Participated · Series C · Aug 2026

Founded in 2021 and headquartered in Mountain View, Muon Space builds end-to-end satellite constellations by integrating spacecraft, payloads, software, operations, and data into a single Mission Foundry platform. In the first half of 2026 the company launched seven satellites, bringing its total to 11 satellites deployed across six launches with a 100% mission success record. Muon recently opened an advanced manufacturing facility in San Jose designed to produce up to 500 satellites annually by 2027 and currently has over 50 satellites in development, including 13 already manifested for launch over the next year. The company serves commercial, government, and international sovereign customers and is bringing multiple customer constellations into operation in 2026, including Vindlér® 2.0 for SNC and FireSat developed with Earth Fire Alliance and Google.org. Muon is also investing in on-orbit AI compute, advanced payloads, and real-time ultra-high-bandwidth connectivity partnerships to expand its mission capabilities.

Participated · Equity · Aug 2026

Avere Therapeutics is advancing AVR-001 (HS-20118), a cyclic peptide IL-23R antagonist designed for once-weekly oral dosing to treat inflammatory diseases including plaque psoriasis, ulcerative colitis, and Crohn's disease. AVR-001 was licensed from Hansoh Pharmaceutical under an exclusive ex-Greater China agreement signed in June 2026 that included $120 million in upfront payments, up to $2.18 billion in development and sales milestones, and mid-single- to low-double-digit royalties. Hansoh generated Phase Ib data in moderate-to-severe plaque psoriasis showing Week 4 and Week 8 PASI and PASI 75 responses comparable on a cross-trial basis to once-daily icotrokinra, and reported a plasma half-life for AVR-001 of approximately 100 hours supporting once-weekly dosing. Avere announced a $500 million private placement (in addition to a $320 million concurrent placement tied to its merger with NextCure) and said the combined $820 million in pre-merger capital should fund the company's operating plan through 2029. The company is merging with NextCure and, upon closing in the second half of 2026, the combined company will trade on Nasdaq as AVRX with Hansoh expected to hold between 30% and 40% of the combined company and to appoint two directors to the board.

Participated · Series G · Aug 2026

Whatnot is a live commerce marketplace launched in 2019 that connects buyers and sellers through live-streamed auctions and sales. The platform has expanded from a collectibles focus into hundreds of categories, including trading cards, designer goods and fresh food. Whatnot has crossed one billion orders on its platform and has grown significantly since its Series C in 2021. The company has raised about $1.5 billion in total funding to date, culminating in the $545 million Series G that values it at $20 billion. Whatnot has faced scrutiny over gambling-like spending on the platform and says it bans raffles and lotteries and enforces seller controls. Company leadership has discussed careful management of valuation and signaled a preference to remain private as long as practical while preparing for the possibility of an eventual IPO.

Participated · Series B · Jul 2026

Crystalys is advancing dotinurad, a next-generation, once-daily oral URAT1 inhibitor positioned as a second-line therapy to reduce uric acid, gout flares and tophi. Dotinurad was invented by Fuji Yakuhin and has regulatory approvals in Japan, China, the Philippines, Taiwan and Thailand, with supporting clinical data from those markets. The company is conducting the JEWEL clinical research program, which includes the Phase 3 RUBY and TOPAZ trials and the Phase 2 AMETHYST study to evaluate safety and efficacy across a broad spectrum of gout patients. Crystalys aims to position dotinurad as a best-in-class option for safety and efficacy and is preparing for global commercialization. The company is headquartered in San Diego and was co-founded by Catalys Pacific and Novo Holdings. With the announced $130 million Series B, Crystalys has increased its financial runway to support late-stage development and commercial readiness.

Participated · Series B · Jul 2026

Flex positions itself as a private bank for high-net-worth and middle-market business owners, providing multi-currency accounts, stablecoin payment systems and wallets, institutional USD accounts, private credit, business cards across entities, and an AI finance agent called Beacon. The company has launched Flex Global, a stablecoin-powered banking service available in more than 100 countries, with multi-currency accounts in 76 countries supporting 32 currencies. Flex reports strong growth metrics: annualised total payment volume exceeding $10 billion, annualised revenue now in nine figures after tripling since December, and customers using an average of four or more products. Its largest client categories by count are construction, wholesale, and multinational businesses, and it targets an estimated 350,000 high-net-worth business owners in the U.S. and about 3 million worldwide. Flex plans to expand into business finance, personal finance, payments, private credit, and ERP, and to roughly double headcount from ~110 to over 200 within the year.