Amber Group, Fasanara Digital, and Paper Ventures join Flying Tulip’s previously disclosed institutional backers
NEW YORK, Jan. 29, 2026 — Flying Tulip, a full‑stack onchain exchange, today announced additional institutional participation from Amber Group, Fasanara Digital, and Paper Ventures.
These new participants join Flying Tulip’s previously disclosed cohort of institutional backers, including CoinFund, Lemniscap, FalconX, Nascent, Selini, Susquehanna Crypto, and others. For the prior funding announcement and a full list of participants, see: https://blog.flyingtulip.com/flying-tulip-raises-200m/
“This reflects continued institutional interest in verifiable onchain market structure where risk, reserves, and incentives are observable rather than assumed,” said Andre Cronje, founder of Flying Tulip.
Flying Tulip is building an onchain financial marketplace that unifies spot trading, derivatives, credit, a native stablecoin (ftUSD), and onchain insurance within a single cross‑margin system designed for capital efficiency and transparent risk management.
Onchain redemption right (“Perpetual PUT”)
A core feature of Flying Tulip’s Capital Allocation is an onchain redemption right (“Perpetual PUT”) issued to primary-sale participants.
In plain terms: eligible participants can burn $FT and redeem up to their original principal, in the same asset contributed, subject to onchain reserves and protocol parameters. Redemptions are programmatically settled from a segregated onchain reserve seeded from contributed capital. This design is intended to provide downside protection while preserving upside exposure.
Flying Tulip is an onchain financial marketplace that unifies spot, derivatives, credit, and risk transfer in a capital‑efficient, cross‑margin system. The platform is built for transparent risk management and long‑term sustainability. Learn more at https://flyingtulip.com
Important Information
This press release is for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy, any securities or tokens in any jurisdiction. Participation in any token distribution (if applicable) may be subject to eligibility checks and jurisdictional restrictions. Digital assets involve risk, including the possible loss of value.
Any redemption right described is programmatic, subject to onchain reserves and protocol parameters, and may be rate‑limited in certain conditions. It is not a deposit, not insured, and not a guarantee. This release may contain forward‑looking statements which are subject to risks and uncertainties. Official addresses and announcements will be published only via Flying Tulip’s official channels and website.
From Unicorns to Universities, AI to Governments, and Silicon Valley to 60+ Global Locations: The Making of the Ultimate Innovation Platform
SUNNYVALE, Calif., Jan. 29, 2026 — Plug and Play’s 20-year journey from a small Silicon Valley office to a global innovation powerhouse is now chronicled in a new book “20 Years,” celebrating the founders and partners the company has connected along the way. Plug and Play uniquely combines a startup accelerator, open innovation partnerships, a global VC platform, and exposure to more than 25 industry verticals to create an innovation ecosystem in unmatched scale and impact.
Milestones detailed in “20 Years”:
Plug and Play’s 20-year journey from a small Silicon Valley office to a global innovation powerhouse is now chronicled in a new book “20 Years,” celebrating the founders and partners the company has connected along the way.
More than $1 billion in assets under management across its global portfolio
More than 550 partners within the Fortune 1000
Global coverage with more than 60 offices across five continents
More than 2,500 startup portfolio investments
Plug and Play manages a diversified portfolio of investment funds spanning early-to-growth-stage companies, including its GVA and Scale funds, as well as sector-focused funds in supply chain, sustainability, financial services, and regional innovation funds focused on Europe, Japan, and North America.
“Having started as a Silicon Valley real estate entrepreneur, I bought what became known as the ‘Lucky Building’ due to early tenants such as Google and PayPal,” said Saeed Amidi, founder and CEO of Plug and Play. “I talked with Larry Page, Sergey Brin, and Peter Thiel during these early days as they discussed the platforms they were building to change the world. That exposure to entrepreneurial energy was a core reason I started Plug and Play, which provides funding, industry connections, and resources to help startups stand out and scale. Our book celebrates the journey, vision, and, most importantly, our people.”
