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DCVC Diligence Assignment
Tami Khazaei | April 10, 2025
Prompt: Review the startups listed on Altitude Lab and identify your top three picks.
My assumptions: Not prioritizing any particular sector, funding stage, or investment thesis. No access to pitch decks, just public information.
Top 3 picks: and stood out. would've been third, but it was acquired by Pathos, so I suggest instead.
Leash Bio
Founded: 2021
Capital: $9.3M Seed round in April 2024, led by SpringTide Ventures.
Technology: Leash Bio is an AI-driven drug discovery platform using a proprietary high-throughput screening system to generate biochemical data by screening small molecule binding against proteins. They’ve generated over 17 billion protein-compound interaction data points—orders of magnitude more than what’s available in PubChem. This dataset powers a cyclical machine learning loop that rapidly designs and refines small molecules against protein targets.
Market and Differentiation: Leash operates in the small molecule drug discovery market, a core part of the $50B+ annual biopharma R&D spend. It differentiates by building a specialized experimental system to directly measure molecular interactions—creating a dataset tailored to train ML models for binding prediction. This contrasts with Recursion (phenotypic imaging) and Isomorphic Labs (structure prediction), which train on different biological layers. Leash’s experimental-first approach may offer a more grounded training signal, but needs to be validated through downstream results like lead identification.
Risk and Considerations: Leash is operating in a fast-moving field with well-capitalized players building autonomous labs for large-scale data generation. The key question is how they plan to scale not just higher-quality data, but the most relevant data for the ML task at hand.
Team: Strong | Six of the eleven team members are ex-Recursion, bringing relevant experience in AI-driven drug discovery and a proven track record of working together. CEO and CTO .
Overall Take: Strong team and thoughtful TechBio approach. The key question is how well it translates into high-performance, translatable hits—especially in a field with increasingly capable players. Worth engaging to dig into the model (performance, compute infrastructure) and the experimental system—how binding is measured (e.g., enrichment vs. affinity), technical limitations, and whether they’re capturing the right experimental signals to drive therapeutic relevance and lead success.
Sethera
Founded: 2024
Capital: $3M Seed round in January 2025.
Technology: Sethera is building a peptide discovery platform that combines enzymatic cross-linking with AI-guided design to generate polymacrocyclic peptides—complex, multi-ring structures with improved stability and binding potential. The platform enables rapid generation of diverse and structurally novel peptide libraries for hit discovery and is backed by a filed patent and four academic publications.
Market and Differentiation: Sethera operates in the multi-billion-dollar peptide therapeutics market, where demand is growing for more stable and tunable drug formats. Most other platforms use traditional or automated chemical synthesis. Sethera uses enzymatic cross-linking to generate structurally novel polymacrocyclic peptides with more control and structural diversity. Combined with AI-guided design, the platform offers a modular, scalable approach to hit discovery.
Risk and Considerations: Operates in a competitive space with other macrocycle-focused platforms. No disclosed pipeline of leads, and the key question is whether the structural novelty translates into meaningful functional or therapeutic advantages.
Team: Good starting team composed of a faculty founder and his former PhD student, who have worked closely together. Team is now five. The recent addition of Robert Langer to the board brings high-profile visibility and strategic credibility. CEO and CSO .
Overall Take: Strong early team and differentiated platform aimed at unlocking new peptide structural design space, but success hinges on whether that novelty translates into meaningful functional breakthroughs. Worth engaging to review data, any early leads, and their discovery strategy (indication focus, internal vs. partner-led).
Vistim Labs
Founded: 2021
Capital: $932K in seed funding across two rounds (2023 & 2024)
Technology: Vistim Labs is building a software-only AI tool that analyzes EEG data to estimate key dementia-related biomarkers—like amyloid, tau, and cognitive function. It runs on existing EEG hardware, offering a non-invasive, lower-cost alternative to PET scans for earlier, more accessible diagnosis of Alzheimer’s and related conditions.
Market and Differentiation: The EEG device market is moderate (~$1.7B) but part of a much larger and growing neurodiagnostics space. Traditional diagnostic tools for dementia—like PET scans and CSF analysis—are invasive, expensive, and hard to scale. Vistim takes a lighter approach: software-only AI that runs on standard EEG machines. Most competitors bundle AI with proprietary hardware; Vistim’s SaaS model is cheaper, more scalable, and easier to integrate into existing clinical workflows.
