Six months later, their AI models were screening pesticide molecules at unprecedented speeds — a computational feat that would take traditional methods 242 years to match. By January 2025, they had secured $500,000 from Y Combinatorand signed contracts with major agrochemical companies.

This is the story of how two teenagers who met at a summer coding camp are solving a crisis that has stumped agricultural giants for decades: the fact that pests are evolving faster than we can develop new pesticides, threatening global food security as 20-40% of crops are lost annually to pests despite pesticide use doubling since 1990.

The Innovation Crisis Killing Crops

To understand why Bindwell matters, one needs to understand how broken pesticide discovery has become. Since 2010, fewer than 40 new active ingredients have entered the global pesticide market — a collapse from the 80-120 compounds introduced every five years during the 1980s and 1990s.

The industry hasn't discovered a new herbicidal mode of action in over 30 years. Most "innovations" are merely tweaks to existing chemicals, like adding a methyl group here or a chlorine atom there. It's the pharmaceutical equivalent of rearranging deck chairs on the Titanic while pest resistance builds like an iceberg ahead.

The economics are brutal: developing a new pesticide now costs $301 million and takes 12.3 years, up from $286 million just five years earlier. Only 1 in 160,000 compounds tested ever reaches market. The EPA approval process alone requires 150 different safety tests and a minimum of six years.

This innovation drought couldn't come at a worse time. The global pesticide market, valued at $45.7 billion in 2024, is projected to reach $92.6 billion by 2032. Yet pest resistance is accelerating, climate change is expanding pest ranges, and regulatory pressure for safer compounds is intensifying.

The Meeting That Changed Everything

June 2023, Wolfram Summer Research Program. Tyler Rose, a high school senior from California with machine learning experience at Wolfram Research, meets Navvye Anand, a 17-year-old math prodigy from India who had just started at Caltech after scoring 100/100 in mathematics on his board examinations.

"We were super surprised," Rose later told El Estoque about their eventual Y Combinator acceptance. "Because Y Combinator was very skeptical about us—with me being in high school and him just being a freshman in college—we were like, 'They'll probably not accept this.'"

But something clicked between the two young engineers. Both had grown up visiting farmlands — Rose in California, Anand in India — giving them firsthand exposure to agricultural challenges. More importantly, they shared a conviction that the same AI revolution transforming drug discovery could be applied to pesticides.

The biochemistry, after all, is nearly identical. Both drugs and pesticides work by binding to proteins. Both require molecular optimization. Both face similar challenges in target validation. Yet while AI drug discovery attracted $60 billion in investment and produced breakthrough after breakthrough, pesticide discovery remained stuck in the 1980s.

Three Models That Broke the Industry

Bindwell's technical breakthrough rests on three AI models that attack pesticide discovery from different angles, each representing a quantum leap in efficiency.

Foldwell, their protein structure prediction model, runs 4 times faster than Google's AlphaFold 3. In an industry where mapping a single pest protein could take months, Foldwell can identify druggable targets across multiple resistant species simultaneously.

PLAPT (Protein-Ligand Affinity Prediction using Pretrained Transformers) is where things get truly ridiculous. When Bindwell introduced PLAPT, they knew it would improve the drug discovery process, but the validation results exceeded even their expectations: PLAPT achieves 1.7x better MSE accuracy while being 470,000x faster than AutoDock Vina — completing in 0.08 seconds what took AutoDock 11.7 hours.

The open-source model can evaluate 700,000 molecules per second on consumer hardware. To put this in perspective: screening all 177 million known synthesized compounds takes Bindwell 6 hours. Traditional computational methods would need 242 years. This breakthrough means pharmaceutical and pesticide researchers can now evaluate hundreds of thousands of candidates in the time it previously took to analyze just one. By leveraging advanced transfer learning from pre-trained transformers and their novel branching neural network architecture, PLAPT is fundamentally transforming how discovery teams work. The code is freely available on GitHub, democratizing access to this revolutionary technology.

The impact has been immediate and profound: PLAPT is now being used in Nature articles for cancer research, validating its scientific rigor. But Bindwell didn't stop there. PLAPT V2 delivers a 21% accuracy increase over the original, with faster inference and a lower memory footprint. The new version includes a web interface, CLI, Python endpoint, and desktop tool, making it accessible to researchers regardless of their technical expertise. The performance gains are striking — while traditional methods struggle to achieve R² values above 0.02, PLAPT consistently outperforms all competitors in binding affinity prediction.

Their third model, APPT (Affinity Protein-Protein Transformers), focuses on biopesticides — the $13.4 billion market growing at 13% annually as farmers seek alternatives to chemical pesticides. APPT sets new benchmarks in the field: it outperforms all current ML models and even Molecular Dynamics/Docking simulations, achieving 40% better accuracy than previous state-of-the-art tools on the MSE metric. Trained on the largest protein-protein binding affinity dataset yet assembled, APPT represents what the founders call being "one step away from solving protein interactions."

The models leverage transfer learning from pharmaceutical AI — essentially teaching pesticide discovery models using lessons from drug discovery. It's an obvious approach in hindsight, yet nobody had successfully executed it at scale until two teenagers decided to try. The results speak for themselves: in comparative R² value testing across different computational methods, PLAPT dramatically outperforms traditional approaches that struggle to exceed 0.02 correlation values.

The Business Model That Shouldn't Work (But Does)

Most startups trying to disrupt the pesticide industry would follow the traditional path: raise hundreds of millions, build labs, hire armies of chemists, and spend a decade navigating EPA approval. Bindwell did something radically different: they decided not to make pesticides at all.

Instead, they license their AI discovery tools to the same agricultural giants they're disrupting. Bayer, Syngenta, BASF, and Corteva — companies that spend billions on R&D — are now Bindwell's customers, not competitors. These companies have the regulatory expertise, manufacturing facilities, and distribution networks that would take Bindwell decades to build. What they lack is the AI capability to discover novel compounds efficiently.

The early traction validates their approach. Major agrochemical companies including Bayer, Syngenta, BASF, and Corteva are already working with them to refine models on proprietary data. Their open-source PLAPT model has been downloaded over 211,000 times on Hugging Face, establishing Bindwell as the technical leader in AI-driven pesticide discovery before they've even graduated from Y Combinator.

Big Ag’s Uncomfortable Truth

Four companies — Bayer, Syngenta, Corteva, and BASF — control 70% of the global market. They spend 7-10% of revenue on R&D, maintain thousands of PhD chemists, and operate massive screening facilities.

Yet they're losing the innovation war. Resistance evolution now outpaces new product development. Weeds resistant to multiple herbicides spread across continents. Insects evolve immunity to pesticides within years of introduction.

Bayer's recent announcement is telling: their first new herbicide mode of action in 30 years, Icafolin, won't launch until 2028 — and they're crediting AI for making it possible at all. Syngenta claims AI will reduce their development timeline by 33% while cutting lab tests by 30%.

These giants recognize an uncomfortable truth: their traditional R&D model is obsolete. Screening millions of compounds manually, even with robotics, can't match an AI that evaluates 700,000 molecules per second. It's not just a speed advantage — it's a fundamentally different approach that can identify novel chemical spaces humans would never explore.

The Future That's Already Here

The biopesticides market alone is projected to reach $13.4 billion by 2030. The broader $92.6 billion pesticide market is ripe for transformation. Early investors are betting that Bindwell won't just participate in these markets — they'll fundamentally reshape them.

Pest resistance is accelerating. Climate change is expanding pest ranges. Global food demand will increase 70% by 2050. We need new pesticides — lots of them, fast — or face catastrophic crop losses.

Imagine a world where developing a new pesticide takes months, not decades. Where AI models predict resistance evolution before it happens. Where pesticides are so precisely targeted they affect only intended pests, leaving beneficial insects unharmed. Where the cost for new compound development drops by 90%.

Bindwell's models are already identifying novel compounds that traditional screening would never find. They're mapping protein targets in resistant species that have stumped researchers for years. They are proving that domain-specific AI models can outperform human experts by orders of magnitude — not by replacing human insight, but by exploring chemical spaces too vast for human comprehension.

There's a pattern I've noticed in venture: the most transformative companies aren't started by industry insiders. Two teenagers looking at pesticide discovery and thinking "this is just a compute problem" is exactly the kind of clarity that precedes revolution.

Roberto Veronese is an investor and limited partner (LP) at Lombard Street Ventures, which invested in Bindwell's first funding round.

A commercial satellite flying just 200 miles above Earth — 10 times closer than traditional satellites — could actually survive and thrive where atmospheric drag should theoretically destroy spacecraft within weeks.1

The Denver-based company had just achieved what industry veterans said would cost billions: delivering images from space so detailed you can identify objects as small as a smartphone — technically called "10 centimeter visible imagery" — plus heat-sensing thermal imagery.

This resolution was previously exclusive to classified government spy satellites or aircraft flying overhead.2 With $97 million in funding, binding contracts worth $15 million from early customers, and a $12 million Strategic Funding Increase (STRATFI) contract from the Air Force Research Laboratory, Albedo has sparked a new space race to the bottom — literally.3

Founded in 2020 through Y Combinator by former Lockheed Martin engineers who worked on classified reconnaissance satellites, Albedo has evolved from a Trump tweet inspiration4 into something unprecedented: a company commercializing an entirely new zone of space called Very Low Earth Orbit (VLEO) — the atmospheric danger zone that the space industry had written off as impossible.5

The Trump Tweet That Changed Everything

In 2019, then-President Trump tweeted a remarkably detailed satellite image of an Iranian missile failure. The space intelligence community immediately recognized something extraordinary: this wasn't commercial imagery.

"People soon realized that this was way higher resolution than any commercial imagery available at the time. We estimated it to be 10cm per pixel, measured on the ground," Haddad recalled in a 2022 interview.6

Industry experts concluded there would indeed be a gigantic market — but conventional wisdom held it would require billion-dollar, school-bus-sized satellites. Haddad, then a systems engineer at Lockheed Martin working on top-secret remote sensing satellites, saw a different path: "With my background, I started thinking about the architectural design, and how it could look like if we were able to fly satellites lower."

This insight — that proximity could substitute for size — became Albedo's founding thesis. By operating in Very Low Earth Orbit (VLEO) at 250-450 kilometers instead of traditional Low Earth Orbit at 500-2000 kilometers, smaller satellites with modest optics could achieve spy-satellite resolution at a fraction of the cost.

Why Flying Low Is So Hard

Most satellites orbit at 1,200-22,000 miles above Earth, safely above the atmosphere. The International Space Station flies at about 250 miles up. Albedo's satellites? They're flying at just 170-270 miles — so low that Earth's atmosphere is literally trying to drag them down. At these altitudes, atmospheric drag increases exponentially, causing normal spacecraft to burn up and crash within 2-4 weeks without constant rocket thrust to stay aloft.

Albedo's solution: build heavy. Clarity-1 weighs 530 kilograms (about 1,170 pounds) — deliberately dense to resist atmospheric drag while using electric propulsion for continuous orbit maintenance.7

The technical challenges cascade from there. "There's stability, which is making sure your picture isn't blurry. There's agility, so being able to rapidly repoint at different targets that you're trying to image as you're passing over very quickly... And then there's accuracy, knowing exactly where you're pointed," Haddad detailed to TechCrunch.8 At VLEO altitudes, satellites move faster relative to Earth's surface, requiring unprecedented precision in guidance, navigation, and control systems.

But the payoff justifies the engineering complexity.

"If we can cut that distance in half from space, we can shrink the size of the diameter and get high resolution at a price point that works for the commercial market," Haddad explained in a 2025 Payload Space interview.9

Albedo's achievement isn't just incremental improvement — it's a paradigm shift that makes aerial-quality imagery available globally, on demand, from space.

