Led · Convertible Note · Oct 2023

Animoca, also known as Outblaze Ventures, focuses on developing and publishing mobile games and educational applications for iOS and Android devices. Since its debut in January 2011, the company has launched over 150 titles across smartphones and tablets. Animoca also operates several brands, including Dream Cortex, to broaden its reach in the mobile entertainment space. In only ten months on the market, its apps have amassed more than 40 million downloads worldwide, underscoring strong early traction with users. The firm’s rapid content rollout demonstrates an aggressive product strategy targeting global smartphone audiences. Backing from major technology investors suggests confidence in the company's ability to scale its portfolio further. While revenue figures were not disclosed, the significant download volume highlights Animoca’s potential for future monetization and growth opportunities.

Led · Series D · Oct 2023

Pony.ai develops autonomous driving systems and partners with automakers to deploy vehicle autonomy. Founded in 2016 and based in the US and China, the company works with Toyota, GAC, SAIC Group, Sany Heavy Industry and FAW Group. Pony.ai has registered with the China Securities Regulatory Commission for a US IPO and plans to issue up to 98.15 million ordinary shares on Nasdaq or the NYSE. Its most recently disclosed financing was a $100M investment from Neom in October 2023; the post‑money valuation from that round was undisclosed. The firm was valued at $8.5 billion after its March 2022 Series D. GAC's recent board approval to invest $27M in Pony.ai (part of a combined $104.8M allocation to Pony.ai and Chenzhi) indicates continued strategic interest from Chinese automakers. Pony.ai is a Chinese autonomous vehicle startup that develops autonomous driving technology. The company operates fully driverless vehicles in Beijing and Guangzhou and holds licenses to operate driverless cars in Beijing, Guangzhou, Shanghai and Shenzhen. Pony.ai plans to establish a regional R&D and manufacturing headquarters as part of a joint venture with Neom. Under the JV, Pony.ai and Neom will develop, manufacture and deploy autonomous vehicles and smart infrastructure in Neom and key markets in the Middle East and North Africa. Pony.ai received $100 million from Neom as part of the deal. The tie-up comes amid increasing cooperation between Saudi Arabia and Chinese companies around technology and scientific innovation. Pony.ai develops autonomous-driving software and a robotaxi network platform to deploy fully driverless robotaxis. The company plans to scale commercial robotaxi operations in China through a partnership with Toyota and a capital infusion. Toyota will supply an unspecified number of EVs and Pony.ai will outfit them with its autonomy stack and network technology. Pony.ai has raised more than $1 billion since its 2016 founding and claimed an $8.5 billion valuation in 2022. The company has faced regulatory and operational setbacks, including a suspended California driverless testing permit, a software recall, executive departures, and litigation over alleged trade‑secret theft. Despite those challenges, Pony.ai and Toyota intend to begin their partnership this year to accelerate production of driverless robotaxis. Pony.ai develops autonomous driving systems for robotaxis and trucking, operating tests and limited passenger pilots in both China and the U.S. The company was founded in 2016 and now has a global team of over 1,000 staff. Pony runs tests in Beijing, Shanghai, Guangzhou and Shenzhen as well as Fremont and Irvine, California, and its robotaxis have been allowed to charge passengers in a pilot zone in suburban Beijing. The firm has faced operational and regulatory setbacks, including a suspended driverless test permit in California and a reorganization that dissolved its U.S. trucking unit. Financially, Pony said it is well‑financed and, after a Series D-1, has close to $1 billion in balance sheet liquidity. Management says proceeds will be used to expand hiring, open new testing and operation sites, advance strategic partnerships and rapidly grow its fleet. Pony.ai develops a full-stack autonomous driving platform (PonyAlpha) that uses lidars, radars, and cameras to detect obstacles up to 200 meters for robo-taxis, trucks, and freight delivery. The company has tested its systems since April 2019 and runs test vehicles in Fremont, California and Beijing and Guangzhou in China. Pony.ai aims to deploy level 4 vehicles in predictable environments—industrial parks, college campuses, and small towns—with a tentative deployment window of several years. It has driven over 1.5 million autonomous kilometers as of year-end 2019 and delivered more than 15,000 packages in California during the COVID-19 crisis. Pony.ai holds an autonomous vehicle testing license in Beijing and a robo-taxi operations permit from the California Public Utilities Commission. It maintains partnerships and pilots with Via and Hyundai (BotRide), Bosch (fleet maintenance), FAW and GAC Group (vehicle development), and On Semiconductor (machine vision).