Risk and Considerations: Validated in a HITLAB pilot, but still early. No regulatory clearance or clinical adoption yet. Key questions include model accuracy and regulatory pathway—but most importantly, market adaptability, especially given the competitive space.
Team: Team is credible but has room to bring in strong operators. Advisory support includes neurodiagnostics veteran Frank Zanow (CEO of ANT Neuro, largest EEG manufacturer). CEO
Overall Take: Software-only AI running on existing EEG infrastructure—simple, scalable, and differentiated, but the key question is market potential and value capture. Worth engaging to assess clinical performance, regulatory path, and scalability strategy—including pricing, adoption drivers, and commercial model.
Analysis Table (See final column for decision rationale)
Logo
Company & Description
Founding Year
Stage
Total Capital Raised
Category
Company Size
Team
IP
Publications
Market Size & Opportunity
Differentiation
Risks
Traction / Validation
Final Assessment
3Helix | Collagen-targeting peptides for tissue damage detection
2015
Series A
$5.32 M
(2023 BASF $3.75M; 2016 NIH SBIR $1.42M)
Diagnostics
9
Yes
Yes - Multiple
Small – Niche collagen diagnostics TAM estimated at ~$60M today, with upside to $150–200M as clinical and skincare applications emerge.
High – CHP tech targets denatured collagen with high specificity; unmatched for early detection of collagen remodeling.
Medium – Niche market; early adoption required; regulatory pathway unclear; replication risk.
Medium – academic use
Pass - 3Helix has a technically differentiated, IP-protected product with early revenue and strong scientific validation. However, the market remains niche, and future investment hinges on research adoption and potential clinical expansion. Revisit at Series B based on traction and clarity on clinical pathway.
Anziva | Reformulates existing drugs to improve delivery and reduce side effects
2024
Pre-Seed
Unknown
Therapeutics
2
Not disclosed
Not disclosed
Medium – Market could be large, but no target indications disclosed; adoption will depend on degree of improvement.
Low – Reformulation of known drugs with no disclosed technical advantage
Medium – Low scientific risk given known biology, but degree of improvement and moat is unclear.
Low – No disclosed data
Pass - While Anziva’s approach builds on validated science to improve existing drug formulations—similar to companies like Paragon—its success hinges on execution, IP defensibility, and measurable therapeutic benefit. Without data on the extent of improvement, and given the lean team (including a CFO with a split focus) in a space where strategy and regulatory connections are critical, it’s too early to prioritize.
Aumenta | Developing microbiome-inspired immunotherapies for cancer and autoimmune diseases
2021
Pre-Seed
>$250K
(2022 NIH STTR Phase I)
Therapeutics
1
Yes - two filed
Yes
Medium – Immunotherapy market is substantial, but this is a specific niche for microbiome-derived adjuvants
Medium – Potential moat in strains, metabolites, or mechanism—but currently undisclosed
High – While supported by published preclinical data, translatability remains uncertain, and the approach is currently limited to adjuvant use
Low –Progress appears stagnant, with only the academic founder still involved
Pass - Limited signs of continued traction; CEO has shifted to a new venture role, leaving only the academic founder involved.
Bonneville | Developing novel therapeutics for a range of cancer indications
2023
Unknown
Not disclosed
Therapeutics
Unknown
Sunil Sharma
Not disclosed
Not disclosed
Large - Oncology market, but no details available on approach
No information available
No information available
No information available
Need more information – The team appears interesting, with Pharma experience and current roles elsewhere, but there’s limited public information available for evaluation. The CEO presented at Demo Day last month; he’s an academic with extensive drug development experience and a co-founder of Iterion Therapeutics, Stingray Therapeutics, and Black Canyon Bio.
Conduit | AI-driven drug discovery (data analysis and target discovery) platform enabling wet-lab scientists to analyze data without programming skills
2021
Seed
>$500K
(SFC Capital, King's20, Altitude Lab)
Software
AI
Drug Discovery
2
Not disclosed
Not disclosed
Medium – B2B software for AI-powered drug discovery is a growing market; estimated TAM ~$2B–$5B+ depending on scope.
