Participated · Series C · Nov 2024

Netronome develops the Open Appliance platform which combines hardware co-processors and software to accelerate network appliances for security, WAN and LAN application optimization. The platform installs hardware acceleration co-processors into standard IA/X86 servers via a PCI Express interface to deliver higher performance with lower power consumption. It also supports virtualization of appliances, enabling consolidation and flexible configuration of appliance functions in data centers without degrading performance. Netronome says it already ships product to customers. The company was founded in 2003 by Niel Viljoen, David Wells and Johann Tönsing and has headquarters in Pittsburgh, PA with offices in Cambridge, UK and Centurion, South Africa. The stated strategic focus is to accelerate its virtualization vision and scale adoption of the Open Appliance platform. Netronome designs flow processors and acceleration platforms used in carrier-grade and enterprise communications products for deep packet inspection, flow analysis, content processing, virtualization and security. Its product portfolio scales from 1 to 400 Gbps and includes the recently disclosed sixth-generation NFP-6xxx flow processor line. The NFP-6xxx is built using Intel’s 22nm 3D tri-gate technology and is powered by 96 packet processing cores, 120 multi-threaded flow processing cores and over 100 hardware accelerators, targeting 10–400 Gbps network designs and delivering up to 200 Gbps performance. Netronome plans to use the new financing to expand its software and customer engineering organizations to support rapidly growing design-wins in cyber-security, software-defined networking and mobile networking applications. The company reported outstanding revenue growth and customer design wins in 2012 and said the financing will provide resources necessary to reach profitability. Netronome develops products in labs in Santa Clara, CA, Boxborough, MA and Pittsburgh, PA and emphasizes partnerships and ecosystem support for its flow processors. Netronome develops semiconductor products for intelligent flow processing in network and communications devices. Its solutions include network flow processors and acceleration cards that scale from 10 to 100 Gbps. Netronome’s products are used in carrier-grade and enterprise-class communications products that require deep packet inspection, flow analysis, content processing, virtualization and security. The company develops products in labs in Santa Clara, CA, Boxborough, MA and Pittsburgh, PA. Netronome closed a $23.0M Series D round led by DFJ Esprit, with participation from Raptor Group, Tudor Ventures, Top Technology, Robert Sansom, Eric Cooper and David Cleevely. The company said the funds will enable expansion of global operations in sales, marketing and manufacturing.

