Participated · Series D · Feb 2026

Wayve builds an end-to-end neural network-based self-driving system that uses raw data from whatever sensors are on a vehicle rather than relying on specific sensors, chips, or high-definition maps. Its software underpins two commercial products: an "eyes on" assisted-driving system requiring driver attention, and an "eyes off" fully automated-driving system intended for robotaxis and some consumer scenarios. The company sells directly to automakers and has landed customers including Nissan, Mercedes-Benz, and Stellantis, with Nissan planning integration into ADAS from 2027. Wayve’s software is designed to run on a variety of automotive compute platforms, a capability it is expanding through strategic investments from chipmakers. Financially, Wayve recently closed a $1.2 billion Series D and announced a $60 million extension from semiconductor partners, with an additional $300 million milestone-based commitment from Uber. The company is using new funds to support integration across compute platforms and continued production deployment of the Wayve AI Driver.

Participated · Equity · Dec 2024

Archer Aviation is building the piloted Midnight eVTOL aircraft and an AI-driven operations platform aimed at enabling urban air taxi services. In Q3, the company logged key flight milestones, including a 55-mile trip completed in 31 minutes at over 126 mph and a separate flight to 10,000 feet, while also showcasing the aircraft at the California International Airshow. Archer is expanding globally, running demonstration flights in Abu Dhabi, partnering exclusively with Korean Air for South Korea, and collaborating with Japan Airlines and Sumitomo’s Soracle for services in Osaka and Tokyo. Domestically, it agreed to acquire control of the 80-acre Hawthorne Airport near LAX for $126 million in cash to serve as the hub of its Los Angeles network and as a testbed for AI-powered aviation systems, with an eye toward the LA28 Olympic Games. The company also bought Lilium’s 300-asset AAM patent portfolio for €18 million, boosting its intellectual-property holdings to over 1,000 assets. Archer raised $650 million in new equity, lifting total liquidity to more than $2 billion and ending the quarter with $1.64 billion in cash, cash equivalents, and short-term investments. GAAP operating expenses for the quarter were $174.8 million, and management guided to a Q4 adjusted EBITDA loss of $110-$140 million.

Participated · Series B · Sep 2023

Lyten is an advanced materials company founded in 2015 in San Jose, California that is commercializing LytCell lithium-sulfur batteries enabled by its Lyten 3D Graphene® technology. The chemistry promises three times the gravimetric energy of lithium-ion cells, wide operating temperature ranges, a cycle life exceeding 1,400 cycles under DoD tests, and elimination of cobalt and nickel. The firm is building a pilot production line expected to produce more than 200,000 pouch, cylindrical, or prismatic cells per year. Target markets include electric vehicles, e-aviation, small satellites, and broader aerospace and defense sectors. All sourcing and manufacturing are planned to be U.S.-based, yielding a lower-carbon battery with national-security provenance. To finance scale-up, the company has secured multi-million-dollar government contracts, including a recent NSIC award and an Other Transaction agreement with the Defense Innovation Unit, providing non-dilutive capital for rapid commercialization.

Participated · Series C · Sep 2023

Envisics develops in-car augmented-reality heads-up displays (AR HUDs) that project navigation, safety alerts and other data onto the inside of a windscreen. The company is nearing commercialization of its second-generation displays and has confirmed a partnership with General Motors for availability in the electric Cadillac Lyriq. Envisics has also partnered with Panasonic Automotive Systems and has investor ties to automakers and suppliers, suggesting broader rollouts across vehicle segments. Founder and CEO Jamieson Christmas said the first HUDs with GM are on track for release this year and that the company is "working with just about everybody." Financially, the startup announced a $100 million Series C close after an earlier $50 million tranche in March. That initial $50 million tranche brought the company to a $500 million valuation; Envisics did not disclose an updated valuation with the final close. Envisics develops holographic head-up displays that project augmented dashboards into vehicles using computer vision, machine learning, big data analytics and navigation. Its HUDs provide mapping, navigation guidance and hazard warnings and integrate into vehicle hardware to enhance driver information. The company is focusing on the higher end of the market and is working with automakers including Jaguar Land Rover. Envisics plans mass production of vehicles using its technology in 2023 and is partnering with suppliers such as Hyundai Mobis on joint development targeting mass production by 2025. Financially, Envisics announced a $50 million Series B at a valuation of over $250 million, significantly up on its previous round. The company was spun out in 2018 by founder Dr. Jamieson Christmas and is based in Milton Keynes, England.

Led · Equity · Aug 2023

CTR (Controlled Thermal Resources Holdings Inc.) is developing the Hell’s Kitchen geothermal lithium project in Imperial County, California, which recovers lithium from geothermal brines using renewable energy and steam to produce battery-grade lithium hydroxide monohydrate (LHM). The company emphasizes an integrated, modular engineering design that eliminates evaporation ponds, open-pit mining and fossil-fueled processing to minimize environmental impacts and carbon emissions. Hell’s Kitchen has a total resource capacity to produce up to 300,000 metric tons of lithium carbonate equivalent per year and CTR plans staged construction (Stage 1 slated to commence late 2023). CTR expects to begin supplying battery-grade LHM to Stellantis in 2027 and projects creation of 480 construction jobs and upward of 940 direct project jobs when fully developed. The leadership team has over 30 years of experience developing geothermal operations in the Salton Sea region. The company’s current commercial trajectory is anchored by a long-term offtake and the strategic investment from Stellantis rather than disclosed revenue figures.