Participated · Equity · Dec 2024

SandboxAQ develops physics-grounded AI tools—centered on its ReAQT platform and Large Quantitative Models (LQMs)—that generate high-fidelity simulation data and predict properties of yet-to-be-synthesized materials. The company uses workflows such as AQCat and AQVolt to screen catalyst and battery chemistries with near-quantum-chemistry accuracy, and it has collaborated with NVIDIA on AQCat. SandboxAQ has published technical work in journals including Nature NPJ Computational Materials and Chemical Science. Its models are trained on the laws of physics, chemistry, and biology rather than human language, enabling virtual screening of millions of candidate materials to reduce lab trial-and-error. Following the CHIPS award, SandboxAQ plans to advance top candidates into scaled domestic manufacturing through American manufacturing partners and to invest the award funds into its platform and model enhancements.

Participated · Equity · Apr 2024

Blaize provides a purpose‑built, full‑stack programmable processor architecture and a low‑code/no‑code software platform (Blaize AI Studio and Blaize Picasso SDK) for edge and data‑center AI. Its solutions target automotive, mobility, retail, security, industrial automation, healthcare and other markets, emphasizing low power consumption, minimal latency and high efficiency. The company’s architecture and software aim to enable rapid development and deployment of applications with a highly optimized total cost of ownership. Blaize says current and next‑generation offerings will support computer vision, transformers and multimodal generative AI, and are designed to scale from the edge to the data center. The company has a comprehensive partner ecosystem and more than 200 employees across offices in El Dorado Hills (CA), San Jose (CA), Cary (NC), Hyderabad (India), Leeds and Kings Langley (UK), and Abu Dhabi (UAE). Blaize previously raised $224 million from strategic and financial investors and recently completed a $106 million financing to strengthen its balance sheet and accelerate its roadmap. In December 2023 Blaize announced its intention to go public via a business combination with Nasdaq‑listed BurTech Acquisition Corp. Blaize develops AI System-on-Chips (SoCs) and the Blaize AI Studio end-to-end application lifecycle software platform for edge and automotive computing. Its GSP architecture underpins first-generation edge hardware released in 2020 and a multi-year pipeline of products. The company targets automotive (in-cabin, out-of-vehicle, and autonomous functions), smart retail, smart city/metro and industrial markets. Blaize emphasizes power-efficient performance advantages for electric vehicles and centralized automotive compute, positioning its SoCs to improve efficiency and lower cost. The company will use the $71M Series D to accelerate its product roadmap and develop next-generation hardware and software to meet demand for higher performance, lower power and lower cost AI solutions. Prior to the Series D Blaize had raised US$87M from strategic and venture backers and employs 300+ people with headquarters in El Dorado Hills, California and teams/subsidiaries in Campbell and Cary (US), Hyderabad, Manila and the UK. ThinCI is an Artificial Intelligence computing architecture startup developing computing platforms for the expanding AI/machine learning market. Its core product is the Graph Streaming Processor (GSP) and a Software Development Kit (SDK), a general purpose fully programmable computing architecture. The GSP and SDK are designed to accelerate and optimize machine learning, deep learning, neural networks and computer vision workloads. ThinCI targets deployment across data center servers, edge infrastructure platforms and client platforms, from massive machine learning farms to sensor fusion and advanced neural networks for autonomous driving. The company said it will use proceeds from the Series C to continue to expand operations. ThinCI is led by CEO Dinakar Munagala and has teams in California, Hyderabad, India and the UK. Thinci develops machine-learning technology, including silicon and software, to enable embedded deep learning and vision processing in electronic systems. Led by CEO Dinakar Munagala, the company targets automotive applications such as advanced driver assistance systems and autonomous driving. Its technology can also be integrated into personal electronics and smart home automation systems. Thinci's product focus is on embedding vision processing into vehicle electronics to improve thermal system efficiency and optimize powertrain productivity. The article does not disclose revenue, user metrics, or the financial terms of the investment.

