Participated · Equity · Oct 2021

Luminopia is a commercial-stage company pioneering a new class of treatments for neuro-visual disorders with its lead product, Luminopia, a software-based therapeutic for amblyopia delivered through a virtual reality headset. The FDA approved Luminopia via the De Novo pathway in October 2021, and a 510(k) clearance in November 2022 expanded the list of compatible headsets. The therapy uses dual-acting algorithms to modify TV shows and movies in real time (700+ hours of content) to promote weaker-eye usage and produced a 1.8-line mean improvement in visual acuity over three months in a Phase 3 pivotal trial. Luminopia is prescription-only, currently being prescribed at top eye institutes and private practices and is dispensed through a retail pharmacy. The company is preparing a full commercial rollout later this year and is an Innovation Partner of Boston Children’s Hospital, which holds equity. The recent financing is intended to support commercialization and scale adoption among eye-care professionals and patients aged 4–7 indicated for treatment. Luminopia develops a software-only, prescription digital therapeutic that runs on commercially available head‑mounted displays and uses proprietary algorithms to modify TV shows and movies in real time to promote weaker-eye usage. The lead product is FDA‑approved via the De Novo pathway (Oct 2021) and had a subsequent 510(k) clearance (Nov 2022) to expand compatible headsets; its Phase 3 pivotal trial demonstrated safety and efficacy and was published in Ophthalmology. The therapy is indicated to improve visual acuity in children aged 4–7 with amblyopia associated with anisometropia and/or mild strabismus and is intended for at‑home, prescription use alongside refractive correction. Luminopia provides 700+ hours of licensed content and delivers a binocular therapeutic effect, distinguishing it from monocular approaches like patching or atropine. The company plans a staged rollout to pediatric ophthalmologists starting this month, followed by a broader launch in the second half of 2023, with prescriptions distributed through an online retail pharmacy. The company recently completed an oversubscribed seed extension financing to support commercialization and broader market launch. Luminopia builds a prescription therapeutic that alters TV video in real time when viewed through a VR headset to promote usage of a weaker eye in children with amblyopia. The company has secured content deals with Sesame Workshop, Nickelodeon, DreamWorks and NBC to supply over 100 hours of modified programming. In a randomized controlled trial of 105 children, the treatment group improved by 1.8 lines on a standard eye chart versus 0.8 lines in the comparison group, with some children gaining two or more lines at 12 weeks. Adherence was high in the trial: children completed 88% of prescribed minutes and 94% of parents said they were likely or very likely to use the treatment instead of an eye patch. Earlier pilot data (including a small cohort of 10 children) showed roughly three-line improvements and informed the pivotal study. Luminopia submitted pivotal trial data to the FDA via the De Novo pathway last March and is anticipating a regulatory decision by the end of the year, with a potential product launch early next year if cleared. The company has about four employees and has raised roughly $12 million to date from investors including Sesame Ventures and angel backers such as Robert Langer and Jeffrey Dunn.

Participated · Series A · Jun 2019

Step is a digital banking service aimed at teens and young adults that has grown to nearly 4 million users since launching on September 30, 2020. Its core product includes a credit card and banking features, and its primary revenue source is interchange fees from that card. The company recently launched a crypto investing feature (starting with bitcoin and targeting roughly 40 cryptocurrencies by month end) alongside a financial literacy platform for kids and parents. Step plans to add NFTs, DeFi tools such as staking, and a stock investing feature expected before the end of the year. CEO CJ MacDonald said the company has grown substantially, employs more than 100 people, and declined to disclose revenue. The firm raised debt to fund product development and hiring and to extend its runway as it scales. Step is a mobile banking service that provides teenagers (ages 13–18) FDIC-insured bank accounts without fees and a secured Visa card to help establish credit. The app offers Venmo-like peer-to-peer payments, a popular referral program and has leveraged social media influencers for growth. Step grew to more than 1.5 million users within six months of launch and is signing up over 10,000 accounts per day. The company has raised more than $175 million to date, most recently a $100M Series C led by General Catalyst, and says it has not yet spent funds from its prior $50M Series B. Step plans to hire across operations, engineering, product and design, aiming to double its 65-person team over the next year. Management intends to enter credit, lending and investment products as existing users age up, and Franklin Templeton’s participation signals a move into investments. Step provides teens and families a free, FDIC‑insured bank account, a secured spending card, and a P2P payments platform that lets users begin building credit before age 18. The product is powered by bank partner Evolve Bank & Trust and deposits are insured up to $250,000. Step says it crossed one million users in less than four months after launch. The company highlights a focus on financial literacy and plans to scale user acquisition across social platforms. To prepare for growth it recently closed a venture debt facility and added high-profile investor support. The founding team, led by CJ MacDonald and Alexey Kalinichenko, draws on experience from Gyft, First Data, Square and Google. Step offers no-fee, FDIC-insured bank accounts and a secured Visa card aimed at users ages 13–18, combined with a peer-to-peer payments experience. The app functions as both a bank account and P2P platform, with referral-driven growth and a $3 referral incentive. Step grew to over 500,000 users within two months of launch and is adding roughly 7,000–10,000 new accounts per day. The company has about 50 employees and is actively hiring to support rapid growth. Near-term plans include leveraging celebrity partners to promote financial literacy; longer-term product roadmaps call for credit cards, loans and other offerings for users as they turn 18. Financially, Step has raised a $50M Series B and has raised over $75M to date. Step offers an all-in-one, no-fee banking solution designed for teens and their families, combining checking, savings, debit and card controls in a single mobile app. Accounts are FDIC insured through Evolve Bank and Trust and include an interest-bearing deposit account (currently 2.5% with round-up savings) and access to a 35,000-ATM network with no hidden fees. The Step card is co-branded with Mastercard and provides Zero Liability Protection; Stripe supplies issuing and processing technology. The app supports instant P2P transfers, Apple Pay and Google Pay, real-time budgeting, parental oversight and controlled spending limits. Founded by CJ MacDonald and Alexey Kalinichenko, the team cites 50+ years of combined fintech experience from companies including Gyft, First Data, Square and Google. Step began beta testing with friends and family, has a waitlist exceeding 500,000 people, plans broad commercial availability in the Fall, and intends to use new funding to accelerate the roadmap and hire.