Participated · Equity · Apr 2023

Vedanta's lead program, VE303, is an orally administered live biotherapeutic product comprising a defined consortium of eight bacterial strains, developed to prevent recurrent Clostridioides difficile infection. VE303 is produced from pure, clonal bacterial cell banks to yield a standardized powdered drug product and has received FDA Orphan Drug designation (2017) and Fast Track designation (2023). The registrational Phase 3 RESTORATiVE303 trial is randomized, double-blind and placebo-controlled with a 2:1 randomization and a primary endpoint of CDI recurrence rate at Week 8. RESTORATiVE303 is enrolling across more than 150 sites in about 20 countries, has passed a DMC interim analysis recommending continuation, and is expected to complete enrollment in H2 2026 with topline data in H1 2027. Vedanta is funding the trial through the recent $60M financing package and supplemental BARDA funding. The company intends the RESTORATiVE303 study to form the basis for a Biologics License Application to the U.S. FDA.

Led · Series A · Nov 2021

Mekonos has developed a novel chip-based technology platform—an integrated system-on-a-chip (SoC)—for targeted ex‑vivo gene engineering that enables single‑cell delivery and multiplexed payload delivery with localized dose control. The platform supports multi‑payload physical delivery (multiplexing) into cells with repeatable and localized dose control for precise and scalable cell engineering. Demonstration pilot projects with top pharmaceutical and research labs have shown high cell viability and uptake for delivery of CRISPR and other payloads into immune cells, stem cells, and other fragile cell types. The company intends to advance its MEMS, microfluidics, biology, and business development functions to commercialize the SoC and scale partnerships. Mekonos is led by CEO Anil Narasimha and is an alum of Berkeley Launch, Berkeley SkyDeck, Creative Destruction Lab, and was named a 2018 Fierce 15 startup. Mekonos is developing a system-on-a-chip (SoC) for targeted ex vivo gene engineering. The SoC platform, with IP from Stanford University, enables molecular delivery for gene editing and synthetic biology. The company completed a $4.6m financing and will use the proceeds to accelerate the SoC platform for current and new commercial partnerships. Mekonos recently completed pilots with top pharmaceutical companies and research institutes that demonstrated high efficacy of modified gene expression and cell viability. Led by Co‑Founder and CEO Anil Narasimha, PhD, the company aims to increase capacity, accelerate discoveries, and develop new pre-clinical assets in the cell and gene therapy space. Financially, it has completed a $4.6m financing round led by Novartis to support platform advancement and partnership expansion.