The book offers an in-depth look at how much Plug and Play has transformed in the last five years, including:
An expanded partner profile, including corporations as well as city and state governments, federal entities, foundations, economic development corporations (EDCs), and universities
Growth from 10 U.S. locations to more than 20
The launch of AI Centers of Excellence, global hubs bringing together leaders from the Plug and Play ecosystem to accelerate and discuss AI adoption through talent development and partnerships
“After 20 years, the last five have seen rapid change and transformation due to AI,” said Amidi. “Through our AI Centers of Excellence, we’re connecting executives, founders, and global leaders to better understand and adopt AI technology. All our initiatives set the stage for the next 20 years, as we prime our startups and partners to shape the future of technology.”
Additionally, the new book details Plug and Play’s unicorn success stories, which include PayPal, LendingClub, Dropbox, SoundHound, Rappi, N26, and Turing, among many others.
Jonathan Siddharth, co-founder and CEO of Turing, shared: “One of the people who was supportive throughout our entire journey was Saeed and Plug and Play. If you’re running a startup, two things I’d recommend: Try to get Plug and Play on the cap table, and specifically, try to have Saeed involved in some capacity.”
Download the free book at this link, and a limited number of physical copies will be distributed to media.
About Plug and Play Plug and Play is the leading innovation platform, connecting startups, corporations, venture capital firms, universities, and government agencies. Headquartered in Silicon Valley, we’re present in 60+ locations across 25+ industries. We offer corporate innovation programs, helping our partners in every stage of their innovation journey, from education to execution. We also run startup acceleration programs and have built an in-house VC where we’ve invested in hundreds of successful companies, including Dropbox, Guardant Health, Honey, LendingClub, N26, PayPal, and Rappi. For more information, visit Plug and Play.
Plug and Play Press Contact Jacky Tsang Senior Communications & PR Associate [email protected]
—$1B+ in Portfolio Revenue from Fifth Wall LPs, 20 New Strategic LPs in its Flagship Strategy, and Seven Promotions Across the Firm—
LOS ANGELES, Jan. 29, 2026 — Fifth Wall—the largest investment firm focused on technology for the built environment, founded by Brendan Wallace—closed out 2025 with strong organizational and investment momentum across its integrated platform spanning PropTech and Climate. The Firm reached a major milestone in 2025: generating more than $1B in revenue for its nearly 170 portfolio companies through its global network of nearly 115 strategic LPs. Over the course of the year, Fifth Wall secured more than 20 new strategic LP investments from Public Storage, Kite Realty, and Federal Realty, amongst others, exited two of its largest investments in ServiceTitan and Industrious, completed 30 investments across its funds into companies like Juniper Square, Wander, and Runwise, advanced seven senior promotions across its team, and expanded its Los Angeles-based team with five new hires.
Fifth Wall 2025 Promotions
Investment Momentum & Market Leadership
Fifth Wall sustained strong investment momentum in 2025, accelerating activity year-over-year and reinforcing its position as the most active investor at the intersection of real estate and technology. The Firm more than doubled its pace of new investments compared to 2024 and completed 30 total transactions—reflecting sustained conviction in its existing PropTech and Climate portfolio alongside expanding deployment into emerging category leaders.
During the year, Fifth Wall co-led Juniper Square’s $130M Series D at a $1.1B valuation, making it one of the first true PropTech unicorns of the AI era and the Firm’s 25th unicorn since inception. Fifth Wall also co-led Wander’s $50M Series B, led Ridley’s $6.4M seed round, doubled down on Runwise with its $55M Series B, participated in the first institutional financing of NavigateAI, and incubated and capitalized PropMatic in partnership with second-time founders Mark Schmulen and Matthew Hager as Entrepreneurs in Residence. The Firm also completed multiple additional strategic investments, with seven new deals to be announced in Q1, including Sekra whichlaunched this week.
Fifth Wall reached a major value creation milestone in 2025 as portfolio companies surpassed $1B in cumulative revenue generated through partnerships with the Firm’s strategic LP network of nearly 115 real estate, hospitality, and construction partners. The year included meaningful liquidity activity, highlighted by CBRE’s $800M acquisition of Industrious and the Firm’s exit from ServiceTitan following its successful IPO.
“Fifth Wall’s platform has been game-changing in helping us scale beyond just their significant capital investment” said Lee Hoffman, Co-Founder & President, Runwise. “Through strategic introductions to real estate owners, hands-on support across marketing and communications, and access to the Firm’s LP network, we were able to rapidly expand deployments across 12 LP portfolios and more than 140 buildings. Fifth Wall’s distribution helped deliver nearly $5M in energy savings for Fifth Wall LPs and more than $2M in revenue for Runwise, and we’re ambitiously expanding that number into 2026.”
