Participated · Series A · Jun 2026

Anodyne Nanotech develops a solid-state microneedle transdermal platform (HeroPatch™) designed to deliver multi-milligram, room-temperature-stable doses of large molecules—peptides, monoclonal antibodies, and nucleic acid therapeutics—with injection-level efficacy. Its lead program, ANN-101, is a once-weekly GLP-1 patch for obesity that the company intends to advance into Phase I clinical trials using proceeds from the Series A. The platform’s claimed ability to deliver large doses enables co-formulation of multiple active ingredients; Anodyne is also developing an apelin/GLP-1 combination patch aimed at addressing lean-mass loss associated with GLP-1–driven weight loss. The company is scaling manufacturing and pursuing strategic partnerships to commercialize the technology. Anodyne is headquartered in Boston, Massachusetts, and recently added industry executive Vikram Lamba to its board of directors.

Participated · Series A · May 2017

OrphoMed is a San Francisco-based clinical-stage biopharmaceutical company developing dimer therapies. Its lead candidate, ORP-101, is a metabolically stable partial agonist of the μ opioid receptor and antagonist of the κ opioid receptor designed to mitigate abdominal pain and gastric hypermotility in irritable bowel syndrome with diarrhea (IBS-D) without CNS penetration. In multiple clinically relevant animal models ORP-101 suppressed general and colon-specific hyperalgesic signals and has been shown not to cause constriction of the sphincter of Oddi, which can lead to acute pancreatitis with some μ agonists. ORP-101 is a proprietary molecule fully owned by OrphoMed with no downstream royalties or milestone payments. The company closed a $39M Series A financing led by New Enterprise Associates with co-lead Takeda Ventures and participation from Pappas Capital (Pappas Ventures V), Relativity Healthcare Partners and the Mario Family Fund. Proceeds will be used to advance clinical development of ORP-101 for IBS-D.

Participated · Series A · May 2017

LensGen, based in Irvine, California, is a clinical-stage ophthalmic medical device company. It is focused on restoring youthful vision to cataract and presbyopia patients via its Juvene® fluid-optic intraocular lens. The company is led by CEO and founder Ramgopal Rao. LensGen held an initial closing of $10M of a $20M bridge financing, led by Hoya Corporate Venture Capital Group. That bridge is part of a larger Series B planned in early 2021 intended to fund the company through approval of the Juvene IOL pivotal FDA study. The company also added James (Jim) Mazzo to its board of directors. LensGen, based in Irvine, Calif., develops a modular, fluid-optic accommodating intraocular lens. Its Juvene™ accommodating IOL is designed to permanently restore clear, continuous vision at all distances for patients with cataracts and presbyopia. The lens is implanted using current surgical techniques for traditional intraocular lenses and provides accommodation by mimicking the eye’s natural accommodation process, changing shape and adjusting focus like a camera autofocus. Led by CEO and founder Ramgopal Rao, LensGen is advancing the device through development. The company closed a $21m Series A financing (with an option to expand by an additional $5m) led by HOYA Group’s corporate venture investment arm, with participation from Relativity Healthcare Partners. LensGen is using the funds to continue development of the lens.

