The Venture Codex

Led · Series B · Dec 2022

MALK Organics produces certified-organic, simple-ingredient plant-based milks including almond, oat, and nut varieties. The company launched three new SKUs — Cashew MALK, Shelf Stable Unsweetened Almond MALK, and Shelf Stable Original Oat MALK — with national Whole Foods rollout and planned additional launches. MALK emphasizes purity (3–5 ingredients, no gums, fillers, oils, or glyphosates) and markets at premium price points for the new SKUs. The brand says it was the #1 fastest growing plant-based milk across all markets in the past year and more than doubled its distribution over that period. MALK plans to use the new capital to expand retail presence, increase marketing, and support product innovation. The company was founded in 2015 and is based in Austin, Texas. Malk Organics is an Austin, TX-based milk brand led by CEO Jason Bronstad that sells certified organic almond and oat milks. Its products contain only 3–5 simple ingredients and exclude glyphosates, gums, fillers, and oils. SKUs include Unsweetened Almond, Vanilla Almond, Original Oat, Vanilla Oat, and Chocolate Oat. Products are carried at Whole Foods, Sprouts, Fresh Thyme and hundreds of other stores, and are available online via Instacart; Publix is slated to carry product in all stores early in 2023. The company raised new capital to support retail expansion, increased marketing, and hiring. The article does not report revenue or other financial operating metrics.

Led · Series A · Feb 2022

Modumetal leverages a patented nanolamination manufacturing process to bring advanced metal coatings to industrial-scale applications. Its initial products include NanoGalv, a zinc-nickel nanolaminate deployed for corrosive service and high-strength applications, and NanoPlex, a nickel-cobalt nanolaminate for corrosion and wear resistance in subsurface applications. Led by CEO Dennis Creech, the company operates a production facility in Houston, Texas. Modumetal raised $14M in a Series A-2 financing to accelerate commercialization of its oil and gas coating solutions and to scale operations. The company intends to expand its customer base into automotive and sustainable energy end markets and grow its production capabilities. It also added two independent board members — Tushar Porwal (BrightDrop/GM) and Robert Workman (PSS Industrial Group) — to support industry expansion. Modumetal produces nanolaminated alloys through an electricity-powered, layered manufacturing process that configures raw materials at scale to achieve enhanced strength, corrosion resistance and wear properties. Its first commercial products are fasteners and connectors for high-pressure systems; it is also developing an alloy to protect pumps and valves from adhesive wear and aggressive corrosion. The company’s metals are already being used by major oil and gas firms including ExxonMobil, Chevron, BP, ConocoPhillips, Noble Energy and ADNOC. Modumetal operates a 30,000 square-foot production facility in Maltby, Wash., and the recent financing will be used to scale production there. The company plans to license its manufacturing process with partners globally to meet international demand and to expand into sectors such as construction, infrastructure and transportation. CEO and co-founder Christina Lomasney, a University of Washington-trained physicist who previously worked at Boeing, leads the company after more than a decade of development and testing. Modumetal develops and applies nanolaminated metal alloys—ultra-thin layered metal coatings—that increase corrosion resistance for pipes and industrial equipment. The company's process can "grow" metal over parts in layered rings, producing a metallic plywood‑like structure that can enable higher-temperature operation and improved efficiency in turbines and propulsion systems. Its coatings are being piloted by major oil and gas firms including Chevron, ConocoPhillips and BP, which have also invested in the company. Modumetal acquired related intellectual property from a Midwestern firm that went bankrupt and seized the opportunity to build the technology further. CEO Christina Lomasney, a fourth‑generation physicist, leads the company and has emphasized changing how metallurgy is studied and applied. The company says production costs for the nano-laminated alloys are comparable to existing market alternatives and is positioning the technology for broader commercial deployment. Modumetal develops non-corrosive nanolaminated coatings that the company says are stronger, lighter and more durable than steel. The technology, developed by co-founder Christina Lomasney, originated from her earlier company and is claimed to be 200–300 times better than the next best alternative. Modumetal works with partners in the transportation and energy sectors; Chevron is both an investor and a customer. The 20-person startup is headquartered in Seattle’s Fremont neighborhood and is led by UW‑trained physicist Lomasney. The company is currently in a pre-specification phase, scaling up production and hosting trials to meet industry consensus-based standards. Leadership says it plans to compete on pricing, expects a major turning point in the next year to 18 months, and has recently added Concur CEO Steve Singh to its board.

