Benjamin Soffer

We had the pleasure of speaking to the inimitable Gordon Sanghera, co-founder and CEO of Oxford Nanopore Technologies, valued at around $6.8bn in 2021. Gordon somewhat accidentally ended up as an entrepreneur, breaking the conventional VC wisdom around 'born founders'. The technology is wild - democratising access to genomic sequencing giving us a new understanding of living organisms. In the episode of Riding Unicorns, we cover: 00:00 Defining Entrepreneurship 00:55 Understanding Oxford Nanopore's Technology 06:10 Gordon's Journey to Founding Oxford Nanopore 12:09 Commercialization Challenges and Strategies 16:27 Building a Strong Founding Team 20:55 Navigating the Ups and Downs of Deep Tech 25:54 Innovative Applications of Nanopore Technology 28:57 Company Culture and Operational Insights 35:05 Attracting Talent in a Competitive Market 37:22 The IPO Experience and Future Outlook https://lnkd.in/eQZVSGeK

18

1 Comment

"Equitable healthcare", and "democratized healthcare". I have spent a few years in the healthcare ecosystem, and sometimes sitting on the business side of things, these terms that I wholeheartedly endorsed and believed in, started to feel like jargon. In a "tech-enabled" healthcare world, true digital health innovation is rare, with many simply adding "AI-enabled" without substance. Which is why I am so glad to have met Viraj, who kind of got me out of my cynicism. My view had narrowed considerably, but looking at what Viraj is building and how, was refreshing and I am sure there are so many more people out there who are building health tech to realize equitable healthcare in India! Check out my short podcast episode with Viraj Kulkarni who is building Iyaso/Eloquent; an app that helps people overcome stammer and other speech disorders. Link to podcast: https://lnkd.in/gYwybbNb #Healthcare #DigitalHealth #Innovation #EquitableHealthcare #HealthTech

48

A timely round up on US Femtech (and female health) funding by Leah Hodgson published yesterday, following the $200m Series C/growth equity round raised by Flo Health Inc. There is a helpful link into further analysis on deal value v. deal count, and PitchBook also tracks the founding teams; female v. co-female/male. #femtech #femalecategory #femalehealth

3

1 Comment

As always, a superb report from Andreessen Horowitz (Big Ideas in Tech 2025) on trends for 2025. The headline "Big Shift in Biopharma" particularly resonates with me, which is why I’m betting on DNA LM.ai, where we’re building a Foundation Model for DNA Below are a couple of trends: 1. Nuclear Energy Renaissance By 2025, there’s expected to be a surge in interest in nuclear energy driven by regulatory reforms, public enthusiasm, increased investments, and growing energy demand, especially for AI data centers. These changes are already leading to the reopening of old nuclear plants, like Three Mile Island, which is set to return to operation in 2028. The growing electricity consumption in the U.S. makes nuclear energy a key pillar for sustainable development and competitiveness in the AI industry. 2. New Frontiers in Future Professions The role of engineers working at the intersection of hardware and software is becoming increasingly critical. The demand for specialists in fields like electrical engineering, mechatronics, robotics, and manufacturing will grow thanks to technological breakthroughs and the rising autonomy of industrial and defense systems. This highlights the need to prepare a new generation of technical experts capable of integrating advanced AI solutions into complex hardware systems. 3. Revolution in Space and Defense Innovative technologies, such as reusable spacecraft and autonomous battlefield management systems, are transforming space exploration and military operations. The decentralization of decision-making through AI enhances responsiveness and reduces delays. This shift requires significant investments in AI infrastructure and energy supply, making these areas strategic priorities for governments. 4. Breakthroughs in Tech and Generative AI Generative AI is becoming an integral part of everyday life, spreading across devices and applications. Compact AI models will operate locally on smartphones and IoT devices, delivering fast and personalized user experiences. Moreover, advancements in generative technologies will enable AI to support learning, data analysis, and interactions, creating more efficient and scalable solutions for business and society. 5. Biotech Breakthroughs: Treatment and Prevention A new era in biotechnology is focusing on tackling major diseases. The success of treatments for diabetes and obesity, such as GLP-1-based drugs, is opening up multibillion-dollar markets and inspiring further research into cardiometabolic and autoimmune diseases. Technologies like CAR-T cell therapy are showing remarkable results not only in oncology but also in treating complex autoimmune disorders. The development of new drugs, powered by AI and advanced biotechnologies, promises not only treatments but also potential cures for many diseases, making medicine more accessible and effective for a broad range of patients. Of course, these are fairly broad trends, but they’re sure to attract the attention of investors.