Capital Formation, Consolidated Investment Mandate, and Platform Expansion
In 2025, Fifth Wall launched REACT, its newest investment strategy designed as an integrated vehicle investing opportunistically across both PropTech and Climate alongside the Firm’s core PropTech Fund. In Q4 2025, the Firm completed an additional close on REACT, bringing total commitments to $125M and, combined with its latest $288M PropTech-focused Fund, totaling $414M.
“In 2021, demand from our LP base led us to launch dedicated PropTech and Climate strategies,” said Brendan Wallace, Founder, CEO & CIO, Fifth Wall. “As the market matured over the course of the past two years, we’ve re-integrated our climate investments into our core PropTech platform—a model that closely mirrors our earliest funds and one that we believe contributed meaningfully to their performance. Climate has always been most effective for us when it’s embedded within the core economics of how buildings operate.”
Fifth Wall’s first two PropTech funds consisted of a $212M Fund in 2017 and a $503M fund in 2019. These funds have already had seven IPOs returning $640M to Fifth Wall LPs. Fifth Wall also maintains a significant position in Bitgo, which went public last week, although Fifth Wall has not yet exited that position. Many of Fifth Wall’s most successful climate-related investments were made from these first two vintages, including Aurora Solar, Urbint, and Lime, which has been considering an IPO.
Throughout 2025, Fifth Wall continued to strengthen its leadership and organizational bench through a series of senior promotions and targeted team expansion. The Firm promoted Luke Harris to Chief Operating Officer, Elise Szwajkowski to Chief Marketing Officer, and Mary Hogan Preusse to Chief Strategic Advisor.
Fifth Wall also elevated Anastasia Istratova and Virginia Drennen to Partner, and Alec Morgan and Cherie Poon to Principal, reflecting the continued development of its senior investment team and its long-term commitment to internal leadership progression. In parallel, the Firm continued to build out its LA-based team bringing on five new hires across its investment and platform functions.
About Fifth Wall
Founded by Brendan Wallace, Fifth Wall is the largest investment firm focused on technology for the built environment. The Firm is driving the growth of nearly 170 companies, backing category-defining PropTech leaders such as Opendoor, Procore, Blend, Hippo, and Bilt Rewards. It’s supported by nearly 115 of the world’s largest real estate owner-operators including CBRE, Hilton, Hines, Marriott, Public Storage, Related, and Starwood. Founded and headquartered in Los Angeles, Fifth Wall’s other offices include New York City, San Francisco, and London. For more information, visit fifthwall.com.
HOUSTON, Jan. 29, 2026 — PranaX Corporation, a leading biotechnology company focused on regenerative biologics, today announced the closing of its oversubscribed $17 million Series A financing. The Series A round was led by family offices, trusts, and individual investors, a group with deep expertise across biotechnology, regenerative medicine, and healthcare innovation.
The financing comes amid growing recognition of the exosome wellness sector as a promising frontier in regenerative medicine. As consumer and provider demand shifts toward science-backed, biologically informed solutions that support healthy aging and overall quality of life, exosomes are increasingly viewed as a foundational component of next-generation regenerative strategies. PranaX continues to push the field forward by developing exosome-based technologies that may deliver transformative benefits to retain or restore quality of life. PranaX envisions a world where the limitations of aging and degeneration are no longer barriers to a long fulfilling life.
“PranaX was founded on the belief that exosomes can redefine how we approach aging and long-term wellness,” said Steven J. Greco, PhD, Founder and Chief Operating Officer of PranaX. “We are building a science-driven platform that bridges rigorous biological understanding with real-world impact. This financing validates both our mission and our differentiated approach, and it positions us to scale thoughtfully while remaining grounded in scientific integrity.”
Proceeds from the Series A financing will be used to advance PranaX’s research and development initiatives, expand scientific and operational infrastructure, support strategic partnerships, and accelerate product development and commercialization efforts. As PranaX enters its next phase of growth, the company remains committed to advancing the future of regenerative biologics through responsible innovation, scientific rigor, and a steadfast focus on improving quality of life.
