Participated · Series B · May 2026

Armada builds and delivers modular AI infrastructure — including Galleon manufacturing systems, Leviathan megawatt-scale modular data centers, and Triton portable units — for high-density training, inference, sovereign neo-cloud and multi-tenant compute environments. The company has documented rapid commercial traction, reporting 540% customer bookings growth in FY25–26 and a 2000% bookings increase in Q1 FY27 year-over-year. Armada has supported defense and commercial deployments, including a rapid Triton field deployment for a defense ally, a U.S. Navy edge deployment during a multinational exercise, a WinDC renewable-energy-backed AI factory deployment in Australia, and trials with Aker BP for offshore rig use. Armada is expanding manufacturing capacity with Galleon Forge One, a planned up-to-400,000-square-foot factory in Arizona expected to create about 500 jobs, enabled by a framework agreement and investment from Johnson Controls. The company has built an ecosystem and marketplace with partners including Microsoft, NVIDIA, Palantir and Dell Technologies to accelerate customer deployments and maintain control over sensitive data and models. Armada has raised capital totaling nearly half a billion dollars to date and is using that funding to scale production, meet accelerating global demand, and support new initiatives.

Participated · Equity · Mar 2026

QPS研究所, the core operating subsidiary of QPSホールディングス, developed the QPS‑SAR small SAR satellite that achieves roughly one‑twentieth the mass and one‑hundredth the cost of conventional SAR satellites through a 3.6m ultra‑light deployable parabolic antenna. The company plans to scale to a constellation of 24 satellites by fiscal 2028 and 36 by 2030 to enable near‑real‑time observations, and cites per‑satellite manufacturing and launch costs of about ¥1.5–2.0 billion. QPS研究所 was founded in Fukuoka in 2005 as a Kyushu University spinout and works with regional manufacturers across Japan for satellite development. The group was listed on the Tokyo Stock Exchange Growth market in December 2023 and reorganized into a holding company structure in December 2025. Reported non‑dilutive and hybrid funding sources include a JAXA space strategy fund selection and grant decisions and planned warrant issuance to SMBC Nikko Securities to bolster capital for constellation deployment. The company highlights applications of its SAR data across disaster prevention, safety, and other societal uses.

Participated · Equity · Feb 2026

LanzaJet develops and licenses patented ethanol-based alcohol-to-jet (ATJ) technology to create sustainable aviation fuel and renewable diesel. Its flagship Freedom Pines Fuels plant in Soperton, Georgia is the world’s first fully integrated, commercial-scale ethanol-to-fuels facility and, in late 2025, produced ASTM on-spec jet fuel, marking the first commercial-scale SAF made from ethanol. The company’s technology offers a non-oil-based, scalable solution compatible with today’s aircraft, positioning it to accelerate decarbonization in aviation. LanzaJet is also advancing Project Speedbird, a major SAF biorefinery planned for Teesside in the United Kingdom, aided by a grant from the UK Department for Transport’s Advanced Fuels Fund. An innovative multi-year tolling structure at Freedom Pines secures waste-based ethanol feedstock and guarantees offtake for all production. Financially, the firm has attracted backing from strategic investors such as Airbus, All Nippon Airways, Breakthrough Energy, IAG, Shell, and Microsoft’s Climate Innovation Fund. The latest capital raise values the company at $650 million pre-money and supports further commercial deployments of its ATJ technology.

Participated · Series F · Jan 2026

Rakuten Medical, founded in 2010 and headquartered in San Diego, develops photoimmunotherapy using its Alluminox® platform, which combines targeted drug conjugates and light-delivery devices. Its lead asset, ASP-1929 (an antibody-dye conjugate using cetuximab and IRDye® 700DX), is approved in Japan for unresectable locally advanced or recurrent head and neck cancer and is being evaluated outside Japan. ASP-1929 is currently in a global Phase 3 trial in combination with pembrolizumab as a first-line treatment for recurrent head and neck cancer, with the company aiming to generate pivotal data to support a planned BLA submission to the U.S. FDA in 2028. Rakuten Medical is enrolling patients across the U.S., Japan, Taiwan, and Ukraine, with Poland sites expected to activate soon. The company is expanding its pipeline through internal programs and investigator-initiated trials, and plans a Phase 1 study of RM-0256 in Japan expected to begin in Q2 2026 with Japanese government grant support. Rakuten Medical operates offices in the United States, Japan, Taiwan, Switzerland and India and continues to grow its commercial presence in Japan to support global expansion.

Participated · Series B · Sep 2025

Formed in 2021 through the merger of Honeywell Quantum Solutions and Cambridge Quantum, Quantinuum provides end-to-end quantum computing products and services. The company sells hardware and software, developer tools, and applications—its platform includes InQuanto, a tool for computational chemistry. Quantinuum is preparing to launch Helios, a next-generation quantum system intended to advance performance and move toward universal fault-tolerant quantum computing. The firm is expanding its global footprint and has announced partnerships and collaborations to explore hybrid and scalable quantum-classical models. Notable collaborations include work with NVIDIA at the Accelerated Quantum Research Center in Boston and partnerships with RIKEN, SoftBank Corp., Infineon Technologies, and the STFC Hartree Centre. Quantinuum is also expanding regionally with activity in New Mexico, Qatar (including a role in a $1 billion national initiative), and Singapore. Quantinuum is an integrated quantum computing company that develops quantum hardware and advanced software solutions to drive applications in materials discovery, cybersecurity, and next‑generation quantum AI. Led by CEO Rajeeb Hazra and based in Broomfield, Colorado, the company supplies technologies to firms including Airbus, BMW Group, Honeywell, HSBC, JPMorgan Chase, Mitsui and Thales. Quantinuum employs almost 500 people, including over 370 scientists and engineers. The company closed a $300m equity funding round at a $5 billion pre‑money valuation, bringing total capital raised since inception to approximately $625m. The round was anchored by strategic partner JPMorgan Chase, with participation from Mitsui & Co., Amgen, and Honeywell, which remains Quantinuum’s majority shareholder. Quantinuum intends to use the proceeds to accelerate the path toward universal fault‑tolerant quantum computers and to extend its software offering to enhance commercial applicability.