The Race to Fly Lower: Why Everyone Suddenly Wants In

Albedo's March 17, 2025 launch coincided with an inflection point in the Earth observation market. By 2030, businesses will account for over 50% of global Earth intelligence spending, up from 30% today, driven by enterprises discovering that high-resolution imagery plus AI equals transformative insights.10

The numbers are staggering: The global very low earth orbit (VLEO) satellite market is projected to reach $1.502 billion by 2034 from $10.4 million in 2025, growing at 73.9% per year.11 This explosive growth reflects a fundamental shift in how businesses view satellite data.

Albedo's early customers reveal the breadth of demand — and remarkably, every available photo slot for US customers is already booked solid through 2027, before the satellite has even taken its first commercial picture.12 AiDash helps mitigate the risk and impact of disasters like storms and wildfires from space. Open Grid Europe manages over 12,000 km of pipelines using Albedo's imagery as "the first space-based component of their current aerial monitoring fleet." Japan Space Imaging, the leading provider of satellite imagery in Japan since 1998, brings Albedo products to the Asian market. Even hedge funds are buying capacity, using ultra-high resolution imagery for "assessing events across the globe in a timely manner."

"It's a mix of customers who already buy satellite imagery and want high res on top of that, or a lot of these customers only fly helicopters to do this, and think 10-cm imagery is enough to replace that," Haddad told Payload Space.13

The economics are compelling: why maintain a fleet of aircraft when satellites can provide equivalent or better imagery globally, weather-independent, without pilots or fuel?

The company's "Albedo Reserve" program lets customers pre-purchase imaging capacity, guaranteeing access without conflicts or priority disputes. By February 2025, nineteen companies had already joined Reserve, claiming significant portions of Clarity-1's imaging schedule through mid-2027.

Why the Military Is Paying Attention

While commercial applications drive volume, defense and intelligence customers provide validation and funding. Albedo's Strategic Funding Increase opportunity by the Air Force Research Laboratory, with funding of $12 million announced March 3, 2025, isn't just about money — it's about proving VLEO's military value.14

The ability to capture thermal infrared at night transforms intelligence gathering — revealing activity patterns invisible to traditional optical satellites.

The National Reconnaissance Office and National Air and Space Intelligence Center partnerships validate what industry observers suspected: VLEO represents a step-change in persistent surveillance capabilities.15 With planned five-times-daily revisit rates from the full 24-satellite constellation, Albedo could enable near-real-time tracking of ground movements — a holy grail for military intelligence.

The Economics: How Flying Lower Actually Costs Less

Albedo's cost structure defies traditional satellite industry assumptions. By operating closer to Earth, the company achieves multiple cost advantages: smaller rockets can reach VLEO (saving millions on launch costs), smaller cameras deliver equivalent resolution (saving millions on optics), and shorter mission lifetimes of 3-5 years versus 7-15 for traditional satellites enable faster technology upgrades.

The investor roster — spanning from Bill Gates' climate fund to defense-focused Shield Capital to strategic investor Booz Allen Ventures — reflects how this technology serves both commercial businesses and military/intelligence agencies (what the industry calls "dual-use").

With Clarity-1 now operational at 320km altitude and descending to its target 274km orbit, Albedo has de-risked the fundamental technology.16 The question shifts from "can VLEO work?" to "how fast can they scale?"

The Vision: A World Where Everything Is Visible

Albedo imagines a world where commodity traders track individual shipping containers, insurance companies assess roof damage within hours of storms, and environmental groups monitor deforestation tree by tree. The combination of 10-centimeter resolution and AI-powered analysis could make Earth's surface as searchable as the internet.

Albedo's successful VLEO demonstration has implications beyond Earth observation. China has already begun launching satellites into VLEO, with "ultra-fast remote sensing and communication services" pushing investment in VLEO constellations.17 The European Defense Agency committed €10 million to research satellites that can maneuver between LEO and VLEO. A new orbital regime is opening for business.

For investors, Albedo presents a compelling opportunity: they've proven low-flying satellites work, captured blue-chip customers across commercial and defense markets, and positioned themselves as the clear leader in a market growing at 74% annually. The company's current fundraising round values them at $285 million — up from $150 million just two years ago — reflecting this momentum.18

I am excited to have invested in Albedo through Lombard Street Ventures (LP), given their potential to fundamentally transform Earth observation. While Albedo's current constellation is limited to 24 satellites, the principles they've proven — that proximity beats size, that atmospheric drag is manageable, that 10-centimeter resolution changes everything — could reshape how we observe our planet.

The most audacious claim might also be the most accurate: Albedo isn't just building satellites. They're building infrastructure for a transparent world where aerial-quality imagery from space becomes as ubiquitous as weather data. In an era demanding unprecedented visibility into supply chains, climate change, and geopolitical movements, that might be exactly the infrastructure we need.

albedo.com

If you enjoyed this piece, you might also be interested in my analysis of Lambda's infrastructure play for the AI revolution, which explores how specialized platforms are disrupting established cloud giants.

Roberto Veronese, an investor and limited partner (LP) in several venture capital funds, including Lombard Street Ventures. Lombard Street Ventures made early investments in Albedo and provided follow-on capital in Albedo’s Series A funding round.

"We are building a long-lived iconic company that is going to be here for the next hundred years," Balaban declared, framing Lambda's mission in civilizational terms.1 The company's tagline — making AI computation "as effortless and ubiquitous as electricity" — reveals ambitions that extend far beyond competing on price with AWS.2

Founded in 2012 as a facial recognition API company,3 Lambda has evolved into something unprecedented: a pure-play AI infrastructure provider that believes the entire cloud computing paradigm needs to be rebuilt for the age of artificial intelligence. While hyperscalers add AI capabilities to their general-purpose platforms, Lambda is building infrastructure exclusively for a world where, as Balaban envisions, "every man, woman, and child on the planet" has their own GPU.4

"This is the largest technological revolution we've seen in our lifetime," Balaban told Bloomberg's Caroline Hyde, "and it is completely fundamentally reshaping the way humans interact with computers."5

The Architecture of Superintelligence

Lambda's infrastructure philosophy starts with a radical premise: traditional cloud computing is obsolete for AI workloads. The company has deployed over 1.7 gigawatts of contracted power — enough to run a small city — exclusively for AI computation.6 Every design decision, from networking topology to cooling systems, assumes a future dominated by massive neural networks.

"Unlike other clouds and other system providers, we focus on just this one particular use case, which is deep learning training," Balaban explained. "Customers need to ask themselves if they really need the gold-plated datacenter service experience of having Amazon Web Services be their operations team managing the infrastructure, because that is very expensive."7

This specialization enables Lambda to offer NVIDIA H100 GPUs starting at $2.49 per hour on-demand, with committed usage rates as low as $1.85 per hour.8 The company's newest B200 GPUs — featuring 180GB of HBM3e memory and 8TB/s bandwidth — are available for $3.79 per hour on-demand or as low as $2.99 per hour with commitments. For comparison, AWS charges between $7.57 and $12.29 per H100 GPU hour in their p5.48xlarge instances.9

But Lambda's differentiation goes beyond pricing. The company's infrastructure includes non-blocking InfiniBand networking with 3.2Tb/s bandwidth, GPUDirect RDMA for zero-CPU overhead in GPU-to-GPU communication, and one-click deployment of clusters ranging from 16 to over 1,500 GPUs.10 This isn't incremental optimization — it's infrastructure designed for a fundamentally different computing paradigm.

The Open-Source Accelerant

The January 2025 release of DeepSeek-R1 marked an inflection point for Lambda's strategy. The open-source reasoning model, which matched OpenAI's capabilities at a fraction of the cost, triggered what Lambda executives described as unprecedented demand for GPU capacity.

"Lambda is really well positioned as a company to take advantage of open source AI models like DeepSeek-R1," Balaban told CNBC, "because we have well over 25,000 GPUs on our cloud platform that can be readily repurposed to host these open source models."11

Lambda's platform can serve DeepSeek R1 at over 20,000 tokens per second — performance levels that enable real-time applications previously impossible with proprietary models.12 This capability reflects a deeper thesis about AI's evolution: as models become commoditized through open source, competitive advantage shifts to infrastructure providers who can deliver compute most efficiently.

"Over the last twelve months, AI has become more democratized because of two forces: open source and LLM reasoning," Balaban stated in the Series D announcement. "Open-source reasoning models allow anybody on the planet to contribute to the progress of AI and no company is better positioned than Lambda to provide that compute."13

Infrastructure for an Uncertain Future

Balaban's public statements reveal an unusual mix of technological optimism and existential concern about AI's trajectory. In a February 2024 tweet, he wrote: "This is the strongest evidence that I've seen so far that we will achieve AGI with just scaling compute. It's genuinely starting to concern me. I used to think that we would run into roadblocks: end of scaling laws, maybe we don't have the right model architecture, power density."14

This belief that AGI might arrive through brute-force scaling drives Lambda's infrastructure strategy. The company isn't just building for today's GPT models but for systems that might require orders of magnitude more compute.

Lambda's Texas expansion illustrates this forward-looking approach. The company is partnering with Aligned Data Centers on a $700 million, 425,000-square-foot facility in Plano, designed specifically for liquid-cooled, highest-density GPU deployments.15 Even more ambitious is Lambda's role as anchor tenant in ECL's groundbreaking Houston project: the world's first fully sustainable 1-gigawatt data center powered entirely by hydrogen, representing an $8 billion total investment.16

"Every presentation, every piece of sales collateral, every advertisement, every video game, you're going to start to see more and more AI compute embedded in those things," Balaban explained on Bloomberg in March 2025, "which means that demand is going to continue to grow more than exponentially."17

The Business Model of Revolution

Lambda's financial performance suggests their contrarian strategy is working. "Last year we shipped over $400 million of top line revenue," Balaban revealed in February 2025. "We are profitable. That is to say we have positive operating cash flow, positive EBITDA."18

This profitability while scaling aggressively defies conventional wisdom about infrastructure businesses. The company has raised $863 million in equity funding,19 supplemented by a $500 million debt facility from Macquarie Group specifically for GPU purchases.20 The February 2025 Series D, co-led by Andra Capital and SGW with participation from NVIDIA, Andrej Karpathy, and In-Q-Tel, valued Lambda at $2.5 billion.21

The customer roster validates Lambda's approach: over 5,000 organizations including Microsoft, Amazon Research, Kaiser Permanente, Stanford, Harvard, and the Department of Defense.22 These aren't experimental deployments but production workloads from organizations with alternatives.

"Our platform is fully verticalized, meaning we can pass dramatic cost savings to end users compared to other providers," explained Robert Brooks, Lambda's VP of Revenue.23

The Software Extinction Event

For Balaban, the current AI boom represents something more profound than a new computing platform — it's the beginning of software's end as we know it.

"As a software engineer today I can ask it to generate a full video game. I can ask it to generate, for example, the Lambda chat iOS application and it generates it in one shot with no errors," he told Bloomberg Technology in February 2025.24

This capability, which Balaban calls "one-shotting," suggests a future where traditional software development becomes obsolete: "AI is replacing all the traditional software that's been developed over the last 50 years and replacing it with a hybrid sort of human and neural software hybrid. And that is a big deal."

If this thesis proves correct, Lambda's focused approach positions them to capture disproportionate value in a transformed industry. The company's infrastructure isn't just optimized for training today's models — it's designed for a world where AI generation replaces human programming entirely.

The Hundred-Year Bet

Lambda's strategy represents a specific vision of AI's future: one where specialized infrastructure trumps general-purpose platforms, where open-source models commoditize intelligence, and where compute becomes as fundamental as electricity. The company is literally building for "superintelligence" — not as metaphor but as engineering specification.

