Participated · Series D · Jul 2022

Orchestra BioMed focuses on late-stage device-based cardiology programs, notably AVIM therapy for uncontrolled hypertension in pacemaker-indicated patients and Virtue SAB for coronary artery disease. The company advances technologies through partnership-driven, royalty-based collaborations to accelerate patient access while preserving capital efficiency. Orchestra has an ongoing strategic collaboration with Medtronic to develop AVIM therapy and has amended that agreement to include potential integration into leadless pacemaker systems. Recent financing activity from strategic investors is intended to fund late-stage clinical and development milestones for these programs. Financial arrangements announced include equity/private placement components, a secured subordinated promissory note that can convert to a prepaid revenue share, and royalty commitments to a strategic investor. The transactions are structured to provide near-term capital and align future commercial economics with partners and investors. Orchestra BioMed develops partnered medical device therapies and advances them via strategic collaborations with large medtech companies. Its flagship candidates are BackBeat Cardiac Neuromodulation Therapy (CNT) for lowering blood pressure in patients indicated for pacemakers and Virtue Sirolimus AngioInfusion Balloon (Virtue SAB) for certain artery disease indications. BackBeat CNT produced statistically significant reductions in 24-hour ambulatory and office systolic blood pressure in the MODERATO II pilot, and Orchestra plans a global pivotal trial in collaboration with Medtronic. The company has a strategic collaboration with Medtronic for development and commercialization of BackBeat CNT (with revenue sharing) and a partnership with Terumo for Virtue SAB (including a $30 million upfront payment and potential milestone payments). Orchestra closed a $110 million Series D and, together with a planned business combination with HSAC2 and supporting forward-purchase and backstop commitments, expects pro forma gross proceeds sufficient to fund operations into 2026; it also has conditional access to up to $40 million in term debt. The combined company is planned to list on Nasdaq under the ticker OBIO and will use proceeds to support pivotal trials scheduled to initiate in 2023 and to expand its partnership-enabled product pipeline. Orchestra BioMed is a biomedical innovation company providing high‑impact solutions for large unmet needs in procedure‑based medicine. Its pipeline includes Virtue® Sirolimus‑Eluting Balloon (SEB) for coronary and peripheral interventions and the Moderato® implantable pulse generator that delivers BackBeat Cardiac Neuromodulation Therapy™ (CNT™) for hypertension. The company announced CE mark approval for Moderato in September 2019 and Virtue SEB received FDA Breakthrough Designations for coronary in‑stent restenosis and below‑the‑knee peripheral artery disease. Orchestra BioMed presented late‑breaking TCT 2019 clinical results showing BackBeat CNT drove a statistically significant and clinically meaningful reduction in 24‑hour ambulatory systolic blood pressure versus control. The company pursues strategic partnerships to commercialize products and recently entered a global strategic partnership with Terumo Corporation for development and commercialization of Virtue SEB. Financially, Orchestra BioMed completed a $34 million financing in July 2019 and has added a $20 million credit facility to accelerate pipeline development and support general corporate purposes. The company states its business model aims to optimize capital efficiency and cash flow while advancing product development and commercialization. Orchestra BioMed develops procedure-based medical-device therapies with a focus on high-impact unmet needs; its lead assets are Virtue SEB for artery disease and BackBeat CNT for hypertension. The company has a global strategic partnership with Terumo to develop and commercialize Virtue SEB, which received FDA Breakthrough Device Designation for coronary in‑stent restenosis in April 2019 and is planned for a U.S. registrational IDE trial within the next year. BackBeat CNT recently completed enrollment in a randomized clinical study and is on track to report six‑month data later in the year. In 2019 the company secured $64 million in capital inflows, including a $30 million up‑front payment from the Terumo partnership, and completed a $34 million Series B‑1 financing to accelerate pipeline development. Orchestra intends to use proceeds to expand development of Virtue SEB and BackBeat CNT, pursue additional global clinical studies, and develop additional sustained‑release sirolimus product candidates in other procedure‑based markets. The company also continues to evaluate selective product acquisitions and licensing opportunities and relies on partnerships with established commercial leaders to drive global commercialization. Orchestra BioMed is a biomedical innovation company based in New Hope, PA, focused on evidence-based therapeutic solutions addressing major unmet medical needs, with a primary focus on cardiovascular disease. The company’s core product development expertise spans drug delivery, interventional devices, bioelectronics and neuromodulation. Its lead product candidates are the Virtue® Sirolimus-Eluting Balloon (SEB), a drug-eluting angioplasty balloon that delivers delayed-release bioabsorbable particle-encapsulated sirolimus, and BackBeat® Cardiac Neuromodulation Therapy (CNT), a patented implantable neuromodulation treatment for hypertension. Orchestra closed a $41M equity financing that included conversion of outstanding debt to equity and a financing structure providing for up to an additional $23M in follow-on financing from existing investors. The company intends to use the funds for continued late-stage clinical development of Virtue SEB and BackBeat CNT. Orchestra also holds a wholly owned subsidiary, FreeHold Surgical®, and significant minority interests in Motus GI® Holdings, Inc. (MOTS) and Vivasure Medical Ltd., which are advancing commercial launches of their respective products.