Led · Equity · Feb 2014

Jawbone builds consumer fitness trackers and wearable devices. The company confirmed a new $165M funding round from The Kuwait Investment Authority to fund operations, growth, and bring new products to market. It has created a 30 percent equity pool for current employees and earlier this year cut about 4 percent of its workforce. Jawbone declined to disclose a valuation for the round, though previous rounds had pegged its valuation around $3.3 billion and the new round is almost half the size of one raised in April 2015. To date the company has raised more than $1 billion, and prior investors include Andreessen Horowitz, Sequoia, Khosla, Kleiner Perkins, BlackRock, and others. The company has sued rival Fitbit alleging employee and trade secret theft, which Fitbit has denied. President Sameer Samat is leaving to rejoin Google but will remain an advisor and investor, while CEO Hosain Rahman and CFO Jason Child will share Samat’s responsibilities. Jawbone builds consumer wearable devices and associated software, focused on activity trackers. Its most recent wearables launched months late and have drawn unfavorable user reviews for performance relative to price. The company says it has strong demand, plenty of cash and an exciting product pipeline. Bloomberg reported Jawbone took a $300 million loan reportedly from Blackrock Investments that was secured by current and future licenses, intellectual property, royalties, accounts receivable and revenue from IP or licenses; Jawbone later said the $300 million came by way of a convertible note. Jawbone faces intense competition from Fitbit, whose IPO prospectus cites an 85% share of the connected activity tracker market. The company is also pursuing legal action against Fitbit, alleging recruited employees stole confidential information. Jawbone is best known for its compact Jambox speaker but also offers a line of fitness-tracking bracelets and Bluetooth headsets. The company reports a $600 million revenue run rate projected forward 12 months, with most revenue coming from the Jambox. Jawbone recently completed a large financing as it amasses cash ahead of an intended public offering. Management is positioning the raise as a final financing before starting on the path to an IPO, aiming for a more successful gadgets IPO than GoPro. The company remains independent and is not in serious acquisition talks with Google. Founder Hosain Rahman is mentioned in the coverage and is reported to be friends with Google CEO Larry Page. Jawbone develops wearable technology and audio devices, including Bluetooth headsets and wireless speakers. Its product portfolio includes the NoiseAssassin noise‑eliminating technology, the Jawbone ERA and ICON Bluetooth headsets, and the JAMBOX wireless speaker and speakerphone. The company is led by founder and CEO Hosain Rahman. According to the report, Jawbone raised significant financing in 2013, reflecting its capital needs and investor interest. The financing structure included both equity and debt components from multiple institutional investors. Jawbone builds consumer hardware products including the Jawbone UP, the ERA headset and the Jambox speaker. The company announced a $40 million financing from Kleiner Perkins Caufield & Byers, Deutsche Telekom, private investor Yuri Milner and J.P. Morgan Asset Management, bringing its total funding to $162 million. The article highlights Jawbone's design-forward products and suggests strong prospects heading into 2012, despite noting "some notable bumps along the way." Hosain Rahman is identified in the article as the UP founder. The article does not report operating metrics, a valuation, or specific use of proceeds.

Participated · Series D · Sep 2012

Square, founded in 2009 and based in San Francisco, provides a register/point-of-sale service and tools for every part of running a business, including accepting credit cards, sales and inventory tracking, and small-business financing. It also offers Square Cash to send and receive money. The company secured additional outside investments to expand Square Capital, its small-business financing program. Victory Park Capital tripled its original investment and new money came from Colchis Capital. Square Capital gives businesses access to funds by purchasing a portion of future card sales in exchange for a lump sum, with automatic repayment as a set percentage of daily card sales. Repayment scales with sales—businesses pay more when sales are strong and less when they slow—and the total cost to the seller never changes regardless of how long repayment takes. Square is currently available in the United States, Canada, and Japan. Square, founded in 2009 and based in San Francisco, builds payments hardware and software that let merchants accept credit cards on iPhone, iPad, and Android devices. Its free credit-card reader enables anyone to accept credit cards anywhere, anytime. Square Register serves as a full point-of-sale system for businesses to accept payments, track inventory, and share menu and location information. The company also offers Pay with Square, which lets individuals pay with their names at local merchants, discover nearby businesses, explore menu listings, and store receipts. Square says it is revolutionizing millions of everyday transactions between buyers and sellers. Financially, Square has raised $100 million in new funding at a valuation of nearly $6 billion. Square provides payments technology for the offline world. The company processed $20 billion in payment volume in 2013 and is expecting $30 billion this year. Its net is expected to rise from $550 million to $1 billion over the same period, implying improved margins. Square has been exploring liquidity options ahead of an eventual IPO, though sources say a public offering is still some way off and the company could raise another round before going public. Founder and CEO Jack Dorsey recently returned 10 percent of his shares, which could be used for employee equity or acquisitions. The company facilitated a secondary tender offering to provide liquidity to existing, vested shareholders, including employees. Square’s core product is a dongle that plugs into iOS and Android devices to let small merchants accept credit cards, complemented by Square Register and Pay with Square features. The company also offers a merchant‑finder, inventory management tools, and non‑card payment options. In three years Square grew from processing $1 billion to over $8 billion in payments on an annualized basis and has expanded its team from about 150 to over 400 employees. A major strategic partnership with Starbucks will have Square processing card transactions across Starbucks’ roughly 7,000 U.S. stores. Square says it will use a large part of the new financing to accelerate international expansion and plans to announce its first non‑U.S. services later in the year. Founded in 2009 and headquartered in San Francisco, Square is available in the U.S. and is positioning to court larger merchants and global partners. Square provides mobile credit card readers and point-of-sale software that enable merchants to accept card payments. The company has shipped more than 500,000 credit card readers and is processing more than one million transactions per month, exceeding $3 million a day. Square has launched an iPad app intended to replace cash registers, and its devices are sold in Apple Stores. The company is focused on bringing credit card payments to a new class of merchants and, eventually, consumers. The article highlights distribution and product expansion but does not disclose traditional revenue figures.