"AI is fundamentally restructuring our economy," Balaban stated in the funding announcement. "Lambda is investing billions of dollars to build the software platform and infrastructure powering AI. We build software tools that delight the AI Developer, and a platform that truly puts AI into the hands of the many."25

The upcoming deployment of NVIDIA's GB300 NVL72 systems, which Lambda claims will deliver "50x higher reasoning model inference output compared to NVIDIA Hopper,"26 suggests the company's infrastructure advantage might actually widen as AI models become more sophisticated.

For investors, Lambda presents a clear thesis: if AI development continues its current trajectory, specialized infrastructure providers will capture outsized value. The company's profitable growth at $400 million revenue validates the near-term opportunity. The longer-term question is whether Balaban's vision of ubiquitous AI — "one person, one GPU" — represents prescient positioning.

What's certain is that Lambda has already achieved something remarkable: forcing the cloud giants to respond. When a thirteen-year-old startup can undercut AWS by 80% on GPU pricing while maintaining profitability, it suggests the rules of infrastructure competition are changing. Lambda has already proven that the cloud computing playbook needs rewriting for the age of artificial intelligence.

The superintelligence cloud might sound like science fiction. But with billions in infrastructure, thousands of customers, and a profitable business model, Lambda is building it anyway. In a world racing toward AGI, that might be the only strategy that matters.

Lambda is in talks about a funding round that could value the cloud infrastructure company at $4B to $5B ahead of a potential IPO by the end of 2025.27

Roberto Veronese is an investor and LP in Alumni Ventures, which participated in Lambda's funding rounds.

Lambda.ai

The Opportunity

Three factors make Ascend Elements particularly compelling as an investment:

Superior Technology With Proven Results

Their patented Hydro-to-Cathode™ process recovers 98% of critical battery elements and reengineers them at the molecular level. The results, validated in peer-reviewed research, are remarkable: batteries with up to 50% longer cycle life and 88% higher power capability than those made with traditional materials.

Unlike conventional recycling that merely recovers raw materials, Ascend's process creates custom-engineered cathode precursor (pCAM) and cathode active materials (CAM) that form the heart of new batteries. Their complementary Hydro-to-Anode technology recovers 99.9% pure graphite, addressing another critical supply chain gap.

Massive Market With Favorable Economics

The lithium-ion battery recycling market is projected to reach $23.21 billion by 2032, but Ascend's real opportunity extends beyond recycling to the much larger battery materials market.

Their approach creates compelling economics: materials that outperform virgin resources while costing up to 50% less to produce. As they scale, their process becomes increasingly cost-effective, creating a powerful competitive advantage.

Strong Commercial Traction and Strategic Partnerships

Ascend Elements has secured major commercial agreements that validate their approach:

• A $1 billion supply contract with a major U.S. battery manufacturer, expandable to $5 billion

• A strategic partnership with Honda for recycled battery materials

• Collaboration with EcoPro Group to integrate recycled materials into products for North American EV manufacturers

Ready to Scale

Ascend Elements is rapidly scaling production with facilities strategically located to serve key markets:

• Their operational Covington, Georgia facility processes materials equivalent to 70,000 EV battery packs annually and recently added lithium carbonate production

• Their Hopkinsville, Kentucky facility (Apex 1) is under construction with a revised focus: the company has pivoted from producing cathode active materials (CAM) to concentrating on cathode precursors (pCAM) and expanding lithium carbonate production

• This strategic shift positions them as the only large-scale manufacturer of pCAM in America, turning potential competitors into customers

• International operations in Poland position them within Europe's battery ecosystem

Navigating Policy and Market Dynamics

Ascend Elements operates within a complex policy landscape that presents both opportunities and challenges:

• The Inflation Reduction Act provides production tax credits for domestic battery materials manufacturing

• Federal support includes significant grants, though Ascend recently agreed to cancel a $164 million DOE grant for CAM production while retaining a $316 million grant for pCAM

• Chinese dominance in battery materials and fluctuating EV demand creates market uncertainty

• As Ascend spokesperson Thomas Frey noted, "With tariffs at play and things like that, that makes us pretty appealing" as a domestic supplier

Why This Matters

Ascend Elements represents a rare alignment of environmental impact and economic advantage. By proving that circular systems can outperform linear ones, they're creating value through sustainability rather than despite it.

As an investor, I see Ascend Elements as a company that's not just idealistic about circular systems but pragmatic about creating real-world solutions in a complex marketplace. Their commitment to "creating a domestic, closed-loop battery ecosystem" remains intact, even as they adjust their approach to match current market needs.

ascendelements.com

I am an investor in Ascend Elements through Alumni Ventures since 2023. This post reflects my personal views and analysis, not those of the company or its management. For more insights on mission-aligned companies, subscribe to this newsletter.

Artificial intelligence is rapidly evolving as a means of enhancing human cognition and productivity. Among the most compelling companies in this space is Limitless AI, a pioneer in developing AI-powered solutions that augment human intelligence.

As an investor in Limitless AI through Alumni Ventures in 2023, I was drawn to the company’s mission to overcome cognitive limitations. The demand for AI-driven productivity tools is skyrocketing. Companies like OpenAI and Anthropic have proven the market appetite for AI-enhanced workflows, but Limitless AI takes a unique approach by focusing on memory augmentation and real-time knowledge recall.

Productivity Through AI-Powered Memory

At the heart of Limitless AI’s innovation is the Limitless Pendant, a wearable AI assistant designed to capture and transcribe daily interactions—whether they’re meetings, spontaneous ideas, or personal reflections. This device allows users to record their thoughts effortlessly, eliminating the need for manual note-taking and improving recall of important moments.

Key Features of the Limitless Pendant:

1. Wearable AI Memory – Records and transcribes conversations in real-time.

2. 100-Hour Battery Life – Long-lasting usability for extended productivity.

3. Magnetic Clasp Design – Ensures comfort and versatility for all-day wear.

4. Wi-Fi & Bluetooth Connectivity – Seamlessly syncs with other devices.

5. Privacy-Focused AI – Data is encrypted and protected from external access.

By enhancing recall and reducing cognitive overload, the Limitless Pendant serves as an AI-powered extension of human memory.

A Full AI-Driven Productivity Ecosystem

While the Limitless Pendant is a game-changing device, Limitless AI is not just a hardware company. The company has developed AI-powered software that integrates across multiple platforms, making AI-driven productivity accessible across Mac, Windows, and the web, offering:

Pre-Meeting Briefs – AI-generated summaries to prepare users before calls.

Real-Time Transcription – High-accuracy transcription of meetings, eliminating the need for manual note-taking.

Automated Note-Taking – AI extracts key points, tasks, and follow-ups from conversations.

Post-Meeting Summaries – AI-generated insights ensure users never forget important discussions.

Seamless Integration – Works with Zoom, Slack, Google Meet, and other collaboration platforms.

Limitless AI empowers users to focus on higher-level thinking—maximizing productivity while eliminating administrative distractions.

A Privacy-First Approach

One of the biggest challenges with AI-driven productivity tools is data privacy. Many AI platforms store and analyze user conversations, raising concerns about security, employer surveillance, and unauthorized access.

Limitless AI has taken a firm stand on privacy, developing a Confidential Cloud that ensures:

End-to-End Encryption – Protecting data from unauthorized access.

No Employer or Third-Party Access – Ensuring full user control over personal data.

No Government or Legal Subpoena Compliance – Unlike traditional cloud storage, Limitless AI protects user data from legal demands.

This commitment to privacy makes Limitless AI one of the most secure AI-driven productivity platforms available today.

Why I’m betting on Limitless

Limitless AI is building the future of human augmentation. The combination of wearable AI, next-gen productivity software, and a privacy-first approach makes Limitless AI one of the most exciting startups in the human-AI collaboration space.

Beyond its productivity and cognitive augmentation capabilities, the Limitless Pendant may offer significant other benefits, particularly in the areas of mental well-being, cognitive load reduction, and stress management.

limitless.ai

I am an investor in Limitless AI through Alumni Ventures since 2023. This post reflects my personal views and analysis, not those of Limitless AI or its management. For more insights on mission-aligned companies, subscribe to this newsletter.

The Foundation of Jona’s Innovation

At the core of Jona’s offering is its deep metagenomic sequencing technology, which deciphers the DNA of every microbe in the gut. Here’s what sets Jona’s platform apart:

1. Shotgun Metagenomic Sequencing: Jona utilizes this gold-standard method to analyze the full genetic makeup of gut microbiota, going beyond traditional 16S rRNA sequencing. This enables the identification of not just bacterial species but also viruses, fungi, archaea, and other key players in the microbiome ecosystem.

2. AI-Driven Insights: Jona’s proprietary AI platform synthesizes microbiome data with insights from over 20,000 peer-reviewed studies, contextualizing findings to provide evidence-based recommendations. This isn’t generic health advice—it’s dynamic, hyper-personalized guidance grounded in the latest research.

3. Functional Analysis: Jona doesn’t just identify microbes; it interprets their functions. Are there microbes producing inflammation-driving compounds? Is the microbiome contributing to poor nutrient absorption? This functional lens ensures users receive actionable insights tied to specific health outcomes.

4. Actionable Feedback Loops: The platform encourages repeat testing, creating a dynamic feedback loop that helps users track their progress over time and refine their approach. This iterative model enhances engagement and increases lifetime value per user—a crucial metric for scaling in health tech.

Strategic Partnerships and Scaling Potential

One of Jona’s key moves in 2024 was its partnership with Emerson Ecologics, a Fullscript company. This collaboration opens doors to a wide distribution network of healthcare practitioners, giving Jona access to an established audience of clinicians who are already engaged in personalized medicine. These partnerships are strategically aligned with Jona’s mission to democratize microbiome insights while bolstering its credibility among healthcare professionals.

From an investor’s perspective, this partnership also strengthens Jona’s go-to-market strategy, combining B2C scalability with B2B credibility. By tapping into both direct-to-consumer and practitioner-led channels, Jona is positioned to scale rapidly across multiple revenue streams.

Capitalizing on a $10 Billion Industry

The global microbiome market is projected to surpass $10 billion by 2027, fueled by increasing awareness of the gut’s role in everything from digestive health to chronic disease management. Jona’s differentiated approach places it in a prime position to capture a significant share of this market. Key drivers include:

• Rising Consumer Demand: Consumers are increasingly aware of the gut-brain-skin axis and are seeking personalized solutions to optimize their health. Jona’s accessible platform meets this demand with actionable, user-friendly insights.

• Preventive Healthcare Trends: With healthcare costs spiraling, there’s a growing focus on prevention over treatment. Jona’s proactive approach aligns perfectly with this shift, offering consumers tools to address health concerns before they escalate.

• Integration with Emerging Health Ecosystems: Jona’s technology is designed to integrate seamlessly with broader health data ecosystems, from genetic testing to wearable devices. This positions the company for future growth as part of a larger personalized health platform.

Jona’s direct-to-consumer offering is complemented by its B2B partnerships, creating a dual revenue model that’s both scalable and defensible. Key elements of the business model include:

1. Subscription-Based Retesting: Jona encourages repeat testing to track microbiome changes over time, driving recurring revenue. This subscription-like model increases customer lifetime value and fosters long-term engagement.

2. Product Recommendations: Jona integrates supplement and dietary product recommendations into its reports, creating potential affiliate revenue streams and partnership opportunities with nutraceutical companies.

3. Data-Driven Insights: With its rich dataset, Jona is poised to generate additional revenue through partnerships with research institutions, pharmaceutical companies, and food technology firms seeking insights into the microbiome.