22

3 Comments

👣 Two major steps towards European Health Assurance ⭐ We are thrilled to support both Doccla and Neko Health expanding their footprint across Europe this week. These two businesses are taking major steps to advance preventative care, critical for the delivery of Health Assurance. At General Catalyst, our European Health Assurance thesis is to build scaled businesses at the intersection of healthcare and technology across geographies. The health aspirations and care needs are the same for consumers and the vulnerabilities of the health systems are similar. However, the build is not easy; each country presents a unique set of challenges—distinct regulatory frameworks, differing care infrastructure, diverse payment models, and legacy technologies – that add complexity. But for the most ambitious, mission-driven European entrepreneurs, complex problems are the greatest opportunities! Born in Sweden, Doccla and Neko were built by Martin Ratz, Dag Larsson, Daniel Ek and Hjalmar Nilsonne respectively with big visions to scale across borders. While they operate at opposite sides of the acuity spectrum and have different approaches to reimbursement, they share an obsessive focus on building consumer-centric, technology-enhanced platforms that engage people in primary, secondary and tertiary preventive care. Just as most of the successful companies of the last decade have radically changed consumer behaviour, Doccla and Neko are standard bearers in a movement that will fundamentally transform how people approach their health. Since our investment, Doccla has scaled to serve over half of the NHS trusts, reducing emergency department visits by up to 60%. With a £35M Series B funding round, Doccla are primed to bring their virtual hospital solutions to France and Germany, bringing the same hospital-grade care to patients in the comfort of their home as in the UK. Neko has facilitated thousands of full body scans in Sweden and uncovered critical health issues that have spared many individuals. Now, with their expansion into the UK, they are cementing their position as the leading destination in Europe for consumers to gain a comprehensive understanding of their health. At General Catalyst, we are committed to creating, investing, partnering and operating to enhance the resilience of European healthcare. We see tremendous value in catalysing this European movement and invite founders, investors and traditional healthcare leaders from across the continent to join us in the pursuit of Health Assurance. The existing 'sick' care system is in a precarious state and can only be transformed into a more proactive, affordable and accessible one if we work together! Hemant Taneja, Jeannette zu Fürstenberg, Paul Kwan, Alexandre Momeni

116

4 Comments

If you work in tech transfer this is a good read-in on how our diligence tech can assess and evaluate assets with minimal inputs. The best way to learn more is to see it live! Reach out to me directly to learn more!

2

After $400M of capital invested and 30 portfolio companies in health and pharma tech, we are excited to publish our SignalFire health and pharma tech sector thesis, 2024 edition and beyond! 👊 Here are 5 major trends that we're focused on 📈 If you are a founder building in any of these categories below, we'd love to hear from you! 1) Explosion of healthcare data creates both opportunities & risks in the GPT-4 era 2) PharmaTech is accelerating R&D, manufacturing & distribution to tackle inefficiencies 3) The labor shortage crisis and the need for AI to improve productivity 4) Aging population and the shift to hybrid, value-based care models in patients’ homes  5) Scaling access to lifesaving therapeutic breakthroughs: GLP-1s & CGTs Grateful to work closely with an incredible team focused on this sector including our legendary Eric Larsen, and partners in crime Sooah Cho, Tony Pezzullo, Sahir Raoof, Adele English 🙏 What gets me up every morning is our incredible portfolio, each of which making their own dent in our healthcare system for the better — Grow Therapy, Color, Ro, CodaMetrix, Health Gorilla, Verse, Wellth, PayZen, Recora, all.health, Bicycle Health, Form Health, Health Note, Osso VR, Praia Health, Freshpaint, Auxilius, Ovation, OrthoFX, Moxie and many others coming out of stealth soon 🚀 #healthtech #pharmatech #sectorthesis #innovation https://lnkd.in/gDE3nQqK

