Participated · Series D · Nov 2018

Aras provides an open, low-code platform and suite of digital solutions that span the product lifecycle from global product development and systems engineering to manufacturing, maintenance, and digital twins. Its technology enables rapid delivery of flexible, upgradeable solutions that connect users across disciplines and the extended supply chain to critical product data and processes. Large enterprises including Microsoft, Honda, Airbus, Audi, DENSO, GE, Kawasaki, Mitsubishi, and Nissan use Aras to digitalize mission-critical processes and replace legacy systems. The company says it will use new investment to accelerate low-code platform innovation, extend cloud technology leadership, and drive global expansion and customer success. Management also signaled plans to grow through both organic R&D and acquisitions. No revenue or user metrics were disclosed in the announcement. Aras offers an open, flexible PLM platform and applications that connect disciplines and functions across the extended enterprise, serving large manufacturers. The platform targets PLM as well as maintenance, repair and overhaul (MRO) and quality management systems (QMS). Aras positions its open architecture to enable digital transformation projects for complex, connected products and highlights its Aras Innovator product innovation platform. The company plans to use new capital to expand global operations, accelerate in-house development, and pursue technology acquisitions. Operationally, Aras has expanded offices in the United Kingdom and Italy, doubled its U.S. headquarters footprint, and grown global headcount by more than 50 percent. The company was recently named a Leader in the Forrester Wave for Product Lifecycle Management for Discrete Manufacturers. Aras develops an open, flexible, scalable and upgradable enterprise Product Lifecycle Management (PLM) platform and applications that connect users across disciplines to critical product information and processes. The platform enables digital thread traceability and the creation of digital twins for complex products such as cars, ships, and aircraft engines. Aras emphasizes a “SaaS Anywhere” approach and targets transformation across systems engineering, simulation, smart manufacturing, and predictive maintenance. Customers named in the announcement include Airbus, BAE Systems, GE, GM, Hitachi, Honda, Kawasaki Heavy Industries, and Microsoft. Headquartered in Andover, Mass., Aras announced a $40 million minority investment to support growth, expand operations including service and support, and further extend its technology through development and acquisitions.

Participated · Equity · Apr 2017

Didi Autonomous Driving is the self-driving arm of ride-hailing giant Didi that focuses on Level-4 autonomous vehicle technology and related AI systems. The company has spent nearly a decade building expertise in artificial intelligence, mass production, and large-scale operations for autonomous mobility. In 2025 it began full-scenario, fully unmanned road testing in Beijing and Guangzhou, with vehicles operating smoothly during rush hours, late nights, and heavy rain. A next-generation pre-installed autonomous vehicle, co-developed with GAC Aion, is scheduled for delivery by late 2025, after which Didi plans demonstration applications in both cities. The firm believes L4 autonomy will dramatically improve transportation safety, efficiency, and user experience while opening new employment opportunities. Fresh capital from its recent Series D round will be channelled into AI R&D and the accelerated rollout of L4 services. No revenue, user, or other operating metrics were disclosed in the announcement.

Participated · Series C · Oct 2016

Omio operates a multimodal travel distribution platform that lets travelers search, compare and book journeys across rail, air, bus and ferry. The company sells more than 100,000 tickets daily, employs over 470 staff from more than 50 countries, and maintains offices including locations in Singapore and Bangalore. Omio’s portfolio includes Omio consumer and B2B offerings, Rome2Rio, and, pending completion, Rail Europe. It is expanding its transport network and partnerships in Japan and Southeast Asia, citing strong demand on routes such as the Golden Route and more remote destinations. Omio plans to grow regional teams, strengthen local operator partnerships (including Kōbe and Willer Express), and leverage its AI-focused technology hub in Singapore. The company aims to be in more than 70 markets worldwide by 2028.