Improving Health Today and Tomorrow

Jona is not riding the coattails of a health trend; it’s grounded in robust scientific research. Its AI platform is continuously updated to reflect the latest findings in microbiome science, ensuring that users receive evidence-based recommendations.

• Real-World Impact: Jona has already demonstrated meaningful results for users:

  • Improved Gut Health: Users report reduced bloating, improved digestion, and better energy levels after following Jona’s recommendations.

  • Skin and Brain Health Benefits: By addressing gut imbalances, Jona has helped users tackle conditions like eczema and brain fog, showcasing the far-reaching impact of microbiome optimization.

• Vision for the Future: Jona’s long-term vision goes beyond gut health. By integrating microbiome data with genomic, metabolomic, and wearable data, the company aims to offer a holistic picture of health, positioning itself at the forefront of the personalized health revolution.

As someone who has spent more than a decade in diagnostics, biotech, and health tech, I’ve seen countless companies make bold promises but struggle to deliver. Jona combines scientific rigor, technological innovation, and a clear path to scale. The potential here is in changing how we understand and optimize health at an individual level.

jona.health

I am an investor in Jona through Alumni Ventures since 2023. This post reflects my personal views and analysis, not those of Jona or its management. For more insights on mission-aligned companies, subscribe to this newsletter.

Breaking Barriers to Automation

For decades, automation has been a privilege reserved for large enterprises with deep pockets and technical expertise. High upfront costs, complex integration requirements, and the need for in-house specialists have kept small and medium-sized manufacturers on the sidelines.

Formic flips this paradigm on its head with a simple, cost-effective promise: pay only for productivity. By shouldering the financial and technical burdens of automation, Formic enables manufacturers to deploy cutting-edge robotic systems without significant upfront investments. From palletizing to packaging, their turnkey solutions allow businesses to focus on what they do best—producing quality goods—while Formic handles the automation.

The Formic Difference

At the core of Formic’s value proposition is its full-service approach. Unlike traditional automation providers, Formic doesn’t just deliver robots and leave customers to figure it out. Instead, they manage the entire lifecycle of robotic systems, including:

Design and Deployment: Tailored automation solutions for tasks like palletizing, packing, and material handling.

Maintenance and Support: 24/7 monitoring and guaranteed uptime, ensuring robots deliver consistent performance.

Financing: A pay-as-you-go model where customers are charged based on output, eliminating the risk of underutilized investments.

This comprehensive service model has resonated with manufacturers across industries, from food and beverage to pharmaceuticals. In just a few years, Formic’s robotic fleet has logged over 200,000 production hours, delivering the equivalent of five months of human labor every business day with an impressive 99.8% uptime.

Fueling Growth with Strategic Investments

The company recently closed a $27.4 million Series A funding round, led by Blackhorn Ventures and joined by a consortium of investors, including Mitsubishi HC Capital America, NEC, and Initialized Capital. This brings their total funding to over $52 million since 2022.

The new capital is earmarked for expanding Formic’s equipment fleet, enhancing their software capabilities, and growing their network of support experts across the United States. These investments will enable Formic to serve more manufacturers while maintaining the high standards of service that have become their hallmark.

Formic’s mission goes beyond selling robots—it’s about creating opportunities for manufacturers to thrive in an increasingly competitive world. Their commitment to accessibility, reliability, and innovation makes them a trusted partner for businesses looking to embrace automation without the headaches.

With 200,000 robot usage hours achieved, a growing fleet of automation solutions, and the unwavering trust of their customers, Formic is positioned as a transformative force in the robotics industry.

formic.co

I am an investor in Formic Technologies Inc. with Alumni Ventures. This post reflects my personal views and analysis, not those of Formic or its management. For more insights on mission-aligned companies, subscribe to this newsletter.

A Mission Born from Personal Loss

Dr. Sam Gambhir, head of Stanford's Canary Center for Early Cancer Detection, faced cancer's devastating impact firsthand when he lost his teenage son Milan to brain cancer. This tragedy led him to ask a profound question: "What if, instead of searching for cancer, we could make cancer reveal itself?"

This question sparked a revolutionary approach that would become Earli's foundation. Tragically, Dr. Gambhir himself would later succumb to cancer in 2020, but not before seeing his vision begin to take shape.

How It Works: Making Cancer Cells Send Distress Signals

Imagine giving cancer cells no choice but to wave a bright flag saying "we're here." That's essentially what Earli's technology does:

Smart Detection

• Delivers genetic instructions that only activate in cancer cells.

• Forces cancer cells to produce unique signals.

• Makes tumors visible through standard medical imaging.

• Can detect cancer when it's still microscopic.

Precise Imaging

• Creates clear, unmistakable signals in medical scans.

• Spots tumors much smaller than current methods can find.

• Produces minimal false alarms.

• Uses AI to help doctors interpret results quickly and accurately.

Why This Matters

Current cancer detection faces two critical challenges:

• Most cancers are discovered too late.

• Existing scans often miss small tumors or trigger false alarms.

Earli's solution could transform cancer care by:

• Enabling detection at earliest, most treatable stages.

• Providing precise tumor location for surgeons.

• Guiding real-time treatment decisions.

• Monitoring for recurrence.

The company has built impressive scientific validation:

• Successfully tested in multiple cancer types.

• Detects tumors with just 31,250 cancer cells (far smaller than current methods).

• Works across diverse genetic profiles.

• Validated through peer-reviewed studies.

The Path to Impact

With $100 million in funding from top investors including Andreessen Horowitz and Khosla Ventures, and guidance from two Nobel laureates, Earli is advancing toward clinical trials. Their approach could revolutionize cancer care by:

• Enabling routine early screening.

• Guiding precise surgical removal.

• Delivering targeted treatments.

• Preventing cancer spread through early intervention.

More Than a Company

Earli represents more than just another cancer detection company - it's a fundamental reimagining of how we fight cancer. By forcing cancer cells to reveal themselves, Earli could transform this deadly disease into one that's routinely caught and treated early.

As they move toward clinical trials, Earli carries forward Dr. Gambhir's vision of making cancer a manageable condition. Their success could mean that future cancer diagnoses come with hope rather than fear, caught early enough to make a difference.

earli.com

I am an investor in Earli through Alumni Ventures since 2023. This post reflects my personal views and analysis, not those of Earli or its management. For more insights on mission-aligned companies, subscribe to this newsletter.

Late cancer detection is one of modern medicine's most devastating failures. With survival rates plummeting from 80% for early detection to under 20% for late-stage diagnosis, timing literally means the difference between life and death. Yet the healthcare system continues to rely on fragmented, reactive screening approaches that miss countless early diagnoses.

A New Vision for Cancer Screening

Instead of accepting this status quo, Ezra has developed a fundamentally different approach: comprehensive, AI-powered MRI scanning that can examine up to 14 organs in a single hour-long session. This isn't just an incremental improvement - it's a complete reimagining of how we detect cancer.

The Technology Behind the Transformation

At the heart of Ezra's innovation are three core technological breakthroughs:

1. Ezra Flash: Their FDA-cleared AI dramatically accelerates MRI scan times, making comprehensive screening four times faster than traditional approaches. This isn't just about convenience - faster scans mean lower costs and greater accessibility.

2. Multi-Organ Intelligence: While traditional screening focuses on single organs, Ezra's AI analyzes all organs simultaneously, creating a holistic view of the body that can catch potential issues traditional screening might miss.

3. Integrated Analysis Platform: Ezra's suite of tools, from their clinical-grade DICOM viewer to their AI-powered reporting system, creates a seamless workflow for both patients and healthcare providers.

Real Impact, Real Stories

The effectiveness of Ezra's approach is evident in their outcomes - 6% of members have had potential cancer identified early. But behind this statistic are powerful human stories:

"My doctors told me that had I not gotten that scan, it could have easily been 5 to 10 years before the tumor had been discovered," shares Patrick, a 36-year-old member from New York. His story exemplifies why early detection matters - not just for survival rates, but for quality of life.

The Path Forward

With a recent $21M funding round and expansion plans underway, Ezra is positioned to scale their impact significantly. Their goal of scanning one million people annually by 2030 isn't just ambitious - it's necessary. Each scan represents a potential early detection, a life that might be saved through early intervention.

What makes Ezra particularly compelling is how they've aligned business success with social impact. Their tiered pricing model ($1,495 - $5,995) and flexible payment plans (starting at $84/month) make comprehensive screening accessible to a broader population. Meanwhile, their AI-driven efficiency improvements create a path to further reducing costs while maintaining quality.

The Future of Cancer Detection

Traditional cancer screening will likely look archaic in a decade. Ezra is building the future of cancer detection - one where comprehensive screening is accessible, efficient, and effective. Their approach demonstrates how technological innovation, when properly applied, can solve seemingly intractable healthcare challenges.

As an investor who has worked on cancer early detection solutions, Ezra represents more than just a return opportunity - it's a chance to support a fundamental transformation in how we approach cancer detection. In a healthcare landscape often criticized for prioritizing treatment over prevention, Ezra stands out as a company truly aligned with patient interests.

As we look toward a future where cancer survival rates continue to improve, Ezra's role in making early detection gradually more accessible will likely be seen as a crucial turning point. They're not just building a business; they're creating a new standard for preventive healthcare.

ezra.com

May 2025 Update: Function Health Acquires Ezra, Introduces $499 MRI Scan

Read announcement: https://ezra.com/press-releases/function-health-acquires-ezra-introduces-499-full-body-mri-scan

I am an investor in Ezra through Alumni Ventures since 2023. This post reflects my personal views and analysis, not those of Ezra or its management. For more insights on mission-aligned companies, subscribe to this newsletter.

The Critical Need: A Public Health Imperative

The current state of pediatric genetic screening reveals a critical public health challenge that disproportionately affects underserved communities. While approximately 70% of rare genetic diseases manifest during childhood, obtaining an accurate diagnosis often takes 5-8 years - a delay that can mean the difference between effective early intervention and lifelong health challenges.

The statistics are sobering:

• Over 10.8 million U.S. children affected by genetic conditions

• $1 trillion annual healthcare costs related to delayed diagnosis

• Only 2% of treatable conditions caught early through current screening

• 5-8 year average "diagnostic odyssey" for rare genetic conditions

• Devastating emotional and financial toll on families

Most concerning is the disparity in access to advanced genetic testing. While traditional newborn screening programs test for only 30-60 conditions, hundreds of treatable disorders remain undetected during critical early development stages. This gap disproportionately affects Medicaid-dependent families, creating a two-tier system of care that perpetuates healthcare inequities.

Introducing Nurture Genomics

Nurture Genomics emerges as a pioneering force in addressing this critical healthcare gap. Founded by a team of leading genomics experts, clinicians, and healthcare innovators, the company's mission is to transform pediatric care by providing families and healthcare providers with actionable genomic insights that can dramatically improve health outcomes and reduce the burden of rare diseases.

