Led · Series A · Jun 2018

Founded in 2017, Capacity offers an all-in-one support automation platform that combines practical and generative AI to deflect tickets, emails, and phone calls, enabling teams to focus on higher-value tasks. The core product serves as a single orchestration layer that replaces multiple point solutions with virtual agents, human-agent assist tools, and AI-driven outbound engagement. Capacity’s proprietary Knowledge Orchestration Layer allows customers to connect data once and automatically propagate accurate answers across every support channel, reducing knowledge drift and operational overhead. The platform simultaneously drives revenue by launching AI-powered outbound campaigns that capture and nurture leads. A built-in learning loop continually analyzes conversations to optimize both human and virtual agent performance. More than 20,000 companies currently rely on Capacity for external customer support and internal employee enablement, demonstrating significant market adoption. Looking ahead, the company aims to deepen enterprise penetration and accelerate innovation to solve the “fragmented tech” problem in contact centers.

Participated · Equity · Jan 2016

Benvenue Medical develops next-generation minimally invasive systems for spine repair, combining expandable implants with novel delivery instruments. Its two commercial products are the Luna 3D Interbody Fusion System (FDA cleared November 2014) and the Kiva VCF Treatment System (FDA cleared January 2014). Luna is a small-profile PEEK implant that expands three-dimensionally within the disc space to restore height via a posterior approach; Kiva is a cylindrical expandable implant shown in a randomized controlled study to restore kyphotic angle and reduce adjacent-level fractures versus balloon kyphoplasty. The company plans to use the financing to accelerate U.S. commercialization of both products. Benvenue is privately held and was founded in 2004; its stated investors include InterWest Partners, Versant Ventures, DeNovo Ventures, Domain Associates, Esquilime Partners and Technology Partners. The treatments the products address have combined global revenues of $9 billion, which the company cites as the market opportunity. Benvenue Medical develops next-generation, minimally invasive expandable implants for spine repair. Its product portfolio includes the Kiva VCF Treatment System, the Blazer-C Vertebral Augmentation System, and the Luna Interbody System. The Luna system has received the CE Mark and is not currently available in the U.S. The company targets a roughly $9 billion global spine device market with devices for degenerative disc disease and vertebral compression fractures. Founded in 2004 and led by CEO Robert Weigle, Benvenue plans to use new funds to build its U.S. commercial presence, scale manufacturing, expand administrative functions, and provide working capital. The Luna system incorporates Benvenue Medical’s proprietary implant technology. Benvenue Medical is a privately held spinal devices maker based in Santa Clara, California, founded in 2004. The company designs and manufactures minimally invasive spinal repair devices, with its flagship Kiva VCF system offering an implant‑based approach to vertebral augmentation for painful vertebral compression fractures. Benvenue announced data showing Kiva was non‑inferior to balloon kyphoplasty for managing pain associated with osteolytic vertebral body metastases and reportedly eliminated incidents of cement leakage. The Kiva System won FDA 510(k) clearance last month and is available in Europe through distribution by Zimmer. Financially, Benvenue recently closed a $3.5 million financing recorded in a regulatory filing. The funds were raised through sales of debt, rights and securities (or rights to acquire securities) from nine unnamed investors. Benvenue Medical develops minimally invasive solutions for spine repair, focusing on treatments for degenerative disc disease and vertebral compression fractures. Its product portfolio includes the Kiva VCF Treatment System, the Blazer Vertebral Augmentation System, and the Luna Interbody Spacer System. The Kiva system is distributed by Zimmer Spine in Europe and is being evaluated in the KAST clinical trial to support a U.S. 510(k) filing. The Blazer system is commercially available in the U.S., while the Luna spacer received CE Mark approval in 2010 and is enrolling patients in a European post-market study (LIFT). The company intends to use new financing to sustain global commercialization of its three products and to advance initiatives to bring its fusion and VCF products to the U.S. market. Benvenue Medical develops minimally invasive solutions for spine repair, including the Kiva system for treating vertebral compression fractures (VCFs). The company offers three minimally invasive products targeting VCFs and degenerative disc disease (DDD). The Kiva system has been used to treat more than 450 vertebral compression fractures globally. Benvenue intends to use new funding to complete enrollment and patient follow-up in the KAST trial (Kiva System as a Vertebral Augmentation Treatment – A Safety and Effectiveness Trial). The company also plans multiple spine product commercialization initiatives in the U.S. and Europe. Benvenue is led by CEO Robert Weigle and was founded in 2004 in Santa Clara, CA, and is entering a roughly $9bn global spinal device market.