329

37 Comments

“European startups in the femtech vertical pulled in a record amount of venture capital funding this year. At the current pace, European femtech deal value is expected to reach €436.7 million for the year—more than double the amount raised last year. Much of the year’s funding came from UK-based period-tracking app developer Flo Health’s $200 million Series C from General Atlantic, giving the company a valuation of over $1 billion. The round is Europe’s only mega-deal—defined as over €100 million—in the space in the past decade.” https://lnkd.in/eDSz3_cH

265

7 Comments

Did you know that 45% of healthcare innovations for big companies now come from external sources? More and more, healthcare giants are building their pipelines through a mix of in-house development, licensing deals, collaborations, and acquisitions. But why is looking outside so important? Here’s what’s driving this shift: 🔍 Tackling the patent cliff When blockbuster patents expire, revenue can take a big hit. External innovations help fill the gap, bringing fresh products into the pipeline without starting from scratch. 🔍 Cutting costs R&D is expensive and takes time. Partnering with external innovators saves money, speeds up timelines, and shares the financial risks of development. 🔍 Diversifying products No company can innovate in every area. External partnerships bring in fresh ideas and solutions that complement or expand what companies can do on their own. 🔍 Staying adaptable The healthcare landscape is constantly shifting. Working with outside innovators helps companies adapt quickly to new opportunities, challenges, or market changes. 🔍 Boosting ROI External partnerships often mean acquiring or licensing products that are closer to market-ready, reducing the risks and costs of early-stage R&D. 🔍 Exploring new markets Innovators often have unique insights into niche or underserved markets. Partnering with them can help big companies break into new areas they couldn’t reach on their own. At VentureBlick, we’ve seen this trend firsthand. Big companies aren’t just looking for small improvements — they’re on the hunt for game-changing ideas. That’s why we’re working with a leading global healthcare company to run a worldwide search for breakthrough innovations in consumer health. If you’re an innovator with something truly amazing in the areas of oral health, nutrition & wellness, pain management, and respiratory wellness, we’re running a global search that could be your chance to take your innovation to the next level. Learn more: https://lnkd.in/gT-VXU3k #healthcareinnovation #openinnovation #techscouting #consumerhealth

57

3 Comments

The Impact of Specialized Investors on Startup Success. Across industries, startups are 1.2x more likely to achieve a successful IPO if their lead investor has strong expertise in the startup's sector. This is especially evident in biotech and medtech, where specialized VCs consistently outperform. Why? Deep domain knowledge allows these investors to more accurately assess startups, their growth potential, and their market fit, leading to smarter investments and stronger partnerships. For founders, choosing the right investor isn’t just about funding—it’s about aligning with expertise that can propel your company forward. Source: pitchbook. com #VC #Startups #Biotech #MedTech #InvestorInsights

6

AI Tech in Focus   Brain Scans and AI Used to Detect Dementia Nine Years Before Conventional Diagnosis Researchers at Queen Mary University in London used machine learning to assess cognitive communication between 10 areas of the brain that have been shown to be vulnerable to dementia. The study involving 1,100 people found that using AI analysis of the MRI brain scans of these neural networks accurately predicted about 80% of cases of dementia nine years before a formal diagnosis was actually made. Further, the AI technology was able to predict within two years exactly how long it would take before the onset. The test takes 10 minutes. Dementia is caused by certain proteins in the brain, but patients can live for years with those proteins and show no signs of dementia. Current methods used to detect dementia involve memory tests and measurements of brain shrinkage. It’s hoped that the early detection using the AI trained scans will help identify people who are going to develop dementia and benefit from early treatments. VC Investors are always adjusting their "Play Book" with a variety of options for investing. Mikal Ventures is one of those alternatives, offering curated solutions to real world problems. Reach out if you have questions on how we can be of assistance and bookmark https://mikalventures.com/ for additional insights and information.

