Participated · Series B · Mar 2019

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.

Participated · Series B · Nov 2018

NextCure is a privately-held biopharmaceutical company focused on discovering and developing first-in-class immunomedicines for cancer and other diseases. It uses a proprietary FIND-IO™ discovery platform to identify novel cell-surface molecular interactions that drive immune responses in the tumor microenvironment and to build a pipeline of immunomedicines. The company’s initial focus is bringing treatments to patients who do not respond to current cancer therapies, with two lead drug candidates including NC318. NC318 targets a novel immunomodulatory target on a restricted set of myeloid cells and certain tumor types; preclinical studies show NC318 blocks suppressive myeloid effects and has potential across multiple cancer types. NextCure plans to advance clinical development of its lead candidates, continue preclinical development of additional immunomedicine candidates, and execute on collaborations such as its discovery and development partnership with Eli Lilly. The company is based in Beltsville, Maryland. NextCure is a biopharmaceutical company focused on the discovery and development of new immuno-oncology products. The company leverages proprietary platforms and know-how to identify novel and biologically relevant targets and develop immuno-oncology–based drugs. NextCure was founded in 2015 by Michael Richman and Lieping Chen; Richman serves as President and Chief Executive Officer. The company completed a $67M Series A financing. Investors in the round include Canaan Partners, Lilly Asia Ventures, OrbiMed Advisors, Pfizer, Sofinnova Ventures and Alexandria Venture Investments. In conjunction with the funding, David Kabakoff, Ph.D., executive partner of Sofinnova Ventures, will join as Chairman, and three former Amplimmune executives joined the NextCure management team in senior research, development/manufacturing, and translational research roles.

Participated · Series D · Mar 2018

Hua Medicine is a Shanghai-based, clinical-stage drug development company focused on novel therapies for Type 2 diabetes and levodopa-induced dyskinesia in Parkinson’s disease. The company has worldwide rights to two novel assets, the most advanced being dorzagliatin (HMS5552). Dorzagliatin is described as a first-in-class, 4th-generation glucokinase activator that aims to treat impaired blood glucose sensor function. The drug is in two Phase III trials in China: a monotherapy study and a combination therapy study with metformin. Hua announced a combined Series D & Series E financing intended to fully fund completion of those Phase 3 trials and a commercial launch in China. The company was founded by entrepreneurs and international investment firms and positions dorzagliatin as a potential disease-modifying treatment for Type 2 diabetes. Hua Medicine is a clinical-stage, innovative drug development company focused on novel therapies for the treatment of diabetes and central nervous system disorders. Its lead program is HMS5552, a new 4th-generation glucokinase activator (GKA) for type 2 diabetes. The company plans to use the new financing to complete long-term Phase 2 clinical trials and to accelerate Phase 3 development of HMS5552, alongside advancing additional novel assets in its pipeline. Hua is led by CEO Li Chen and is based in Shanghai, China. It expects to finish a multicenter, 12-week Phase 2 trial of HMS5552 in diabetic patients by mid-year, with topline results available by the end of 2016. Hua Medicine is a Shanghai, China–based clinical-stage biotech led by Dr. Li Chen developing novel therapies for Type 2 diabetes and CNS disorders. Its most advanced program is HMS5552 (Sinogliatin), an oral 4th‑generation glucokinase activator (GKA) about to enter Phase 2 trials in China. The company has also internally developed earlier-stage CNS compounds targeting a validated CNS target for indications including Parkinson’s disease–associated dyskinesia and depressive disorder. Hua recently closed a $25M Series B to fund clinical and preclinical programs. Planned uses of proceeds include catalyzing Phase 2 development of HMS5552, advancing GKA therapies in the U.S., developing an IND candidate for a novel CNS asset, and sponsoring long‑term preclinical studies to prepare for future Phase 3 trials.

