Participated · Equity · Nov 2025

Cambridge Photon Technology (CPT) is a deep-tech spin-out from the University of Cambridge that has created a drop-in photon-multiplier layer for conventional silicon photovoltaic modules. The material converts each high-energy photon—normally lost as heat—into two infrared photons that silicon can absorb, thereby lifting panel efficiency by as much as 15 % without any redesign of the underlying solar hardware. Because the film can be integrated into standard module assembly lines, it offers a practical path to surpassing silicon’s ~28 % efficiency ceiling. CPT plans to use its recent funding to expand R&D activities in Cambridge, accelerate material testing with global industry partners, and advance toward pilot deployments. The company is targeting a commercial product launch by 2028 and anticipates a larger Series A round ahead of those pilots. To date, CPT has secured a total of £1.556 million in equity and grant funding to support these efforts.

Led · Series D · Jun 2024

SkyCell develops smart hardware and software for pharmaceutical cold-chain logistics, including insulated "smart containers" and a logistics platform called SkyMind. Its containers use machine learning and sensors to maintain strict temperatures, humidity levels, and vibration control, and the company has begun selling components such as its smart thermometer. SkyCell says its containers are on average about half as heavy as competitors’, which it equates to roughly 50% less CO2 from air transport. The company reports roughly 50% annual growth and moves about $2.5 billion worth of pharmaceutical products and ingredients per month. Customers include pharmaceutical companies and a large network of cargo partners. SkyCell plans to use the new funding to double down on work with companies operating in Asia and the U.S. SkyCell designs and manufactures insulated, “smart” transport containers for temperature-sensitive pharmaceuticals, underpinned by roughly 140 patents. Its latest container version can maintain conditions for up to 180 hours and is paired with an analytics platform that provides recurring revenue and shipment monitoring. The company says it now transports $1.5 billion of pharmaceutical products each month (finished and raw materials), representing hundreds of millions of doses. After pandemic disruptions, SkyCell reports a return to a 40–50% growth rate. The firm is focused on sustainability, aiming to transition to a CO2-neutral supply chain and reduce industry waste tied to disposable solutions. SkyCell is 10 years old and is choosing to remain focused on pharmaceuticals rather than diversify into other temperature-sensitive markets like food. SkyCell designs and manufactures self-charging hybrid containers that maintain stable temperature conditions, deflect shock, and protect temperature-sensitive pharmaceuticals on long journeys. Its containers include embedded IoT sensors and shipment monitoring software that provide worldwide tracking and near-real-time quality oversight. The startup positions its product to reduce risk in transporting biologics and other temperature-sensitive drugs. Following an investment by Lazard Asset Management, SkyCell says it is financially equipped to accelerate innovation and expand its global reach. The company emphasizes growth ambition as a global leader in temperature-controlled container solutions and a trusted partner to pharmaceutical companies worldwide. SkyCell develops smart containers and a SaaS solution (SECURE) to enable safe, secure, and sustainable transportation of temperature‑sensitive pharmaceuticals. Its hardware is designed to predict, reduce, and control risks associated with cold‑chain logistics while the SECURE platform provides end‑to‑end shipment oversight and automated approval capabilities. The company has expanded its global service footprint with new centers in locations including San Francisco, Philadelphia, Seoul, Rome, Toronto, Tokyo, and Ireland. SkyCell significantly increased headcount (45% growth since its previous funding round in April 2020) and is focused on converting a growing pipeline of global pharma and biotech clients. The firm plans to use new funding to grow sales teams, further differentiate its hardware and SaaS offerings, and improve client experience to become a preferred distribution solution for the cold chain. SkyCell builds insulated, instrumented "smart containers" and a software platform to maintain strict temperature, humidity and vibration conditions for pharmaceuticals in transit. Its containers withstand temperatures from -35°C to 60°C and the hardware and software are covered by about 100 patents. The company operates a logistics network using some 22,000 air freight pallets and says its failure rate is under 0.1% while cutting CO2 emissions on a typical shipment by almost half. SkyCell works with eight of the world’s biggest pharmaceutical companies and is in validation trials with another seven. The company was founded in 2012 in Switzerland and counts customers involved in COVID-19 therapeutics and vaccine development among its clients. New capital will be used to expand in the U.S. and Asia and to double its fleet to become the largest pharmaceutical-transportation company globally.

Participated · Series C · Sep 2022

Acelyrin is a late-stage clinical biopharma company led by co-founder and CEO Shao-Lee Lin, MD, PhD, focused on identifying, acquiring, accelerating development, and commercializing promising drug candidates. The company holds global development and commercialization rights to izokibep under an exclusive licensing arrangement with Affibody AB, including rights in the United States, European Union, and Japan (excluding select Asian countries). Acelyrin is advancing izokibep in hidradenitis suppurativa (HS) and uveitis and plans to explore several potential new indications. The company also intends to pursue portfolio expansion through high-value business development opportunities. Financially, Acelyrin completed a $300M Series C financing to fund these development and expansion plans.