At its core, Nurture Genomics offers comprehensive genomic screening that can identify over 400 actionable, childhood-onset conditions - nearly seven times more than traditional newborn screening programs. But the company's innovation extends beyond just testing. They've built an integrated platform that combines:

• Advanced whole genome sequencing technology

  • Whole genome sequencing covering 400+ actionable, childhood-onset conditions

  • Physician-authorized screening ensuring medical oversight

  • Validated sequencing panel developed in collaboration with rare disease specialists and the Broad Institute

• AI-powered health tracking and monitoring

  • The Nurture Health Journal App enables easy tracking of symptoms and milestones

  • Voice/text input capabilities for seamless health observation recording

  • AI-generated visit summaries to optimize pediatrician consultations

  • Proactive reminders and engagement features

• Integrated Support System

  • Seamless telemedicine support connecting families with genetic counselors

  • Clear, actionable health insights for optimized care planning

  • Ongoing updates as genetic science advances

  • Care navigation services linking families with specialists and resources

What sets Nurture Genomics apart is their unwavering commitment to making this technology accessible to all families, regardless of socioeconomic status. This commitment is powerfully demonstrated through an upcoming project with a Medicaid safety net hospital in NJ. This transformative initiative will provide genomic screening to 2,000 newborns, predominantly from Medicaid-supported families, at a major safety-net hospital. The project aims to identify approximately 70 children at risk for treatable genetic conditions, potentially saving millions in healthcare costs while dramatically improving health outcomes for these families. Through strategic partnerships like this, innovative funding models, and collaboration with healthcare systems, Nurture Genomics is working to ensure that advanced genetic screening becomes a standard part of pediatric care for all communities.

Clinical Utility: The Power of Early Detection

Nurture Genomics' screening panel focuses on 400+ conditions where early intervention can dramatically improve outcomes. The clinical impact is demonstrated through their initial patient cases:

• Partial Biotinidase Deficiency

  • Can cause developmental delay and hearing loss if untreated

  • Simple biotin supplementation prevents symptoms when caught early

  • Saves approximately $2M in lifetime care costs per patient

• Familial Hypercholesterolemia (FH)

  • Usually discovered only after heart attack in 30s-40s

  • Early detection enables preventive care through diet and medication

  • Reduces lifetime healthcare costs by ~$1.5M

• G6PD Deficiency

  • Causes preventable hospitalizations without screening

  • Simple medication and dietary changes prevent complications

  • Avoids emergency care costs of $40,000-100,000 per episode

Healthcare System Benefits

Early genetic screening delivers measurable improvements:

• Reduces emergency department visits by 80%

• Decreases hospitalizations by 60%

• Enables proactive rather than reactive care

• Shortens the diagnostic journey from years to days

An upcoming project in NJ will provide crucial data on population-level impact and cost-effectiveness in Medicaid populations. This evidence will be essential for expanding access to comprehensive genetic screening nationwide.

Why Nurture Genomics is a Compelling Investment

Current diagnostic costs of $1 trillion annually represent significant savings potential. Growing demand for preventive genetic testing in pediatric care. Expansion potential into global markets.

Technological Moats: Proprietary AI-driven health management platform with comprehensive genomic screening protocol covering 413 conditions. Integration with leading genomic research institutions and advanced data analytics capabilities for continuous improvement.

Strong Execution Capability: Experienced leadership team led by Dr. Robert Green. Successful launch in six states with proven clinical impact. Strategic partnerships with major healthcare providers. Clear pathway to reducing sequencing costs.

Multiple Revenue Streams: Direct-to-consumer genomic screening services. Health system partnerships and pilots. Potential for insurance reimbursement. Data monetization opportunities (within ethical boundaries).

Leadership and Expertise

Nurture Genomics brings together an exceptional multidisciplinary team that strengthens the investment thesis:

• Dr. Robert Green: A physician-scientist and genomics pioneer whose NIH-funded BabySeq Project has validated the clinical utility of newborn sequencing over the past decade.

• Natasha Bonhomme: A recognized rare disease advocate focused on patient engagement and equitable healthcare access.

• Hans Keil: A healthcare and life sciences executive with proven experience in building teams and leveraging technology for transformational value.

• Dr. Chris Mason: A multi-omics expert and entrepreneur who also serves as professor of genomics, physiology, and biophysics at Weill Cornell Medicine.

A Personal Note on Values and Alignment

My investment in Nurture Genomics aligns perfectly with my thesis of backing ventures that combine:

• Transformative Technology: Nurture's integration of genomic science and AI represents a step-change in pediatric care delivery.

• Scalable Impact: Their model can scale across healthcare systems and geographies while maintaining quality and accessibility.

• Market Timing: The convergence of decreasing sequencing costs, advancing AI capabilities, and growing acceptance of genetic testing creates perfect market conditions.

• Defensible Position: Their comprehensive approach combining testing, counseling, and ongoing care creates significant barriers to entry.

• Strong Unit Economics: High-value service with decreasing delivery costs and potential for insurance coverage.

As an investor focused on transformative healthcare solutions, I see Nurture Genomics as uniquely positioned to deliver both significant returns and lasting social impact. Their combination of technical innovation, market opportunity, and execution capability creates a compelling investment case.

nurturegenomics.com

I am an investor in Nurture Genomics. This post reflects my personal views and analysis, not those of Nurture Genomics or its management. For more insights on mission-aligned companies, subscribe to this newsletter.

BREAKING UPDATE: March 17, 2025

FDA Grants 510(k) Clearance for Monogram's mBôs™ TKA System

In a significant milestone announced today, Monogram Technologies (NASDAQ: MGRM) has received FDA 510(k) clearance for its mBôs™ TKA System. This regulatory approval allows the company to begin marketing the device, marking a pivotal moment in Monogram's journey.

The clearance positions Monogram to move forward with commercialization plans for its robotic-assisted total knee arthroplasty system, which has been engineered with scalability to eventually support multiple orthopedic applications beyond knee replacement.

Challenging the Status Quo in Orthopedics

Traditional joint replacement procedures frequently rely on standardized implants and generalized approaches, often at odds with the reality of human anatomical diversity. Even subtle misalignments can slow recovery and reduce long-term implant performance.

Monogram challenges these constraints directly. By integrating advanced robotics, artificial intelligence, and 3D printing, the company aims to create joint replacement solutions that truly reflect each patient’s unique anatomy and needs. The result could be a new paradigm where personalized, data-driven surgery leads to greater accuracy, enhanced stability, and better overall patient experiences.

Monogram’s Transformative Platform: mBôs™ Total Knee Arthroplasty (TKA)

AI-Driven Robotics: The mBôs™ system’s intelligent robotics perform precise bone cuts tailored to the individual patient, potentially improving implant longevity and reducing revision rates.

Patient-Specific Implants: 3D-printed implants designed for each patient’s unique joint geometry can offer better alignment, stability, and outcomes.

Advanced Surgical Navigation (mVision): Monogram’s navigation platform leverages machine vision and AI-driven guidance, helping surgeons optimize implant placement and streamline their workflows.

Key Milestones and Progress

Monogram’s recent activities reflect its ongoing maturation and readiness for broader clinical integration:

1. Regulatory Advancements: Monogram’s mBôs™ TKA System currently awaits substantive FDA review following a successful initial 510(k) submission—an essential step toward commercial deployment.

2. Strategic Clinical Partnerships: The collaboration with Shalby Limited, a prominent joint replacement surgery provider, aims to validate Monogram’s platform in diverse patient populations.

3. Financial Stability: Monogram’s successful $13 million public offering enhances its capacity for continued R&D, strategic initiatives, and methodical growth.

4. Industry Acknowledgment: Earning the title “Orthopedic Joint Replacement Company of the Year 2024” from Medical Tech Outlook underscores Monogram’s growing reputation in the field.

Why Monogram’s Approach Matters

The global need for more personalized orthopedic solutions is growing, driven by aging populations and rising osteoarthritis rates. Monogram’s patient-specific model aims to help address these challenges, advancing beyond traditional methods that rely on off-the-shelf implants. The company’s efforts represent a broader shift toward precision medicine—one focused on achieving outcomes that genuinely reflect individual patient needs.

At its core, Monogram’s endeavor is about improving lives. Its technology, if widely adopted, could help shorten recovery times, reduce complications, and elevate patient satisfaction. This not only has clinical implications but also resonates with a vision of care that places patients at the center of innovation.

A Personal Note on Values and Alignment

I became an early investor in Monogram back in 2021 because the company’s mission closely mirrored my own convictions about the future of healthcare. I have long believed that personalized, tech-driven solutions can lead to better patient experiences and more durable treatment outcomes. For me, supporting Monogram wasn’t merely about the promise of new surgical tools or market potential—it was about actively contributing to a model of care that aligns with my values.

As Monogram continues to evolve, the progress the team makes reaffirms why I chose to be involved from the outset. Observing their commitment to rigorous scientific validation, responsible market entry, and long-term improvement of patient care has only strengthened my confidence in their vision. This journey illustrates how investing in technology-driven, human-centric healthcare innovations can be more than a financial decision—it can also reflect a personal commitment to advancing a more patient-oriented future.

monogramtechnologies.com

July 2025 update: Zimmer Biomet Announces Definitive Agreement to Acquire Monogram Technologies, Expanding Robotics Suite with Autonomous Solutions

Read announcement: https://investor.zimmerbiomet.com/news-and-events/news/2025/07-14-2025-123045700

I am an investor in Monogram Technologies (NASDAQ: MGRM). This post reflects my personal views and analysis, not those of Monogram Technologies or its management. For more insights on mission-aligned companies, subscribe to this newsletter.

Only Glydways style public transit can eliminate congestion and be better than self driving cars. - Vinod Khosla

Public Transit is Broken

Traditional public transit systems were built for a different era. They rely on large, centralized vehicles (trains, buses) running on rigid schedules over fixed routes. The result? High upfront infrastructure costs, limited flexibility, and service levels that struggle to keep pace with modern urban demands.

With cities expanding and sustainability mandates tightening, these systems are hitting their breaking point. What’s needed is a new approach that balances efficiency, affordability, and scalability—without sacrificing user experience.

Glydways’ Holistic Reinvention of Transit

Glydways has cracked the code with its revolutionary micro-transit system. Here’s how it works:

1. Small, Autonomous Vehicles: Designed to carry individuals or small groups, these vehicles are electric, quiet, and on-demand.

2. Dedicated Guideways: By separating vehicles from traditional traffic, Glydways eliminates congestion and enhances efficiency.

3. Cost-Effective Infrastructure: Glydways’ modular guideways are up to 90% cheaper than rail systems and can be built in a fraction of the time.

A transit system that combines the best of ride-sharing convenience with the reliability and efficiency of fixed infrastructure.

Why Investors Should Pay Attention

What excites me as an investor is Glydways’ ability to execute on its bold vision with a clear path to profitability. Here are the key factors driving its investment appeal:

1. Massive Addressable Market

Urban transit is a trillion-dollar global market, and the demand for efficient, sustainable mobility solutions is only growing. Glydways is positioned to tap into this opportunity with a system that serves both dense urban cores and sprawling suburban regions.

2. Cost Leadership

Building rail or subway systems often costs $100 million+ per mile, creating prohibitive barriers for cities. Glydways’ modular guideways reduce that cost by up to 90%, enabling adoption even in resource-constrained municipalities.

3. Scalability

The system’s modular design and on-demand service allow for targeted deployment, minimizing upfront investment while scaling incrementally based on user demand. This scalability makes it ideal for public-private partnerships.

4. ESG Alignment

• Environmental: Fully electric vehicles and efficient routing reduce carbon emissions.

• Social: Affordable transit options improve equity in underserved communities.

• Governance: Glydways’ cost model aligns with city budgets, reducing financial risk.

5. Projects That Prove the Vision

Glydways isn’t just an idea on paper. It will be soon available in:

• San Jose, California: Connecting Mineta International Airport to Diridon Station in the heart of Silicon Valley.

• East Contra Costa County, California: Addressing suburban mobility with the Dynamic Personal Micro Transit project.

• Atlanta, Georgia: Enhancing airport transit with a cutting-edge pilot project.

Each project serves as a proof point, showcasing the system’s flexibility and ability to address diverse mobility challenges.

How Glydways Stacks Up Against Robotaxis

The rise of ride-sharing and autonomous vehicles has disrupted traditional transportation, but also increased traffic congestion. Glydways vehicles operate on dedicated guideways, bypassing traffic altogether and reducing strain on urban traffic networks. Riders enjoy a private, on-demand experience without the unpredictability of traditional road-based systems. The dedicated guideways ensure smooth, uninterrupted rides—no traffic, no delays.