About PranaX
PranaX is a regenerative biotechnology company dedicated to harnessing stem cell-derived exosomes through evidence-based science. The company’s overarching mission is to unlock the properties of exosomes to promote wellness and lead individuals towards healthier, more fulfilling lives. The company’s research, development, and manufacturing operations are headquartered within the Levit Green life science campus in Houston, Texas.
Investment by industry leaders in plastic-free chewing gum brand signals confidence in its expansion of American retail footprint
NEW YORK, Jan. 29, 2026 — Milliways, the plastic-free chewing gum brand that has built a global following, has secured $3 million to continue its expansion in the United States.
Milliways Plastic Free Gum Brand Raises $3M to Expand US Retail Distribution
The investment group includes Mehmet Yüksek, former CEO of Perfetti Van Melle North America, and Leon Amram, former owner of Intergum, alongside other industry executives who collectively bring decades of experience building global chewing gum brands. The latest funding round will be used to accelerate marketing, expand retail distribution and grow inventories as the brand builds on a successful first year in the US market.
Founded in 2021 by entrepreneur Tom Raviv, and now the one of the largest gum companies in the UK, Milliways has raised a total of $10 million since launching and grown to over 10,000 stores globally.
In just over a year since its US launch, Milliways has scaled to more than 2,000 stores nationwide including Sprouts, Meijer, Hy-Vee, Raley’s and Fred Meyer, and is the best-selling plastic-free gum brand, according to recent SPINS data.
“Consumer demands are changing faster than ever. The power of AI and social media means people are better informed, more curious, and quicker to adopt new habits. Whether it’s GLP-1s, longevity hacks, or plastic-free chewing gum, the desire to live healthier lives is now at the top of everyone’s agenda. And it’s not just the big changes that people care about, but the incremental improvements too. As a lifelong gum chewer who cares deeply about my health, I didn’t want to chew on plastic gum anymore, and I believed millions of people felt the same – that’s why I launched Milliways,” said Raviv. “Milliways has an exciting year ahead with new retailers getting behind our mission.”
Milliways uses 7 naturally-derived ingredients and addresses rising consumer demand for clean label, better-for-you alternatives amid changing diets and growing concern of microplastics in conventional gum. The conventional chewing gum category has come under increased scrutiny, driving strong growth in natural alternatives – a segment that is now outpacing the total gum category.
“Conventional chewing gum is one of the most concentrated, direct sources of microplastic ingestion which science indicates can impact our health,”1,2 said Raviv, “We’re seeing the embrace of high quality, plastic-free alternatives from retailers and shoppers, and we’re excited to continue growing our presence across the US. This new funding round allows us to make Milliways available to more consumers every day.”
Milliways gum is plastic-free, plant-based, biodegradable, sugar-free, aspartame-free, non-GMO and boosted with xylitol. It’s available in flavors including Spearmint, Peppermint, Mighty Mint, Bubblemint, Strawberry and Watermelon, and retails at a suggested $2.49 (10-piece) and $5.99 (30-piece) packs.
$45M extension brings leading global institutions onto the cap table
NEW YORK, Jan. 29, 2026 — Talos, the premier provider of institutional digital asset infrastructure, technology and data supporting the full trading and portfolio management lifecycle, today announced a $45 million Series B extension, including new strategic investors Robinhood Markets, Sony Innovation Fund, IMC, QCP and Karatage, alongside returning investors a16z crypto, BNY and Fidelity Investments.
The fundraising round brings the company’s total amount raised in its Series B to $150 million. The post-money valuation will reach approximately $1.5 billion.
“We’re proud to have some of the world’s most respected institutions, most of them existing clients and partners, join us as investors,” said Anton Katz, CEO and Co-Founder of Talos. “We extended our Series B round to accommodate interest from strategic partners who recognize Talos’s role in providing core institutional infrastructure for digital assets. At a time when traditional asset classes are increasingly migrating to digital rails, these partners wanted to be more closely aligned with our growth. Together, we’re building the foundation for the next generation of financial markets.”
This strategic round brings together partners and investors whose portfolio companies are involved in digital assets, ranging from trading and custody to liquidity provision and infrastructure.
“Talos’s flexibility and rapid adaptability allow us to deepen our liquidity and deliver even more advanced features to Robinhood Crypto customers,” said Johann Kerbrat, SVP and GM of Crypto at Robinhood. “We’re happy to support their growth as they work to power the digital asset ecosystem.”