Participated · Series E · Oct 2015

Elcelyx Therapeutics develops therapeutic agents that modulate the neuro‑enteroendocrine system of the gut to amplify hormone release involved in glucose regulation. Its lead candidate, Metformin Delayed Release (Metformin DR), releases metformin in the gut to reduce systemic bioavailability while maintaining glucose‑lowering efficacy and improving tolerability. In two prior Phase 2 studies Metformin DR lowered glucose and was well tolerated in patients with type 2 diabetes. The company has received FDA guidance on late‑stage development of Metformin DR and plans a large Phase 2b dose‑ranging trial followed by two pivotal Phase 3 studies, one of which will include patients with moderate renal impairment. Elcelyx is led by president and CEO Alain Baron, M.D. The company intends to use newly raised funds to start the planned Phase 2b trial enrolling approximately 550 patients. Elcelyx Therapeutics develops products for weight management and obesity-related metabolic disorders, advancing two Gut Sensory Modulators (GSM) into late-stage clinical development. Its pharmaceutical candidate NewMet is a delayed-release formulation of generic metformin. Lovidia is a proprietary mix of GRAS-designated dietary ingredients targeted to the consumer market for OTC weight-loss and metabolic-health applications and as a food additive to promote satiety and lower glycemic index. The company plans to use the new capital to continue development of NewMet and Lovidia. Elcelyx is led by Alain Baron, M.D., President and CEO and was founded in 2010. The company is based in San Diego, CA. Elcelyx Therapeutics, founded in 2010 and led by President and CEO Alain Baron, is a San Diego-based developer focused on weight-loss and diabetes treatments. The company has advanced two product candidates, Lovidia and NewMet, into late-stage clinical development. Lovidia is being developed for use in nutritional supplement, food and beverage applications; NewMet is targeted at patients with Type 2 diabetes. Elcelyx is pursuing private equity financing to support its clinical programs. It raised an additional $4M in a planned Series B extension to fund ongoing and planned clinical trials. The company intends to use the proceeds specifically for clinical trials of its proprietary candidates. According to a regulatory filing, Elcelyx Therapeutics has raised $1.2M in a funding round. The filing indicates the firm was seeking to raise $2.2M in the round. The financing includes Morgenthaler Ventures. The company is headed by Alain Baron, former Senior Vice President of Research at Amylin Pharmaceuticals, who is now an entrepreneur-in-residence at Morgenthaler. Morgenthaler partner Ralph Christofferson also holds a board seat. Details on the funding and the company’s programs have not been announced.

Participated · Series B · Dec 2014

Scioderm, led by CEO Robert Ryan, Ph.D., is a Durham, North Carolina-based clinical-stage pharmaceutical company focused on developing therapies for diseases with critical unmet medical needs, including orphan indications. Its lead product is Zorblisa (SD-101), a proprietary topical therapy being developed for all patients with Epidermolysis Bullosa (EB). The company intends to use the Series B proceeds to fund Zorblisa through completion of U.S. and EU clinical registration programs. Scioderm planned to initiate the clinical trial in the first quarter of 2015 and expected to report top-line results in the second half of 2015. The company emphasizes development of orphan products and advancing its clinical registration strategy. The financing improves Scioderm's near-term runway to execute those planned registration trials. Scioderm is a Raleigh, NC-based clinical-stage pharmaceutical company led by Robert Ryan, Ph.D., CEO and co-founder. The company focuses on developing topical products to address critical medical needs in the treatment of chronic skin diseases. Its lead program is SD-101, a topical cream intended to treat the skin effects seen in patients across all epidermolysis bullosa (EB) subtypes. Scioderm plans to use the new funding to advance SD-101 into clinical development through registration. The company completed a $16M Series A financing to support those plans. As part of the financing, two partners from the lead investors joined Scioderm’s board of directors.

Participated · Equity · Jul 2014

Solexel produces high-performance, lightweight solar PV panels designed to deliver low-cost energy. The company is led by President & Chief Executive Officer Michael Wingert. It raised an equity investment from Riyadh Valley Company, the venture capital arm of King Saud University of Saudi Arabia, which will be used to help transition the company into revenue. The amount of the investment was not disclosed. Solexel is backed by venture investors including Kleiner Perkins Caufield & Byers, DAG Ventures, Technology Partners, Northgate Capital and GSV Capital Corp., and by GAF, the largest roofing materials manufacturer in North America. The company is based in Milpitas, California. Solexel manufactures high-performance, low-cost, lightweight thin-crystalline-silicon solar modules optimized for photovoltaic electricity generation. Its production-format thin-crystalline-silicon cell holds a world-record for efficiency. Solexel’s modules include integrated smart electronics that mitigate the effects of shading, soiling, and snow to enhance real-world performance. The modules’ low material usage and light weight reduce balance-of-system costs and enable installation on weight-constrained residential and commercial rooftops. The company is venture-backed and operates a production facility in Milpitas, California, which it planned to complete using recent financing. Solexel’s products are positioned to make solar-generated electricity more cost-competitive with conventional fossil-fuel electricity sources. Solexel is a Milpitas, Calif.-based manufacturer of lightweight, thin-crystalline-silicon solar modules. Its modules include integrated smart electronics designed to enhance performance by reducing the negative impact of shading, soiling and snow cover. The company is certified by the National Renewable Energy Laboratory (NREL). Solexel recently closed a $31M financing. The company intends to use the funds to begin commercial production of its solar modules. Backers in the financing included a mix of venture and strategic investors.