Led · Equity · Jul 2025

Founded in 2017 and based in Bengaluru, Yulu began as a bike-sharing startup and pivoted toward serving the delivery economy during the COVID-19 pandemic. The company operates roughly 50,000 electric vehicles, logs about 1.6 million miles each week, and powers more than 750,000 deliveries per day. About 95% of Yulu’s revenue comes from renting electric bikes to gig workers on weekly subscriptions, with the remainder from station-based rentals in Bengaluru. Yulu currently operates in 12 Indian cities, running its own operations in Bengaluru, Mumbai, Delhi-NCR, and Hyderabad, and partners with franchisees in eight other markets while targeting roughly 20 cities within the next year. The startup is introducing a full-sized, higher-speed scooter called Yulu Express (about one-third of the planned 200,000-vehicle fleet) and is moving toward profitability before interest and taxes next year after achieving positive EBITDA in the last financial year. Yulu reported revenue growth of seven-fold between fiscal 2023 and fiscal 2026, though it did not disclose specific revenue figures.

Participated · Equity · Jul 2024

Cartken develops sidewalk and indoor delivery robots using a camera-first, AI-driven autonomy stack that requires no lidar and can operate without GPS. The company was founded in 2019 by former Google engineers behind the Bookbot project and has a roughly 30-person team. Cartken runs sidewalk delivery services on college campuses in Miami, Fairfax, Virginia and Tokyo through partnerships with Uber Eats, Grubhub and Mitsubishi Electric; its robots average 36,000 deliveries per month. The startup says its sidewalk delivery business is profitable today and that newly raised capital will scale that business while unlocking indoor use cases. Cartken is deploying robots inside biotech, pharmaceutical, chemical and automotive campuses — including a ZF factory — and reported saving employees more than 10,000 hours in 2023 at labs and factories.

Participated · Series A · Jan 2022

Addionics produces textured, three-dimensional copper and aluminum foil current collectors for lithium-ion batteries, using electro-deposition for copper and electroetching for aluminum. Its foils feature tiny holes and undulating peaks and valleys that increase contact between the foil and active material. The company says the design improves battery performance and efficiency and can potentially double battery lifespan, and that the collectors can work with a wide range of chemistries. Addionics plans to tailor collectors to different chemistries in the future to extract additional performance. The Israel- and U.K.-based startup recently raised a $39 million Series B to accelerate delivery of its current collectors and to explore new markets and geographies. Earlier this year it announced plans to build a $400 million factory in the U.S. and said it has letters of intent from U.S. automakers. Addionics develops patented Smart 3D Electrode architecture and a scalable electrode fabrication process that replaces traditional 2D layered electrodes, aiming to increase energy density, power, safety and lifetime without raising cost. Its drop-in solution is compatible with existing battery manufacturing lines and is paired with a proprietary AI algorithm to accelerate and optimize electrode design for varied applications. The company targets electric vehicles initially and is collaborating with automotive OEMs and suppliers in the U.S. and Europe to integrate with NMC, LFP, silicon, lithium polymer and solid-state chemistries. Addionics plans to commercialize by 2024 and will use funding to advance product development, expand the team, and increase activity in the U.S. and Germany. The company also highlights applications beyond EVs, including consumer electronics, stationary storage, aviation, defense and medical devices. Addionics has developed a scalable, patent‑protected “smart 3D structure” that redesigns battery architecture via 3D metal fabrication to reduce internal resistance and improve mechanical longevity and thermal stability. The company’s approach is chemistry‑agnostic, designed to enhance existing and future battery chemistries rather than replace them. Addionics says its technology can increase EV mileage, improve safety, and reduce cost and charging time, and could be applied to consumer electronics, medical devices, grid storage, drones, and more. Commercial traction is early: the company is working with an unnamed tier‑1 American automotive company on a proof‑of‑concept and testing Addionics cells in vehicles. Management aims to secure 3–4 major collaborations with world‑leading OEMs over the next year. Financially, the company has raised $6M in funding, which includes a $2.5M grant awarded through the European Union’s Horizon2020 program.