Participated · Equity · Nov 2021

Lunit raised capital to acquire Volpara, a breast-cancer screening–focused AI company that serves over 2,000 U.S. medical institutions. The company secured ₩166.5 billion via convertible bonds and will use the funds entirely for the Volpara acquisition. New Zealand’s High Court approved the deal and Volpara’s shares were suspended on the Australian exchange, completing the legal steps; the acquisition will be finalized this month upon payment. Lunit plans post-merger integration (PMI) and intends to begin selling Volpara products globally, centered on the U.S., as soon as late this year. Volpara reported 322억원 (39.41 million NZD) in revenue for 2023 and has exhibited a five‑year CAGR above 50%; its results will be included in Lunit’s consolidated financials from June. Lunit’s CEO stated that M&A approval and funding completion removed uncertainties and will reinforce the company’s position in the global medical AI market. Lunit develops AI-powered solutions for cancer diagnostics and treatment support. The company completed a $150 million paid-in capital increase via a public offering that was fully paid in. Shareholder participation surpassed 100%, and NH Investment & Securities served as the underwriter for the funding. The Board approved the capital raise on August 23 and the process was concluded on November 9. Lunit plans to allocate $52 million to next-generation product development, $15 million to recruiting global talent and labor costs, and $15 million to intangible asset acquisitions. It will also invest $38 million in overseas subsidiaries in the US and Europe and establish a $30 million corporate venture capital (CVC) vehicle for strategic investments. Lunit, led by CEO Brandon Suh, develops AI-powered diagnostic tools for cancer screening and biomarkers that predict and guide which patients respond to specific cancer therapies. Its radiology suite, Lunit INSIGHT, covers chest x-ray and mammography and is available in more than 30 countries. The company distributes its radiology solutions through partnerships with medical device companies including GE Healthcare, Philips, and FujiFilm, and will be offered in the U.S. following recent FDA approval. Lunit raised $61M in pre-IPO funding with backers including HealthQuest Capital (which invested $20M), Casdin Capital, American Cancer Society BrightEdge, Tybourne Capital Management, and NSG Ventures. In addition, Guardant Health made a $26M strategic investment; together the financings bring Lunit’s total secured capital to more than $135M ahead of a planned KOSDAQ IPO next year. No additional operating metrics (revenue/users) were disclosed in the article. Lunit is a Seoul, South Korea-based medical artificial intelligence firm specializing in precision diagnostics and therapies. The company develops AI-powered radiology and pathology solutions using deep learning. Lunit focuses on advanced medical image analytics and data-driven imaging biomarkers. Lunit, abbreviated from "learning unit," is devoted to developing these technologies via cutting-edge deep learning technology. In July 2021 Lunit raised $26M in a Series C led by Guardant Health and Shinhan Investment. The round was backed by Asian investors, including InterVest, IMM Investment, Kakao Ventures, and Legend Capital of Lenovo Group.

Participated · Series B · Aug 2021

CADDi provides an AI data platform for manufacturing companies to manage supply chain data and started as a tech-enabled manufacturing marketplace. The company intends to use recent funding to expand operations and accelerate development efforts. CADDi operates in four countries, including Japan, the United States, Vietnam and Thailand, and serves hundreds of customers such as Hitachi, Kawasaki, Subaru and Tokyo Electron. Founded in 2017 by Yushiro Kato and Aki Kobashi, the company has grown to more than 600 employees globally. CADDi has received backing from investors including Arena Holding, DCM, DST Global, Globis Capital and World Innovation Lab and has raised a total of $202M to date. CADDi operates a B2B marketplace and procurement platform (CADDi Manufacturing) that aggregates orders to lower costs and streamline sourcing for mid‑volume, high‑mix make‑to‑order manufacturers. It also offers CADDi Drawer, an AI‑powered cloud service for managing drawing data launched in June, intended to unlock quality, cost and delivery (QCD) improvements. The company cites a 99.83% on‑time delivery rate, a 99.96% non‑defective rate, and procurement cost reductions of nearly 20% for customers. CADDi says it works with 70% of Japan’s top 20 industrial equipment manufacturers, and CADDi Drawer customers include Tokyo Electron and EBARA. Since its last fundraise the team has grown from about 250 to 590 employees globally. CADDi plans to use the new proceeds to enhance both CADDi Manufacturing and CADDi Drawer and to expand its U.S. workforce, while operating offices in the U.S., Mexico (supplier operations), Vietnam and Thailand. CADDi operates a technology-backed B2B ordering and supply platform for manufacturing and procurement, using an automatic quotation system and proprietary cost-calculation algorithm to match orders to fabricators. Its platform includes automatic cost calculation, optimal ordering, production management and drawing management systems, and claims 10%–15% cost reductions and stable capacity for partners. The company serves more than 600 Japanese supply partners and says latest orders have grown more than six times year-over-year. CADDi plans to commercialize its internal drawing management tool as a Drawing Management SaaS and to expand into Southeast Asian markets where many Japanese customers have subsidiaries. The startup intends to hire 1,000 employees within three years and has a stated goal of generating sales of USD 9.1 billion by 2030. As of March 201, the company had 102 employees.