7

#TransformativePotential As the UK government considers backing consolidating pension pots into large, pooled funds (Pension mega funds), we face a remarkable opportunity. Biomedical mega funds could bridge the "Valley of Death" in drug development while offering stable investor returns. But how can such a bold model manage risks while amplifying returns? #InnovativeStructuring The solution lies in sophisticated financial engineering. Through tranches, investments are segmented for different risk appetites: senior tranches offering 5-6% fixed returns for pension funds, mezzanine tranches balancing moderate risk with higher yields, and equity tranches absorbing first losses but providing outsized returns. But how do we ensure resilience against systemic shocks? The answer lies in correlation modeling. By understanding the relationships between different drug projects, funds can optimize their portfolios, balancing high-risk correlated projects with independent ones. This approach safeguards returns, even when regulatory delays or market disruptions hit specific therapeutic areas. #MonetizeEarly, Can we generate returns before a drug reaches the market?  Early-stage monetization generates returns before market approval through licensing agreements, partnerships, and asset sales. A Phase II oncology drug could generate $200M upfront plus milestone payments, creating immediate cash flows. #SteadyFlows How do we ensure consistent returns in such a high-risk industry? Reserve funds act as crucial buffers while a staggered portfolio strategy spreads investments across late-stage (3-5 years), mid-stage (5-7 years), and early-stage projects (7-10 years), ensuring steady cash flows. #GovernmentSupport Public sector backing through credit enhancements and guarantees reduces default risks. Third-party guarantees with insurers provide additional security, aligning healthcare innovation with financial sustainability. #LeveragedReturns, Can we amplify returns while managing risk? Asset-backed securities (ABS) leverage royalty streams from approved drugs for additional capital. The LifeArc-CPPIB Keytruda deal ($1.3B) demonstrates this approach's potential. #BreakthroughPotential A portfolio of 100+ oncology projects improve breakthrough odds dramatically. Even for Alzheimer's research, structured funds (Portfolio Optimisation) could unlock $5B annual revenues from successful treatments. #CollaborativeInnovation Cancer Research UK (CRUK) Cancer Research Horizons  , LifeArc Ventures, and research organisations etc could collaborate within this framework, accelerating patient access while optimising returns. This creates a virtuous cycle of innovation and investment. Through careful structuring, risk management, and innovative financing, we might finally bridge the "Valley of Death" in drug development. #UKpensionmegafund #UKpooledpensionpots #tranches #securitization #financialengineering #portfolioptimisation #seniortranches #ABS #investment #VCs

3

1 Comment

Medtech VC investment is on the rise! 💡 Investment in medtech companies grew by 3% y-o-y to $3.3 billion, according to Pitchbook. 🚀 Exits for venture-backed medtech firms hit $6.6 billion in the first half of the year, though acquisitions remain rare due to ongoing price gaps between buyers and sellers. #Medtech #VentureCapital #StartupEcosystem #Pitchbook

10

1 Comment

🔍 A Case Study by Blackmore Partners: Stagnation in EBITDA Margins in the MedTech Industry This analysis, prepared by the Business Development Team at Blackmore Partners, highlights a concerning trend among the top 30 global MedTech companies—stagnant EBITDA margins since 2018, with current levels lower than their 2021 peak. 📉 This trend suggests that even the largest medical device industry players face significant challenges in maintaining profitability. The situation is likely even more challenging for smaller Medical Tech companies, with stagnant or declining EBITDA margins. 🚑 What does this mean for the industry? The limited growth in EBITDA margins signals potential opportunities for turnaround and restructuring within the MedTech sector. Companies that effectively address these challenges will be better positioned to thrive in an increasingly competitive market. To understand more about these trends and how your company can navigate them, visit our page: https://buff.ly/4dCcnvs #MedTech #EBITDA #HealthcareIndustry #TurnaroundOpportunities #Restructuring #Profitability #BlackmorePartners