Participated · Series B · Mar 2021

Maxwell provides a digital mortgage and fulfillment platform that automates workflow and uses AI to streamline and accelerate the mortgage process for community and small to midsize lenders. The company says its technology-powered services improve borrower experience, increase operational efficiency, and enhance lenders' economics. Maxwell reports it helps more than 250 community lenders nationwide and claims lender sales teams on its platform outproduce the market by 20% each month. Founded in 2015, Maxwell positions itself to simplify and modernize the mortgage process as markets and borrower expectations change. The company announced a $16.3 million Series B to support its growth. It plans to use the funding to accelerate product development, expand market penetration, and recruit product and engineering talent to meet demand. Maxwell offers a mortgage automation platform that creates an elegant digital workspace for lending teams, homebuyers and real estate agents on any device. The platform connects to over 15,000 financial institutions to automate paperwork and signatures, speeding up the mortgage process by weeks. Maxwell uses proprietary algorithms built on its network of aggregated loan data to deliver insights and workflow adjustments for lenders. The company launched commercially on August 16 and is a 2016 graduate of Techstars. Maxwell plans to use new funding to recruit engineering talent in Denver and to roll out its platform to more lenders. Founders John Paasonen, Lance Poole and Rutul Dave bring experience from PayPal, Stanford’s Institute of Design coaching and multiple Silicon Valley startups.

Led · Series C · Sep 2020

Sarcos Robotics develops the Guardian XO, a battery-powered robotic exoskeleton aimed at augmenting industrial workers rather than replacing them. The company plans to use its latest funding to bring the Guardian XO into full commercial production, with the suit scheduled for release next year and pre-orders already open. Sarcos is positioning the product for heavy-lift tasks — Delta announced at CES that it would partner with Sarcos to outfit ground crew to help lift up to 200 pounds without fatigue. Financially, the company announced a $40 million Series C and had previously raised $56.1 million. Founded in the early 1980s and spun out of Raytheon in 2015, Sarcos is based in Utah and has been a significant recipient of DARPA grants. ABI Research projects the market for these devices will exceed $11.5 billion over the next decade, indicating sizable market opportunity. Sarcos Robotics develops robotic systems that augment rather than replace humans, including the Guardian S mobile inspection and surveillance robot and the Guardian XO powered full-body industrial exoskeleton line. The company leverages more than 25 years of R&D and offers additional products such as the Guardian GT. Sarcos says its products aim to reduce workplace injuries while increasing productivity and efficiency across industries like manufacturing, construction, mining, oil & gas, power, aerospace and defense. The company has doubled its workforce in the last year as it scales. Sarcos is headquartered in Salt Lake City, Utah, with additional offices in the Seattle area. It plans to use new funding to expand its team, scale production and deployment of the Guardian S, and prepare commercial launches of Guardian XO products in late 2019. Sarcos Robotics designs and produces dexterous, human-controlled robotic systems intended for use in unstructured environments to improve health, safety, and quality of life. The company is led by Chairman and CEO Benjamin Wolff and is based in Bellevue, Washington and Salt Lake City, Utah. Sarcos plans to use new capital to expand its team, commercialize its advanced robotics technologies, and grow sales and marketing efforts. In 2016 the company raised more than $25m in total funding. The firm develops robots aimed at industrial and field applications where human-level dexterity and remote operation are required. Recent corporate developments include new strategic investors joining the cap table and an addition to the board of directors.