Led · Equity · Jan 2025

H2, Inc. is an industry-leading vanadium flow battery (VFB) developer and manufacturer based in Seoul, South Korea. The company produces the EnerFLOW 500 series for 4-hour applications, the EnerFLOW 600 series for 8+ hour applications (incorporating its HYPERSTRUCTURE technology), and UL-certified 5000-series VFB stacks. H2 raised $16 million in bridge funding finalized in the second half of 2024, bringing total accumulated funding to $77 million. Proceeds will be used primarily to construct the K2 Plant, which will expand manufacturing capacity to 1.2 GWh per annum and is scheduled to begin operations in 2026. The K2 Plant will triple the current K1 Plant capacity (330 MWh/year) and support mass production of H2's flagship products. The company has secured land for the K2 Plant and plans first deployment of EnerFLOW 640 units in Spain's 8.8 MWh VFB project in mid-2025. H2 develops and manufactures flow battery systems and cell stacks, including its container-type EnerFLOW430 (270 kWh) and cabinet-type EnerFLOW330 (50 kWh). EnerFLOW430 uses proprietary ‘FLEXMODULE’ technology to enable duration options from 4 to 10 hours in a standardized modular product. The company recently secured UL 1973 certification for its cell stack model 5266, a key step toward overseas market entry. In late 2020 an EnerFLOW430-based 1.1 MWh system was commissioned at a Korea East-West Power (EWP) facility in Ulsan and has operated under the REC scheme; it is described as the only commercially operating non-lithium battery installation running under REC in Korea. H2 plans to use new capital to expand manufacturing capacity and automation, targeting a 330 MWh production capacity in the first phase of its near-term expansion. The company is led by Founder and CEO Dr. Shin Han and intends to expand into overseas markets such as the US and other regions.

Led · Series A · Jul 2024

Founded in 2019, PineTree Therapeutics is building AbReptor™, a proprietary platform that creates modular bispecific and multispecific degraders capable of eliminating membrane-bound and extracellular proteins that drive tumor growth and therapeutic resistance. The technology has shown strong preclinical efficacy and safety against receptor tyrosine kinases, including those refractory to existing TKIs and immune checkpoint inhibitors. Beyond oncology, the company believes its degraders may provide new approaches for inflammatory and immunology indications. PineTree is also exploring a novel class of degrading antibody–drug conjugates and trispecific degraders to enhance durability and tolerability. In July 2024 it inked an AstraZeneca collaboration that carries more than $500 million in potential milestones and royalties around its preclinical EGFR degrader. Proceeds from its recent Series B financing will fund IND-enabling work, first-in-human studies, and expansion of its degrader portfolio, while supporting additional strategic collaborations. The company remains pre-revenue and has not yet entered clinical trials, putting near-term emphasis on advancing lead candidates into Phase I.

Led · Series C · Mar 2024

Founded in 2017 by Siddharth Gadia and Girish Agarwal, Zeno Health runs the Generico pharmacy chain, currently comprising 49 company-branded outlets in Mumbai. The business began with a company-owned, company-operated format but has transitioned to a master-franchise model, retaining ownership of the brand and technology while franchisees manage real estate and front-end operations. Generico outlets stock both generic and branded pharmaceuticals and serve as the cornerstone of the company’s broader omnichannel healthcare ambitions. Backed by venture investors since inception, the company has amassed $16 million in equity capital to date. Recent funding is being channelled toward rapid footprint expansion, with a stated goal of reaching 150 stores by 2021. Management positions the chain as a trusted, efficient patient-care platform that can be extended into adjacent healthcare services.

Participated · Series A · Sep 2022

Virtual Internships operates an AI-powered matching platform that connects students with internships at over 12,000 host companies across 100 countries and guarantees a match within one month. The platform provides pre- and during-internship training via its CareerBridge employability course, weekly check-ins, group discussions, webinars and coaching calls. The company reports that over 70% of interns work directly with founders or C-suite executives; about 25% are invited to continue with their matched company and 70% secure full-time roles within three months. Revenue grew from $100,000 in fiscal 2019/2020 to $4.1 million in 2021/2022, and the company expects to hit $10 million by 2023, with most revenue coming from university partnerships and also from governments and pathway programs. Founded in 2018 by Daniel Nivern and Edward Holroyd Pearce (who previously launched CRCC Asia), Virtual Internships emphasizes scalability and employability outcomes. Planned product work includes improving its matching process and building a post-internship employability portal to let companies find potential hires from its student and graduate database. Founded three years ago by Daniel Nivern and Edward Holroyd Pearce, Virtual Internships operates a platform that matches students with remote internship placements and manages the end-to-end administration. The company vets employers to ensure placements offer meaningful work and works with universities to select and monitor candidates. Its business model charges universities a fee when their students take internships; employers pay nothing but must demonstrate quality placements. Usage grew from a 100-person pilot to 1,700 during the pandemic and the company was targeting 6,000 internships in the current year. It currently works with 4,000 host companies in 70 countries and more than 100 universities; 36% of interns have received further work or full-time offers after placements. The team aims to scale to work with 1 million students within five years and will use new capital to invest in technology and build teams that liaise with universities and employers.

Participated · Equity · Sep 2022

Carrot General Insurance, founded in 2019 and based in Seoul, is South Korea's first fully-licensed 100% digital insurance carrier. It offers technology-enabled products including pay-as-you-drive usage-based auto insurance, AI-automated accident registration, sensor-data analytics for premiums, and rapid help dispatch through proprietary systems. The company has grown quickly, outpacing global peers in customer acquisition for its usage-based program and maintains 100+ national and international partnerships. Carrot completed an initial tranche of 175 billion won of a two-part financing and will raise a further 125 billion won in an extended round, bringing new capital of 300 billion won. With the fresh capital Carrot plans to strengthen its market position, accelerate technology development, expand in-house pipelines, and pursue open innovation activities. Management expects faster growth in coming years, aims to reach break-even by 2024 and to go public by 2025.