Participated · Series G · Nov 2021

Farmers Business Network (FBN) is an agricultural marketplace serving a network of over 117,000 farms across 187 million acres in the U.S. and Canada. The platform offers more than 7,200 products and delivers most orders within 24 to 72 hours; 35% of farmers shop with FBN and online input purchases are up 86% year-over-year. FBN has launched "Norm," a Large Language Model focused on agronomy and crop marketing inquiries, with plans for broader personalized support. The company is expanding private-label crop protection, biologicals, and nutrition offerings and enabling third-party sellers to reach members directly. FBN opened its marketplace to third-party seed offers and is growing its livestock marketplace with new feed, fencing, and farm and ranch supplies. In Canada, FBN expanded its wheat crop protection portfolio, added bulk liquid fertilizer and equipment financing, and plans to open two new distribution centers in 2026. Management states a goal to reduce a farm’s operating costs by 20% or more compared to brick-and-mortar retail. Farmers Business Network (FBN) operates a farmer-to-farmer agtech platform that offers FBN Direct (direct-to-farm inputs), FBN Financial (fintech and lending), ecommerce purchasing, and logistics. The company serves a network of more than 33,000 farmers who farm over 80 million acres across North America and Australia and employs over 800 people. FBN emphasizes price transparency on crop protection products, biologicals, seeds, technology, and services and runs on-farm R&D through its R&D Network. The company is investing in IP and technology for seed breeding, crop protection, biologicals, and robotics, and is expanding its Gradable platform to measure and verify carbon scores for grain and other crops. FBN plans to scale its fintech offerings with new land, operating and equipment loans and insurance products and to grow its direct-to-farm agriculture logistics network. It intends to hire over 350 new team members and use proceeds for general corporate and working capital purposes. Farmer’s Business Network (FBN) operates a direct-to-farm ag‑tech platform and farmer-to-farmer network that provides ecommerce purchasing, transparent pricing on inputs, and farm-focused services. Its FBN Direct range includes seed, crop protection and biologicals designed to reduce farmers' cost of production. FBN is building out a Crop Marketing and Financial Services (CMFS) platform to help farmers manage risk and access insurance, loans, marketing tools, and sustainability-related premiums and incentives. The company also offers financing options and timely pricing data to improve decision-making and competition in the supply chain. FBN has over 12,000 members farming more than 40 million acres across the U.S. and Canada, recently launched operations in Australia following the acquisition of Farmsave, and employs over 600 people. Offices are located in San Carlos, Calif.; Chicago, Ill.; Sioux Falls, S.D.; with a Canadian headquarters in High River, Alberta and an Australian headquarters in Perth. Farmers Business Network (FBN) operates a subscription-based, members-only social network that lets farmers share seed and crop data and upload and analyze data from drones, satellites, mobile apps and on‑ground sensors. Members pay $600 per year for access to pooled data and insights that help them choose seeds, pesticides and vendors. FBN also runs an e-commerce arm, selling herbicides and fungicides it sources directly and warehouses in nine company-owned facilities. The company has developed a marketing product to connect farmers with buyers for specialty crops; its members represent just shy of 5,000 farms managing roughly 16 million acres. FBN employs about 200 people across the U.S., is three years old, and is headquartered in San Carlos, California. Management says it will use new capital to hire, accelerate the business, push more aggressively into Canada, and possibly create some of the products it currently sells, while remaining a “data network first and foremost.” Farmer's Business Network began as a professional network for farmers and agronomists to anonymously share what they pay for seeds, fertilizers and other inputs and to exchange effectiveness information. The company applies crowdsourced price transparency to help farmers negotiate fairer prices and says it can save members up to 50% on inputs purchased through its service. FBN Direct (formerly FBN Procurement) lets users buy roughly 500 farm chemicals, fertilizers, seeds and seed treatments at prices members set; FBN sources products at those prices. Members can pick up supplies at nearby warehouses or have them shipped to their farms. The company announced a $40 million Series C this round, bringing total capital raised to $88 million. Investors named in coverage include GV and DBL Partners, Bow Capital, and earlier backers Acre Venture Partners and Kleiner Perkins Caufield & Byers.

Participated · Equity · Aug 2021

PepGen develops Enhanced Delivery Oligonucleotides (EDOs) to treat neuromuscular and neurologic diseases, using peptide-conjugated antisense oligonucleotides to improve delivery to multiple muscle tissues including cardiac tissue. Its lead DMD program, EDO51, aims to induce exon 51 skipping and is planned to enter Phase 1 trials in 2022; preclinical data suggest higher exon-skipping and dystrophin production at lower doses than existing therapies. The lead DM1 program, EDODM1, is designed to block toxic CUG repeats and is expected to enter clinical trials in early 2023. PepGen plans to expand its DMD program to additional exon-skipping populations and build a broader pipeline of oligonucleotide candidates for neuromuscular and neurologic diseases. The company is headquartered in Boston and will use recent proceeds to advance programs into the clinic and expand its team. Financially, PepGen announced an oversubscribed $112.5 million crossover financing following a $45 million Series A in December 2020. PepGen develops next-generation cell-penetrating peptides conjugated to phosphorodiamidate morpholino oligomers (PPMOs) to improve delivery and safety of oligonucleotide therapies. The platform is designed to enhance tissue distribution, notably achieving strong cardiac penetration unlike some competing approaches. Lead programs target Duchenne muscular dystrophy (DMD) and a pipeline of rare neuromuscular, neurologic, and primary cardiac conditions with severe cardiac manifestations. The company aims to advance its PPMO candidates into the clinic using the newly raised capital. PepGen emphasizes improved cellular uptake while engineering out prior safety signals associated with peptide delivery approaches. Its corporate headquarters will be in Boston while its research hub remains in the UK.

