Participated · Series E · Sep 2021

Elligo Health Research provides a technology platform to accelerate clinical trials through direct access to known, diverse patients. The company leverages EHR data and its proprietary IntElligo technology to connect networks of hospitals and research sites. Its PatientSelect model engages networks to bring more patients clinical research as a care option, while SiteSelect and Research Partner Services enable sites to participate in trials. Elligo reports access to patients from more than 115 hospitals and major health systems, 200 healthcare-based sites, and 100 research-based sites. The company intends to use loan proceeds for general growth and working capital. Elligo is led by founder and CEO John Potthoff, Ph.D., and is backed by investors including Morgan Stanley, Ally Bridge Group, Norwest Venture Partners, Piper Sandler, Noro-Moseley Partners and Hatteras Venture Partners. Elligo Health Research is a tech-powered, healthcare-enabling research organization based in Austin, TX, led by CEO John Potthoff. Its core product is the IntElligo Research Stack, which leverages electronic health records and the trusted patient–physician relationship to connect patients to clinical research as a care option. The company directly engages physicians and patients and combines proprietary data, technology, and services to support traditional, hybrid, and direct-to-patient trial designs. Elligo’s platform aims to accelerate development of pharmaceutical, biotechnology, medical device, and diagnostic products while expanding patient access to client trials. The company raised $135M in a Series E financing and plans to use the proceeds to acquire ClinEdge and further invest in its technology and data platform. Its solutions target challenges faced by pharma and biotech companies, contract research organizations, and research sites. Elligo Health Research is an integrated research organization (IRO) that accelerates development of pharmaceutical, biotechnology, medical device, and diagnostic products using its IntElligo Research Stack clinical technology and Goes Direct® approach. The company unites clinical experts with research infrastructure and leverages electronic health records to expand trial access while maintaining trusted patient-physician relationships. Elligo aims to drive clinical trial efficiency and expand participation among physicians and patients who otherwise would not participate in trials. The company reports more than 62 active research sites. Management says continued investor support has allowed rapid expansion of its physician and patient base. Financially, Elligo recently raised $20 million in a Series C financing led by Piper Jaffray Merchant Banking; this follows a $16 million Series B announced in March 2018. Elligo Health Research offers a platform that brings clinical research to the clinic, using electronic health records and other health data to identify real‑world patients and physicians for clinical studies. The company supplies personnel, procedures, technology and infrastructure so physicians can run research while keeping patients under their regular care. Elligo says it engages the 97 percent of physicians not currently offering clinical research to their patients. Management plans to expand services, grow its network of physician sites, and refine its technology platform to improve study efficiency and streamline data collection and submission. The company frames its mission as accelerating development of new pharmaceutical, biotech and medical device products by making research more accessible to physicians and patients. Recent financing will support expansion and technology refinement.

Participated · Series D · Jul 2021

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.

