, social networking, virtual worlds and Internet dating, emphasizing scalability, flexibility and compliance for online billing services. Clients include Boxee, Symantec, Intuit, Activision/Blizzard Entertainment, Atari/Cryptic, Fuel Industries, TransUnion Interactive and Encyclopedia Britannica. Vindicia said it will use the new funding to expand its sales, services and marketing teams. After the Series E, the company has raised $41 million in total funding. Vindicia provides online software to help companies manage web billing and payments via a SaaS model. Its core product is billing and payments software delivered online to handle subscription billing and associated issues such as fraud. Among its customers are Symantec, Intuit, Atari/Cryptic Studios, and Outspark. The company competes with Zuora and Aria Systems in bringing the SaaS approach to the billing market. Vindicia's executives say the product stands out in handling fraud and other billing difficulties. The company has said it will be profitable this year, projecting between $6 and $8 million in revenue. Vindicia is based in Redwood City, Calif.