Led · Series C · Sep 2023

Virtual Incision is developing MIRA, a compact, drape- and dock-free miniaturized robotic-assisted surgery system designed to deliver internal triangulation and full wrist articulation inside the body. The device is lightweight and portable so it can be used in any operating room without a dedicated mainframe room. MIRA is an investigational device; the company completed an IDE clinical study for bowel resection and has a De Novo request under substantive FDA review. Virtual Incision holds over two hundred patents and patent applications and is focused on expanding access to RAS in routine and high-volume procedures, including outpatient and ambulatory settings. The company plans a limited launch of MIRA across select U.S. centers if marketing authorization is granted and will run a gynecologic clinical study planned for 2024. It is also developing a smaller minibot iteration with a first-in-human clinical study expected next year and will support a NASA–University of Nebraska–Lincoln collaboration to demonstrate telesurgery on the ISS. Virtual Incision is developing the MIRA (“miniaturized in vivo robotic assistant”) Surgical Platform, a small self-contained device inserted through a single midline umbilical incision to support multi-quadrant abdominal laparoscopic procedures. The technology is designed to work with existing minimally invasive tools and techniques, avoid the need for a dedicated operating room or specialized infrastructure, and to be significantly less expensive than existing robotic systems. The company recently reported the world’s first surgery using MIRA—a robotically assisted right hemicolectomy—performed under an FDA Investigational Device Exemption as part of a clinical study at a limited number of U.S. hospitals. Virtual Incision is developing a family of mini-robots for additional procedures including hernia repair, gallbladder removal, hysterectomy, and sleeve gastrectomy. The company holds foundational intellectual property with more than 200 patents and applications. Virtual Incision is headquartered in Lincoln, Neb., and recently raised financing to advance its regulatory, clinical, commercialization, and R&D programs. Virtual Incision develops the MIRA (“miniaturized in vivo robotic assistant”), a two-pound robotic platform for minimally invasive abdominal surgery. The company emphasizes MIRA’s portability and affordability compared with many existing, much larger surgical robots. VIC positions the device to expand access to minimally invasive procedures and improve patient outcomes. CEO John Murphy said the company believes the portable and affordable abdominal robot can bring these benefits to many more patients. The company plans an IDE clinical study with the FDA as the critical next step and will use recent funding to ready the device for commercialization. The latest financing brings the company’s total funding to $51 million. Virtual Incision is developing a small, self-contained robotically assisted surgical device (RASD) designed to be inserted through an umbilical incision to perform multi-quadrant abdominal procedures. The platform leverages artificial intelligence and machine learning to track and guide instrument usage and includes the company’s robotic flex tip laparoscope controlled by the surgeon. The company emphasizes compatibility with existing surgical tools and techniques and a design that does not require a dedicated operating room or specialized infrastructure. Virtual Incision says its technology has foundational intellectual property including over 140 patents and applications and was used outside the U.S. in 2016 in a safety and feasibility colon resection trial. The company is a University of Nebraska spinout based in Lincoln, Nebraska, and Pleasanton, California, and its devices are investigational and not commercially available. Virtual Incision recently raised an $18 million Series B to support development toward FDA 510(k) submission and near-term milestones including FDA clearance, U.S. team building, a surgeon training center at UNMC, and a China joint venture. Virtual Incision develops a first-of-its-kind miniaturized robotically assisted surgical device designed to be inserted in its entirety through a single abdominal incision to enable minimally invasive general surgery. The platform is designed to utilize existing tools and surgeon techniques, avoid dedicated operating-room infrastructure, and be significantly smaller and less expensive than current mainframe robotic systems. The company says the system could enable minimally invasive approaches to procedures that are typically performed open today, with potential to improve clinical outcomes and health-care costs. Its investigational device is supported by more than 90 pending and granted patents and 70 comparative medicine studies, and the technology is a spinout of the University of Nebraska. Virtual Incision plans to use the recently closed $11.2 million equity financing to fund a feasibility study of the robot for colon resection procedures. The device is not commercially available; the company is based in Lincoln, Neb. and Pleasanton, Calif.

Participated · Series D · Aug 2015

Agrivida develops feed additives for poultry, swine, dairy and beef cattle and aquaculture, using plants as the core manufacturing and delivery system. Its GRAINZYME® Phytase technology expresses enzymes and proteins via plant-based production. The company is led by President and CEO Dan Meagher and is based in the Village of Four Seasons, Missouri. Agrivida plans to use new financing to expand its research and development platform. Management also intends to advance commercialization of GRAINZYME® Phytase into global poultry and swine markets. The article does not disclose revenue or other operating metrics. Agrivida is a Saint Louis-based agritech company focused on animal nutrition. It develops Grainzyme feed additive enzymes, including a Grainzyme Phytase technology that uses protein expression and storage in grain to simplify enzyme production. The company has been granted 33 patents and has more than 85 patents pending. Agrivida plans to commercialize its Grainzyme enzymes for use with poultry and swine and to advance regulatory and product development programs for dairy and beef cattle. Founded in 2004 by CEO Dan Meagher, the company has progressed through multiple development stages. In August 2016 it completed an initial close of a Series E financing to fund commercialization and development work. Agrivida is a Medford, Mass.-based animal nutrition company led by CEO Dan Meagher. The company develops integrated enzyme solutions, including its proprietary GraINzyme® feed additive enzymes and the INergy™ silage technology platform. Agrivida has entered into research and development agreements with the U.S. Department of Energy, ARPA–E, the USDA and other partner companies. It completed a $23M Series D financing to fund its next phase of growth. The company intends to use the funds to advance development and commercialization of GraINzyme® and INergy™, expand its capabilities and leadership team, advance regulatory and product development, and pursue strategic commercial partnerships. Agrivida develops biotechnologies and proprietary crops intended to transform the economics of producing renewable chemicals, fuels, and bioproducts from non-food cellulosic biomass. Its patented approach engineers feedstocks to contain cell wall–degrading enzymes and other valuable traits that are activated following harvest to provide low-cost sugars essential for industrial bioproducts. The company frames this as an integrated solution to deliver the lowest-cost sugars for industrial processing. Agrivida plans to commercialize its platform through alliances across the bioindustrial product supply chain. It is funded by venture capital firms including Kleiner Perkins Caufield & Byers, Prairie Gold Ventures, DAG Ventures, Presidio Ventures, NorthGate Capital, and incTank Ventures. Its programs are supported by grants from the National Science Foundation, the U.S. Department of Energy (including an ARPA-E grant), and the U.S. Department of Agriculture. The company announced a $15 million Series C in September 2012.