Participated · Series D · Sep 2020

Finch Therapeutics develops investigational oral microbiome drugs designed to restore healthy gut microbiome composition and function, including complete microbiome communities and rationally selected consortia. Its lead program, CP101, is designed to deliver the full diversity of a healthy gut microbiome and met its primary efficacy endpoint for prevention of recurrent C. difficile infection in a large, placebo-controlled trial. Finch also develops FIN-211 for children with autism spectrum disorder with serious GI symptoms and is evaluating CP101 for chronic hepatitis B. The company uses its Human-First Discovery® platform to translate clinical data into engineered microbiome compositions targeting disease-modifying mechanisms. Finch has a strategic partnership with Takeda to develop strain-based programs for inflammatory bowel disease, including FIN-524 (ulcerative colitis) and FIN-525 (Crohn’s disease). The company intends to use new financing to advance CP101 through final clinical development and regulatory submission, initiate Phase 1b studies for FIN-211 and CP101 in new indications, and further develop its platform and pipeline. Finch Therapeutics is a clinical-stage company developing microbial therapies using two proprietary platforms: donor-derived Full‑Spectrum Microbiota (FSM) and Rationally‑Selected Microbiota (RSM). Its lead product, CP101 (an oral FSM capsule), is being evaluated in the potentially pivotal PRISM3 trial for prevention of recurrent C. difficile infection. Finch is also advancing FSM programs in Autism Spectrum Disorder, supporting an actively enrolling Phase II investigator-initiated study (NCT03408886) and holding FDA Fast Track designation for its pediatric ASD program. The company is expanding its pipeline into additional indications, including a preclinical RSM program in inflammatory bowel disease in partnership with Takeda Pharmaceuticals. Finch recently received Breakthrough Therapy designation from the FDA for its CDI program. The company completed a $53 million Series C to fund these clinical and preclinical efforts and advance its platforms toward regulatory milestones. Finch Therapeutics Group develops novel microbial therapies using a human-first discovery approach and machine-learning informed by high-throughput molecular data. Its lead candidate, CP101, is an orally administered, encapsulated Full-Spectrum Microbiota product derived from healthy donors and is being evaluated in the Phase 2 PRISM 3 study for recurrent C. difficile infections. CP101 has been awarded FDA Fast Track designation. Finch says it will advance additional therapeutic candidates into the clinic through sponsored programs and collaborations with Takeda and academic partners. The company operates the largest stool donation program in the world, manufactures approximately 1,000 microbial treatments per month, and—through collaboration with OpenBiome—distributes products to a network of more than 1,000 providers. Finch also cites a comprehensive intellectual property estate, including 29 issued patents, and strengthened its position via a 2017 strategic merger with Crestovo. Finch Therapeutics develops microbiome-based therapies using fecal transplant–derived material and a sophisticated bioinformatics platform to analyze donor and patient microbiota. The company employs clinically annotated datasets and a feedback loop to identify microbiota changes associated with targeted clinical outcomes. Finch announced a collaboration with Takeda Pharmaceuticals in which Takeda will pay an upfront $10 million for exclusive worldwide rights to FIN-524 and any follow-on products for irritable bowel diseases. FIN-524 is described as an investigational therapy for ulcerative colitis, aligning with Takeda’s gastrointestinal therapeutic focus. CEO Mark Smith emphasized the firm’s approach of mining donor-specific efficacy signals, citing a randomized trial in which a single donor produced a disproportionately large therapeutic effect. Finch aims to translate complex, multi-strain microbiota ecosystems into validated human therapies by learning from donor–patient response patterns.

Participated · Series D · Jul 2017

Artsy is an online platform for discovering, learning about, buying, and selling visual art. It builds and hosts sites for roughly 1,800 commercial galleries across 90 countries and pairs marketplace listings with editorial content, including an in-house magazine. The site attracts about 2 million unique visitors per month and facilitates approximately $20 million in sales each month. Auctions are the fastest-growing segment after Artsy secured partnerships with Christie’s, Sotheby’s and Phillips; auctions have quadrupled in number over the last year. Artsy now accounts for one-third of received bids for the auctions it hosts and nine percent of all sales, and it plans to invest the new funding to expand its auction capabilities. Planned product work includes features like video auction streams, though the company notes latency and global transaction distance create technical challenges. The business model combines marketplace services and gallery websites to address high transaction costs, long lead times, and limited pricing transparency in the art market. Artsy operates an online platform for learning about and collecting art, providing free access via its website and iPhone app to a large database of artworks. The site hosts 250,000 images by 40,000 artists and aggregates content from over 3,000 galleries, 400 museum and institutional partners, and more than 50 select art fairs and auctions. Its database is powered by The Art Genome Project, a classification system that maps connections between artists and artworks. Artsy is led by founder and CEO Carter Cleveland and president and COO Sebastian Cwilich. The company intends to use the Series C funds to expand operations. The article situates the company in New York, NY. Art.sy is developing a web platform to make browsing, discovering and buying fine art easier and to connect prospective collectors with galleries. The site is still in a small private beta while the company strikes partnerships with top galleries. To date Art.sy has deals with 180 galleries across 40 countries as it lines up supply before a broader launch. The company is taking a long-term approach to digitizing the art world and aims to make art more accessible to a broader class of consumers. Art.sy will use the new funds to hire additional staff and is actively recruiting a web designer and a director of museum relations. Financially, the company has raised prior seed capital and is now advancing toward a full public launch backed by influential investors. Art.sy is a New York City art-world startup focused on art discovery and recommendations for high-end dealers and wealthy collectors. The company is developing an Art Genome algorithm modeled on Pandora’s Music Genome that breaks artworks and artists into 170 dimensions to produce similarity vectors and recommendations. Founder Carter Cleveland pivoted the product from a general-interest art-buying site to a private, discovery-focused service and signed dealer Larry Gagosian as an advisor while negotiating with world-class galleries. Art.sy previously raised about $160,000 in seed funding and has now secured new capital to hire engineers and build out its core recommendation technology. The startup plans to reopen publicly in spring 2011. The current round brings in a group of high-profile investors to support its technology and gallery partnerships.