Medium – Claims differentiation via custom LLMs, but similar tools are widely accessible; uniqueness yet to be demonstrated
Medium – Traction and integration into pharma pipelines remains to be proven.
Medium – Some early collaborations with Orche Bio and Global Pharma
Soft Pass - Concept and market are compelling, but with the rapid pace at which AI powerhouses are advancing, Conduit may struggle to outcompete. Traction seems slow by comparison, and differentiation is not strong, or at least clear.
Dock | Cognitive aid system for clinicians using visual timers and tracking dashboards to reduce error in critical care
2013
Seed
$600K
(TMC, Altitude Lab, Golden Angels)
MedTech
2 (part time)
Not disclosed
Not disclosed
Small – Clinical error reduction tools are increasingly valued; niche but important segment of the broader digital health market.
Medium – Time-based cognitive aids are novel in clinical workflows, but hardware form factor may limit scalability.
High – Hospital adoption hurdles
Medium – Product launched but limited visibility into deployments.
Pass – Solid mission with a developed product and signs of ongoing hospital engagement. However, given the slow pace (>10 years), a part-time team of two people, and the smaller market size, meaningful traction and adoption would be essential to justify investment.
Elnora | AI platform optimizing lab protocols and capturing negative data to improve reproducibility; long-term goal of antiviral drug discovery
2023
Seed
~400K
(Gibson Founder Fellowship, Boost VC, Plug and Play, angel support)
AI
Software
Drug Discovery
8
Not disclosed
Not disclosed
Medium – Targets growing lab productivity software space (~$3B+) with potential upside from data network effects; antiviral angle is longer-term.
Medium – May offer a novel lens on protocol optimization and negative data capture, but competitive edge and defensibility are still unclear.
Medium – Success depends on lab adoption and data scale-up. Monetization path unclear.
Medium – They have a beta version out and looking for adoption. Getting good visibility.
Soft Pass - New and thoughtful approach focused on protocol optimization and negative data capture. CEO appears active and is building visibility. Execution and lab adoption will be critical. Soft pass for now, but worth revisiting as the platform matures.
Elute | Develops drug-eluting, resorbable bone void fillers for orthopedic infections and bone regeneration
2016
Series B
$24.2M
(Series B + clinical grants)
Medical Devices
~10–20 employees
David W. Grainger, Ph.D. (CSO),
Yes
Yes - Multiple
Medium – Bone void filler market ~$3.5B, growing at 6% CAGR; demand driven by trauma, infection, and orthopedic revision surgeries.
Medium – Elute’s use of tobramycin in a resorbable matrix offers a distinct combo of infection control and bone healing. While alternatives exist, comparative clinical advantage is not yet proven.
Medium – Execution depends on sales, adoption, and pivotal trial outcomes.
High – BonVie+ got FDA clearance; EP Granules with Tobramycin is in pivotal trial. Traction will depend on market uptake and clinical outcomes.
Soft Pass - Strong team with FDA clearance and promising clinical direction. However, given recent fundraising, a deeper dive into market size, cap table, and adoption data is needed before making a conviction call for investment at this stage.
Evolution | Drug discovery platform to optimize drug candidates for biological therapeutic modalities.
2022
Unknown
Not disclosed
Drug Discovery
Unknown
Unknown
Not disclosed
Not disclosed
No information available.
No information available.
No information available.
No information available.
Need more information.
Freyya | Wearable, intra-vaginal device that provides real-time biofeedback for pelvic floor rehabilitation during physical activity
2019
Pre-Seed
Not disclosed
Medical Devices
4 (2 part time)
Not disclosed
Not disclosed
Small – Pelvic floor device market estimated at $200M–$300M; niche segment with growing awareness but historically slow adoption.
Medium – Real-time wearable feedback device offers differentiated experience vs. at-home or clinic-based tools.
Medium – Requires regulatory approval and risk adoption by providers may be slow.
Low – Product under development;
Pass – Team has prior company-building experience, and the product addresses a clear need. However, market size is limited, competitors exist, and successful adoption depends on provider behavior change. Real-time feedback is a nice differentiator, but not yet compelling enough to justify investment.
Imessa | Developing instruments for nanoparticle separation and characterization using physical forces rather than traditional stationary phases.
