Q3

Letter of the CFO

Key Metrics

Headline Statistics

Investment Value
0
Other NAV
0
Distributed Capital
0
Contributed Capital
0
TVPI
0
MOIC
0

Portfolio Runway

Portfolio Snapshot

Number of companies

No Data Found

ADDITIONAL CAPITAL RAISED

3

EXIT

1

NO ADD CAPITAL NEEDED

1

PRICED MARKUPS

6

VALUATION CAP INCREASE

4

WRITE DOWN

1

WRITE OFF

3

19

Founder Feature

Crystal Nyitray and Grace Wei, founders of Encellin, are revolutionizing medicine, turning cells into smart molecular factories.

But their journey is not just about scientific innovation, It’s also about endurance and overcoming adversity. Despite their impressive academic backgrounds, they faced rejection from status quo VCs.

After meeting Crystal at a Women in Life Sciences event, her vision, struggle, and determination, resonated with me, having repeatedly been told I needed a male partner to raise a fund.

We led their seed round, and now the tides are turning. Encellin is starting first-in-human clinical trials in patients with type 1 diabetes. Khosla invested, and Encellin caught the attention of Bill Gates.

The concept for Encellin originated while Crystal was pursuing her PhD in Pharmaceutical Chemistry at UCSF. She approached the Chair of Bioengineering with a novel idea: to not only provide the correct dosage of medication to patients but also to assist in keeping cells alive within the body.

Crystal’s expertise in the engineering aspects of these processes was perfectly complemented by Grace’s background as a biologist. Grace possesses both technical expertise and a deep understanding of cellular complexities. Together, they have been able to innovate in transformative ways that would not have been possible individually.

I go for a run. I do my best to get out into nature as much as I can and just really have an opportunity to experience gratitude in my physical being and my health.

– Crystal Nyitray, Ph.D., CEO, Encellin