The Venture Codex

Led · Seed · Oct 2024

Mithradote Bio is developing M-101, a novel sublingual self‑administered antidote designed to rapidly absorb and neutralize a spectrum of drugs used in drug‑facilitated sexual assault. The company positions M-101 as a convenient sublingual strip that can be taken when someone suspects they have ingested a “date‑rape” drug. With seed funding and strategic partners, Mithradote intends to advance development of M-101 and to initiate an additional pipeline program. Mithradote announced an oversubscribed $1 million seed round co‑led by Taho Pharma and Vickers Venture Partners and supported by strategic development agreements. Haorui Pharmatech is engaged for API manufacturing and Taho Pharma is partnering on an oral delivery formulation. The company’s stated mission is to develop safe and effective products that protect intended targets of drug‑facilitated sexual assault.

Participated · Series C · May 2024

Aardvark Therapeutics, led by CEO Tien Lee, M.D., is a clinical-stage biopharmaceutical company focused on developing novel small-molecule therapeutics that activate innate homeostatic pathways for metabolic diseases, inflammation, and other indications. Its lead compound, oral ARD-101, is a potent bitter taste receptor (TAS2R) pan-agonist that stimulates enteroendocrine cells of the digestive tract to release multiple gut-peptide hormones including GLP-1 and the satiety hormone cholecystokinin (CCK). ARD-101 has demonstrated an ability to reduce hunger when used alone or in combination with currently available GLP-1 therapies, and based on promising clinical data the FDA has granted the drug both Orphan Drug designation and Rare Pediatric Disease designation in Prader-Willi Syndrome. The company intends to use the Series C proceeds to complete the clinical trials required for regulatory approval of ARD-101 for hyperphagia in PWS and to demonstrate ARD-101’s complementary mechanism of action to current GLP-1 therapies in the treatment of obesity. Aardvark also plans to advance other pipeline programs with the financing. The company is based in San Diego, CA. Aardvark Therapeutics, led by CEO Tien Lee, M.D., is a San Diego-based clinical-stage biopharmaceutical company focused on developing and commercializing novel small molecule therapeutics to activate innate homeostatic pathways for metabolic diseases. Its lead compound, ARD-101, is a first-in-class small molecule TAS2R pan-agonist that demonstrated safety in Phase 1 human trials. ARD-101 has shown beneficial effects in animal models of obesity, hyperphagia, diabetes, hyperlipidemia, and inflammation. The company plans to use newly raised capital to complete three Phase 2 clinical trials of ARD-101 and to advance several potential additional formulations for major indications. Founded in 2017, Aardvark has multiple other programs in its pipeline and has already partnered one program to Sorrento Therapeutics. The company completed a $29M Series B financing to fund these activities.

Participated · Equity · Oct 2023

Eavor Technologies develops and deploys patented Eavor-Loop™ closed-loop geothermal systems that circulate a benign working fluid through underground drilled passages to create a continuous heat exchanger. The technology is designed to provide a consistent, resilient source of clean energy without the intermittency of some renewables and with a smaller environmental footprint than traditional geothermal. Led by President & CEO John Redfern, the company aims to scale deployment of its technology using the newly raised capital. Eavor intends to use the proceeds to accelerate development and deployment of its geothermal solutions. No operating metrics were disclosed in the article. Eavor Technologies, headquartered in Calgary, Alberta, develops Eavor-Loop™, a closed-loop geothermal system that circulates a benign working fluid isolated from the environment through a massive subsurface radiator to collect heat via conduction. The company positions the solution as scalable, clean, dispatchable, baseload-capable and flexible for heat and power. OMV AG has entered a commercial agreement with Eavor to pursue large-scale deployment in Europe and beyond, receiving preferred licensing terms, access to services and development support. OMV will initially focus on deployment in Austria, Romania and Germany. Eavor and its project partners will begin drilling operations at the Eavor-Europe site near Geretsried, Bavaria this summer, the world’s first commercial implementation of an Eavor-Loop™. Financially, Eavor completed the first close of a €34m (C$50m) Series B equity funding round with follow-on investments from bp Ventures, Eversource Energy and Vickers Venture Partners, and Chubu Electric Power concurrently converted its debenture. Eavor develops the Eavor-Loop, a closed-loop subsurface radiator that circulates a benign working fluid isolated from the environment to collect geothermal heat by conduction. The company positions the technology as the world’s first truly scalable form of clean, dispatchable, baseload-capable and flexible power. In 2022 Eavor completed the Eavor-Deep™ demonstration in New Mexico, drilling a two-leg multilateral well to 18,000’ TVD and ~250°C and achieving key technical and operational milestones. Eavor says those results, together with prior proof of concept at the Eavor-Lite™ site in Alberta, validate the elements required to construct and operate commercial Eavor-Loops. The company has a stated goal of reaching sub US$60 per megawatt-hour costs and enabling widespread global scalability. Eavor has received equity support from a range of energy and venture investors, including bp Ventures, Vickers Venture Partners, BDC Capital, Temasek, Chevron Technology Ventures, BHP Ventures, Helmerich & Payne, Precision Drilling and Chubu Electric Power. The recent disclosed financings include a CAD$10M follow-on from bp Ventures and additional equity from Helmerich & Payne. Eavor Technologies commercializes the Eavor-Loop™, a completely closed-loop geothermal system that circulates a benign working fluid through a large subsurface radiator to collect heat via conduction. The design avoids conventional geothermal exploration risk by relying on conduction rather than resource-dependent reservoirs, aiming to provide long-term, predictable, and dispatchable baseload power. Eavor positions the technology as highly scalable and independent, suitable for global deployment and local energy autonomy. The company is moving into first projects and a global commercialization phase and says strategic partners will be important in that transition. Eavor has received equity support from multiple global energy and investment partners, which it cites as endorsements of its commercialization strategy. The article does not disclose revenue, user, or other operating metrics. Eavor Technologies builds and commercializes Eavor-Loop™, a closed-loop geothermal system that circulates a benign working fluid through subsurface wellbores to harvest the Earth’s natural heat and generate zero-emission dispatchable power. The technology is described as a ‘‘go anywhere’’ scalable solution that can function as both baseload power and a form of energy storage complementary to wind and solar. Eavor says its system can directly replace traditional baseload sources such as coal and nuclear because of its consistent heat harvesting. The company completed a USD$40 million (CAD$50.7 million) funding round to support commercialization and to scale its project pipeline. Proceeds will also bolster ongoing R&D aimed at driving Eavor-Loop’s cost down to universally competitive levels. Eavor has stated a goal to power the equivalent of 10 million homes by 2030 and is headquartered in Calgary, Alberta.