“Talos has built a comprehensive crypto platform from the ground up to address the complex needs of large financial institutions as they rapidly scale their businesses,” said Kazuhito Hadano, CEO, Sony Ventures Corporation. “At Sony Innovation Fund, we’ve been particularly impressed by the company’s evolution from order execution to a full front-, middle- and back-office solution, complemented by robust digital asset data and analytics. We’re excited to support Talos in this next phase of growth and help accelerate its continued expansion.”
A portion of the investment was settled using stablecoins, reflecting the growing use of blockchain-based payment rails in institutional transactions. Proceeds from the Series B extension will be used to expand product development across the Talos platform, from portfolio construction and risk management, to execution, treasury and settlement tools. In particular, Talos plans to expand its platform to support traditional asset classes as they migrate to become digital assets.
The fundraise follows a period of significant momentum for Talos, marked by the company roughly doubling revenues and number of clients each year for the past 2 years. Talos announced the launch of its RFQ platform with BlackRock’s traders on the Aladdin® platform, as well as the acquisitions of four best-in-class digital asset firms: Coin Metrics, Cloudwall, Skolem and D3X Systems, enhancing the company’s capabilities across data, risk management, DeFi infrastructure and portfolio engineering.
Investors additionally commented:
“Talos’s focus on institutional requirements – performance, safety and reliability – positions it as a preferred gateway for institutions entering digital asset markets and aligns with IMC’s view of how the market will continue to evolve and mature.” – Jae Park, CFO Crypto, IMC
“Digital assets are no longer a standalone market – they’re becoming the rails for broader capital markets. Talos is building the infrastructure that allows institutions to trade, manage risk and allocate capital seamlessly across that transition.” – Darius Sit, Founder of QCP
“Anton and the Talos team have built an exceptional, institutional-grade platform that is the essential infrastructure for the evolving digital asset ecosystem. Their relentless focus on innovation, combined with best-in-class execution, positions Talos as the dominant leader as traditional finance migrates to digital rails. As a long-term believer in high-quality infrastructure and deep tech, Karatage is proud to invest and support their next phase of growth and contribute to building the foundation for the future of financial markets infrastructure.” – Marius Barnett, Co-Founder and CEO, Karatage
About Talos
Talos provides institutional-grade technology and data that supports the full digital asset investment lifecycle, including liquidity sourcing, price discovery, trading, settlement and portfolio management. Engineered by a team with unmatched experience building institutional trading, portfolio and data systems, the Talos platform connects institutions to key providers in the digital asset ecosystem – exchanges, OTC desks, prime brokers, lenders, custodians, and more – through a single interface. For additional information, visit www.talos.com.
Talos Disclaimer: Talos offers software-as-a-service products that provide connectivity tools for institutional clients. Talos does not provide clients with any pre-negotiated arrangements with liquidity providers or other parties. Clients are required to independently negotiate arrangements with liquidity providers and other parties bilaterally. Talos is not party to any of these arrangements. Services and venues may not be available in all jurisdictions.
MIAMI, Jan. 29, 2026 — Proceeds will be used to execute AI-led roll-up of title and escrow companies to enhance operational efficiencies in fragmented $25 billion industry.
Propy
Propy, a tech company using AI and blockchain to automate real estate closings, today announced that it has secured a $100 million credit facility from Metropolitan Partners Group (“Metropolitan”), a private investment firm that provides growth and situational capital to small and mid-sized non-sponsored businesses in the U.S. The financing will be used to consolidate title and escrow companies into an AI-powered, end-to-end closing platform.
The announcement reflects a confluence of trends: mounting pressure to address the housing affordability issue, and AI reaching enterprise reliability. Transaction costs can approach 10% of a home’s value due to multiple parties involved in the process and manual fragmented workflows. In many cases, associated fees and closing costs exceed the down payment itself, eliminating years of savings for U.S. homebuyers. Propy’s technology aims to reduce one of the most overlooked barriers to homeownership: the friction built in every closing. Propy has launched an AI Agent that executes some functions of escrow officers such as checking emails, opening transactions 24/7, checking bank accounts and making calls to lenders and HOAs.
Propy has seen strong inbound M&A interest for its roll-up strategy, completing a second $5 million acquisition and entering an LOI for a third $6 million deal in recent weeks, with roughly $75 million in its active pipeline.