This distinction is critical. Ride-sharing and robotaxis are incremental steps in mobility innovation, whereas Glydways represents a paradigm shift. Its ability to deliver cost-effective, scalable, and environmentally sustainable transit solutions puts it in a league of its own—and makes it a compelling opportunity for anyone betting on the future of urban transportation.

Glydways is not just building a better transit system; they’re reshaping the future of urban mobility with a solution that’s scalable, sustainable, and profoundly impactful.

From their cost-effective infrastructure to their commitment to environmental and social equity, Glydways is addressing the core challenges of our time with ingenuity and purpose. I’m proud to support their journey and excited to see the transformative impact they’ll have in the years ahead.

glydways.com

I am an investor in Glydways with Alumni Ventures. This post reflects my personal views and analysis, not those of Glydways or its management. For more insights on mission-aligned companies, subscribe to this newsletter.

Redefining the Role of Surgery in Cancer Treatment

The surgical window has traditionally been seen as a necessary but standalone step in a cancer patient’s journey. Surge Therapeutics has flipped this narrative, demonstrating that this brief moment—fraught with the dual promise of tumor removal and the danger of recurrence—is the most critical opportunity to intervene. Michael Goldberg, the company’s founder and CEO, recognized this with remarkable clarity, setting Surge on a path to reimagine surgical oncology as we know it.

Surgery, the cornerstone of solid tumor management, creates a paradox: while removing the tumor, it also triggers inflammation and immune suppression, conditions that can foster recurrence. Surge’s hydrogel-based immunotherapy turns this challenge into an opportunity, delivering treatment precisely when and where it’s needed.

A Mission Worth Believing In

At the heart of Surge’s mission is a simple but profound goal: prevent cancer recurrence. This isn’t just about reducing relapse rates—it’s about giving patients back their futures. Recurrence and metastasis account for 90% of cancer-related deaths, and for 40% of the 700,000 annual cancer surgery patients in the U.S., the fight is far from over even after their tumor is removed. Surge Therapeutics aims to change that by targeting the unique immunosuppressive environment left behind after tumor resection.

Their approach combines ingenuity and practicality. Leveraging a proprietary hydrogel platform to deliver extended-release immunotherapy, Surge transforms a moment of vulnerability into one of strength. A single intraoperative dose can replace months of post-surgical treatment, simplifying the patient experience while enhancing outcomes.

Science-Backed Innovation

The efficacy of Surge’s approach is underscored by compelling preclinical data. Studies published in Science Translational Medicine reveal that the hydrogel-based therapy significantly reduces local recurrence, eliminates micrometastases, and induces systemic antitumor immunity. Compared to traditional systemic administration, the hydrogel approach not only improved survival rates but also established immune memory, preventing disease relapse in rechallenge models. These findings highlight the potential for durable and transformative outcomes in human trials.

Surge’s modular platform is another critical advantage. While their initial focus is on a TLR7/8 agonist for bladder cancer—a high-recurrence, rapid-readout indication—the platform’s adaptability supports future applications across diverse tumor types and therapeutics. This modularity directly addresses concerns about cancer heterogeneity, showcasing the platform’s versatility.

De-Risked and Designed for Success

Surge’s strategic choices have de-risked their path to market. By focusing on clinically validated components and targeting high-recurrence cancers, the company accelerates its clinical validation process. Their successful pre-IND meetings with the FDA, combined with completed IND-enabling studies and a strong safety profile, pave the way for efficient execution of their Phase 1/2a trial.

Critics may question the feasibility of scaling trials for such a broad platform, but Surge’s strategy addresses this directly. Starting with bladder cancer allows the company to generate meaningful data early. These insights can then be leveraged to expand into additional indications, ensuring scalability without sacrificing efficiency.

The financial potential for Surge’s approach is substantial. With a serviceable obtainable market of $7 billion annually in the U.S. alone, the company is well-positioned to deliver both clinical and economic value. Premium pricing, supported by durable outcomes and cost-effectiveness compared to traditional immunotherapies, further strengthens the opportunity.

Unlike iterative advancements in immunotherapy, Surge’s hydrogel platform represents a paradigm shift, creating an entirely new therapeutic category. This first-mover advantage offers the potential to redefine standards of care and capture significant market share.

As an investor, I seek companies that align with my values—those that are mission-driven, innovative, and focused on solving real problems. Surge Therapeutics embodies these qualities. I also appreciate their pragmatic approach to innovation. By balancing bold ideas with a de-risked strategy, Surge is poised not only to change lives but to succeed in a highly competitive market.

surgetx.com

I am an investor in Surge Therapeutics. This post reflects my personal views and analysis, not those of Surge Therapeutics or its management. For more insights on mission-aligned companies, subscribe to this newsletter.

As of November 2024, Nothing has shipped over two million devices, including smartphones and earbuds, rapidly gaining traction in a competitive market. Notably, the company has been recognized as the fastest-growing smartphone manufacturer in 2024.  What’s remarkable isn’t just the numbers; it’s how the company has adhered to its mission of simplifying technology while scaling up.

Embracing Minimalism as a Strategic Advantage

Nothing’s approach hinges on the belief that less can indeed be more. In an era where devices are overloaded with features that many users seldom utilize, Nothing focuses on essential functionalities delivered through elegant design.

1. Design-Centric Products: The company’s devices, like the Nothing Phone (2) and Ear (2) earbuds, feature transparent elements that reveal the inner workings of the technology. This design choice isn’t merely aesthetic; it symbolizes transparency and invites users to connect more deeply with their devices.

2. Streamlined User Experience: Nothing OS offers a clean, uncluttered interface that prioritizes user needs over flashy features. By reducing visual noise and unnecessary options, it enhances usability and reduces digital fatigue. The company is also exploring the development of its own operating system to further innovate the user experience.

3. Selective Feature Integration: Instead of cramming in every possible feature, Nothing carefully selects those that add genuine value. This restraint not only improves performance but also aligns with a growing consumer desire for simplicity. For instance, the upcoming Nothing Phone (3) is expected to focus on AI applications to enhance user experience.

Turning Challenges into Opportunities

Entering a market with high barriers to entry required Nothing to think differently. The company faced several challenges that it transformed into strategic advantages:

1. Building Community Trust: Nothing adopted a transparent approach to product development, often involving the community in decision-making processes. This openness fostered a loyal customer base and differentiated the brand from competitors. The company has also acknowledged and addressed past mistakes, such as the confusing naming scheme of its earbuds, demonstrating a commitment to continuous improvement.

2. Sustainability Initiatives: By minimizing packaging and considering the environmental impact of its products, Nothing appeals to eco-conscious consumers. This commitment adds another layer of value and aligns with global sustainability trends.

3. Navigating Supply Constraints: In the face of global supply chain disruptions, Nothing focused on optimizing existing resources and refining its product lines. This agility allowed the company to maintain quality without overextending itself.

The Investment Perspective: Why Nothing Matters

Investing in Nothing was a decision rooted in the belief that consumer technology is ripe for disruption—not through more features, but through better experiences. Three key trends support this conviction:

1. Community-Centered Design as a Differentiator: In markets where technical specifications are increasingly similar, design and user experience become critical differentiators. Nothing’s commitment to these aspects creates a competitive edge that’s difficult to replicate.

2. The Shift Toward Mindful Consumption: As people become more aware of the impacts of technology on their lives, there’s a growing appetite for devices that promote mindfulness rather than distraction. Nothing addresses this need directly.

3. Community Engagement as a Moat: By fostering a strong community and emphasizing transparency, Nothing builds customer loyalty that goes beyond the product itself. This community becomes a valuable asset and a barrier for competitors.

Looking Ahead: Scaling with Purpose

The challenge now is for Nothing to scale its operations without diluting its core principles. This involves more than increasing production; it means maintaining design integrity, user focus, and community engagement on a larger stage.

For investors, Nothing represents more than a financial opportunity; it embodies a shift toward technology that enhances life by being thoughtfully integrated into it. In a world overwhelmed by complexity, Nothing’s emphasis on simplicity might just be the most significant innovation.

Nothing Technology exemplifies what I look for in mission-aligned companies: organizations where commercial success is inextricably linked to delivering on their core purpose.

This alignment between mission and business model creates a virtuous cycle that I believe is the hallmark of truly transformative companies. As this series continues, we'll explore other organizations that have found similar alignment between purpose and profit, each in their unique way. What they all share is the understanding that in today's market, mission isn't just a statement on a website—it's a crucial driver of sustainable competitive advantage.

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I am an investor in Nothing Technology. This post reflects my personal views and analysis, not those of Nothing or its management. For more insights on mission-aligned companies, subscribe to this newsletter.

Kristy Caylor, founder and CEO of Trashie, has created an innovative business model that tackles two critical challenges in sustainable fashion: making clothing recycling convenient and rewarding consumer sustainable choices.

Recent data reveal a global shift toward faster fashion cycles. To put it concretely, if a garment was typically worn 100 times in 2004, it’s now worn only 55 times in 2024. Annually, customers discard wearable clothes worth a cumulative $500 billion.

Less than 1% of textiles used for clothing are recycled into new garments. Including clothing donations, three out of five garments end up in landfills or are incinerated. At the same time, textile production generates 1.2 billion tons of greenhouse gas emissions annually—more than international flights and maritime shipping combined1.

Through its Take Back Bag program, Trashie has built a comprehensive ecosystem that keeps unwanted clothes and textiles out of the trash. Their advanced North American sorting facility achieved a 90% landfill diversion rate through precision sorting into 253 grades. With impressive customer retention and 5 million pounds of textiles recycled, Trashie is demonstrating the power of technological innovation combined with consumer-centric incentive systems.

Below are Kristy's responses to three key questions, followed by my industry analysis and perspective (marked with "▷▷").

1. Understanding Consumer Priorities in Sustainable Fashion

With your background in luxury fashion and now focusing on circular economy solutions, what's the most surprising insight you've gained about consumer behavior in relation to sustainability and fashion? How has this influenced your business strategy?

Pragmatically, Kristy emphasizes that offering direct value to consumers plays a fundamental role in their decision-making:

I've been working with consumers and sustainability for such a long time: not much surprises me. From a consumer standpoint, the first priority is value - that can be design, product quality, brand experience, financial value. Those attributes typically trump the actual sustainability component of the product.

If the brand or product excels on quality, experience, performance, or design, customers might pay more, but they will not pay more simply because of the sustainable elements. If there is a financial benefit to choosing the sustainable product or service, that is even better. 

Understanding the nuances about sustainable fashion can be daunting and sometimes overwhelming - good storytelling and simple messaging is essential and is communicating with authenticity. Honesty is better than perfection. Consumers are busy and distracted so they need things to be easy and convenient.

• Looking beyond just fashion, Trashie's model demonstrates that:

  • outside specific niches, immediate rewards trump long-term environmental benefits in driving behavior change.

  • Removing friction is more effective than education in scaling sustainable behaviors.

  • Sustainable solutions must integrate seamlessly with existing consumer habits.

• Trashie's dual-reward system —offering store credit for recycling and shopping rewards—represents a new paradigm in circular economy business models. By monetizing both disposal and purchase behaviors, they’ve created a self-reinforcing loop that could be replicated across other consumer categories.

• However, while Trashie's rewards system effectively drives recycling behavior, it could incentivize continued consumption through its through its store credit and shopping incentives. Brands like Patagonia encourage longer garment use, but we intuitively understand that the solution lies in reducing consumption. At scale, Trashie’s model could inadvertently accelerate the fast fashion cycle. One way to mitigate this potential risk is to limit earning and spending of store credit to sustainable options only.