Participated · Equity · May 2021

Caris Life Sciences is a next-generation AI TechBio company and precision medicine pioneer that provides comprehensive molecular profiling through Whole Exome and Whole Transcriptome Sequencing. The company launched MI Cancer Seek after receiving FDA approval; it is the first and only simultaneous WES/WTS-based assay with FDA-approved CDx indications for molecular profiling of solid tumors in adult and pediatric patients. In 2024 Caris commercially launched Caris Assure, a minimally invasive, blood-based assay using a circulating Nucleic Acid Sequencing (cNAS) approach to analyze cell-free DNA and RNA as well as genomic DNA and mRNA from white blood cells to distinguish somatic tumor, incidental clonal hematopoiesis and incidental germline variants. Caris combines sequencing power, big data and AI/machine learning to build a large-scale, multimodal database and computing capability to analyze the molecular complexity of disease. The company says it will use its platform to deliver next-generation precision medicine tools for early detection, diagnosis, monitoring, therapy selection and drug development and to bring its science and technologies to more patients. Financially, Caris closed a $168 million growth capital round and has raised $1.86 billion in capital since 2018. Caris Life Sciences develops comprehensive molecular profiling that analyzes DNA (whole exome sequencing), RNA (whole transcriptome sequencing), and protein biomarkers to reveal a patient’s molecular blueprint for selecting therapies. The company applies sophisticated AI and machine learning to identify proprietary signatures that classify cancer at the molecular level and predict patient response. Caris maintains a molecular database of over 455,000 tumor profiles, including more than 350,000 profiles with matched molecular data and clinical outcomes. Founded in 2008, the company positions itself as a leading innovator in precision medicine. Caris plans to use new capital to repay outstanding debt, enhance its precision medicine platform, and for general corporate purposes. Since 2018 the company has raised approximately $1.7 billion in capital. Caris Life Sciences provides molecular profiling services that assess DNA, RNA and proteins to create a molecular blueprint that supports personalized cancer treatment decisions. The company combines its service offering, Caris Molecular Intelligence®, with its proprietary AI analytics engine, DEAN™, to analyze the whole exome, whole transcriptome and complete cancer proteome. Caris couples these molecular data with mature clinical outcomes on thousands of patients to generate insights for patients, physicians, payers and biopharmaceutical organizations. The company is headquartered in Irving, Texas and has offices in Phoenix, Denver, New York and Basel, Switzerland, providing services across the U.S., Europe, Asia and other international markets. David D. Halbert leads the company as Chairman and CEO. The business emphasizes integrating molecular science and artificial intelligence to advance precision medicine. Caris Life Sciences develops molecular profiling and analytics to guide precision oncology decisions, offering whole exome and whole transcriptome sequencing and proteome analysis. Its product suite includes MI Exome™ and MI Transcriptome™ sequencing, Caris MAI™ (Molecular Artificial Intelligence) and the DEAN™ analytics engine. Caris Pharmatech provides Just-In-Time clinical trial solutions and a network of over 200 research-ready oncology sites to speed site activation and patient enrollment. Headquartered in Irving, Texas, the company also has offices in Phoenix, Denver, New York and Basel and serves markets in the U.S., Europe, Asia and other international regions. The company will use new capital to fund continued growth in precision medicine, accelerate product development and pursue initiatives in the clinical trial and biopharmaceutical markets. Caris is led by Chairman and CEO David D. Halbert. Caris Life Sciences is an Irving, Texas-based provider of molecular science focused on precision medicine through molecular profiling of DNA, RNA and proteins. The company advances a suite of offerings including Caris Molecular Intelligence®, the ADAPT Biotargeting System™, and the DEAN™ AI analytics engine that together support its Next Generation Profiling™. Next Generation Profiling™ aims to analyze the whole exome, whole transcriptome and complete cancer proteome and couple that molecular data with mature clinical outcomes to deliver more precise treatment recommendations. Caris offers services throughout the U.S., Europe, Asia and other international markets. Led by Chairman and CEO David D. Halbert, the company plans to continue development of Next Generation Profiling™ and expand commercial, clinical and R&D laboratory capacity. In January 2018 it raised $150M in funding provided as senior secured debt and convertible notes to support development and other strategic initiatives.