Led · Series C · Sep 2021

NovaSignal develops the FDA-cleared NovaGuide Intelligent Ultrasound, which combines non-invasive ultrasound, robotics, and artificial intelligence to assess cerebral hemodynamics in real time. The company leverages cloud computing and data analytics to support physicians' clinical decision making across neurological conditions including stroke, traumatic brain injury, and dementia. In April it launched a fully autonomous, cloud-connected NovaSignal Platform intended to simplify and broaden cerebral assessments in stroke programs. NovaSignal has broadened its commercial footprint beyond the U.S. and Europe after securing Health Canada license approval. The company raised $37M in a Series C1 to support continued commercial expansion, product innovation, and new clinical trials to increase indications within and beyond stroke. Leadership includes Chair and CEO Diane Bryant and co-founder and Chief Scientific Officer Robert Hamilton. Neural Analytics develops and commercializes medical robotics and machine‑learning technologies to measure and track brain health. Its core product is the Lucid Robotic System, which combines the Lucid M1 Transcranial Doppler (TCD) System with the NeuralBot system to perform autonomous neurovascular ultrasound and display brain blood flow information in real time. The Lucid Robotic System is designed for use across the patient care chain, including bubble studies to identify right‑to‑left shunts, cerebral blood flow velocity monitoring, and emboli monitoring, and is active at select centers around the United States. The company integrates ultrasound, robotics and machine learning and secured U.S. FDA clearance and a European CE mark in 2018. Neural Analytics recently enrolled its first patients into the CODEX Study, a prospective, single‑arm, global multi‑center study using an investigational iteration of the Lucid Robotic System. The company raised approximately $22 million in a Series C financing and issued warrants in connection with the raise; total funding for the company is approximately $66 million. With the new financing Neural Analytics plans to launch the Lucid Robotic System into clinical environments and continue expanding commercialization. Neural Analytics produces the Lucid Transcranial Doppler Ultrasound System, a portable, battery-operated tablet device that noninvasively assesses cerebral blood flow velocities at the point of care. The Lucid System is FDA-cleared and CE-marked and is designed for rapid assessment in clinical and medical-responder scenarios. The company focuses on acute ischemic stroke, traumatic brain injury, and dementia and combines data science with hardware to deliver objective physiological measurements. Neural Analytics intends to expand its team and further advance the Lucid System to assess and monitor additional brain health conditions. In an IRB-approved first phase of the EXPEDITE program, the Lucid System demonstrated 91% sensitivity and 85% specificity for detecting large vessel occlusion versus standard imaging. The company was founded in 2013 and is based in Los Angeles. Neural Analytics combines data science with hardware to create products and services that measure, diagnose and track brain health. Its flagship product, the Lucid M1 Transcranial Doppler Ultrasound System, is an all-in-one ultrasound system designed to measure and display cerebral blood flow velocities and monitor patients with brain disorders. The Lucid System has received FDA clearance and CE Mark approval and is currently available in the U.S. and Europe. The company emphasizes portability, autonomy, reliability, and precise objective physiological measurements for first responders and clinicians. Neural Analytics is conducting a feasibility study with Erlanger Health System in Chattanooga, Tennessee, to evaluate the Lucid System for patients suffering an acute ischemic stroke. The company plans to use funding to expand commercialization in the U.S. and Europe and to continue research toward earlier diagnosis of brain health conditions. Neural Analytics develops portable medical devices and services to measure, diagnose and track brain health, with a current focus on traumatic brain injury (TBI). The company combines data science with medical robotics to enable first responders and clinicians to assess mild to severe TBI, including concussions. Its devices are described as portable, reliable and producing precise, objective physiological measurements. Neural Analytics announced a $10 million Series A to fund clinical trials and product development. The company plans to use the funds to support clinical trials in 2016 and ongoing development of new products and research studies on TBI, including among athletes in high‑risk sports. The company reported total investment of $13 million to date, including a $3 million Series Seed last year.

Participated · Series B · Sep 2021

Outer is a D2C outdoor furniture company that sells premium outdoor furnishings and related products directly to consumers. The company emphasizes sustainability and has developed new fabrics and eco-friendly designs intended to improve durability without harming the environment. Outer recently launched product lines including the Teak Collection, Aluminum Collection and Bug Shield Blankets and operates a Neighborhood Showroom program with more than 1,000 locations in 49 states (up from 50 locations in 2019). The team is developing sustainable fabrics, plastics and concrete and has stated a long-term goal of becoming carbon negative. Outer is hiring for roles to support a global market entry and plans a strategic international launch in October. The company has raised a total of $65 million to date, including a $50 million Series B announced in this article. Outer launched in 2019 and designs vertically integrated, carefully crafted outdoor furniture and accessories, including the debut Outer Sofa and the eco-friendly 1188 Rug Collection made from 100% recycled plastic bottles. The company emphasizes sustainability, durable materials, and quality manufacturing via a family-owned factory. Outer operates a Neighborhood Showroom model that lets customers experience products in real backyards and plans to expand that footprint to more than a thousand locations. Product expansion plans include coffee tables, chaise loungers, dining sets and additional outdoor lifestyle pieces. Outer reported a 1,000% increase in sales year-over-year and expects sales to exceed $12M this year. The brand also has been named the fastest-growing direct-to-consumer brand by Business Insider and is a partner of 1% for the Planet. Outer is a direct-to-consumer outdoor furniture brand based in Santa Monica known for durable, sophisticated pieces and the integrated OuterShell® cushion cover. The company makes weather-tolerant products using premium, eco-friendly materials and emphasizes eco-consciousness, versatility, and longevity. Outer operates a Neighborhood Showroom retail model that lets customers test products in real customers’ backyards and offers virtual appointments and design consultations. The brand plans to expand its product portfolio into rugs and accent tables while continuing Neighborhood Showroom expansion. After a 428% spring sales increase cited by Criteo, the company has consistently outperformed industry growth and turned profitable in its second year. Outer highlights responsible manufacturing with a family-owned factory, fair wages, and support for 1% for the Planet.