Participated · Series C · Feb 2015

Lineagen offers FirstStepDx PLUS and NextStepDx PLUS, integrated services combining genetic testing, counseling and developmental screening to aid diagnosis of ASD and other developmental delays. The company plans to continue commercializing FirstStepDx PLUS, expand commercialization of NextStepDx PLUS, and apply its clinical research to a broader range of neurodevelopmental and neurological indications. It also has ongoing scientific programs in multiple sclerosis (MS) and chronic obstructive pulmonary disease (COPD). Led by CEO Michael S. Paul, Ph.D., Lineagen recently completed the second and final tranche of its Series C financing to support those commercialization and research efforts. The company previously raised a first tranche of $3.5M in 2013 and obtained a $4M secured debt facility with Silicon Valley Bank as part of the initial tranche. Lineagen provides physicians and patients an integrated genetic testing, counseling and developmental screening service to aid early diagnostic evaluation of individuals with autism spectrum disorders (ASDs) and other childhood developmental disorders. The company is led by CEO Michael S. Paul, Ph.D., and is based in Salt Lake City, Utah. Its core product combines genetic testing with counseling and developmental screening to support clinicians and families. Financially, Lineagen completed a Series C financing and pursued senior secured debt facilities as part of its funding strategy. The company converted $12.6M in outstanding promissory notes into Series B preferred stock as part of its balance-sheet actions. No operating metrics (revenue/users) were disclosed in the article. Lineagen offers comprehensive genetic testing and support/counseling services designed to enable early evaluation of children at risk for disorders of childhood development, including Autism Spectrum Disorders. Its core product set centers on proprietary clinical testing services and physician- and consumer-directed consultative services. The company plans to expand its commercial franchise and introduce new proprietary clinical tests using proceeds from its current raise. Lineagen maintains collaborative relationships with pediatric research institutes including the University of Utah and The Children’s Hospital of Philadelphia. Founded in 2002 and led by CEO Michael Paul, Ph.D., the company previously completed a Series A to fund discovery and development. Lineagen develops genomic tests and services aimed at screening, evaluation and diagnosis of complex disorders and diseases, including autism spectrum disorders. The company is advancing a lead autism program and planned a commercial service launch for September 2010. Lineagen received an additional $5.0m investment from PrairieGold Venture Partners to support further development and the commercial launch. The Series A financing totaled $10.8m after the new investment; Lineagen previously held a $5.8m first close in December 2007. In conjunction with the financing, Mike Jerstad, a partner at PrairieGold Venture Partners, joined Lineagen’s board of directors. The Series A included support from Sanderling Ventures, vSpring Capital and Mesa Verde Venture Partners. LineaGen is a Salt Lake City biotech developing genetic diagnostics. It seeks genomic markers — presumably the single‑nucleotide polymorphisms (SNPs) — associated with conditions including autism, multiple sclerosis, cancer and lung disease. The company plans to turn identified markers into diagnostic tests. LineaGen leverages detailed databases on Utah’s predominately Mormon population and its genealogical records to discover markers. VentureWire reported that LineaGen raised $6 million in a first round of funding from Sanderling Ventures, vSpring Capital and Mesa Verde Partners. The report noted that LineaGen did not have a Web site listed.

Participated · Series C · Oct 2011

ZeaChem has developed a cellulose-based biorefinery platform designed to produce advanced fuels and intermediate chemicals from renewable biomass. The company uses an indirect approach intended to improve yields and reduce CO2 emissions compared with traditional cellulosic processes, and it claims a significant capital cost advantage versus other cellulosic technologies. ZeaChem emphasizes efficient energy extraction from biomass to increase output while lowering production costs and environmental impacts. It operates a research and development laboratory in Menlo Park and is headquartered in Lakewood, Colo. The company is bringing a 250,000 GPY integrated demonstration biorefinery in Boardman, Oregon, online beginning in 2011 and is developing commercial biorefineries for advanced biofuels and bio-based chemicals. Currently ZeaChem has strengthened its financial position through a $19 million Series C financing to support commercialization. ZeaChem develops biorefineries to convert renewable biomass into sustainable fuels and chemicals, with a specific focus on cellulosic ethanol production. The company signed a cooperative agreement with the U.S. Department of Energy to receive a $25m grant from the EERE Biomass Program funded by the American Recovery and Reinvestment Act. The funding will be used to construct and operate a cellulosic ethanol production capability that produces ethyl acetate, the chemical precursor to ethanol. ZeaChem plans to begin producing cellulosic ethanol in 2011 at a 250,000 gallon-per-year biorefinery to be located in Boardman, Oregon. The company was incorporated in 2002 and also operates a research and development laboratory facility in Menlo Park, California.