Participated · Series A · Jul 2025

Dakota is a crypto-integrated business banking platform that enables companies to hold and transfer funds in USD or stablecoins while accessing ACH, Fedwire, SWIFT, and SEPA. The platform leverages blockchain to enable near-instant, verifiable transfers and keeps customer funds fully reserved and under the client's control, backing deposits 1:1 with U.S. Treasuries. Since launching in 2023, Dakota has attracted over 500 business customers and is processing billions of dollars in annualized transaction volume. With recent product launches, the company has rolled out virtual corporate cards with custom spend controls and added international payment network support. Dakota is expanding onboarding across 100+ jurisdictions, including the UK, EU (under MiCA), Singapore, and Latin America. Leadership is focused on growing the customer base, securing additional banking partnerships, and investing in compliance and regulatory efforts as stablecoin frameworks evolve.

Participated · Series D · Oct 2010

Innovalight develops and supplies silicon ink–based high-efficiency solar cell materials and related technology for solar-cell manufacturers. The company focuses on proprietary silicon ink production to improve cell performance. It announced an $18M injection of additional capital to support expansion. The funds are earmarked to expand silicon ink production capacity for customers. CEO Conrad Burke said the capital will allow Innovalight to expand sufficiently to support numerous customer engagements. The company added EDB Investments and Vertex Venture Holdings to an existing syndicate of investors. Innovalight uses liquid processing of silicon to produce nanosize solar particles that form printable solar modules. The company says its silicon "ink" can be painted onto surfaces and is more efficient than crystalline wafers while costing less than conventional panels. Innovalight is advancing development of these flexible, ink-like modules from its Sunnyvale, Calif. base. Financially, the company received $5 million in new financing and had taken in $28 million the previous year for the same project. Past investors include Apax Partners, ARCH Venture Partners, Harris & Harris Group, Sevin Rosen Funds and Triton Ventures. Innovalight competes with other flexible-solar companies such as Konarka, Nanosolar, Miasole, Solyndra, SoloPower and Heliovolt, some of which have raised hundreds of millions for thin-film approaches.

Participated · Equity · Jul 2008

A10 Networks provides application networking and security solutions, including the A10 Thunder Series of Application Delivery Controllers released in May. The Thunder Series is designed to consolidate premium feature modules and increase data center scalability and efficiency. Founded in 2004 by CEO Lee Chen, the company is based in San Jose, California and employs about 600 people across offices in 23 countries. A10 said it will use recent financing to fund R&D, customer support, sales and marketing and to grow its global workforce. The company focuses on accelerating, optimizing and securing applications for enterprise data centers. A10 Networks builds web application delivery products such as server load balancers, bandwidth management appliances, and network identity management appliances. The company is based in San Jose, Calif. Its product portfolio targets application delivery and network performance. A10 reported winning more than 100 new customers since the beginning of the year. The company completed a $23 million third round of funding to support its business. A10 had previously raised $16 million in earlier financings.