Participated · Series D · Sep 2021

Arcadia operates a utility data platform and manages a community solar program that unlocks energy data for businesses. Its platform is used to power solutions aimed at electrification and decarbonization. The company plans to use the recent financing to grow its community solar program and to invest in product innovation leveraging AI to enable new use cases built on its trove of energy data. Financially, Arcadia raised $50M in equity and concurrently closed a $30M credit facility with J.P. Morgan, and it amended an existing facility with TriplePoint Capital to lower its cost of capital. Macquarie Asset Management joined as a new equity investor alongside a group of existing backers. Founded in 2014 and led by CEO and founder Kiran Bhatraju, Arcadia is based in Washington, D.C. Arcadia builds the Arc platform, which unlocks energy data and exposes APIs so companies can build climate tech products and act on their environmental impact. The platform is used by over 300 new energy companies to personalize energy products and generate auditable carbon accounting reports, optimize EV charging schedules, create rooftop solar and storage proposals, and deliver community solar savings on a single bill. Led by founder and CEO Kiran Bhatraju, Arcadia focuses on enabling a zero-carbon economy through data-driven energy products. The company raised $125M to support continued development of the Arc platform and to accelerate its community solar business. Eric Scheyer of Magnetar will join Arcadia’s board as part of the financing. Arcadia is headquartered in Washington, DC. Arcadia operates the Arc data and API platform that supplies easy-to-use utility data, clean energy, and developer APIs to companies building climate and energy products. The company says its platform helps customers monitor, report, and act on their carbon impact and removes barriers around access to comprehensive utility data. Arcadia will use the new funding to expand data coverage — including commercial utility data — and to accelerate new product development and use cases. More than 100 innovators, including Ford, EnelX, Aurora Solar, and STEM, use Arc APIs across verticals such as EVs, solar, storage, and smart-home IoT. Recent momentum includes 155% year-over-year organic revenue growth in 2021, the November launch of the Arc platform, and passing a 700MW managed milestone as a leading manager of community solar in the U.S. The company has also added senior product and board hires as it scales the platform. Arcadia operates a platform that provides access to energy data and manages renewable energy programs, including the nation’s largest community solar subscriber portfolio. The company says the Arcadia Platform accesses more than 80 percent of U.S. electric utility accounts nationwide and manages a community solar portfolio expanded to 500 megawatts. Arcadia has pursued growth by acquiring Real Simple Energy and Nanogrid and by expanding product capabilities across new verticals such as electric vehicles and distributed energy resources. The company strengthened its executive team with hires including CFO John Rucker and Chief Data Officer Nancy Hersh. Arcadia plans to use new capital to accelerate its technology roadmap, scale its community solar offerings across residential and business sectors, attract talent, and broaden its product scope to make renewables more accessible and affordable. The company frames its work as enabling a decentralized, decarbonized power grid and advancing a 100 percent clean energy vision. Arcadia provides software that aggregates, analyzes, and packages a variety of energy options for residential utility customers, enabling access to community solar, wind, and virtual power purchase products. The company acts as a community solar manager and broker, connecting developers with buyers rather than financing or building projects itself. Arcadia reports hundreds of thousands of customers and finances hundreds of megawatts of community solar for developer partners. It is considered the country’s largest residential broker for retail electricity providers in competitive markets, with over $200 million in utility payments to date. The company currently serves customers in New York, Maryland, Rhode Island, and Washington, D.C., and plans expansion to Illinois, New Jersey, Colorado, and Massachusetts next year. Arcadia plans to release new energy subscription models in 2020 and expand financing options for in-home devices such as smart thermostats and LED lighting.