The Venture Codex

Participated · Seed · Jun 2023

Crux operates a finance platform focused on tax-driven investments and broader financing solutions—including debt, preferred equity, and tax equity—for clean and critical infrastructure. The company deploys hybrid partnership flip structures to monetize tax credits and reports hybrid tax equity now represents more than 75% of tax equity investments in its market data. Since launching its tax and preferred equity offering, Crux says it has executed more than $1 billion in signed term sheets and issued more than $9 billion in indications of interest. Publicly announced transactions include a $340 million tax equity investment supporting a 413 MWdc utility-scale solar project in Texas. Crux describes itself as using market-leading data and an AI-powered platform to underwrite and execute deals across a diversified pipeline. The $500 million facility from Nuveen EIC is intended to scale Crux’s ability to act as a general partner and accelerate clean energy deployment amid rising electricity demand.

Participated · Series B · Feb 2018

Simplify Medical makes the Simplify® cervical artificial disc, an MRI-friendly PEEK-on-ceramic device designed to minimize post-operative CT scans and reduce patient exposure to ionizing radiation. The Simplify Disc features no metal articulating components for low wear, low-height implant options, and a straightforward three-step implantation; it is considered MRI-conditional. The device has received the CE Mark and is commercially available in select European markets, with early clinical data showing substantial pain and functional improvement. The company is using Series B funding to complete two ongoing U.S. pivotal trials — one-level and two-level cervical implantation studies — and to support commercialization outside the U.S. Simplify Medical completed an oversubscribed second tranche of its Series B, bringing the round to $44.25 million. The company is based in Sunnyvale, California. Simplify Medical develops the Simplify® cervical artificial disc using MRI-friendly materials intended to avoid metal artifact and reduce the need for CT and ionizing radiation. The device is designed to avoid metal wear and offers a low-profile implant to expand patient eligibility. The Simplify Disc has received the CE Mark and has been used to treat more than 700 patients outside the U.S. over the last three years, with early clinical data showing substantial improvements in pain scores and function. Simplify Medical is conducting two U.S. pivotal trials: a prospective two-level trial of up to 200 patients at up to 15 centers comparing two-level implantation with two-level fusion, and a one-level trial using a historical nonconcurrent control group. The company will use new funding to complete these ongoing pivotal trials as part of its pathway toward availability for U.S. patients. Simplify Medical is located in Sunnyvale, California.