Participated · Equity · Jun 2021

Waymo develops and operates fully driverless robotaxis, offering on-demand rides across multiple U.S. metropolitan areas. Its fleet now delivers roughly 400,000 rides each week in six major cities, and the company more than tripled annual volume in 2025 to 15 million rides, surpassing 20 million lifetime trips. Having secured permits to charge for rides in California, Waymo has expanded from its original Phoenix deployment to San Francisco, Los Angeles, Austin, Atlanta, and Miami. The firm plans to enter more than a dozen additional international cities in 2026, including London and Tokyo, and is “laying the groundwork” for operations in 20+ further locations. Waymo positions itself as past the proof-of-concept stage and focused on global scale. The latest financing values the company at $126 billion and provides capital to grow vehicle supply, broaden geographic coverage, and reinforce operational infrastructure. Regulatory scrutiny remains, with U.S. safety agencies investigating recent incidents involving the fleet.

Participated · Series B · Sep 2017

Innoviz Technologies Ltd. announced it expects to receive $200 million in funding through a private placement. The company entered into a subscription agreement for 20,000,000 common shares at $10 per share for gross proceeds of $200,000,000. The transaction is being led by Antara Capital LP and was raised at a post-money valuation of $1,375,000,000. The board of directors has approved the transaction. The closing is targeted for the first quarter of 2021 on the date of, and immediately following, the consummation of a merger and is subject to regulatory and stockholder approvals and other customary closing conditions. The company has entered into a 180-day lock-up agreement from issuance. Innoviz develops solid-state lidar sensors and bundled perception software aimed at autonomous vehicles and robotaxis. Its flagship product, InnovizOne, is an automotive-grade lidar system the company says can be produced and sold at roughly 90% lower cost than its first-generation system. Innoviz packages perception software with its sensors and partners with OEMs and Tier 1 suppliers such as Magna, HARMAN, HiRain Technologies and Aptiv. The company has secured commercial design wins, notably with BMW for series production starting in 2021. With the new funding, Innoviz plans to scale production, expand manufacturing capacity, and grow in key markets including the U.S., Europe, Japan and China. It also intends to invest in R&D to develop next-generation products and improved software performance. Innoviz Technologies, based in Kfar Saba, Israel and led by co-founder and CEO Omer Keilaf, develops solid-state LiDAR sensing solutions aimed at the mass commercialization of autonomous vehicles. The company leverages proprietary System, MEMS and Detector designs to deliver long-ranging, accurate sensing at cost and size targets for automotive adoption. Its product lineup includes InnovizPro, a development platform for automakers, Tier 1 suppliers and tech companies, and InnovizOne, an automotive-grade LiDAR device targeting levels 3–5 autonomy. InnovizPro was slated to be available in Q1 2018, while samples of InnovizOne were planned to begin shipping in 2019. The company said it will use the new funds to grow its team across R&D, operations, marketing and business development. At the time of the article the Series B had been extended and the company reported total funding of $82M. Innoviz makes solid-state LiDAR sensors designed for greater reliability (no moving parts) and improved sensing across challenging conditions such as bright sunlight. The company offers a development-focused product, InnovizPro, and plans to begin delivering InnovizPro to automakers starting in the first quarter of next year. Its automotive-grade InnovizOne sensor is slated to be available as a manufacturing sample sometime in 2019. Innoviz raised $65 million in a Series B from strategic partners and auto suppliers to help push toward mass production of its LiDAR modules. The funding will also support the company’s computer vision work and formation of new partnerships. Strategic investors Delphi Automotive and Magna International—both positioned to supply automakers with autonomous-driving components—are already working with Innoviz to integrate its technology into OEM systems. Innoviz Technologies develops compact solid-state Lidar sensors aimed at autonomous vehicles. The company says its prototype is working internally and it plans a public demo by the end of this year, with a mass-production-ready product targeted for mid-2018. Innoviz aims for an under-$100 price point at volume by reducing components and expects a package smaller than 5cm x 5cm x 5cm. The company declined to disclose technical details but said it took a different technical approach to the scanning element than competitors such as Quanergy and MIT. Beyond hardware, Innoviz is expanding its team to build complementary software for mapping and localization, object detection and tracking, and sensor fusion. Financially, Innoviz raised $9 million in a Series A round closed in February.