Participated · Equity · Feb 2018

Rani Therapeutics is a San Jose, CA–based company developing The RaniPill™, a pill intended to replace injectable drug delivery for patients with chronic diseases. The company is led by founder and CEO Mir Imran and its research and technology originated at InCube Labs. Rani raised $53M in this round and said the funds will be used to invest in manufacturing in preparation for human clinical trials. To support the move to clinical testing it has hired Wilfredo Ortiz to lead day-to-day manufacturing operations and engaged Ray Diradoorian, former global head of manufacturing for Allergan, as a consultant. Rani is also working with a manufacturing automation company to develop the aseptic manufacturing line needed for human testing. The company reported the round brought total funding to $142M. Rani Therapeutics is a San Jose–based developer of technology to convert injectable drugs into oral pills and needle-free delivery systems for chronic disease therapies. The company raised $39M in a Series D round, bringing total funding to more than $100M. Investors in the round include GV (Google Ventures), Novartis, AstraZeneca, Cathay Ventures, Buttonwood, Crystal Horizon Investments, Pinemount Investments, the Pacific Venture Opportunity Fund, and Bossa Nova Investments. Rani plans to use the funds to accelerate clinical development of its platform, scale up manufacturing operations, and support human studies planned to start in 2018. It has partnerships with Novartis and AstraZeneca and is also testing additional biologics internally. Led by Chairman & CEO Mir Imran, Rani holds an IP portfolio with more than 100 patents, including 42 issued or allowed. Rani Therapeutics is developing a platform to enable oral delivery of injectable drugs including TNF-alpha inhibitors, interleukin antibodies, basal insulin and GLP-1. The company was founded in 2012 as a spinout of InCube Labs and is led by Chairman & CEO Mir Imran. Rani has entered strategic collaborations with Novartis and AstraZeneca/MedImmune to test its platform with selected drugs. The company intends to use its latest funding to expand the team, add new facilities and scale up manufacturing. Recently Rani hired Robert Gaffney as VP of Operations to lead expansion efforts. Rani is based in San Jose, CA. Rani Therapeutics is a San Jose, CA–based company that has developed a novel approach for the oral delivery of peptides, proteins and therapeutic antibodies. Led by Chairman & CEO Mir Imran, the company focuses on a route of administration intended to enable large biologics to be delivered into the bloodstream. Rani recently announced a collaboration with Novartis to run feasibility studies on delivering selected Novartis proprietary biologics using its platform. The company closed a Series C round of funding for an undisclosed amount and plans to use the proceeds to de‑risk the platform. Rani also intends to build the manufacturing infrastructure required for clinical trials and beyond. Rani Therapeutics is developing a platform to convert injectable drugs into oral pills. Its technology targets large drug molecules that currently require injection, including peptides, proteins, antibodies, RNAi therapies and select vaccines. The company specifically aims to enable oral delivery of drugs such as TNF-alpha inhibitors (e.g., adalimumab and etanercept) and basal insulin. It closed a Series B funding round of an undisclosed amount led by Google Ventures with participation from InCube Ventures and VentureHealth. Rani said it will use the proceeds to further develop its oral delivery approach. The company is led by chairman and CEO Mir Imran and is based in San Jose, California.

Participated · Series A · Jan 2018

Tmunity Therapeutics is a clinical‑stage biotherapeutics company focused on delivering next‑generation T‑cell immunotherapy for cancer and other devastating diseases. The company integrates scientific, clinical and manufacturing expertise from its founders and collaborators to develop engineered T‑cell constructs. Tmunity has a diversified portfolio with three programs currently in clinic development and a pipeline aiming at both solid and liquid tumors. It operates laboratories and production facilities at the University of Pennsylvania and a dedicated cGMP manufacturing facility in East Norriton, PA, and collaborates with the Parker Institute, UCSF and Children’s Hospital of Philadelphia. The company emphasizes process improvement and production scale‑up to support clinical development and eventual commercialization. Tmunity’s leadership includes founders with prior CAR‑T experience and executives who helped bring the first CAR‑T therapy to market. Tmunity Therapeutics is a private clinical‑stage biotherapeutics company focused on delivering next‑generation T cell immunotherapy to patients with cancer, infectious disease and autoimmune disease. The company is developing a diversified portfolio of personalized T cell–based therapies designed to exert best‑in‑class control over T cell activation and direction in the body. Tmunity was founded on an exclusive collaboration and license agreement with the University of Pennsylvania and cites Carl H. June, M.D. among its scientific founders. It leverages laboratories and production facilities at UPenn and operates a dedicated cGMP manufacturing facility in Norristown, PA to pursue process improvement and scale production. The company aims to translate multiple engineered T cell approaches rapidly into the clinic, optimize manufacturing and pursue regulatory approvals. Its recent financing is intended to expand the business and operational structure to support development and manufacture of its portfolio. Tmunity Therapeutics develops engineered T cell therapies and platforms aimed at freeing the immunological potential of T cells to treat a wide range of disease indications. Its product focus includes T cell receptor (TCR) engineered T cells, regulatory T cells (Treg), and universal engineered T cell platforms that provide control over T cell activation and direction in vivo. The company is also developing proprietary technologies to activate, expand, and genetically engineer T cells from peripheral blood, cord blood, and tumors. Tmunity intends to use newly raised funds to advance development of these novel products. The company was co-founded by Anne Chew, Carl H. June, Bruce Levine, James L. Riley, Yangbing Zhao, and Bruce Blazar, who hold roles at Penn and the University of Minnesota. Tmunity is based in Philadelphia, PA.