2022
Accelerator/Incubator
Not disclosed
Instruments
1
Not disclosed
Not disclosed
Medium – Nanoparticle analysis market estimated at ~$2.9B in 2022
Low – Uses physical forces instead of chromatography; differentiation depends on clear advantages in performance, usability, and cost.
Medium – Needs validation for performance, and adaption over existing instruments.
Low – Limited public traction; only the CEO, an adjunct university professor, appears actively involved
Pass - Interesting concept with potential, but requires validation and benchmarking against existing methods. Limited traction, with only the CEO (an academic) currently involved.
Intactis | Developing engineered brain tissue for biocomputation and regenerative medicine applications.
2022
Seed
$200K
(self-funded + non-dilutive)
Biocomputation
Regenerative Medicine
1
Not disclosed
Not disclosed
Medium – Market estimated at ~$6.5B by 2030, but demand, use cases, and commercial pull remain unclear.
Medium – Operating in a novel field with few players, but has yet to demonstrate a clear edge over emerging peers
High – Scaling engineered brain tissue is technically complex; ethical and regulatory pathways are uncharted. Success depends on strong team buildout and clear feasibility data.
Low – Single founder, currently recruiting team.
Pass – Bold vision at the frontier of biocomputation and regenerative medicine, but extremely early. Single-founder stage with no data or partnerships. If the team included top-tier advisors or had compelling early data, this might move the needle. Worth tracking, but not investable at this stage.
Known | Developed a 3D micro-tumor platform combining AI and organoid modeling to predict patient-specific cancer treatment response.
2020
Seed (Acquired!)
$7.2M
(Seed round led by Caffeinated Capital, incl. YC, Khosla, Cota Capital)
Therapeutics
AI
13 employees (at time of acquisition)
Andrea Mazzocchi, Ph.D. (CEO), Katie-Rose Skelly, M.S. (CTO)
Yes
Not disclosed
Medium/Large – While personalized oncology is a large market, this tech currently fits best in accessible and hard-to-treat cancers, making it a high-impact but focused niche
Medium/High – While others use organoids, Known combines proprietary organoid models with AI image analysis to predict drug response.
Medium – Organoid testing is technically intensive and may face scalability and reproducibility challenges. Clinical adoption depends on speed, workflow integration, and payer coverage.
Medium – Strong Series A raise and gorwth
Yes, but acquired!
Leash | Building the largest dataset of protein-small molecule interactions to power generative drug design with AI.
2021
Seed
$9.3M
(Seed round led by Springtide Ventures with MetaPlanet and others in 2024)
Drug Discovery
AI
11
Ian Quigley, Ph.D. (CEO), Andrew Blevins (CTO)
Not disclosed
Not disclosed
Large – AI-driven drug discovery market expected to reach $9B+ by 2030. They already have targets in oncology.
Medium/High – Focused on creating a proprietary dataset at scale; combines wet-lab throughput with machine learning to drive novel molecule design.
Medium – Requires robust experimental throughput, biological signal quality, and model performance to justify platform value.
Medium – Raised $9.3M seed; launched Kaggle challenge; strong team and visibility in the AI drug discovery space.
Yes - Strong team and thoughtful TechBio approach. The platform is promising, but long-term value will depend on how well it translates into downstream success, especially amidst growing competition.
Light-Hope | Developing affordable, non-invasive PCR-based diagnostics for early cancer detection using liquid biopsy and temperature-stable technology.
2024
Pre-Seed
Not disclosed
Diagnostics
2
Not disclosed
Not disclosed
Medium – Liquid biopsy is a ~$10B market, but Light-Hope targets low- to middle-income countries where cold-chain-free, cost-effective tests are needed—an estimated ~$500M–$1.5B global niche
Medium – Not focused on new biomarkers, but offers new freeze-drying tech for temperature-stable diagnostics, reducing cold chain needs.
Medium/High – Must prove clinical and regulatory viability while keeping costs low enough to compete in price-sensitive markets. Faces strong, well-funded competition.
Low – Primarily founder-led team (with CFO), currently focused on lab validation
Pass – Important global need, and the team is mission-driven. But with many players advancing novel, highly sensitive biomarkers, Light-Hope must match clinical performance while delivering a substantially lower-cost solution. Too early to assess viability.