Led · Series B · Sep 2023

Awak Technologies is a Singapore-based patient-centric medical technology company led by CEO Suresha Venkataraya. Its core product is an ultra-portable peritoneal dialysis system that enables kidney disease patients to undergo dialysis at home or on the go. The company’s patented technologies regenerate and reconstitute waste dialysis fluid into usable fluid, reducing the amount of dialysis fluid needed by up to 90% and enabling miniaturisation of the machine to fit into a small carry bag. Awak plans to use the recent funding to complete an ongoing human pre-pivotal clinical trial, further enhance its products and portfolio, and advance toward a US-based pivotal trial and eventual US launch. The company has offices in Burbank, California and Bengaluru, India. The Series B financing (over USD$20M) supports these clinical and commercialisation efforts. AWAK Technologies develops the AWAK PD, a wearable, ultra‑portable sorbent‑based peritoneal dialysis device that removes uremic toxins from spent dialysate and reconstitutes used fluid into fresh fluid in real time. The device is lightweight (a couple of kilograms), designed for patient self‑administration without medical supervision and aims to eliminate dependence on large dialysate volumes, continuous water supply and costly water treatment. AWAK completed a first‑in‑human study in October 2018 with no serious adverse events and demonstrated effective waste removal, and the device has received FDA Breakthrough Device Designation. Proceeds from the recent financing will be used to complete a pivotal clinical trial, strengthen R&D, and prepare for manufacturing and commercialisation, with AWAK expecting to initiate a pivotal study in the next 12–18 months while engaging global regulators. The company is headquartered in Singapore with an office in Burbank, California. Financially, AWAK closed an oversubscribed US$40M financing in 2019 — the largest medtech fundraise in Singapore and among the largest in Southeast Asia — bringing total funding since inception to more than US$60M. AWAK Technologies is a Singapore medtech startup focused on developing solutions for patients with end-stage renal disease. Its core work centers on medical technologies aimed at treating or managing end-stage renal failure. The company recently secured an $11.2 million investment led by Accuron MedTech. Accuron MedTech is a division of Accuron Technologies Limited, a wholly‑owned subsidiary of Temasek Holdings. The article does not disclose the financing instrument, participation of additional investors, past rounds, revenues, or other operating metrics. The reported funding represents institutional backing from a Temasek‑linked investor as AWAK advances its medtech efforts.

Led · Series B · Nov 2020

SiSaf is a UK-headquartered biotech startup that develops drugs using Bio-Courier technology. The company focuses on drug development leveraging its Bio-Courier platform. It has raised $13.2 million in a Series B round. The Series B was led by Singapore-based Vickers Venture Partners. The funding details were reported via an announcement; no additional financial terms or participants were specified in the article. SiSaf is a UK-headquartered commercial-stage biopharmaceutical company pioneering ProSilic, a patented bio-courier technology that combines porous silicon and liposomes. ProSilic is designed to improve stability, solubility, bioavailability, release and routes of administration for a wide range of molecules. The company has a dermatology-focused pipeline and also operates subsidiaries in cosmetic skincare and nutraceuticals. SiSaf says it does not discover new drugs but formulates existing ones to enhance efficacy and reduce limitations such as poor solubility or stability. The company recently showcased ProSilic at the South Beach Symposium and plans to use new funding to accelerate development of its dermatology programs. No revenue or user metrics are disclosed in the article. SiSaf develops next-generation silicon nanotechnology for drug delivery. The company is described in the article as a silicon nanotechnology drug delivery specialist. The fundraise was reported from Singapore. Vickers Venture Partners, a VC firm with a global footprint, led the financing. Exen Capital participated in the round, and Invest Northern Ireland, an earlier investor, followed on. No operating metrics or uses of proceeds were disclosed in the article.