2

1 Comment

May 6 2024 - 10 Notable Articles To Read Article: ‘Next wave of IPOs’ will arrive in summer, predicts biotech-focused VC partner Takeaway: The partner at Medicxi anticipates a surge in biotech initial public offerings (IPOs) during the summer. Source: Fierce Biotech Link: https://lnkd.in/d8XZHcKs Article: SVB Financial to sell VC business SVB Capital Takeaway: Pinegrove Capital Partners is set to purchase the venture capital enterprise, a newly formed entity supported by both Brookfield Asset Management and Sequoia Capital Heritage. Source: Reuters Link: https://lnkd.in/dDX5gP7F Article: Eye On AI: After Q4 Slowdown, AI-Related M&A Picked Back Up In Q1 Takeaway: In Q1 2024, there was an uptick in M&A exits, with 55 startups being acquired, marking an increase from Q4 2023. Source: Crunchbase Link: https://lnkd.in/dYbcfimk Article: Roark Capital completes $9.6bn Subway deal Takeaway: A private equity firm specializing in leveraged buyout investments within the franchise restaurant and food sectors has finalized the acquisition of Subway. Source: Private Equity Insights Link: https://lnkd.in/d88rwqYZ Article: Bolt closes €220M revolving credit facility: a step towards IPO Takeaway: The company aims to expedite the shift from individual car ownership to shared mobility, providing superior alternatives for various needs as part of its journey towards an IPO. Source: Tech.eu Link: https://lnkd.in/d_q7nCGK Article: The Stock Market Will Rise Nearly 10% More This Year, Money Managers Predict in Barron’s Latest Poll Takeaway: Numerous individuals anticipate that a stable economy will result in a more robust performance in the stock market. Source: Barron's Link: https://lnkd.in/d3tet-GY Article: Private equity firms step up plans to edge banks out of low-risk lending Takeaway: Apollo Global Management, Inc. issued a historic $40 billion in loans, reflecting a similar expansion seen among competitors such as KKR and Blackstone, as they raise long-term projections within this strategy. Source: Financial Times Link: https://lnkd.in/dv6AUJtb Article: Insight Partners’ Hinkle: M&A Is The Key To Unlocking Startup Liquidity This Year Takeaway: Many believe that the existing liquidity shortage stems from a dearth of exits in the startup market, leaving VCs with numerous illiquid assets. Source: Crunchbase Link: https://lnkd.in/dPvFPSMi Article: Rite Aid Closes a Quarter of Stores as It Navigates Bankruptcy Takeaway: At the time it filed for Chapter 11, the store was operational in 17 states and shuttered 520 locations within a span of seven months. Source: Bloomberg Link: https://lnkd.in/dhTUyf78 Article: Mubadala Capital plans $13.5bn biofuels investment in Brazil Takeaway: The fund also supported initiatives to establish a new stock exchange in Brazil and is augmenting its investments in the country. Source: Financial Times Link: https://lnkd.in/d4uUK6Pt #news #research #business

5

I’d like to share thoughts on longevity clinics and also the future for the public longevity sector. First of all, it is good to see more longevity clinics around, including public clinics hosted by prominent public hospitals! Some prominent examples include Sheba Longevity Center (Ramat Gan, Israel), Healthy Longevity Clinic at Alexandra Hospital (Singapore), Mayo Clinic Healthy Longevity Clinic (Rochester, Minnesota, USA), the first public longevity clinic in the US. Private clinics are more abundant, for example Switzerland is home to several, including: 💼 Longevity Center (Zurich, Switzerland & Warsaw, Poland), managed by Joanna Bensz (co-founder,CEO), Prince Michael of Liechtenstein (co-founder). 💼 CLINIQUE LA PRAIRIE (Lake Geneva, Switzerland), managed by Simone Gibertoni (CEO), Adrian Heini (Medical Director) and with a starting price for the 1-week program to be around €50,000. 💼 AYUN (Zurich), managed by Dr. med. Leonie Bode and Vincent Aebi Several other clinics are located across Europe and in the UK: 💼HOOKE (London), managed by Kate Woolhouse (CEO), and Lev Mikheev (Founder), with average prices being €8.550 - €63.000. 💼Healthy Longevity Clinic (Prague, Czech Republic and Florida, USA), managed by Petr Sramek (CEO) 💼Lanserhof Lans (Austria, Denmark, Germany, the UK), managed by Christian Harisch (CEO) and with prices starting at €2,890 (Lanserhof Kur Classic, 7 nights) And US/Asia: 💼Human Longevity Clinic (San Francisco & San Diego, USA), led by Wei-Wu He, Ph. D. (Executive Chairman, Human Longevity, Inc.) and David Karow (Chief Innovation Officer) Evelyne Bischof, MD, PhD 💼CHI Longevity Clinic (Singapore), led by Andrea B. Maier (Co-founder, President of the Healthy Longevity Medicine Society ). I took prices from a report by Future of Health and I did not check them, so please do your own due diligence if you need. But the point is, they are not exactly super affordable for the broader community. That’s fine for now, and I am happy to see the progress in this area. But I see the future of public longevity a bit differently. IMO, it is not a “brick and mortar” way (going to clinic), but “in-house” way, where you have digital and biosensors, e.g. stool sensors, urine sensors, blood draw automation tools, digital trackers, and AI systems connecting the dots with the actual physician. I’m getting more investment requests for longevity clinical, but it is a challenging business. What matters for many is who is your longevity physician. It is important that organizations such as Healthy Longevity Medicine Society promote practical longevity stuff, and allow doctors to implement best practices in their usual medical routines, like diagnostics, personalized medicine etc. So, the future of longevity is not longevity clinics, I guess, although for now they are quite valuable for some patients. What do you think? #longevityindustry #longevityclinics #aging With Wei-Wu He, Ph. D.