Participated · Series B · Dec 2022

Sonde Health builds a vocal biomarker platform that uses advanced audio signal processing, speech science and AI/machine learning to detect subtle vocal changes tied to physiology. The company maintains a health‑labeled voice dataset of over 1.2 million samples from more than 85,000 subjects across four continents. Sonde offers enterprise products and licenses its platform for telehealth, pharma, remote patient monitoring, and consumer/medical devices, and it can embed technology into device chipsets for passive monitoring. Its Health Checks include respiratory fitness (detects conditions like asthma from six seconds of voice; users engage 2+ times per week) and mental fitness (detects signs of depression and anxiety from 30 seconds of voice; users engage 3+ times per week). Sonde is developing additional vocal biomarkers for MCI, COPD and general health using a research‑build‑validation methodology with clinical partners. The company intends to deepen its respiratory and mental health monitoring, expand into new health conditions and geographies, and accelerate commercial growth using the new funding. Sonde Health is developing a voice-based technology platform that uses acoustic analysis of seconds of voice to generate vocal biomarkers and persistent brain, muscle, and respiratory health measurements. Its proprietary technology is designed to run on consumer devices such as smartphones and smart speakers to enable disease screening and management. The company reports it has collected voice and health data from over 10,000 subjects as part of ongoing platform validation. Sonde intends to expand its technology across multiple health conditions and device types and to accelerate validation into neurological, respiratory, and cardiovascular diseases as well as other health and wellness conditions. The company plans to commercialize its offerings to provide broader access to timely health information and support new models of precision and preventative medicine. The announcement was datelined Boston and notes that Sonde was co-founded by PureTech Health.

Led · Series E · Nov 2022

Volocopter develops electric vertical take-off and landing (eVTOL) aircraft. Six weeks after warning it could be forced to consider insolvency, the company announced it had been successfully financed by several existing investors. The company described the transaction as a financial lifeline. Due to ongoing contractual obligations, Volocopter said it could not disclose the investor names or the amount raised. The article did not provide details on the financing instrument, past rounds, future plans, valuation, or operating metrics. Volocopter develops the VoloCity eVTOL passenger air taxi and positions itself as a pioneer in urban air mobility. The company has conducted international tests, including a South Korean test flight in November 2021, and first committed to a Japanese market entry in 2018. Volocopter expects regulatory approval from the European Union Aviation Safety Authority in 2024, and its concurrent type‑certification application to Japan's Civil Aviation Bureau has been accepted. Japanese, Singaporean and U.S. (FAA) regulators are validating its urban air mobility system. The company plans to showcase a full‑size VoloCity replica at an Osaka shopping mall to build public awareness ahead of regional launches. Strategic partners and investors are being used to support certification and commercial rollout plans, including a targeted Japan service date of 2025. Volocopter is a German startup that builds electric vertical takeoff and landing (eVTOL) vehicles, principally the two-seater VoloCity air taxi. It also develops the VoloDrone heavy-lift electric drone and the VoloIQ digital platform for bookings and flight operations. The company is in active flight testing to meet European Union Aviation Safety Agency (EASA) requirements and has received Design Organisation Approval in 2019 and Production Organisation Approval in 2021. Volocopter aims to obtain Special Condition certification for small-category VTOL aircraft by the second half of 2023 and begin initial revenue-generating rides in 2024. Recent fundraising — including a $182M second signing of its Series E on top of a $170M tranche from March — will fund testing, certification, infrastructure development, ecosystem integration and public awareness ahead of commercialization. The company has formed joint ventures with Neom and Geely Holding to integrate its aircraft into smart-city and China markets, with Neom ordering 15 aircraft and the Geely JV agreeing to purchase 150. Volocopter develops eVTOL aircraft and an urban air-taxi operating model from its base in Bruchsal, southern Germany. The company highlights three aircraft families—VoloCity, VoloConnect and VoloDrone—and has completed roughly 1,000 public and private test flights. It is the first eVTOL company to receive Design Organisation Approval from the European Union Aviation Safety Agency, positioning it for certification and early market entry. Volocopter plans to use new funding to kick off commercial air taxi services in cities such as Singapore, Rome, Paris (and South Korea has been mentioned for launch), aiming for initial commercial operations around 2024 contingent on certification. At commercial launch flights will be piloted, though the VoloCity is technically capable of crewed, remotely piloted, and autonomous operation and the company says it will transition toward non-crewed flights as regulations and public acceptance evolve. Management has said the business will pursue a path to a public listing eventually. Volocopter develops fully electric eVTOL aircraft and associated physical and digital infrastructure, including the VoloCity and VoloDrone aircraft, VoloPort terminals, and the VoloIQ digital platform. The company partners with firms across infrastructure, operations, and air traffic management to build the ecosystem required for urban air mobility. Its product roadmap and services range from autonomous electric air taxis for passengers to cargo delivery via VoloDrone. Volocopter intends to use recent funding to bring the VoloCity to certification and to accelerate the launch of its first commercial routes. The company is the first eVTOL firm to receive Design Organisation Approval (DOA) from EASA and expects first commercial air taxi routes within the next two years. To date it has conducted milestone flights in Helsinki, Stuttgart, Dubai, and over Singapore’s Marina Bay and has cumulatively raised €322m.

Participated · Series B · Jul 2022

ZeroAvia is an Everett-based sustainable aviation startup building hydrogen-electric airplane engines designed to eliminate carbon emissions from regional flight. The company’s core product replaces conventional jet fuel propulsion with hydrogen fuel cell powertrains. Its engineering roadmap focuses on certifying these engines for commercial use in small regional aircraft. ZeroAvia continues to refine its technology through ground and flight testing programs. The startup recently secured additional capital to support these efforts. Management stated that the new funds will extend the firm’s operating runway for roughly two years, underscoring the importance of continued investment as it advances toward commercialization.