Participated · Series D · Apr 2021

Deep Instinct is the first company to apply deep learning to cybersecurity, offering a natively architected, prevention-first threat prevention platform. The company says its platform stops >99% of threats before other solutions see them, reducing detection noise and false alert storms. Deep Instinct positions its product to improve SOC team productivity and lower total cost of ownership for customers. The firm intends to use investor support to accelerate growth and drive adoption of a prevention-first model across enterprises. It currently protects customers across North America, Europe, and APAC; enterprise customers tripled in 2022 and it has strategic wins with numerous Global 2000 companies. The article does not disclose revenue or other financial metrics. Deep Instinct offers a prevention-first cybersecurity platform that applies deep learning to stop ransomware and other malware across hybrid environments. Its Deep Instinct Prevention Platform is designed to add multilayered protection to existing security stacks. The company says it will use the new funding to further penetrate the market. Deep Instinct raised $62.5M in the reported financing. As part of the announcement, Lane Bess—who has more than 35 years of experience in cybersecurity and was formerly CEO of Palo Alto Networks and COO of Zscaler—took over as CEO effective immediately. Co-founder Guy Caspi moved from CEO to Board Chair and became Chief Product Officer. Deep Instinct offers an end-to-end deep learning framework and platform designed to predict, prevent, and analyze cyberattacks across endpoints and networks. Its platform is positioned to protect organizations at multiple touchpoints and has expanded enterprise adoption rapidly. The company reports protecting customers across North America, Europe, and APAC, with enterprise customers tripling in the prior year and strategic Global 2000 wins in Q1 2021. Led by CEO Guy Caspi and Chairman Lane Bess, Deep Instinct intends to use the new funds to accelerate its growth plans for 2021 and beyond. The company has raised a total of $200M to date following this round. Deep Instinct applies deep neural network algorithms to cybersecurity, using end-to-end deep learning to identify and stop known and unknown malware, including zero-days and advanced persistent threats. Its system ingests raw data from servers, mobile devices and endpoints and is largely autonomous, with automated processes handled by its "deep learning brain." The company sells primarily to enterprise customers, both directly and via partners such as HP, which bundle or resell its solutions. Deep Instinct emphasizes cross-OS protection and claims higher detection and lower false positives than traditional machine-learning approaches that rely on human feature extraction. Management says the product can prevent first-seen, unknown attacks and is already used to counter rising spyware, ransomware and file-less attacks. The longer-term plan is to build a consumer-facing version of the product. The company is profitable, and highlights strategic relationships with large tech partners. Deep Instinct is a Palo Alto, Calif.-based company that applies deep learning to cybersecurity. Led by CEO and co-founder Guy Caspi, the company offers a deep learning platform that detects malicious behavior across multiple vectors and provides adaptive defenses for endpoints, servers, and mobile devices. The company raised $32M in a Series B financing led by CNTP, with participation from strategic investors including Nvidia, Coatue Management, and existing investors. It plans to use the funds to accelerate deployments in the U.S. and global markets. Mohsen Moazami, founding MD of CNTP and a former Cisco executive, was added to Deep Instinct’s board of directors in connection with the round.