The Venture Codex Logo

The Venture Codex

MSD Partners

401 N Michigan Ave Suite 3100, Chicago, IL, 60611, United States

Overview

BDT Capital Partners is a private equity arm of BDT & Company that specializes in investments in family-owned and entrepreneurial businesses.

Total investments
33
Lead investments
10
Investments · 12mo
8
Active investors
6

Sector focus

  • Advice
  • Banking
  • Business Development
  • Finance
  • Lending
Visit website

Investment portfolio

  • Neko Health

    Participated · Series C · Jul 2026

    Neko Health runs the Neko Health Scan, a 60-minute comprehensive, non-invasive, radiation-free assessment that captures millions of health data points using proprietary sensors alongside blood analysis and delivers results with an in-person clinician consultation. Since launching in February 2023, Neko has expanded clinics across Sweden and the U.K., recently opening a new Stockholm clinic and rolling out next-generation devices (Derma-2, Echo-2, Spectrum-2) and body-composition measures. Over 350,000 people have registered for a scan and more than 100,000 members have completed one, with about 75% of members prepaying for a follow-up scan at the end of their appointment. Neko reports measurable health improvements for returning members, including statistically significant improvements in five of seven key biomarkers and many previously severe conditions brought under control. The company is focused on scaling clinic footprint and iterating its in-house tech stack, with planned U.S. expansion and continued investment in hardware and its health data platform.

  • Chai Discovery

    Participated · Series C · Jul 2026

    Chai Discovery develops AI models that reason about biological structure and function to generate new molecular designs from scratch and put those models into a software platform used by pharma teams. The company reports partnerships and deployments with major pharmaceutical firms, including Eli Lilly and Pfizer. Its model lineup includes Chai-2, released in 2025 as the first zero-shot generative platform for fully de novo antibody design to achieve double-digit experimental success rates, and Chai-3, which materially improves target success rates and binding affinity versus its predecessor. Founded in 2024 and based in San Francisco, Chai aims to bring engineering precision, speed and scale to pre-clinical discovery. The company recently raised $400M in a Series C at a $3.8B valuation to accelerate R&D, deployment and partnerships.

  • Beacon Software

    Participated · Series C · Jun 2026

    Beacon grows via a model of selectively acquiring mission-critical businesses and integrating them into a shared, AI-native operating platform. The company says it is acquiring businesses at a pace of roughly one per week and that its modernization approach produced more than +50% EBITDA growth over the last year. Beacon plans to use the new funding to accelerate development of its AI-native business operating system and to continue acquiring essential businesses. Beacon has expanded its executive team with Mark Schaaf joining as COO/CPO and Goutham Buchi as CTO and opened a San Francisco office. The company reported raising over half a billion dollars in the past year. The articles do not disclose founding year or a valuation.

  • NinjaOne

    Participated · Series C · Jun 2026

    Founded in 2013, NinjaOne offers a cloud-native platform that unifies remote monitoring, automated patch management, endpoint security, and data backup to manage laptops, servers, mobile devices, and cloud endpoints from a single dashboard. The platform manages millions of endpoints for over 24,000 customers globally, including Nvidia, Lyft, HelloFresh, Porsche, Cintas, and Vimeo. The company completed a $262M acquisition of Dropsuite to expand its cloud backup and data protection capabilities. NinjaOne is founder-led, carries no debt, and its founders retain majority equity and control. With proceeds from its latest financing, the company plans to accelerate R&D into autonomous endpoint management, automated vulnerability remediation, and AI-assisted helpdesk features. The article positions NinjaOne as competing against legacy incumbents like Kaseya and N-able and adjacent players such as JumpCloud and Atera.

  • Waymo

    Participated · Equity · Feb 2026

    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.

Team

  • Byron Trott

    Founder & CEO

  • Gregg Lemkau

    Co-CEO

    LinkedIn
  • Charles Sun

    Vice President

    LinkedIn
  • William Bush

    Partner and General Counsel