Monere | Developing NiADA, an AI-powered smartphone app for non-invasive anemia detection via eyelid image analysis.
2023
Unknown
Not disclosed
Diagnostics
Digital Health
AI
6–10
Not disclosed
Not disclosed
Medium/Small – Non-invasive hemoglobin monitoring market ~$0.9B in 2022, projected to reach $1.8B by 2030. Monere targets cost-sensitive, high-need populations.
Medium – Uses AI to assess eyelid images for hemoglobin levels; but faces growing competition in app-based non-invasive screening. Clinical advantage still unproven.
Medium – Must prove clinical accuracy, secure regulatory clearance, and compete with existing smartphone-based solutions.
Medium – 5,000+ users screened, and looks like they are growing team.
Pass - Good concept tackling a real health need, with early traction. But market size is modest, competition is growing, and clinical performance remains unproven. Execution will be key, and it's too early to assess long-term differentiation.
NanoSpot | Develops AI-powered point-of-care diagnostic tests, starting with a SARS-CoV-2 antibody test using agglutination and mobile app analysis.
2021
Seed
Undisclosed but >$625K
(Innosphere Ventures, Altitude Lab)
Diagnostics
AI
1
Not disclosed
Yes - Validated test published in Scientific Reports
Medium – COVID testing demand has faded. Broader point-of-care diagnostics (~$40B) is large, but NanoSpot must pivot to stay relevant.
Medium – Combines agglutination-based chemistry with mobile AI analysis for rapid, low-cost testing. Competes with established lateral flow and lab-based systems.
High – Narrow focus on COVID antibody testing; unclear if product line or company is active beyond initial launch. CEO appears to have moved on.
Low – CE Mark and EU distribution during COVID, but current commercial traction and activity are unclear
Pass – Good traction during COVID for COVID application, but limited signs of ongoing activity. Appears to be academically maintained.
NephroNovus | Developing therapeutics for chronic kidney disease by targeting renal fibrosis using computational and biochemical approaches.
2023
Pre-Seed
Not disclosed
Therapeutics
1
Not disclosed
Not disclosed
Medium/Large – Kidney fibrosis market estimated at ~$4.8B. CKD is a major unmet need with few targeted anti-fibrotic therapies.
No information available. Likely novel target focus, but exact mechanism or therapeutic modality not disclosed.
No information available.
No information available.
Pass – Large unmet need and experienced academic founder. The father-son duo may be working on something promising, but the company is very early and opaque. With no disclosed pipeline or data, will have to pass for now. If they’re developing a novel therapeutic and a pitch deck becomes available, it’s worth a follow-up
NexEosBio | Developing diagnostics and therapeutics for eosinophil-related diseases like EoE using novel non-invasive imaging agents and topical treatments.
2019
Series A
~$13M
2019 $3M
2023 $5.1M
2024 $4.92M
Diagnostics
Therapeutics
8
Yes
Not disclosed
Medium/Small – EoE market ~$900M, with growing demand for non-invasive diagnostics.
Medium – Developing novel diagnostics and therapeutics for eosinophil-related diseases, but existing solutions exist, so must show clear advantages in ease of use, accuracy, or safety to gain adoption.
Medium – Must demonstrate clinical efficacy, secure approvals, and fund continued development amid established competition.
Medium/High – Phase 1b completed; Phase 2 started; Orphan Drug Designation; experienced team and NIH support.
Pass – Strong team and promising tech in a moderate market. Series B participation will depend on valuation and clinical progress, especially how clearly the products outperform existing solutions. Worth monitoring as data and strategy evolve.
Peel | Evolution-inspired biotech developing novel therapeutics for cancer and inflammation.
2015
Seed
$36M
Therapeutics
AI
18
Yes
Yes
Large – Oncology and inflammation are high-need, well-funded markets; targets chemo-resistant tumors.
High – Uses evolution-inspired drug design (e.g. PEEL-224); unique in oncology pipeline landscape.
High – Early stage; no clinical data yet; needs strong proof-of-concept and continued funding.
Medium – Phase 1 for PEEL-224 completed; $36M raised; experienced scientific and clinical leadership.