“We’re building the infrastructure layer that allows real estate to operate on par with modern financial markets: AI-enabled and more liquid,” said Natalia Karayaneva, Founder and CEO of Propy. “Multi-agent orchestration will allow transactions to become so smooth and cheap, that the new generation will be buying homes anytime they change a city. Instead of 4-7 million homes sold every year, we believe we’ll witness 20 million homes changing hands.”
Accelerating National AI-Led Roll-Up Strategy
Propy plans to acquire firms generating $5 million to $20 million in annual revenue across California, Texas, Tennessee, and other states, retaining local teams while using automation to increase volume and expand margins. Acquired firms are upgraded with automated workflows that cut manual workloads by up to 70%, with blockchain used as supporting infrastructure for auditability and settlement security.
Metropolitan structured the facility around licensed, cash-flowing title businesses, funding operational transformation with built-in downside protection.
“We are pleased to support Propy as it brings much-needed efficiency and transparency to residential real estate transactions,” said Paul Lisiak, Managing Partner and Chief Investment Officer of Metropolitan. “As a capital provider to growing, asset-backed businesses, we were drawn not only to the underlying durability of title and escrow operations but also to Propy’s practical approach to improving the closing process with next-generation AI tools. We look forward to partnering with Natalia and the Propy team as they continue to expand and make real estate transactions simpler, faster, and more cost-effective for consumers across the United States.”
Since 2021, Propy has processed more than $5 billion in transactions, with transaction volume roughly doubling year-over-year. The company is aiming to add approximately $100 million in annual revenue through continued consolidation.
Propy’s advisory board includes Chris Campbell (former Assistant Secretary of the U.S. Treasury), Mike Jones (Science Inc.), Dr. Michael S. Piwowar (former SEC Commissioner), and Michael Casey (Chairman of the Advanced AI Society). The company is backed by highly successful investor Tim Draper and other prominent investors.
About Propy
Propy is a tech company with licensed title and escrow operations powered by AI and smart contracts. Propy’s platform automates the entire real estate closing process, from offer to deed recording, allowing transactions to occur 24/7 with fewer intermediaries, less paperwork, and higher security. In doing so, Propy is removing inefficiencies with outdated legacy systems and removing cost barriers that prevent access to real estate. For more information, users can visit Propy.com.
About Metropolitan Partners Group
Founded in 2008, Metropolitan Partners Group is a New York-based private investment firm. Metropolitan provides non-controlling growth capital to non-sponsored, entrepreneur-led businesses predominantly across the U.S., designed to preserve ownership, honor the management team’s vision, and accelerate scale, while delivering value and downside protection to its investors. To learn more, visit www.metpg.com/.
The onchain launch protocol now powers the majority of new DEX pools on Base, with over $1.5B in value created and $1B+ in trading volume in just nine months
NEW YORK, Jan. 29, 2026 — Doppler, the default launch protocol for teams raising capital onchain, today announced a $9 million seed round led by Pantera Capital, with participation from Variant, Figment Capital, and Coinbase Ventures. The funding comes as Doppler has rapidly emerged as the core market infrastructure for new onchain assets, powering the majority of token launches and DEX pools on Base.
Doppler Raises $9M Led by Pantera Capital, Becomes the Default Launch Infrastructure for Onchain Assets
Since launching nine months ago, Doppler has become the default path to market for new onchain assets. Over 90% of new DEX pools on Base now launch via Doppler, and its infrastructure supports tokens created by leading applications including Zora, Base App, Paragraph, FxHash, and more. Today, more than 40,000 assets are created daily using Doppler, representing over $1.5 billion in value and more than $1 billion in cumulative trading volume.
Launching a token today is closer to running an IPO than deploying a website — except there are no banks, no underwriters, and no established playbook. Teams often spend months preparing launches, only to see snipers extract value, liquidity fail to materialize, and charts collapse within days. When 80–90% of tokens seek similar outcomes, yet each team continues to roll its own launch infrastructure, something is fundamentally broken.
“Capital formation has not fundamentally changed in over a century, despite how broken the IPO process has become,” said Austin Adams, creator of the Doppler Protocol and founder of Whetstone Research. “Tokenization of markets will finish what electronification started in the 1990s — leaping forward in efficiency and creating new markets while simultaneously lowering costs and barriers. In this new reality, the mechanism determines the outcome. That’s why we invented Doppler.”