152

22 Comments

If you are in Basel for BioTechX Europe, do not miss this presentation by ZONTAL , part of the SciY family, discussing how you can leverage their highly automated #digitalization platform to make your data #FAIRdata #AIready

12

#DeepThoughts Once a week the #deeptechbio team at Octopus Ventures share a topic which we have been thinking about. We want to create conversation, meet founders and experts, and share our excitement! 🤓 OV is a generalist fund of specialist teams. Internally we’re split into six different groups - or ‘Pods’: Deep Tech, Biotech, Consumer, B2B, Health and Fintech. You might notice that Climate Tech is missing from that list. We’ve experimented with a Climate Tech Pod in the past, but it became clear that Climate was a motive force more than a domain specialism and that Climate Tech entrepreneurs could run businesses that straddle any number of our Pods. So instead we've embraced a Pods and Tribes model (thanks Spotify) forming a team of Climate Tech investors that sit across our Pods, making sure we always have the right mix of people sourcing and reviewing Climate opportunities. I'm sharing this structure because it highlights how challenging it can be to categorise a Climate Tech startup. The consensus online is that a Climate Tech startup is one whose trading activity supports either the mitigation of, or adaption to, climate change. The breadth of potential activity within this definition makes it very hard to evaluate a given company’s Climate Tech credentials however. In response I’ve been developed a mental model for Climate tech classification that I thought I’d share today. First Order These companies have a direct effect on atmospheric warming. They might do this through Point-Source Capture, like Seabound; through the replacement of fossil fuels with green alternatives, like DRIFT Energy Ltd or copenhagen atomics; they could focus on the capture and sequestration of atmospheric CO2, like Brilliant Planet; or they might offer low emission alternatives, as Arda Biomaterials does with leather and SCiFi Foods does with beef. Second Order These startups engage in commercial activities that have an indirect effect on atmospheric warming. Remote monitoring services, such as AIRMO's methane monitoring solution, or Solaris Suborbital Inc.'s wildfire monitoring service, are good examples of this type of Climate Tech. Third Order These companies vital to accelerate our transition towards net zero emissions. Companies like Metris Energy, who are accelerating the deployment of solar energy by commercial landlords; Kita, whose insurance offering accelerates the maturation of the carbon markets; and Origami who offer Battery Energy Storage System owners a way to optimise the yield on their assets. NB. Whilst it’s true that there is an increasing bias towards Bits over Atoms as you move outwards from a direct interface with our Atmospheric composition, I don’t believe classification it’s as simple as an Atom vs. Bits distinction. How do you think about the divisions within Climate Tech space? Are there any exciting Climate tech startups we should be looking at? Let us know in the comments below.

56

3 Comments