Participated · Equity · Oct 2015

Trumid operates an electronic credit trading platform that enables more automated and efficient international credit trading. The company emphasizes market expertise, agile technology and product design as differentiators. Trumid has expanded its offering beyond a US corporate bond franchise to add Emerging Market debt. Daily trading volumes on the platform have grown rapidly and are now almost seven times higher than two years ago, with 2021 YTD average daily volume up 71% year‑over‑year. Growth capital from the financing is intended to enhance technology and expand to additional trading protocols, asset classes and geographies. The company recently appointed Bryan Harkins as Chief Revenue Officer to oversee sales and commercial leadership of protocol, product and geographic expansions. Trumid operates Market Center, an electronic trading platform for corporate and fixed income markets that leverages data and network effects to provide transparency, liquidity and efficient trade execution. In 2020 the platform saw 374% year‑over‑year volume growth, its client network expanded to 530 institutions, and the number of users executing a trade each day grew 129%. The company completed 26 technology release cycles during the year and launched Emerging Market debt onto its Market Center in Q4 2020. Trumid announced a strategic relationship with Goldman Sachs to provide connectivity and liquidity via its Attributed Trading protocol and hired Vlad Khandros as Head of Corporate Development to pursue expansion and strategic opportunities. The company completed a $50 million financing whose proceeds will be used to repurchase shares from existing shareholders and which values the company at a premium to its most recent financing. Trumid Financial LLC is a bond trading platform. The company raised $200 million in its latest fundraising round. Funds and accounts managed by T. Rowe Price Associates Inc. and BlackRock Inc. were among the investors in the round. The financing pushed Trumid’s valuation to over $1 billion. The article notes this valuation more than doubled since last May. Trumid operates an electronic trading platform that gives corporate bond market professionals direct access to liquidity and market intelligence. The firm leverages data, technology and innovative products to bring efficiency to credit trading. Founded in 2014 by Mike Sobel, Trumid serves a client network of over 425 buy-side and sell-side institutions. The company plans to use recent funding to expand its US corporate bond business and to broaden protocol and product offerings. Trumid received roughly $60m in a strategic minority investment announced in May 2019. Trumid operates the Trumid Market Center, an electronic trading platform that provides corporate bond market professionals with direct access to liquidity and market intelligence. Founded in 2014 by Mike Sobel and based in New York City, the company brings efficiency to credit trading through data, technology and innovative products. It has a large and diverse user network of about 400 buy-side and sell-side institutions. Trumid intends to use the funds to further scale its US corporate bond business and to support expansion of protocols, products and geographies. The partnership with Singapore Exchange is expected to help the company gain access to the Asian market by leveraging SGX’s regional expertise and presence.