Participated · Series F · Jun 2026

Digital Asset builds and operates the Canton Network, a public, permissionless Layer 1 blockchain that provides protocol-level privacy and confidentiality guarantees and runs applications written in its open-source smart contract language, Daml. Canton is designed to enable tokenized asset workflows across multiple parties while keeping transaction data confidential, and it has attracted marquee institutional participants including Visa, Goldman Sachs, and DTCC. The network has processed or issued more than $6 trillion in tokenized assets according to prior reporting, and Visa became a Canton Super Validator and added Canton to a stablecoin settlement pilot. The Canton ecosystem has also seen activity such as a $540 million raise by Canton Strategic Holdings (formerly Tharimmune) to build a Canton Coin treasury and a project called Zenith completing atomic swaps between Canton and an EVM-compatible environment. On the financing front, Digital Asset raised $135 million in June 2025 and $50 million in December 2025, and is now pursuing a roughly $300 million round led by a16z crypto. The company is backed by trading firms and banks including DRW Holdings and Citadel Securities.

Participated · Series C · Jan 2026

Nasdaq Private Market (NPM) runs a full-service platform that supports structured liquidity programs, trading, settlement, and data services for private-market participants. To date, the company has executed almost $70 billion in transaction volume for more than 200,000 eligible employee shareholders and investors, spanning over 900 company-sponsored liquidity programs. Its technology facilitates secondary transactions and other liquidity events, giving private companies a means to manage equity and provide shareholder liquidity prior to an IPO or exit. Management, led by CEO Tom Callahan and CFO René Paula, plans to scale operations, invest in product innovation around secondary transactions, enhance global distribution, and integrate AI tools. The firm reports that its valuation has quadrupled since its Series B round in 2024, underscoring rapid growth and increasing market demand. With fresh capital, NPM intends to accelerate platform enhancements and expand its international reach, further embedding itself in the private-market ecosystem.

Led · Equity · Oct 2024

BMLL Technologies provides harmonised historical Level 3, 2 and 1 data and analytics across global equities, ETFs and futures, offering granular T+1 order book data and advanced pre- and post-trade analytics. Its customers include banks, brokers, asset managers, hedge funds, global exchange groups, academic institutions and regulators. The platform delivers immediate and flexible access to detailed market data for execution analysis, surveillance and market-structure research. Led by CEO Paul Humphrey and based in London, the company emphasizes use of the most granular order-book data to support algo development and validation. BMLL intends to use the new funding to expand operations and accelerate development efforts. BMLL Technologies supplies cloud-native, harmonized Level 3 historical order-book (T+1) data and analytics to banks, brokers, asset managers, hedge funds, and exchanges. Its platform captures every message with nanosecond-precision timestamps and applies normalization and harmonization processes to deliver high-quality, ready-to-query datasets. BMLL offers a cloud Data Science environment and web portal that removes the need for clients to buy, curate, and harmonize raw market data. The company’s data supports use cases including quant research, back-testing, transaction cost analysis, compliance, surveillance, and order-book simulation. Through a collaboration with FactSet, BMLL’s Level 3 capabilities are being surfaced as a Market-by-Price Level 2 tick-history product on a common delivery platform alongside FactSet’s Level 1 tick archive in Snowflake. BMLL was founded in 2014 in the machine-learning laboratories of the University of Cambridge.

Participated · Series A · Jul 2023

Sk3w Technologies provides patented latency monitoring and standardization solutions to ensure fair, transparent, and auditable access to financial exchanges. Its proprietary, expandable data standardization system delivers accuracy within a billionth of a second without replacing existing fiber. Sk3w’s appliances enable network expansion, monitored standardization, quick deployment, and lower cost compared with equidistant fiber builds. The company aims to maintain equal latency across data centers and data center campuses regardless of cabinet location, addressing location, transport type, and data flow differences. Co-founders Craig Mohan and Chad Milam developed the technology to solve a growing and costly industry problem. Following the raise, Sk3w plans to add headcount to its engineering team and continue refining the solution. The company reported a $7M Series A led by major market-making firms.

Participated · Series A · Dec 2021

Paradigm operates a zero-fee institutional liquidity network that connects institutional counterparties to source large and complex derivatives liquidity across centralized and decentralized venues. The platform provides workflow automation to execute multi-leg and multi-product strategies as single atomic transactions, reducing leg risk and execution costs. Paradigm is non-custodial, lets traders choose settlement venues, and offers products such as complex order books for spreads and combinations, spread matrices for futures, and loans rate curves. The company works with over 600 institutions and reports trading volumes have risen roughly 1,300% year-over-year to about $10 billion in total volume traded per month. In 2021 Paradigm increased headcount threefold and captured roughly 30% of global listed options volume. Management says it is focused on establishing a robust network before monetizing and plans to use new funding to build out its network of institutional traders, CeFi exchanges, and DeFi protocols, enhance 24/7 customer support, and expand product offerings. Paradigm is developing a decentralized order-book protocol that aims to unite liquidity from every crypto exchange into one giant pool. The product is being built as a lightweight, sidechain-like protocol independent of Ethereum to address speed and performance limitations of existing decentralized exchanges. Co-founders Liam Kovatch and Henry Harder, both on leave from Columbia, expect to show a beta by the end of the year. Financially, the Paradigm Foundation raised a $1 million equity seed led by Polychain Capital with participation from Dragonfly Capital Partners and Chapter One. The founders say the small round was oversubscribed and was intentionally capped at $1 million to remain capital efficient, citing 0x’s earlier seed as a reference. The protocol will allow exchanges and individuals to advertise liquidity on the same book, with the team predicting trading fees will decline as the network grows.