Soft Pass – Unique evolutionary approach with novel molecules and early clinical progress. High-risk, high-reward space with meaningful differentiation. They’ve raised a strong seed round, so future participation will depend on valuation and early clinical data. Worth tracking closely.
PrismAI | AI-first multi-omic analytics platform using quantum-mechanics–based models to power precision drug discovery.
2024
Unknown
Not disclosed
Drug Discovery
AI
5
Not disclosed
Not disclosed
Large – AI-driven drug discovery market expected to reach $9B+ by 2030.
High – Uses quantum mechanics-based models for high-dimensional, small-cohort multi-omics data; distinct from conventional AI platforms.
High – While algorithm seems differentiated still requires data (albeit claim less) through partnerships. No public validation or technical evidence of advantage of disclosed.
Low Not much information publicly available, but strong team.
Soft Pass – Strong team with a differentiated algorithmic approach. Success will depend on securing data partnerships and proving the platform delivers better targets. No public validation yet, but worth monitoring—especially if performance data exists confidentially.
AI-driven platform transforming microscopic images into phenotypic data for drug discovery and biomanufacturing
2022
Unknown
Undisclosed
Research Tool
2
Not disclosed
Not disclosed
Medium – Growing demand for AI-enhanced drug discovery tools; market adoption will determine opportunity size
No information available.
No information available.
No information available.
Need more information. The CEO/founder appears to have moved on to another role as of February 2025, raising questions about the company's current status and continuity.
Rebel | Developing a long-acting non-opioid injectable anesthetic for post-op pain relief (72 hours).
2020
Seed
~$3M
(NIH, NSF, Seed)
Therapeutics
~9 employees
Yes
Not disclosed
Medium– Focused on post-op injectable pain relief, a ~$3–6B global market; demand is growing for non-opioid surgical solutions.
High – Long-acting formulation for 72-hour local pain relief; avoids opioid use.
Medium – Preclinical; must show safety/efficacy and gain regulatory approval.
Medium – IND-enabling work underway; strong team.
Soft Pass – Young team tackling an important problem in a clear market. Worth keeping an eye on as data emerges.
Sethera | Platform using AI + mRNA/phage display to discover novel macrocyclic peptide drugs.
2024
Seed
$3M
(Seed, Oct 2024)
Drug Discovery
5
Yes
Yes
Large – The global peptide therapeutics market was valued at approximately $52.59 billion in 2025
High – Multi-modal discovery (AI + display tech); few platforms operate at this scale.
High – No disclosed pipeline or data; platform needs validation.
Medium – Publications and building out strong team, with Bob Langer on the board.
Yes - A differentiated approach aimed at unlocking new peptide design space. Long-term success will depend on how these structural changes translate into meaningful functional improvements.
Snow Canyon | Developing small molecules for chronic inflammation-driven diseases (e.g., OA, diabetes).
2022
Seed
$2.6M
Therapeutics
4
Yes - licensed from BYU
Not disclosed
Medium – OA therapeutics market projected to reach ~$24B by 2034. Targets a large unmet need in cartilage remodeling.
Medium – Redox homeostasis approach is novel and mechanistically distinct but must compete with other disease-modifying OA drugs in development.
High – Early stage with no clinical data; must show efficacy against well-funded competitors targeting different pathways.
Low - preclinical work ongoing.
Pass - Large market and good team, but this is less of a scalable discovery engine and more of a one-by-one molecule strategy based on a novel mechanism. Success hinges on that approach proving effective. Worth tracking for early data.
Spect | AI-based eye screening system for rapid diagnosis
2017
Seed
$3.5
Diagnostics
AI
~12
(CEO)
Not disclosed
Not disclosed
Medium – AI-based eye screening systems, a subset of the broader ophthalmology diagnostics market, valued at $1.5 billion
Medium – Operates in a competitive AI diagnostics market with FDA-cleared players like Eyenuk and Digital Diagnostics. Differentiates via integration with telemedicine platforms for remote access and underserved populations.
Medium – Competitive space, and success relied on adoption.
Medium – In-market; already screening patients. Intentions to integrate AI. Traction appears limited given 2017 founding.
Pass - Competitive space, relatively slow traction since 2017, and no AI integration yet. Would require more clarity on business model and adoption.
