Participated · Equity · Mar 2024

PATEO focuses on developing next‑generation intelligent integrated domain control products, including smart cockpits, autonomous‑driving domain controllers, automotive‑grade chips, high‑performance central computing platforms (CCP) and display modules. The company plans to invest proceeds in full‑stack technological innovation, cabin‑driving fusion solutions and building an integrated smart manufacturing and supply chain system across the Yangtze River Delta with Shanghai as its axis, plus planning for a future Lighthouse Factory. It recently secured approximately ¥1.5 billion in new equity financing and signed a ¥19 billion credit and strategic cooperation agreement with seven state‑owned banks. PATEO has invested nearly ¥2 billion in R&D to date and has accumulated 6,692 intellectual property rights, 83% of which are invention patents, ranking first in China’s intelligent automotive connectivity patents. The article notes the company has completed multiple prior equity rounds and attracted strategic investors and industry partners as it expands internationally and wins overseas orders.

Participated · Series C · Jun 2021

10x Banking offers a fourth-generation, cloud-native core banking platform designed for real-time operations, continuous product innovation and AI-enabled financial services. Its technology underpins major institutions including Westpac and Chase UK and helps banks replace legacy systems, reduce operational complexity and bring new products to market faster. Over the past 12 months the company turned EBITDA-positive, passed 10 million live customer accounts, onboarded more than 10 new financial institutions and grew ARR by upwards of 30%. The firm plans to deploy new capital to scale sales and go-to-market efforts as it pursues global expansion. AshGrove Capital joined as a new investor, citing 10x’s revenue trajectory, cost discipline and customer base that has increased platform usage.

Led · Series E · Mar 2021

Snapsheet is a Chicago, IL-based claims management technology company led by CEO and founder Brad Weisberg. Through its platform, Snapsheet leverages technology to streamline and expedite the claims process, providing insurers and policyholders with a user-friendly experience. The company offers a comprehensive range of appraisal, claims, and payment solutions for auto, property, and commercial insurance. Snapsheet works with over 140 insurance carriers, managing general agents (MGAs), third-party administrators (TPAs), and self-insured entities across the United States, Canada, and Europe. The company received an investment from State Farm Ventures; the amount of the deal was not disclosed. Snapsheet intends to use the funds to strengthen relationships with leaders in the P&C industry, including State Farm Ventures. Snapsheet provides a cloud-native claims management platform that digitizes and automates the end-to-end claims process from electronic first notice of loss through investigation, reserving and payment. The company serves insurance carriers, third-party administrators, insureds and vendors, and has processed millions of claims and more than $7 billion in appraisals for over 100 clients, including large carriers, TPAs and sharing-economy disruptors in North America. Led by CEO and founder Brad Weisberg, Snapsheet focuses on speeding claims processes and improving customer experience. The company plans to use new funding to hire across engineering and sales, accelerate growth and add new functionality to its platform. Snapsheet is headquartered in Chicago, Illinois. Snapsheet is a Chicago, IL-based provider of virtual claims solutions that delivers an intelligent, proprietary SaaS claims platform combining technology, data and people. The company currently serves more than 75 clients around the world. Led by president Jamie Yoder and CEO/founder Brad Weisberg, Snapsheet leverages internal and external data to make interactions across the claims journey more efficient. It intends to use the new funds to accelerate delivery of its claims platform across all lines of property and casualty, further invest in advanced analytics capabilities, and expand the team to serve clients globally. To date the company has raised a total of $71m, including the newly announced Series E. Snapsheet builds virtual claims software and related mobile applications for customers and adjusters in the personal and commercial auto insurance market. Its platform combines claims management technology, data-enabled workflows, and mobile tools to help carriers manage the full claims lifecycle. The company positions its product as mobile-first, data-centric and AI-enabled and guides customers through submitting and processing claims. Snapsheet aims to reduce the time adjusters need to collect and submit data, improving cycle times and customer satisfaction. The company plans to accelerate development of its platform and expand sales, marketing and customer engagement functions with new capital. Snapsheet provides cloud-based, white-labeled mobile apps for auto insurers to guide users through photo- and information-gathering at accident scenes and a back-end platform that lets carriers virtually process claims without sending an adjuster. The company has 35 corporate clients and works with carriers including MetroMile and Turo. Snapsheet raised a $20 million Series C and will use the proceeds for product development and to hire in client support, sales, and marketing. Management plans to develop machine learning that can predict customers' questions and deliver proactive information during the claims process. Leadership says it will stay focused on the auto claims market rather than expanding into other property lines due to the market size and the importance of customer service. Investors and company statements emphasize the technology's ability to speed claims processing and improve customer Net Promoter Scores.