Led · Seed · May 2022

Psudo is an LA-based direct-to-consumer sneaker company founded in 2020 that manufactures made-in‑USA, small-batch sneakers using REPREVE yarn made from recycled water bottles. Its slip-on sneakers feature printed laces and 3D sublimation printing to produce unique, zero-waste designs offered in multiple silhouettes for men and women. The company uses an on-demand manufacturing process intended to reduce waste and carbon footprint and reports each pair saves 7.2 single-use plastic bottles; to date it has diverted over 61,000 bottles. Psudo emphasizes comfort and performance—machine washable, water- and oil-resistant, sweat-wicking and anti-microbial—with anatomical foot support and an approximate eight-week ideation-to-execution timeline. The brand plans to scale by investing in its product pipeline, wholesale distribution, sustainable supply chain, and omnichannel marketing to meet growing consumer demand for sustainability, affordability, and transparency. Financially, Psudo completed a $3M seed financing and intends to use the funds to expand designs, collaborations, and distribution channels.

Led · Series E · Nov 2021

Zoomcar operates a car‑sharing platform focused on emerging markets. The company announced a definitive merger agreement with Innovative International Acquisition, a publicly traded special purpose acquisition company, that will take Zoomcar public. Upon closing the business combination, the combined company is expected to be renamed Zoomcar Holdings, Inc. and to list its common stock on Nasdaq. The transaction carries an implied pro forma enterprise value of approximately $456 million. Concurrent with execution of the merger agreement, an affiliate of Innovative’s sponsor invested $10 million in Zoomcar via a convertible promissory note. The note’s repayment obligation is structured to be offset against the sponsor affiliate’s $10 million subscription for 1,000,000 newly issued shares of Innovative at $10.00 per share upon consummation of the business combination; if the business combination is not consummated, the note will be exchanged for a Zoomcar convertible promissory note and the subscription agreement will terminate. Zoomcar operates a car-sharing marketplace that allows users to rent cars by the month, week, day or hour. The Sequoia Capital India-backed firm is active across several nations, with India as its largest market and presence in Southeast Asia and the MENA region. It works with individuals, SMEs that operate fleets and semi-professionals, and maintains partnerships with banks and insurance firms. The company employs more than 300 people and has over 10,000 cars on its platform. Zoomcar expects its platform to focus heavily on electric vehicles in the medium term. It plans to expand into more than 20 countries over the next 18 months and is exploring a public listing, aiming to file for an IPO next year. Financially, the company has raised $92 million in the latest round and $207 million in total to date. Zoomcar, founded in 2012 by Greg Moran and David Back, operates a self-drive car rental and shared subscription service using a hyperlocal pickup model. The firm currently provides services in cities including Mumbai, Jaipur, Kolkata, Chennai, Guwahati, and Ludhiana. It has said it will enhance its technological and data-science infrastructure, upgrade its Internet of Things systems and its shared subscription offering, and expand to more parts of the country. Financially, the company recently received Rs 41 crore (about $5.5M) from parent Zoomcar Inc via an allocation of 82,566 shares at Rs 4,967 apiece. Previous financings include a $30M round in January 2020 led by Sony Innovation Fund and a $40M round in February 2018 led by Mahindra & Mahindra. Zoomcar positions itself as part of a new generation of transportation services promoting shared mobility. Zoomcar India Pvt. Ltd is described in filings as a self-drive car rental start-up. The company operates a platform that rents cars to customers for self-driving. Recent filings with the Registrar of Companies show Zoomcar raised $3.6 million (Rs 25 crore) in debt funding. That debt financing was provided by Trifecta Capital, according to a YourStory report quoting the RoC filings. The articles do not disclose operating metrics, detailed terms of the financing, or stated future plans. Zoomcar operates a Zipcar-style on-demand car rental service alongside programs to grow inventory, including ZAP (a leasing scheme for new car buyers) and a multi-month subscription product. The company also runs Pedl, a bike-sharing service that the firm intends to scale into many more cities. As of the article it operates in 29 cities with about 2.7 million registered users, roughly 3,500 cars and customers have completed over 1.1 million trips; Pedl was running in ten cities with ~500,000 transactions per month. Zoomcar has begun piloting electric vehicles with Mahindra; the fleet had about 50 EVs at the time, targeting 500 in the coming months and a goal of 50% EVs by 2020. Financially, Zoomcar reported revenue of Rs 121.2 crore (~$19M) for the year ending March 2017, a loss of Rs 100.4 crore (~$15.6M) for that year, and said it had turned EBITDA positive at the end of 2017 while remaining unprofitable overall. Management projects that reaching 15,000 cars could translate to north of $100M in annualized revenue.

