The Venture Codex

Participated · Series E · Apr 2026

Alloy Therapeutics combines proprietary AI/ML, real-world data, and wet-lab execution to provide integrated discovery and development services across multiple biologic modalities, including antibodies, bispecifics, genetic medicines, TCRms, cell therapies, and drug delivery. Since its 2017 founding, Alloy has partnered with over 200 organizations, generated more than 100 licensed therapeutic programs, and advanced 22 programs into clinical development, with two programs in Phase 3. The company has expanded beyond discovery into pharmacology, preclinical and clinical development services, and biologics manufacturing, positioning itself as a full-stack biotech infrastructure provider. Alloy operates a distributed model with centers of excellence across the U.S., Japan, the Middle East, and other emerging markets. Financially, the company just raised $40 million in a Series E at a $1.0 billion valuation to scale its services and accelerate its AI/ML and data capabilities.

Led · Series B · Oct 2025

Peptilogics is a clinical-stage biotechnology company focused on creating a new class of surgical therapeutics to address infections associated with implanted orthopedic hardware. Its lead candidate, zaloganan (PLG0206), rapidly penetrates biofilms to eradicate bacteria that standard antibiotics cannot reach and is the first drug specifically aimed at prosthetic joint infections (PJI). In a Phase 1b study, 13 of 14 patients (93%) remained infection-free 12 months after treatment, prompting the company to advance into a 240-patient Phase 2/3 pivotal trial scheduled to begin in December 2025. Zaloganan has secured QIDP, Orphan Drug, and Fast Track designations from the FDA, affording potential regulatory and market exclusivity advantages. The medical need is large: roughly 45,000 U.S. PJI cases occur annually, each costing health systems up to $390,000, and current surgical approaches fail up to half the time. Peptilogics has raised approximately $120 million in equity funding to date, in addition to significant non-dilutive grants from CARB-X, to finance its clinical and commercial plans.

Participated · Series A · Sep 2025

TERN Group operates an enterprise clinical AI workforce platform that sources, credentials, trains, relocates and settles healthcare professionals via integrated AI-driven workflows and human-led support. The system claims 60% faster time-to-hire, roughly 3x cost savings vs. locum models, 15–20% productivity gains, and 96% candidate retention. TERN has signed more than 100 global healthcare clients, including 18 UK NHS trusts, and expanded from one to six core markets (Germany, UK, UAE, KSA, Japan and USA). Over 650,000 healthcare professionals from 13 countries have signed up to the platform. Financially, the company has now raised a total of $33 million. With the new funding it plans to expand UK operations, deepen NHS and care-group partnerships, accelerate product development (compliance automation, workforce planning, system integrations) and invest in international clinical, linguistic and cultural preparation for hires.

Participated · Equity · Aug 2025

General Fusion develops magnetized-target fusion technology that uses deuterium-tritium fuel, a magnetic field generated by current through the fuel, and a liquid lithium wall compressed by steam-driven pistons. The company recently activated LM26, a half-scale prototype of a commercial-scale reactor, and had aimed for scientific breakeven in 2026 when commissioning the device. After laying off at least 25% of staff in May, the company publicly appealed for funding and said it is still pursuing scientific breakeven, while listing intermediary goals of heating plasmas to 10 million and 100 million degrees Celsius. The firm reported that the new cash will allow more time to run LM26 and work toward key scientific milestones. Prior to this round, General Fusion had raised $440 million in funding and was founded in 2002. Given the limited size of the fresh funding, the company appears likely to prioritize nearer-term scientific milestones to try to secure additional investment. General Fusion develops a practical Magnetized Target Fusion (MTF) approach to commercial fusion energy and is headquartered in Richmond, B.C. The company is advancing its Lawson Machine 26 (LM26) demonstration program to achieve temperatures above 100 million °C (10 keV) and a scientific breakeven equivalent. Management expects the technology to be capable of providing clean fusion energy to the grid by the early to mid-2030s. The company was founded in 2002 and is funded by an international syndicate of energy VCs, industry partners, and technology investors. Recent financing activity includes a CA$20 million investment—CA$10 million each from Canadian Nuclear Laboratories (CNL) and BDC Capital—to accelerate LM26 and commercialization work. The LM26 program has attracted over CA$71 million in public and private investment since its 2023 launch. General Fusion pursues a Magnetized Target Fusion (MTF) approach that uses a proprietary liquid‑metal liner mechanically compressed by high‑powered pistons to create short, high‑temperature fusion pulses without large superconducting magnets or laser arrays. The company is building LM26, a demonstration machine designed to reach key technical milestones and de‑risk commercialization of its technology. LM26 aims to achieve plasma temperatures over 100 million degrees Celsius by 2025 and progress toward a deuterium‑tritium breakeven equivalent by 2026; its plasmas will be approximately 50% scale of a commercial machine. General Fusion says a commercial plant design would produce roughly 230 MW from two 115 MW machines and could power about 150,000 homes. The company reports having built more than 24 plasma prototypes, filed over 170 patents, and conducted more than 200,000 experiments at its Canadian labs. It plans to commercialize zero‑carbon fusion power in the early to mid‑2030s while continuing R&D at its Richmond, B.C. headquarters. General Fusion is developing a Magnetized Target Fusion (MTF) approach centered on its newly announced Lawson Machine 26 (LM26), to be built at its Richmond headquarters. LM26 is designed to achieve fusion conditions of over 100 million degrees Celsius by 2025 and to progress toward scientific breakeven by 2026. The machine will validate the company's ability to symmetrically compress magnetized plasmas at scale by integrating its operational plasma injector (PI3) with a new lithium liner compression system. LM26 is intended as a cost-efficient, fast-moving demonstration to de-risk and accelerate General Fusion’s Demonstration Program and support plans to provide commercial fusion electricity by the early to mid-2030s. Over the next two to three years the company will work closely with the UK Atomic Energy Authority to validate LM26 data and incorporate it into the design of a planned commercial-scale demonstration in the UK. The company is led by CEO Greg Twinney and Founder and Chief Science Officer Dr. Michel Laberge. It recently raised capital and grant support to expand operations and its business reach. General Fusion pursues commercialization of Magnetized Target Fusion (MTF) to deliver practical, carbon-free power. The company is advancing a power-plant scale Fusion Demonstration Plant at the UKAEA’s Culham Centre for Fusion Energy and has expanded technology development at its Vancouver headquarters and a new facility adjacent to Oak Ridge National Laboratory. General Fusion has created a Market Development Advisory Committee composed of nine leading energy companies and clean-energy users to shape commercialization and market adoption. The company reports broad financial support from private investors and from Canadian, U.K., and U.S. government sources to accelerate near-term initiatives and milestones. General Fusion emphasizes customer-focused development and is preparing for a larger financing round in 2022 to support aggressive pursuit of its program.

Led · Seed · Mar 2025

Needle provides a unified search layer and agent-development platform that indexes documents, notes and files across internal systems to give organisations instant access to their data. The platform connects tools such as Confluence, Slack, Gmail, GitHub and Dropbox and exposes indexed data via a web interface and API so users can retrieve answers, automate workflows, and build context-aware AI agents without deep technical expertise. Its agentic retrieval-augmented generation (RAG) technology is designed to deliver direct, clear and reliable answers to boost productivity. Founded by CTO Onur Eken and CEO Jan Heimes, the company is based in Berlin and San Francisco and is only a few months old. Needle has onboarded thousands of users and grown a developer community around agent frameworks including Anthropic’s Claude MCP, Langchain, Langflow and Haystack. The $2.2M Seed will be used to expand the engineering team, strengthen core technology, and accelerate go-to-market initiatives.