Participated · Series D · Nov 2020

Better.com is a digital mortgage lender that is going public via a SPAC and has recently broadened its offerings to include insurance products. The company amended its financing agreement with SPAC backer Aurora Acquisition Corp. and SoftBank to accelerate funding and bolster its balance sheet. Under the new arrangement Better will receive half of a committed $1.5 billion immediately, and the company expects to have $1 billion in cash on its balance sheet by week’s end. The amendment replaces a prior structure in which approximately $950 million of a $1.78 billion committed financing package would have been used to purchase existing shares rather than fund the company directly. Better says the revised terms do not change its implied valuation of $6.9 billion. Management says the capital will be used to double down on existing businesses, build a custom-first home purchase experience and launch new post-close homeownership products and services. Better.com operates an online mortgage platform focused on digitizing home-loan origination and refinancing. The company says the pandemic and low rates accelerated demand, driving rapid growth in loan volume and staff. Better.com funded $25 billion in loan volume in 2020, funded $14 billion in Q1 2021, and is currently funding over $4 billion in loans per month. Headcount has expanded quickly — the company reported about 4,000 employees in October 2020 and says it now has roughly 6,000 employees. Management has discussed and been reported to be pursuing an IPO, and the company has engaged Morgan Stanley and Bank of America in planning. Better.com has raised over $900 million in total funding since its 2014 inception. Better.com digitized the mortgage process to provide a commission-free, transparent, digital model for financing homes. The company offers mortgage origination plus integrated access to title insurance, homeowners insurance and real estate agents on its platform. Better.com says it has funded $25B in home loans to date and provided over $7B in cumulative insurance coverage through its insurance divisions. Over the last year the company has grown its funded loan volume more than fourfold. Founded in 2016 and headquartered in New York, Better.com emphasizes growing its team and building out its technology to improve the homeownership experience. The company has raised over $400M in equity capital since inception. Better.com is a technology-driven homeownership platform that digitizes the mortgage process with eSign, instant loan estimates, rapid pre-approvals and non‑commissioned loan consultants. The company says it can close a typical mortgage in 21 days versus an industry average of 42 days and advertises average borrower savings of more than $3,000 up front. Founded in 2016 by Vishal Garg after a slow traditional mortgage experience, Better.com emphasizes speed, lower costs and end‑to‑end digital workflows. It has grown 3x year‑over‑year, is funding about $375 million in mortgages per month, funded $1 billion of loans in Q2, and is on track to lend over $4 billion in 2019; since inception it has funded more than $4 billion in loans. The company closed a $160 million Series C, bringing total funding to $254 million, and plans to use capital to accelerate product development, expand partnerships, grow the team and scale the platform. Better.com recently moved its headquarters to 7 World Trade Center and has opened additional offices in Irvine, Oakland and Charlotte. Better.com operates an online mortgage platform focused on streamlining mortgage origination and delivering a digital customer experience. The company recently struck a strategic partnership with Ally Bank in which Better will handle most of Ally’s housing loan operations. Ally Bank’s investment arm, Ally Ventures, is investing $20 million as part of the deal. That $20 million is an add-on to Better.com’s $75 million Series C from earlier this year and the transaction values the company at about $550 million. Better.com originated $1.3 billion in mortgages across 30 states last year (triple the prior year) and expects to reach $3 billion in mortgage originations in 2019. The company plans to pilot the new capabilities in nine states and roll them out across the U.S. by the end of 2019. Founders and senior leaders named in the article include CEO Vishal Garg, head of operations Eric Wilson, CTO Erik Bernhardsson, and head of financial products Viral Shah.

Led · Series C · Nov 2020

Apollomics is focused on the discovery and development of oncology mono- and combination-therapies. The company’s lead programs include APL-101, an orally administered selective c-MET inhibitor, and APL-106 (uproleselan), a targeted E-selectin antagonist that has received FDA Breakthrough Therapy Designation in relapsed and refractory acute myeloid leukemia. APL-101 is enrolling the Phase 2 portion of the international SPARTA trial, and Apollomics is planning a Phase 1 PK study and a Phase 3 bridging trial in China for APL-106. Since founding in 2016 and incubated by OrbiMed Asia at inception, Apollomics has advanced six assets across more than ten clinical trials in the U.S. and China. The company pursues a precision-medicine approach targeting specific mutations, amplifications, and resistance mechanisms to develop single-agent and combination regimens. The recently completed Series C financing will support progression of the pipeline and expansion of programs globally. Apollomics is an innovative biopharmaceutical company focused on discovering and developing oncology combination therapies that harness the immune system and target molecular pathways. Its pipeline includes six development-stage assets: three novel humanized monoclonal antibodies designed to restore immune recognition of cancer cells, and three targeted therapies against uncontrolled growth signaling pathways. The company plans to use new funding to accelerate growth by advancing multiple oncology programs, exploring new treatment areas, increasing its pipeline of assets, and expanding talent and infrastructure. Apollomics was incubated by OrbiMed Asia and is led by CEO Guo-Liang Yu, PhD, and President Sanjeev Redkar, PhD. Formerly CBT Pharmaceuticals, the company is based in Foster City, California and in 2018 established a presence in Hangzhou, China to build R&D and manufacturing capabilities. CBT Pharmaceuticals is advancing a pipeline of oncology therapeutics consisting of four development-stage assets. Core programs include CBT-101, an oral c-Met inhibitor targeting the EMT pathway, and CBT-501, a humanized anti–PD-1 monoclonal antibody; the pipeline also contains a pre-clinical multi-targeted kinase inhibitor and a PD-L1 antibody. The company plans to advance two of its four programs into human clinical trials. CBT-101 is in a Phase 1 trial in China and a U.S. Phase 1 was planned for early 2017; CBT-501 has an IND filed and is awaiting Phase 1 starts in China with plans for trials in southeast Asia in 2017. The company was founded in 2016 and is headquartered in California. Management was expanded with the addition of Gavin Choy as Executive VP and COO to oversee ongoing clinical development.