Doppler compresses months of infrastructure work — token deployment, vesting, liquidity bootstrapping, governance, and fee routing — into a single, unified interface. At the core of the protocol are price discovery auctions designed to protect launches from snipers while generating protocol-owned liquidity from day one. This allows teams to focus on building applications and communities, rather than reinventing fragile and complex launch mechanics.
With customizable auctions for nearly any asset type, Doppler’s infrastructure supports tokenized equities, commodities, TGEs, content, art, creators, and ideas. Assets launched via Doppler are immediately tradeable across any interface supporting the underlying DEX, ensuring maximum distribution from day one.
The results have been significant. Since launch, more than six million pools have been deployed through Doppler, representing 93% of Uniswap v4 pools on Base and 91% across all supported networks. In total, this activity represents over 40,000 assets launched daily, with more than $1.5 billion in value created and over $1 billion in trading volume.
The $9 million seed round will enable Doppler to expand into self-serve markets, support larger token generation events, and deepen integrations across the onchain ecosystem. The team includes engineers with backgrounds at Uniswap, Primitive Finance, and Aztec, bringing experience building AMMs and market infrastructure at scale.
Already the default launch infrastructure for coins on Base, Doppler’s broader mission is to become the default infrastructure for entirely new asset classes that could not have existed before. Doppler helps teams build apps, not auctions — and is redefining how capital formation works onchain.
About Whetstone Research
Whetstone Research is building the future of onchain markets. Their first product is Doppler, a hyper-efficient price discovery and liquidity bootstrapping Protocol for projects that are meant to last. Their second product is Pure Markets, a launchpad for serious projects and trading terminal.
LONDON, Jan. 29, 2026 — LifeArc Ventures, the venture capital arm of the medical research organisation, LifeArc, had its most active year to date in 2025, announcing investments in four new innovative life sciences portfolio companies and further funding and supporting its portfolio, which stood at 20 companies at year end.
Since its inception in 2020, the portfolio has grown through Seed and Series A investments, expanding its investments into Series B in 2025. LifeArc Ventures participated in two new Series B rounds in transformative companies as part of top tier global syndicates, as well as supporting existing portfolio companies with their Series A and B raises. LifeArc Ventures anticipates another year of substantial progress in 2026, with multiple clinical starts expected alongside further new investments.
Clare Terlouw, Managing Partner of LifeArc Ventures, said: “This year we’ve announced four new investments, including our first in German, Swiss and Scandinavian companies. This geographic expansion is part of our long-term strategy to diversify the portfolio, entering new territories and therapeutic areas while sustaining our UK focus. We’re encouraged by the way our investments are maturing across the portfolio, and by our ability to attract talented individuals with the experience and expertise to support our growing footprint and ambitions. 2026 promises to be a transformative year for our portfolio companies and for our fund.”
LifeArc Ventures invests broadly across therapeutics and tech-enabled biotechnology companies across all modalities and therapeutic areas as part of its direct investment strategy. LifeArc Ventures also runs a fund of funds strategy and has invested in ten leading global life sciences venture funds to date. The goal is to return capital to LifeArc’s balance sheet as part of the organisation’s long term financial sustainability, whilst supporting the translation of bold scientific ideas into transformative solutions for patients.
A growing specialist team
The appointments of Olivia Cavlan, MD, as Partner, and Diana Röttger as Investment Principal, in 2025 further strengthened LifeArc Ventures’ commercial, operational and scientific expertise, reinforcing its ability to source and manage promising additional investments as well as actively supporting the growth and governance of our existing portfolio.
Expanding the portfolio with high-impact investments complemented by targeted follow-ons
LifeArc Ventures deployed capital across a diverse array of therapeutic modalities and technologies, in particular areas with significant unmet needs such as autoimmune diseases, fibrosis and CNS disorders.
GlycoEra AG’s $130 million Series B: LifeArc Ventures joined Novo Holdings, Catalio Capital Management, QIA, Sofinnova Partners, 5AM Ventures, Roche Ventures, Bristol Myers Squibb, Agent Capital, MP Healthcare Venture Management, and Sixty Degree Capital. The funding will be used to transform GlycoEra into a clinical stage company with its lead program targeting IgG4 applicable to multiple autoimmune conditions. GlycoEra is based in Switzerland and the U.S.