Participated · Equity · Oct 2015

Renovate America is a San Diego-based provider of tech-enabled financing for home improvements and commercial retrofits. Its flagship product, HERO, is a Property Assessed Clean Energy (PACE) financing program that lets homeowners pay for improvements over time via a voluntary additional line item on their property taxes. Since launching over 5½ years ago, HERO has been used to make energy and efficiency improvements across more than 100,000 homes in California and Missouri and recently became available in Florida, where it can finance hurricane-protection improvements such as impact-resistant windows. The company also offers Benji, an unsecured lending product for home improvements. Renovate America closed a $40m multi-year credit facility provided by ING Capital LLC to bolster liquidity, diversify its funding profile and support continued HERO expansion. The company intends to use the funds to expand HERO and strengthen its financial position. Renovate America administers the HERO PACE program, which finances residential solar PV and energy-efficiency improvements through special liens on property rather than on individuals. The company has expanded HERO across California and into Missouri and Florida and says the program has served more than 100,000 homes in California and Missouri. It recently announced availability to an additional 129,000 homes in Missouri. PACE historically filled a financing gap for residential solar before retail banks developed more loan products, though PACE remains unavailable in all 50 states. Renovate America is using new funding to further expand the HERO program. The company provided limited detail on specific uses of the funding but said the facility would bolster liquidity and diversify its funding profile. Renovate America provides financing for residential property-assessed clean energy loan programs through its HERO program and also offers consumer loan products for home improvements. The company is headquartered in San Diego and announced a $100 million credit facility with Credit Suisse. That facility will enable Renovate America to expand Benji, its unsecured consumer home-improvement loan product. Benji is marketed to “well-qualified” borrowers seeking to finance home improvements. Renovate America’s HERO program has financed more than $2.1 billion of home improvements through partnerships with local governments. The company is using debt financing to grow its consumer-facing product line while maintaining its municipal partnership lending business. Renovate America provides PACE (Property Assessed Clean Energy) financing to homeowners through its HERO (Home Energy Renovation Opportunity) program, partnering with local governments and businesses. The company offers a suite of software products and training services that assist local contractors, including workforce training, business automation tools, and consumer protection services. HERO finances a wide variety of DOE- and EPA-approved products, including solar power, energy-efficient HVAC, windows, roofing, water capture systems, and artificial turf. HERO financing requires home equity, offers no money down, and provides fixed interest rates for up to 20 years. Renovate America says it will use the new funds to expand its geographic presence. Since 2011 the program has helped more than 38,000 homeowners in 347 cities and counties, including Los Angeles, San Francisco, San Diego, San Jose, Fresno and others. Renovate America provides the HERO Financing Program through partnerships with local municipalities to offer residential PACE financing. Property owners use the program to finance solar, energy-efficient HVAC, windows, roofing, and water-saving products such as artificial turf. The company supplies funding, administration, technology, training, customer support and a full-service call center that assists contractors and property owners with the application and approval process. Renovate America has financed over $250 million in HERO residential energy-efficient improvement projects to date. The HERO program has been adopted by more than 165 California cities, including San Diego, San Jose, Riverside, Anaheim, Fresno and San Bernardino. The business is led by CEO JP McNeill and Executive VP Scott McKinlay.

Participated · Series C · Aug 2015

Founded in 2013 and headquartered in Redwood City, CA, Carbon offers an integrated platform of Digital Light Synthesis (DLS) 3D printers, proprietary resins, and design/automation software that lets customers manufacture end-use polymer components at scale. The company’s technology is deployed across multiple industries, evidenced by millions of 3D-printed adidas footwear components, football helmet pads that have topped NFL/NFLPA safety tests for six consecutive years, and hundreds of thousands of cycling saddles for brands such as Fizik and Trek. In the dental market, customers print millions of custom parts per week, and Carbon printers have been ranked the most reliable by the National Association of Dental Laboratories for the past six years. Carbon continues to launch new hardware, materials, and flexible software tools, including a recently released flexible partial denture material. Management reports rising production volumes and efficiency gains that have the business on the verge of cash-flow-positive operations. The fresh capital will be used to expand manufacturing capacity and accelerate its product roadmap, reinforcing its position as a leader in digital manufacturing.