[Last Updated on Friday 8/27/2021]
My wife Lisa and I are active “angel” investors and advisers. We have invested in 19 different companies since 2003, and we have 15 active investments in biotechnology (5), hardware (3), software (6), and space launch (1). Our first two investments were disasters. DreamBox Learning gave us a slight return. And we had nice wins in Azuqua and AppSheet. I have also advised many different start-ups.
www.BlazeBioscience.com (12/2015) TumorPaint™, for cancer surgery; pursuing FDA approval for pediatric brain cancer first. Blaze discovered a small protein from the venom of the Israeli Death Stalker Scorpion that sticks to cancer cells. They added a molecule that glows green under near-infrared light, and they have a surgical microscope + light source that enables the surgeon (pediatric brain cancer, breast cancer, lung cancer, …) to see the tight margins on large tumor masses AND identify the little metastases that would escape CT PET scans.
4/2020: FDA grants Fast Track designation to BLZ-100.
www.CyrusBio.com (2/2017) started out as a SaaS version of Baker’s Rosetta protein modeling/design software. They have shifted recently to redesigning several FDA-approved drugs. These particular drugs have high immunogenicity, and so cannot be effective/tolerated for very long. Cyrus aims to redesign these existing drugs to maintain their effectiveness while simultaneously vastly reducing their immunogenicity.
7/2017: $8M funding round.
www.LumenBioscience.com (10/2019) is able to produce complex proteins in Spirulina. Their first aim is a pill that travelers can consume prophylactically with meals to avoid sickness from Campylobacter, C. Diff, E. Coli, and Norovirus. Lumen produces 5 different camelid VHH antibodies in Spirulina, and these either attack these organisms or bind to their poisons, plus lysins to attack the organisms. Spirulina is GRAS by the FDA. And Lumen got lucky: the dried spirulina husks protect these delicate antibodies from stomach acids and enzymes, so they survive into the intestine where they do their work.
9/2020: $16M Series B.
www.TwinstrandBio.com (2/2019) has a patented technology that reduces the error rate of PCR + gene sequencing from 1 in 100 base pairs to 1 in 10M base pairs. Many applications, including testing blood for trace amounts of markers for serious diseases.
5/2021: $50M Series B
11/2020: Foundation Medicine licenses TSB patent families
1/2020: $16M Series A.
www.DirectedMachines.com (10/2018) autonomous electric farm tractor, <$20K, mowing, trimming, grading, and hauling. Computer vision and ML are very important to accurate navigation and safety. See the videos.
www.OneTrack.ai (5/2019) improves safety, accuracy, and efficiency of forklifts in large warehouses. Founder/CEO is Northwestern BS CS’17. Lots of computer vision/ML code. Hardware mounts on forklift, two cameras (up/down), cellphone guts, provides real-time tracking (surprisingly rare: a 1M sf warehouse can employ 60-80 forklifts). Integrates with existing Warehouse Management Systems software.
www.AdLightning.com (6/2020) scans publisher websites (NYPost, Slate, etc.) for bad ads and provides bad ad blocking service. “Bad” is slow to load, spammy, and/or malware.
www.DreamBox.com (3/2006) offers K-8 online Math learning. I co-founded SchoolSoft in 2006, we launched as DreamBox Learning in 2009, and we sold it (at a loss) to Reed Hastings in 2010. The Rise Fund bought DreamBox in 2018. We have a very tiny stake now.
7/2021: DreamBox expands into reading; serves 5M+ students and 200K+ teachers in all 50 states, D.C., Canada, Mexico, and Puerto Rico.
www.FloreoTech.com (2/2021) provides Virtual Reality therapy to kids with autism.
www.Lockstep.io (5/2019) automates email handling for cloud-based ERP accounts receivable/accounts payable systems, verifies company contact/billing information, eventually provides high-quality credit worthiness reports. There are several possible “network effect” over time. 2/2021: $10M Series A.
www.Ondema.com (3/2021) provides custom machine shop scheduling; optimize people, machines, and jobs; either stand-alone, or augmenting existing ERP systems (which have no or poor scheduling abilities); potential to provide more ERP services over time.
www.Stoke-Space.com (9/2020) is a young space start-up in Seattle founded by Blue Origin & SpaceX alumni.
2/2021: fully reusable rockets, $9.1M seed funding.
Our 2013 investment in www.azuqua.com (automating data flows between disparate cloud services) was realized in early 2019, acquired by Okta. Our 2014 investment in www.appsheet.com (put a spreadsheet in the cloud, push a button, get a mobile app) was a big winner in early 2020, acquired by Google.
We started DreamBox Learning in 2006, sold it at a loss to Reed Hasting in 2010, kept a financial interest, and I made a follow-on investment several years later. When The Rise Fund acquired DreamBox in 2018 and the escrows were released in 2019 we realized a modest return over that 13-year span.
I was an advisor to Albert.io (2014-2020), SignalSense (2014-2015, acquired by Splunk), and UIEvolution (2002-2005, acquired by Square Enix). I was also a director of non-profit GroundSpring.org (2003-2004, acquired by Network for Good).
I look at 50-80 start-ups in any one year, and though I rarely write a check, I do try to provide frank feedback and guidance.
TeachFirst (2003-2009) was our first angel investment, and we lost 120% (TeachFirst had to file for Chapter 7 bankruptcy liquidation, and employees sued the board for wages deferred before we invested). Vizrea (2005-2009) was our second angel investment, and we lost 90% (a too-early mobile phone photo sharing application).
04/2003: TeachFirst => 04/2009 Chapter 7 Bankruptcy; lost 120% 04/2005: Vizrea => 12/2007 Microsoft acquired; lost 90% 03/2006: DreamBox Learning => 04/2010 Charter Fund acquired => 07/2018 TPG acquired; 7% absolute return 08/2013: Azuqua => 03/2019 Okta acquired; nice multiple 05/2014: AppSheet => 01/2020 Google acquired; nice multiple 12/2014: GlowForge 12/2015: Blaze Bioscience 02/2017: Cyrus Biotechnology 10/2018: Directed Machines 02/2019: TwinStrand Biosciences 05/2019: OneTrack 05/2019: LockStep [IL] 10/2019: Lumen Bioscience 06/2020: Ad Lightning 09/2020: STOKE Space Technologies 02/2021: Floreo [MD] 03/2021: Ondema [CA] 03/2021: Proof Diagnostics [MA] 07/2021: RapL [India + WA]