Hillstar Bio’s $67 million Series A: Co-investing with Droia Ventures, Frazier Life Sciences and Novo Holdings, LifeArc Ventures supported the U.S.-based company’s launch focused on precision immunotherapies.
Exciva’s €51 million Series B: LifeArc Ventures joined GIMV, EQT, Fountain Healthcare Partners and Andera to support the German company’s Phase 2 study evaluating Deraphan for treatment of agitation associated with Alzheimer’s disease (ADA). ADA represents a significant unmet need, affecting more than 30-50% of patients at any point in time. A phase 1 trial with Deraphan has been successfully completed and showed that the combination is safe and well-tolerated.
Tribune Therapeutics’ €23 million Series A: LifeArc Ventures led the Series A, partnering with Scandinavian investors Novo Holdings, HealthCap, Innovestor’s Life Science Fund, Inven2, Industrifonden, and Investinor to help drive the Swedish/Norwegian company’s development of TRX-44, a first-in-class CCN5-mimicking therapy. This investment targets idiopathic pulmonary fibrosis, advancing the program toward pivotal clinical trials.
In addition, two of our companies announced substantial further funding:
Maxion Therapeutics’ $72 million oversubscribed Series A: Alongside the other existing investors Monograph Capital and BGF, and joined by new investors General Catalyst, British Patient Capital, Solasta Ventures, and Eli Lilly and Company, LifeArc Ventures supported Maxion’s plans to transform into a clinical-stage company, taking the lead KnotBody® program candidate MAX001 to clinical proof-of-concept for inflammatory diseases, unlocking new therapeutic possibilities.
Affect Therapeutics’ $26 million Series B: LifeArc Ventures participated alongside Allumia Ventures, Artis Ventures, City Light Capital, and Limitless Ventures to help scale up Affect’s AI-powered virtual clinic. Already operating in more than 20 U.S. states, the platform integrates behavioral therapy, biological monitoring, and incentives to address substance use disorders and co-occurring mental health challenges, expanding partnerships with health plans and employers.
Substantive portfolio progress: from patents to partnerships
Several of LifeArc Ventures’ portfolio delivered substantial achievements in 2025, expanding IP, strengthening leadership, receiving clinical authorisations and forming strategic alliances including:
AviadoBio and UgeneX Therapeutics’ exclusive option and license agreement: AviadoBio secured an option to worldwide rights (ex-Greater China) to UGX-202, an advanced optogenetics gene therapy for retinitis pigmentosa and retinal diseases, currently in Phase 1. The deal includes up to $413 million in milestones and royalties.
Fluid Biomed appoints senior medtech executive John Kilcoyne as Independent Board Chair: The appointment brings decades of experience in leading high-growth medical device companies to Canada-based Fluid Biomed as it accelerates development of its unique polymer–based stent technology to treat brain aneurysms and stroke.
Ikarovec substantive regulatory and clinical progress: positive FDA feedback on development plan for IKAR-001, first-in-class dual pathway gene therapy for geographic atrophy, and promising data presented on therapeutic potential in geographic atrophy and wet AMD.
Maxion Therapeutics’ leadership and Board strengthened: Joel Edwards (formerly VP of Corporate Strategy and Operations at Ionis Pharmaceuticals) joined as Chief Business Officer to drive partnerships for the KnotBody® pipeline, while Dr. Santiago Arroyo (formerly CMO of Momenta Pharmaceuticals until its sale to J&J for $6.5bn) was appointed Non-Executive Director to guide clinical advancement post-Series A.
RQ Bio accelerates seasonal influenza programme: After the success of developing Kavigale for COVID-19, RQ Bio has successfully turned its attention to generating potent and resilient long-acting antibodies for seasonal influenza A for vulnerable individuals.
LifeArc is a not-for-profit medical research organisation with one clear purpose – transforming the lives of people living with rare diseases and drug-resistant infections. We aim to deliver this by conducting and funding pioneering research, and working with partners to accelerate the translation of scientific breakthroughs into new tests and treatments. Through our LifeArc Ventures team, we invest in innovative life sciences companies with significant follow-on investment reserved for successful portfolio companies. Our ventures approach focuses on investing in novel translational science and technology across a broad range of indications and the full spectrum of therapeutics, healthtech and medical devices – with the dual goal to generate financial returns to LifeArc and to deliver life-changing patient impact.
