Participated · Series A · Apr 2025

SecondWave Systems is a clinical-stage medical device company focused on creating noninvasive ultrasound therapies for inflammatory disorders. Its flagship product, the SecondWave MINI™, is a first-of-its-kind wearable device that uses proprietary ultrasound technology to stimulate the spleen and modulate inflammatory responses. The company aims to offer patients and physicians a new option for managing acute and chronic inflammation, including conditions such as rheumatoid arthritis. Current efforts center on clinical studies to validate the platform’s safety and efficacy across multiple inflammatory indications. Proceeds from its ongoing financing will accelerate product development, clinical trials, and eventual commercialization. Based in St. Paul, Minnesota, SecondWave collaborates with an experienced syndicate of medical-technology investors to bring its therapy to market. No revenue or user metrics have been disclosed, reflecting the company’s pre-commercial stage of operations.

Participated · Series A · Jul 2024

RetiSpec develops AI solutions applied to non-invasive retinal images to identify neurodegenerative disease markers and provide real-time results at the point of care. Its first clinically validated AI is intended to predict amyloid burden to aid evaluation for Alzheimer’s disease. RetiSpec’s solutions are currently available for Research Use Only. The company aims to enable widespread early and accurate detection of neurodegenerative disease through a routine eye exam. Leadership is headed by co-founder and CEO Eliav Shaked. The company is based in Toronto, Canada and has raised $17M USD to date.

Participated · Equity · Feb 2024

Niron Magnetics manufactures magnets that substitute iron and nitrogen for rare earth elements. The company is building a plant in Sartell, Minnesota, and is looking for a location for a second plant. It received a $150 million loan from the Pentagon announced by the White House and President Trump as part of broader mining-related funding. The administration framed the investment as a move to reduce U.S. dependence on foreign-produced magnets. Coverage did not disclose revenue, users, or prior funding rounds. The company’s near-term plans center on expanding domestic manufacturing capacity through the Sartell facility and a prospective second plant.

Participated · Series B · Dec 2023

Totus Medicines discovers and develops small molecule medicines using a novel DNA-encoded covalent library technology combined with artificial intelligence/machine learning. Its platform can screen billions of drug candidates against thousands of targets simultaneously, enabling discovery of molecules that may be superior to those found with prior technologies, including candidates for previously undruggable targets. The company plans to advance its clinical program, expand its pipeline, and evolve its platform. Totus closed a $66M Series B financing to support those efforts. The round was led by DCVC Bio with participation from North Pond Ventures, Camford Capital, and the Regents of the University of Minnesota. The company also announced Nassim Usman as President & CEO while co-founder Neil Dhawan will transition to CSO and Head of R&D to continue overseeing the platform, programs, and data. Totus Medicines, a Massachusetts-based biotech, exited stealth after raising $40 million in a Series A to advance PI3Kα-targeted therapies. Its lead candidate, TOS-358, produced tumor regressions in preclinical models of breast, colon, lung, and stomach cancers where other PI3Kα inhibitors showed only mild effects. The company plans to begin clinical testing of TOS-358 in the second half of next year. Totus uses a drug-discovery platform that employs molecular tags to track drug binding in individual cells, enabling screening of billions of molecules across thousands of genes in parallel. The company positions its asset as an improvement on existing PI3Kα inhibitors, citing limited success in under 10% of patients with PI3Kα-mutant cancers. Totus is led by CEO and co-founder Neil Dhawan, Ph.D., who previously co-founded Dual Therapeutics.

Participated · Equity · Jan 2023

Orbital Sidekick operates a constellation-based hyperspectral sensing system and an in-house analytics platform called SIGMA to generate intelligence for pipeline and energy-asset monitoring. Its sensors collect more than 500 spectral channels and deliver roughly eight-meter spatial resolution to detect chemical fingerprints such as gas leaks. The company has flown a breadbox-sized hyperspectral demo on the ISS in 2018 and a 30-kg Aurora tech-demo satellite in June 2021, and it generates revenue today through aerial programs. Orbital Sidekick is planning initial commercial satellite launches (two on SpaceX’s Transporter-7, plus additional launches on Transporter-8 and -9) to build a six-satellite GHOSt constellation before winter. It is also developing defense applications and won a $16 million STRATFI contract from the U.S. Air Force, which the article describes as non-diluted capital that accelerated its plans. The founders, Dan Katz and Tushar Prabhakar, started the company in 2016 in San Francisco. Orbital Sidekick builds and deploys hyperspectral sensors on satellites to provide advanced monitoring solutions for the energy sector and other industries. The company has developed pilot programs and external partnerships, notably with Phillips 66 and the iPIPE Partnership (including Energy Transfer and TC Energy). It is transitioning to expanded satellite operations in 2021 with a path toward full commercialization in 2022 and plans to launch its Global Hyperspectral Observation Satellite (GHOSt) constellation on multiple SpaceX Falcon 9 missions beginning in Q1 2022. Orbital Sidekick is applying its analytics platform to pipeline leak prevention and monitoring, regional fire risk detection, global emissions monitoring, clean energy exploration, and mineral detection. The company intends to use the new funding to expand product offerings, form new strategic partnerships, and introduce its monitoring technology to new industries. Orbital Sidekick is based in San Francisco, CA.