Spire | Ultrasonic neuromodulation for pain and mental health
2023
Early Clinical
Not disclosed
Neuromodulation
Therapeutic Devices
2-4
Yes
Yes
Medium – The non-invasive brain stimulation systems segment of neuromodulation devices ($5.8B) is estimated around $701 million
Medium – Differentiates on precision and noninvasiveness, but enters a space with large, well-funded competitors and cost-sensitive buyers.
Medium/High – Regulatory complexity, clinical validation needed; high cost vs. simpler neuromodulation alternatives may limit adoption
Medium – Advancing through Phase 3 trials
Pass - Young team with promising progress (though active involvement unclear); shown traction with device in trials. High potential, but adoption risk due to cost and competitive landscape.
SymBioCellTech | Neo-Islets: stem-cell therapy for Type 1 Diabetes
2014
Series A
~$17M
Therapeutics
Cell Therapy
3 active
Yes
Yes
Large – Diabetes market is large approximately >$30B
Medium/High – Uses stem cells (MSCs) combined with beta cells to form immune-evasive clusters; differs from competitors like Vertex and ViaCyte who rely on gene editing or encapsulation for immune protection.
High – Manufacturing complexity; immune protection must translate to humans; regulatory hurdles; and risk of market competition from simpler or more scalable approaches
Medium – Preclinical and canine studies show insulin reduction; completed FDA Pre-IND (2021) and preparing for Phase 1 trials
Pass - While they’ve made solid progress and are preparing for trials in a large market with a differentiated approach, it’s still a complex cell-based therapy facing scalability challenges. Will pass for now—mainly due to limited team visibility and unclear founder involvement, especially given it's been over a decade since founding.
Symposium Lab | AI-driven platform using Real-World Data to optimize clinical trials and reduce risk across development stage
2023
Unknown
Not disclosed
Software
AI
2
Not disclosed
Not disclosed
Medium/Low – Clinical trial optimization tools estimated at $500M
No information available.
No information available.
No information available.
Need more information. Unclear if operating. 2 person team, with CEO also serving as a venture scout.
Teiko | Immune profiling platform using high-dimensional cytometry
2020
Series A
$11.6M
(last raise in 2021)
Research Tool
~10
Not disclosed
Yes
Medium –Immune monitoring tools (incl. cytometry) are part of a $4.7B+ flow cytometry market, projected to grow steadily; a strong niche within immunology and clinical trial support.
Medium – Competes with Immunai, Standard BioTools, etc ; stands out with CLIA-certified, end-to-end immune profiling workflow and user-accessible analytics—more clinically integrated than peers
Medium – Requires specialized infrastructure and staff to scale services; must ensure data reproducibility and scalability.
Medium – CLIA-certified immune profiling lab; launched TokuKit collection system; partnered with CellCarta; published and validated in clinical studies
Soft pass - Interesting team and good traction so far. They've already raised a Series A, so future participation would depend on valuation. As a service provider, scalability will be a key factor. Worth revisiting—promising, but success will hinge on operational execution and what the next round looks like.
Vira Regen | Bioelectric stimulation for regeneration via medical devices
2023
Pre-Seed
Not disclosed
Regenerative Medicine
3
Not disclosed
Not disclosed
Medium – Targets a niche ~$5–10B) within regenerative medicine using bioelectric stimulation
No information available.
No information available.
No information available.
Need more information. Team involvement unclear (CEO appears part-time)
Vistim Labs | EEG-based AI diagnostics for neurodegenerative diseases
2021
Seed
~$1M
Software
AI
5
Not disclosed
Yes
Medium – Positioned in the $8B+ neurodiagnostics and $8.3B+ alzheimer’s diagnostics markets; EEG device market ($1.7B) also growing
Medium/High – Unlike iMediSync or Cumulus (Software+Hardware), Vistim offers a software-only platform that integrates with existing EEG systems; more scalable and cost-effective, focused on extracting multiple dementia biomarkers in one test.
Medium- Regulatory clearance unclear; clinical validation still in progress; lean team and competitive space may challenge clinical adoption.
Medium – Validated in HITLAB pilot; preparing clinical product launch
Soft Yes - Software as a service with clever positioning using EEG + AI, but still early. Clinical proof, regulatory clarity, and traction will be key. Team is lean. Worth tracking.
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