Participated · Debt Financing · Oct 2016

Establishment Labs is a global, privately held medical technology company focused on aesthetic technologies and product innovation. Its core offering is the CE-marked Motiva Implants line of ultra-high purity medical-grade silicone breast implants, which are sold in more than 60 countries. The company also markets Divina, a proprietary 3D imaging technology for consultation and surgical planning, and distributes Puregraft, an FDA-cleared and CE-marked fat-purification technology. All of its manufacturing facilities are reported to be compliant with applicable FDA and ISO standards. Management says it will use financing to support R&D into next-generation implants, pursue expanded commercialization in markets where Motiva is approved, and back a proposed FDA trial and entrance into the U.S. market. The company closed a $55 million combined secured credit facility and equity investment to support these initiatives. Establishment Labs is an NYC-based global medical device company focused on breast surgery technologies, designing, developing, manufacturing and marketing advanced silicone-filled breast and body shaping implants. Its CE-marked Motiva Implants® line is sold in more than 60 countries worldwide. Puregraft® is an FDA-cleared and CE-marked technology that provides plastic surgeons with purified fat for reinjection on the sterile field. The company intends to use the $18M financing to launch Motiva Implants and Puregraft in some of the largest markets worldwide. Over the last six months the company has received regulatory clearances in Russia, Australia, Saudi Arabia, Israel, Vietnam and Brazil, among others. Establishment Labs is currently scaling up production capacity at its manufacturing plant in Costa Rica. Establishment Labs develops, manufactures and markets the CE-marked Motiva Implants® line and a portfolio of advanced silicone-filled breast and body shaping implants. The Motiva Implants® are manufactured in compliance with ISO and EU requirements and certified under Medical Device Directive 93/42/EEC. Led by CEO Juan José Chacón Quirós, the company is focused on expanding its Motiva Implants® in international markets. Establishment Labs secured up to $15m in debt funding to strengthen its financial position. The company plans to use the funds to finalize a new manufacturing facility and to start United States Food and Drug Administration trials. The financing supports both operational stability and product expansion efforts. Establishment Labs, based in Alajuela, Costa Rica and led by CEO Juan José Chacón-Quirós, designs, develops, manufactures and markets advanced silicone-filled breast and body shaping implants. Its CE-marked Motiva Implant Matrix® line is produced under ISO and EU requirements and is certified under Medical Device Directive 93/42/EEC. Motiva implants include features such as RFID microtransponders, fully biocompatible nanosurfaces, and TrueTissue™ dynamics and carry an extended product guarantee through Lloyd’s of London. Products are scrutinized by professional Quality Engineers throughout the manufacturing process. Thousands of patients and plastic surgeons in over 50 countries across five continents are using Motiva implants. The company closed a $20M financing round and intends to use the funds to accelerate investment in technology, grow its customer base, and scale the business.

Participated · Series A · Jul 2015

BeneStream's signature product, Medicaid Migration™, identifies and connects qualified employees to government-sponsored health insurance and other benefits. The product leverages Medicaid expansion under the Affordable Care Act to help workers and families access more affordable coverage and to deliver cost savings as part of employer health packages. BeneStream's broker partner network includes more than half of the nation’s leading brokerages, and the company partners with processors of the Work Opportunity Tax Credit (WOTC). The founders launched the business with a grant from the Ford Foundation and support from Stax Inc.'s Dev Co., which helped develop the company's core business model. The company recently closed its Series A after an additional $2.0 million investment, bringing the total Series A to $6.26 million. Leadership has signaled plans to pursue national-scale distribution and has added new board representation following the investment. BeneStream's core product, Medicaid Migration™, identifies and moves eligible employees onto government-sponsored insurance to deliver cost savings for employers. The company sells this service through broker partnerships and is currently working with more than half of the top 10 largest brokerages. BeneStream raised $4.26 million in a Series A round to support anticipated demand around the fall enrollment period. Management says the company will use the funds to deepen broker partner networks and expand relationships with firms that process the Work Opportunity Tax Credit (WOTC). BeneStream is investing in partnerships with Human Capital Management providers to tie its Medicaid Migration product to federal and state hiring incentives. The company was launched with support from a Ford Foundation grant and Stax Inc.’s Dev Co., and is led by CEO and founder Ben Geyerhahn; Michael Sachs will join the board as chairman. BeneStream provides employers a paid service to satisfy the ACA Employer Mandate by screening and enrolling qualifying employees into Medicaid rather than private insurance. The company combines screening and monitoring software with a multilingual call center to identify and enroll eligible workers and to generate data that can help employees apply for other benefits such as SNAP and Lifeline. BeneStream says it is contracted to work with tens of thousands of workers across Medicaid expansion states and targeted screening of 10,000–15,000 people per month in 2015. The company plans to expand its geographic and operational reach among Medicaid expansion states and has a stated goal to identify and enroll 2 million Medicaid-eligible employees. CEO and founder Ben Geyerhahn leads the company and its Board of Advisors includes figures from labor, health insurance, and health tech sectors. Financially, the company has received external funding to scale operations, including the recent Ford Foundation financing. BeneStream offers an alternative solution that enables employers to assess which low-income staff qualify for Medicaid and guides qualifying employees through the enrollment process. The company combines screening and monitoring software with a multilingual call center to simplify a typically confusing and time-consuming process for employees. BeneStream positions this service as a way for employers to ensure staff have coverage, avoid fines, and significantly cut their insurance costs—CEO Ben Geyerhahn said businesses can save between 80% and 90% of premium costs. The firm raised $1.58 million in a seed round from angel investors to support anticipated demand when the Employer Mandate took effect on January 1, 2015. Its board of advisors includes figures from labor, health insurance, and tech investment sectors such as Andy Stern, Esther Dyson, Kevin Hill, Martin Babinec, and Ashok Subramanian. The company was founded by Benjamin Geyerhahn and leverages its technology and call-center operations to shepherd eligible workers into Medicaid coverage.