2. The Collection Challenge

If you could instantly change one aspect of consumer behavior or industry practice to accelerate the adoption of circular fashion, what would it be and why?

Kristy identifies collection as the critical bottleneck:

We believe solving for collection unlocks a tremendously important bottleneck. We would like to capture as much as the post consumer waste stream as possible and that means working with both consumers and with the industry as a whole.

• The textile recycling industry's fundamental challenge is highlighted by a stark statistic: clothing consumption has increased 400% over the last 20 years, while collection and recycling infrastructure has lagged severely behind. Trashie’s precision sorting system (253 grades based on quality, category, seasonality, and material) represents a paradigm shift from traditional recycling methods. While most collection programs blindly export mixed bales, contributing to waste colonialism, Trashie's approach ensures optimal matching of items to end markets.

• The company's sophisticated matchmaking system for reuse markets demonstrates deep understanding of global supply-demand dynamics. By timing seasonal clothing shipments to specific regions, they're maximizing the environmental impact of reuse – which can reduce a garment's greenhouse gas emissions by 44% when its wear cycle is doubled.

• Their commitment to fiber-to-fiber recycling innovation, despite its current limitations, shows long-term strategic thinking. By building relationships with leading recyclers like Renewcell and Ambercycle, and developing specialized collection streams, they're helping create the infrastructure needed for true circularity.

3. Measuring Success in Circular Fashion

What's one unconventional metric or data point you track at Trashie that you believe gives you a competitive edge in driving towards a more circular fashion economy?

Trashie focuses intensely on customer engagement and impact metrics:

Not necessarily unconventional, but we view repeat behavior as the most important metric. We are trying to create a new habit and our success is measured by whether people keep coming back for more. We see 94% annual repeat rates, have sold over 600K Take Back Bags in the last 12 months and have recycled 5M Lbs of textiles.

• The repeat rate suggests that once consumers experience a well-designed sustainable solution, they're highly likely to incorporate it into their regular routines. This challenges the common belief that sustainable behaviors require ongoing education and motivation.

• The integration of shopping rewards through their Chrome extension demonstrates how sustainability initiatives can leverage existing consumer behaviors rather than trying to create new ones. This "path of least resistance" approach could revolutionize how we think about driving sustainable behaviors.

• The focus on repeat behavior rather than total volume understands the unit economics in the circular economy. By creating predictable waste streams through habitual use, Trashie can better optimize their sorting and distribution infrastructure.

I invested in Trashie through Alumni Ventures and appreciate the company's pragmatic approach to solving the collection challenge as it addresses a critical bottleneck in creating a circular fashion economy. Their ability to process vast amounts of textile waste weekly demonstrates that combining consumer convenience with industrial-scale operations can drive meaningful change.

The key will be carefully managing growth to ensure that increased recycling capacity genuinely reduces fashion's environmental impact rather than just enabling faster consumption cycles. As major brands like H&M commit to using 100% recycled or sustainably sourced materials by 2030, Trashie's infrastructure and technology could become increasingly valuable in enabling this industry transformation.

trashie.io

Below are insights from Henrietta Moon, CEO and co-founder of Carbo Culture, followed by my analysis and commentary (marked with "▷▷").

1. From Single-Purpose Solutions to Industrial Integration

What's the most surprising or counterintuitive insight you've gained about the carbon removal industry that has significantly influenced your business strategy?

Moon's response highlights the dynamic nature of the sustainability market:

The market in sustainability keeps constantly evolving at a rapid pace as regulation, markets and new technologies evolve. Emitters costs, the cost of transitioning and the awaited present value of a green investment are in flux (usually for the better)."

• The "cost of transitioning" is becoming more favorable as industrial players realize that delaying decarbonization could be more expensive than acting now. For example, cement manufacturers facing rising emissions costs are finding that solutions like Carbo Culture's Biographite® can both reduce their carbon footprint and improve product performance, turning what was once seen as a cost burden into a competitive advantage.

• High-purity biochar for industrial applications commands premium prices compared to basic soil amendments. Companies like Carbo Culture that can demonstrate stable, long-term carbon storage (>10,000 years) are positioned to capture premium values in both compliance and voluntary markets. This evolution is pushing the industry beyond simple offset credits toward higher-value removal solutions.

• Climate technologies are increasingly judged not just on their environmental impact but on their ability to deliver tangible performance benefits. This shift is crucial for accelerating adoption and creating sustainable business models.

2. Balancing Speed with Excellence

If you could instantly improve one aspect of public or corporate behavior regarding carbon emissions and removal, what would it be, and how would it transform the industry?

Henrietta advocates for an action-oriented approach:

I would say “done is better than perfect.” If we are trying to engineer something now to meet all our scale and quality and science expectations that we assume we'll have in 2050, we won't get started. Instead let's accept that like in anything else, our understanding and the scalability/cost etc. will evolve as we keep learning by deploying removals.

• The urgency of climate change demands immediate action. The "deploy and improve" model is particularly relevant to scale rapidly.

• Carbon removal technologies typically see significant cost reductions through deployment. For example, each iteration of Carbo Culture's reactors has revealed opportunities for operational optimization that laboratory testing alone couldn't uncover.

• Early deployment creates opportunities for customer input, process optimization, and business model refinement that cannot be achieved through research alone.

• Actual deployment enables the discovery and optimization of multiple revenue streams, like conductive concrete through direct customer interaction.

3. Maximizing Impact Through Integration

What's one unconventional metric or data point you track to measure the impact and efficiency of your carbon removal technology?

The response focuses on total resource efficiency:

We measure the total efficiency of the carbon used - in essence, how much of a ton of biomass residue that we process is 'wasted'. For us (depending on the project setup) the efficiency is near total. What remains after the biochar is formed is a combustible syngas that can be burnt to replace fossil fuels.

• The drive for complete biomass utilization is a significant shift in carbon removal technology. Carbo Culture's process achieves near-total efficiency through a dual-stream approach. Their solution converts roughly 50% of biomass carbon into biochar for permanent storage, while the remaining carbon becomes energy-rich syngas.

• This split is significant because it solves two industrial challenges simultaneously: creating a high-purity carbon product (>90% carbon content biochar) while generating renewable energy that can directly replace natural gas in industrial applications.

• The syngas output creates immediate value by offsetting natural gas consumption, while the biochar serves multiple high-value applications from concrete enhancement to soil amendment.

• This approach is changing how industries view carbon removal technologies - not as cost centers for environmental compliance, but as integrated solutions that can improve both environmental and operational performance.

The carbon removal industry's evolution from single-purpose environmental solutions to integrated industrial technologies marks a crucial transition in climate tech.

As an investor, I'm particularly interested in technologies that can:

• Improve existing industrial processes while reducing emissions

• Create multiple value streams beyond carbon removal

• Maintain high quality standards while deploying rapidly

• Generate immediate revenue while working toward long-term climate goals

I am excited to have invested in Carbo Culture through Alumni Ventures, given their potential to transform multiple industries while scaling carbon removal. Their combination of proven technology, multiple revenue streams, and rigorous scientific validation creates a compelling investment case.

Carbo Culture's approach - combining carbon removal with advanced materials production and energy generation - suggests that the future of climate technology lies in solutions that can transform industrial processes while delivering environmental benefits. This integration of climate tech with core industrial operations represents a crucial evolution in how we address climate change.

carboculture.com

The world of health insurance is ripe for disruption. Frank Wu, CEO of Mending (formerly Taro Health), is challenging traditional insurance models with unlimited primary care and mental health visits. This post explores Taro's unique approach, from its consumer-centric philosophy to its emphasis on preventative care. Below are Frank's responses to three key questions, followed by my industry analysis and perspective (marked with "▷▷").

1. Simplifying the Complex: Taro Health's Approach to Consumer Understanding

What's the most surprising or counterintuitive insight you've gained about healthcare consumers that has significantly influenced your business model?

Frank's response highlights a critical issue in healthcare comprehension:

The average healthcare consumer is not well-equipped to navigate the extremely complex US healthcare system. There are too many confusing concepts and terms for people to understand when they try to use their health insurance, like trying to navigate their deductibles, co-pays, co-insurance, and more. We are doing our part to demystify and educate on these terms, but we also have focused heavily on designing our product and model to operate in a simpler way: for example, we offer fixed copays for common services from day 1 with us, regardless of deductible. Practically, this means that the member will know things like "my primary care visits are free" and "my specialist visits will be no more than $30 out-of-pocket" depending on the specific member's plan.

Frank's insight into healthcare complexity goes beyond surface-level observations, revealing a deeper issue in the industry:

• The focus on fixed copays and simplified terms addresses not just a knowledge gap, but a fundamental misalignment between insurance design and consumer capacity for complexity.

• This approach could lead to a paradoxical increase in healthcare utilization. By removing barriers to understanding, Taro might encourage more frequent, but potentially less costly, interactions with the healthcare system.

• The simplification strategy aligns with behavioral economics principles, potentially reducing decision paralysis that often leads to delayed care.

  However, this model may face challenges in risk pool management. Simplified pricing could attract higher-utilization consumers, necessitating careful actuarial balancing.

• Taro's approach has the potential to expose the artificial complexity in traditional insurance models, forcing industry-wide reassessment of pricing structures.

2. Consumer-Driven Healthcare: A Vision for Systemic Change

If you could instantly change one aspect of how people interact with the healthcare system, what would it be, and how would it transform the industry?

Frank proposes a fundamental shift in health insurance acquisition:

I would change the way people purchase health insurance by shifting from employer-based coverage to a direct-to-consumer model. This would allow individuals to choose plans that are tailored to their unique needs, rather than being limited by what their employer offers (or putting the employer in a hard position to make a complex decision on behalf of their employees).

The second-order effect here would be that consumers will act more as true consumers, which will push the health insurance industry to be more competitive and customizable, which should in turn lead to better price transparency and ultimately, better access to care. It would also increase flexibility for workers who change jobs, reducing the friction of moving between different health plans.

This is starting to happen now with new regulation that has introduced "ICHRAs," which are a way for employers to reimburse medical expenses to employees for their own selected plans, while still offering the same favorable tax treatment to the employer as a traditional employer-selected plan.

• This shift could lead to an 'unbundling' of health benefits, allowing for more specialized, niche insurance products tailored to specific health needs or demographics.

• A direct-to-consumer model might accelerate the integration of health and wellness services into insurance offerings, blurring the lines between prevention and coverage. This combination could help realize the promise of true "health care" versus the current reactive "sick care" model.

• This approach could catalyze a new era of health data portability, as consumers demand seamless transitions between plans and providers.

• This shift could lead to interesting intersections with emerging technologies, potentially spurring the development of AI-driven personal health insurance advisors.

3. Redefining Success: Taro Health's Unique Engagement Metrics

What's one unconventional metric or data point you track to measure Taro Health's impact or maintain a competitive edge in the primary care space?

Taro Health has adopted an approach focused on long-term patient engagement:

We track closely the number of patients that have "attributed" with a doctor, and once that's done, whether they are actively engaging and retaining with them month-over-month. We think that the more touchpoints a patient has with their doctor (even if they aren't traditional "billable encounters"), the better -- all of this can suggest that the doctor is actively checking in on care plans or that the patient is adhering to care plans or prescription fills.

This focus on attribution and engagement metrics reveals several insightful industry implications:

• By valuing non-billable interactions, Taro is essentially creating a new currency in healthcare: patient attention. This could lead to innovative reimbursement models based on sustained engagement rather than episodic care.

• This approach might create a 'network effect' in healthcare, where the value of the insurance increases as more patients and providers actively engage in the system.

