The Venture Codex

Participated · Series C · Mar 2026

Xona is developing Pulsar, a Low Earth Orbit PNT constellation designed to provide centimeter-level positioning, stronger signals, and military-grade encryption while remaining compatible with existing GPS devices. The company plans a full constellation of 258 satellites and says its satellites fly closer to Earth and broadcast signals that are substantially stronger than legacy GNSS systems. Xona reports over a dozen commercial receiver partners already tracking Pulsar signals, with field testing underway across critical infrastructure, construction, agriculture, and IoT applications. Early customers in timing-critical sectors are expected to benefit from initial constellation coverage as soon as 2027. To support rapid deployment, Xona is building a manufacturing facility in Burlingame and expanding operations in Montreal and London, aiming to produce satellites at a cadence the company says will outpace traditional national production rates.

Participated · Equity · Mar 2026

Based in Palo Alto, ArmorCode offers an Agentic AI Platform that aggregates and prioritizes security findings across applications, code, cloud, infrastructure and AI systems, enabling security teams to move from fragmented data to policy-driven, auditable remediation. Its solutions span Application Security Posture Management, Vulnerability Management, Software Supply Chain Security, and the newly announced AI Exposure Management product. The platform processes more than 200 billion findings annually through hundreds of native integrations and is already used by Fortune 500, Fortune 1000 and Global 2000 enterprises. Nearly 80 percent of existing customers are driving the company to deepen its AI security capabilities, and the business has doubled year-over-year. Future plans include expanding the Agentic AI Platform via the Anya Agentic Framework, broadening MCP server support, and growing global go-to-market and partner programs across North America and EMEA. The company has now raised a total of $81 million to fund these initiatives and recently added noted cybersecurity leader Phil Venables to its board.

Participated · Equity · Sep 2025

Founded in 2016 in Zürich, ANYbotics develops the ANYmal family of quadruped robots designed for autonomous industrial inspections across oil & gas, mining, power generation and other complex facilities. The robots use an AI-driven software stack for fully autonomous navigation, collision avoidance and stair-climbing, allowing them to detect overheating equipment, abnormal vibrations and gas leaks while gathering real-time data. More than 200 units of the first-generation ANYmal are already deployed worldwide, conducting thousands of inspections each week for customers such as bp, Equinor, ENI, Petrobras, Siemens Energy and AWS. The company is preparing to launch ANYmal X, billed as the world’s first Ex-certified legged robot for explosive environments, with commercial rollout targeted for 2026. ANYbotics aims to scale global operations and expand into additional heavy-industry verticals, leveraging its robots to enhance safety, efficiency and sustainability. The firm has raised over €127 million to date, supporting rapid growth and product development.

Participated · Equity · Sep 2025

WorkFusion provides pre-built AI Agents that handle labor-intensive, document-heavy processes across anti-money laundering, sanctions screening, Know Your Customer, transaction monitoring and related financial crime compliance workflows. After a 2022 restructuring to focus exclusively on agentic AI, the company leverages more than a decade of work in automation and intelligent document processing. Its technology is currently deployed by 10 of the world’s top 20 banks, where it automates over one million alert hits and eliminates the need for roughly 5,000 full-time-equivalent hours each day. Management reports that customers collectively save about 40,000 hours of manual work daily, scaling compliance team capacity by three- to five-fold. WorkFusion positions its offering as faster, cheaper and more consistent than hiring or outsourcing, mitigating the mounting backlog and cost pressures faced by compliance teams. The company is targeting the $155 billion financial crime compliance operations market and expects accelerating adoption as 85% of financial institutions plan to deploy AI agents in 2025, according to an April 2025 Georgian/NewtonX survey. The recent financing provides capital to expand product capabilities and support global growth.

Led · Series B · Sep 2025

Scintil Photonics builds integrated Photonic System-on-Chip (PSoC) products using its proprietary SHIP™ heterogeneous integration process, combining lasers, photodiodes, and modulators on a single chip. Its flagship LEAF Light™ is a DWDM-native single-chip light engine designed to deliver high bandwidth density (6.4 Tbps/mm) at roughly one-sixth the power consumption of conventional pluggable solutions. The technology targets co-packaged optics (CPO) for scale-up GPU clusters and emerging AI systems and is positioned to reduce data-centre energy per bit and associated carbon footprint. Scintil draws on more than 15 years of research at CEA-Leti and operates from Grenoble within Europe’s semiconductor ecosystem. The company is entering high-volume production of LEAF Light™ and plans global hiring and expansion, including strengthening its US presence. The business recently closed a $58M Series B to support its commercial ramp, production scale-up, and international expansion. Scintil Photonics develops and markets silicon photonic integrated circuits (PICs) with monolithically integrated lasers and optical amplifiers, including integrated laser arrays, multiples of 800 Gbit/sec transmitters and receivers, and tunable transceivers for near‑chip and chip‑chip communication. Its circuits are fabricated on a proprietary III/V‑Augmented Silicon Photonics technology and produced in a multi‑customer silicon foundry. The company also delivers control electronics and reference package implementations to accelerate customer adoption. Led by CEO Sylvie Menezo, Scintil sells CMOS‑compatible PICs and optical I/O aimed at optical interconnect markets. Scintil is based in Grenoble, France and Toronto, Canada and is currently taking its product to industrial level as it gears up for mass production. It raised €13.5M in a second financing to support industrialization and global commercialization. Scintil Photonics develops fully integrated silicon photonic circuits by combining silicon and indium phosphide using wafer-scale bonding to integrate multi-wavelength lasers, waveguides, filters and photodetectors. The company is fabless and relies on commercial silicon foundry processes to build its heterogenous photonic ICs. Management is led by CEO Sylvie Menezo and chairman Pascal Langlois. Scintil plans to use the funds to develop 800 Gbit/sec transceiver photonic circuit prototypes in commercial semiconductor foundries and to sample strategic customers in the data center market. The company will strengthen its team and development partnerships, including relationships with CEA-Leti and the University of Toronto. Scintil is gearing up to take its technology to an industrial level for mass production.