Led · Series A · Jan 2021

Outstanding Foods produces plant-based snack products formulated from wholesome 100% plant-based ingredients and marketed as packed with protein and other health benefits. Its product portfolio includes PigOut® Pigless® Pork Rinds and TakeOut™ Meal-In-A-Bag™ Puffs, all free from gluten, soy, GMOs, trans fats, and cholesterol. The company’s products are sold at national retailers, including Walmart, Kroger, Whole Foods and southwest 7-11 locations. Co-founded by Bill Glaser and Chef Dave Anderson, Outstanding Foods plans to use newly raised capital to bolster its research and development team. Management also intends to expand the company’s retail presence and broaden direct-to-consumer marketing efforts. The company completed a $10M Series A to support those growth initiatives. Outstanding Foods develops plant-based snack products, including PigOut Pigless Pork Rinds launched earlier in the year. Led by CEO and co-founder Bill Glaser, the company emphasizes snacks made from 100% plant-based ingredients that are packed with protein and free from gluten, soy, GMOs, trans fats and cholesterol. The company is preparing to roll out new products beyond PigOut. Outstanding Foods recently closed a financing round to support its growth. Proceeds are intended for R&D, nationwide marketing, retail expansion and team development. The company is based in Los Angeles, CA. Outstanding Foods is a US-based vegan food manufacturer planning to launch a plant-based bacon chip called Pig Out in June 2018. The Pig Out chips are made from mushrooms, sunflower oil, safflower oil and spices and were developed with input from Dave Anderson. The company aims to place the product in the mainstream salty snacks aisle rather than specialty alternative-snack sections to gain mass-market appeal. Initial sales will be through OutstandingFoods.com, followed by availability on Thrive Market and in physical stores, with outreach to distributors such as Whole Foods Markets. Pig Out will be priced at $4.99 per package and marketed via top-tier influencers, targeting Millennials with an attractive and playful concept. Outstanding Foods plans to expand into a wider range of similar products; the company highlights nutritional components such as B vitamins, antioxidants and lovastatin, and reports many tasting respondents thought they were eating real bacon.

Led · Series A · Jun 2020

DermaSensor’s core product is a wireless, handheld optical-spectroscopy device that assesses skin lesions at a cellular level, delivering automated skin-cancer detection for use in primary care settings. Cleared by the FDA via the De Novo pathway in early 2024, it is the only automated skin-cancer detection device available to U.S. primary-care physicians. Since its mid-2024 commercial launch, clinicians have scanned more than 20,000 lesions with the device, and usage is growing at an average quarterly rate of 117%. Published studies report sensitivity between 96-100% and specificity up to 77% for pigmented lesions, performance that has been highlighted in Nature and honored by TIME’s Best Inventions of 2024. The company’s AI training dataset has already grown several-fold beyond the original 2,000 lesions, and management cites approximately 2,000 suspicious cancers detected for referral to dermatology. Beyond the cleared algorithm, DermaSensor has three active pipeline programs that will run on the same hardware. To date the company has attracted $43 million in total investment, supporting both commercial expansion and additional clinical evidence generation.