• The focus on engagement could lead to the development of new health technologies specifically designed to facilitate and measure these non-traditional interactions.

• This metric might expose hidden inefficiencies in traditional healthcare models by highlighting the value of interactions currently considered 'unbillable'.

• However, this approach could also create new forms of healthcare inequality, favoring patients who have the time and resources to engage frequently with their providers.

Taro Health's innovative approach to healthcare delivery, centered on unlimited primary care and mental health visits, transparent pricing, and a focus on preventative care, represents a bold reimagining of health insurance. By addressing the complexities of the current system and emphasizing proactive health management, Taro Health is pioneering a new paradigm of healthcare delivery.

The company's strategy of offering free generic prescriptions and partnering with Direct Primary Care (DPC) practices aligns with its mission. This approach not only differentiates Taro in the marketplace but also reshapes consumer expectations of what health insurance should provide.

I am excited to have invested in Taro Health through Alumni Ventures, given the company’s potential to disrupt the traditional health insurance model. While Taro Health's model is currently limited to Oklahoma and Maine, its principles could have far-reaching implications for the broader healthcare landscape.

tarohealth.com

If you enjoyed this piece, you might also be interested in Founder Insights #2 featuring The Lanby, concierge medicine with primary care and wellness under one roof.

While my "Founder Insights" series explores the strategies and journeys of companies I've invested in, "Mission Aligned" explores their core missions and values.

In this series:

• Foundational Values: The principles that guide decision making.

• Mission-Driven Innovation: When a strong sense of purpose leads to groundbreaking solutions.

• Broader Impact: The ripple effects these companies create in their industries and society at large.

• Navigating Challenges: How these businesses overcome obstacles while staying true to their values.

• The Human Element: The passionate individuals—from founders to employees to customers—who bring these missions to life.

"Mission Aligned" is for investors seeking perspectives, entrepreneurs looking for inspiration, and anyone curious about purpose-driven business.

Welcome to Mission Aligned. The first article in this series is coming soon.

As with previous posts, I've followed her answers with my analysis (marked with "▷▷"). I have a unique perspective on MDisrupt's journey: I was one of the first “Experts” on the platform, became an early investor, and helped transform the matchmaking process into a scalable digital solution.

1. The Surprising Gap in Digital Health

What’s the most surprising or counterintuitive insight you’ve gained about your customers that has significantly influenced your business strategy?

One of Ruby's key discoveries was that many digital health companies, despite their innovative ideas and technologies, often lack the clinical validation and health economics evidence required by traditional healthcare stakeholders. This insight led MDisrupt to create an accessible marketplace where companies can easily find experts to help generate necessary evidence and navigate complex regulations.

We realized that by simplifying access to these experts, we could accelerate the process of bringing clinically validated digital health solutions to market, ultimately benefiting both companies and patients. This was counterintuitive because we initially assumed that these companies would have already prioritized generating robust evidence to scale into mainstream healthcare. However, we found that many companies struggle with this, primarily due to the complexity and cost associated with clinical validation.

• Ruby's observation cuts to the heart of a critical issue in digital health. The chasm between technological innovation and clinical validation has long been a stumbling block for widespread adoption.

• This disconnect stems from the inherently different cultures of tech and healthcare: the former prizes rapid iteration and market penetration, while the latter demands rigorous evidence and prioritizes patient safety.

• MDisrupt's expert matchmaking approach is more than just a business model—it's a bridge between these two worlds. By facilitating faster, more efficient clinical validation, MDisrupt isn't just helping individual companies; it's potentially accelerating the entire field of digital health innovation.

2. The Game-Changing Shift: Early Evidence Generation

If you could instantly improve one aspect of customer behavior in your market, what would it be, and how would it transform the industry?

If Ruby could instantly change one aspect of customer behavior, it would be prioritizing evidence generation early in product development. Many companies delay clinical validation, leading to scaling delays and adoption challenges.

This would reduce time and resources spent on retroactive validation and improve the credibility and adoption of digital health solutions. Often, digital health companies wait too long to engage in clinical validation and evidence generation, which can lead to delays in scaling, regulatory hurdles, and challenges in gaining adoption by healthcare systems and payors.

• Ruby's vision of early evidence generation represents a paradigm shift in digital health product development.

• However, implementing this shift is not without challenges. Many startups, operate with limited resources.

• The key lies in developing streamlined, cost-effective validation processes that provide sufficient evidence for healthcare stakeholders without stifling innovation.

3. An Unconventional Metric for Success

What’s one unconventional metric or data point you track to keep a competitive edge?

MDisrupt tracks a critical metric to maintain its competitive edge: the "time-to-expert-match" rate. This measures how quickly they can connect digital health companies with the right experts.

The faster we can connect our clients with the appropriate experts, the quicker they can address their challenges. By optimizing this metric, we maintain a competitive edge because it directly correlates with our clients' success and satisfaction. It also allows us to continuously refine our matching algorithms and expert network, ensuring that we provide the most effective and efficient service possible. This focus on speed and precision in expert matching has become a key differentiator for MDisrupt, setting us apart from traditional consulting models.

• The "time-to-expert-match" rate is a brilliant metric that encapsulates MDisrupt's value proposition. In the fast-paced world of digital health, speed can be a critical factor in a company's success. By focusing on this metric, MDisrupt is essentially optimizing for their clients' time-to-market, a powerful differentiator in a competitive landscape.

• As MDisrupt refines its algorithms, it could potentially create a system that not only matches experts quickly but also predicts what kind of expertise a company might need based on its profile and stage of development.

I didn't hesitate to invest in MDisrupt because it addresses a critical gap in a fast-growing market. By providing quick access to relevant experts, MDisrupt accelerates the path to market for digital health companies. In terms of network effects, as more experts and companies join the platform, its value increases for all participants, creating a powerful flywheel effect. The platform approach allows MDisrupt to scale efficiently and serve a large portion of the digital health market.

Moreover, I saw an intriguing potential for data play: over time, MDisrupt could accumulate valuable data on digital health trends, critical capabilities (e.g., hiring prioritization), best validation strategies, and ultimately, product quality and clinical utility. This data asset could become increasingly valuable as the digital health sector matures.

While there are risks, including potential competition from traditional consulting firms and the challenge of maintaining quality as the platform scales, MDisrupt's innovative approach and first-mover advantage in this niche position it well for success. The company's focus on bridging the gap between innovation and validation in digital health sets it apart and addresses a growing need in the industry.

mdisrupt.com

1. The Power of Gentle Nudges: Redefining Patient Engagement

What's the most surprising or counterintuitive insight you've gained about patient care or healthcare delivery that has significantly influenced your business strategy?

Chloe's response challenges conventional wisdom:

Patients want and need to be nudged. We worried at the onset that our follow ups or reminders would annoy patients. But we've received countless thank you's from grateful members who finally got around to completing their labwork, or starting their new supplement regimen, or completing a diagnostic kit thanks to our friendly nudges.

Contrary to being annoying, these nudges reinforce the feeling that the healthcare team is actively invested in the patient's wellbeing.

• This insight taps into a critical aspect of behavioral health psychology that's often overlooked in traditional healthcare models. Many patients intend to follow through with health recommendations but fall victim to inertia or forgetfulness.

• Regular nudges can help patients develop lasting health habits, which is crucial for preventive care and chronic disease management.

• By leveraging technology for these nudges, The Lanby is effectively providing personalized care to each member without overwhelming their staff.

• The key lies in the execution - the nudges must be perceived as helpful rather than intrusive, which requires careful calibration of frequency, tone, and content. The Lanby's success in this area suggests they've found the right balance.

• However, this insight is particularly pertinent to individuals who are already highly engaged with their health, as evidenced by their willingness to pay for The Lanby's services on top of their existing health insurance. These customers are actively seeking "more healthcare," and therefore appreciate nudges that help them stay on track with their health goals. It’s unclear whether this finding and approach is applicable to patient engagement in traditional primary care.

2. Transforming the Primary Care Paradigm: From Reactive to Proactive

If you could instantly improve one aspect of how people engage with primary care, what would it be, and how would it transform the healthcare industry?

Chloe identifies a fundamental flaw in the current system:

Primary care has become another version of urgent care. This is not the fault of physicians, but rather insurance, which reimburses physicians according to their volume of visits and procedures. This incentivizes them to fill their schedules and speed through visits, rather than take the extra time to strategize how best to proactively improve their patients' health.

Her proposed solution involves:

1. Creating an insurance reimbursement structure that rewards physicians for investing in their patients' long-term wellbeing.

2. Encouraging patients to interact with their providers proactively to address deficiencies early on and enhance their health.

• Chloe's diagnosis of the problem is spot-on, and her proposed solution addresses a critical need in healthcare reform. This shift could lead to long-term cost reduction, improved health outcomes, increased physician satisfaction, and patient empowerment.

• However, implementing this vision faces significant challenges, including systemic overhaul and cultural shift.

  • Changing insurance reimbursement structures requires a massive shift in the healthcare industry, involving insurers, healthcare providers, and regulatory bodies.

  • Many patients are accustomed to only seeing a doctor when they're sick (“health care” is rather “sick care” in the traditional model). Encouraging proactive engagement will require more than education and potentially incentives.

  • The initial increase in healthcare costs, as more people engage in preventive care, would face resistance from insurers and policymakers.

• The Lanby's model, which operates outside traditional insurance structures, provides a testing ground for this proactive approach. We all intuitively understand it’s a better model.

3. Measuring Impact Through Longevity Markers: A Data-Driven Approach to Health

What's one unconventional metric or data point you track to measure The Lanby's impact or maintain a competitive edge in the primary care space?

The Lanby adopted an approach that most clinics have not explored yet:

We track certain longevity markers across all of our members to ensure their health is improving on an individual and collective basis. These trends are essential in validating that our recommendations and the support we offer along the way are effective at inspiring change and instilling sustainable habits.

She elaborates on their comprehensive testing approach (5x the number of biomarkers included in a routine physical), which includes markers for metabolic health (including HbA1C, uric acid and insulin), cardiovascular health (including apoB and lpa), hormone health (including testosterone, estradiol, DHEA-sulfate, and SHBG), and immune health (including vitamin D, omega 3/6 ratio, magnesium, B12, and iron).

For members, labs play a big role in uncovering the root cause of issues and optimizing for disease prevention and longevity. Deficient labs are typically repeated every quarter to measure progress, and adjustments to the Care Plan are made accordingly. 

For non-members, they offer an a la carte service called Just The Labs. This service offers access to the same extensive lab panels. However, unlike most lab services, it also includes a 45 minute consultation with a Medical Provider and Registered Dietician to explain the lab results and provide targeted recommendations. 

• This focus on comprehensive biomarker tracking is a game-changer in primary care. It allows for holistic health assessment, early detection and prevention, personalized care plans, and quantifiable results.

• The Lanby's model could set a new standard for how primary care practices measure and improve patient health in the long term.

My decision to invest in The Lanby in 2022 with Jason Calacanis and his SPV was driven by their compelling vision to revolutionize primary care.

When I look at the healthcare landscape, I see a system crying out for innovation. The Lanby caught my attention because it's not just tweaking the edges of primary care - it's fundamentally reimagining the entire experience. What struck me about The Lanby is their holistic approach. They are not just a doctor's office with a sleek interface (beautiful btw!). Instead, they've created a comprehensive ecosystem that addresses the multifaceted needs of today's health-conscious consumers.

While The Lanby's model might not be for everyone, I believe it has the potential to pioneer approaches that could eventually transform the broader healthcare landscape. The Lanby plays a crucial role in reshaping our expectations of what primary care should look like in the 21st century.

thelanby.com