Participated · Series C · Sep 2025

Morse Micro is a Sydney-headquartered fabless semiconductor company specializing in Wi-Fi HaLow silicon solutions that offer up to ten times the range and 100 times the coverage area of traditional Wi-Fi, enabling next-generation IoT connectivity for smart homes, industrial automation, and smart cities. Its product line includes the first-generation MM6108 and the newly released MM8108 chips, as well as the HaLowLink 2 global evaluation platform. In 2025 the company launched its second-generation system-on-chip, moved multiple designs into mass production with leading OEMs, and expanded reference designs and ecosystem partnerships. Morse Micro employs more than 130 people in Australia and maintains offices in the United States, Taiwan, China, India, Japan, and the United Kingdom. The firm positions itself at the forefront of “IoT 2.0,” targeting high-throughput, long-range, and highly scalable deployments. To date it has raised over $193 million in venture funding, which is being used to scale chip production and accelerate international expansion. Management asserts an ambition to become the world’s leading wireless IoT chip company and is preparing for future growth and potential public-market entry.

Participated · Equity · Feb 2021

Judo Bank is a small business-focused neobank that began as a small business lender and has expanded into other banking services. The bank primarily competes with other lenders rather than consumer neobanks. Judo says it is now profitable and has increased its business lending activity by about 80% since March 2020. The company operates in Australia and has raised multiple capital injections to fund growth, including a prior $230 million cash injection in May last year. Leadership emphasizes long-term relationships with investors, noting many backers join after multi-year conversations and observing performance benchmarks. Management frames continued fundraising success as evidence of confidence in Judo's proposition and in the broader SME banking market. Judo Bank focuses on providing loans and deposit services to Australian SMEs. The bank’s core product is SME lending, and it obtained a licence to take deposits last year. Judo now has more than $1.5 billion in deposits and has written more than $1.5 billion in loans, serving around 10,000 customers across loans and deposits. Management says it intends to rapidly grow its national footprint and expand the products and services offered to thousands of Australian SMEs. The company has raised roughly $500 million in equity to date alongside about $450 million in known debt. The Series C pushed its valuation north of A$1 billion (about $653.7 million USD). Judo Bank offers relationship-focused lending tailored to small and medium-sized enterprises, positioning itself against larger banks’ one-size-fits-all approach. The company has recently launched a deposit business to complement its lending activities. It secured wholesale debt lines from Credit Suisse and Goldman Sachs to bolster its funding capacity. Judo completed a second-round equity raise of $400 million, which will support its mission to transform SME lending in Australia. Management says the financing plus debt lines adds substantial depth to the bank’s ability to fund SMEs and grow its business.