Starting this month, we are going to have thought leaders from our Anzu team share their perspectives on specific topics. We are delighted to begin with Cathryn Paine, Principal, People, who was also recently named one of 40 “Rising Stars under 40” by Venture Capital Journal.
– David, David, Whitney
Greetings from a blustery Washington, DC! I’m Cathryn Paine and I lead People for Anzu Partners and many of our portfolio companies.
Over 80% of Anzu’s budget is in personnel and many of our portfolio companies are at similar levels. We believe that attracting, developing, and retaining great individuals is one of the most important capital allocations that we make at Anzu – and team expansions is where much of our dollars are deployed when we back a company at the Seed, Series A, or Series B level.
To better support our portfolio companies, I joined Anzu five years ago to build a Talent (i.e. recruiting) and People Ops (i.e. developing and retaining) capability. I’d previously worked at a Softbank-backed startup and led recruiting as we went from Series A at 30 people to Series C at 330 people. My experiences there informed our belief that a strong VC-backed People function would provide portfolio companies with a key strategic edge.
We did not build this capability because the world needed another recruiting firm – we built it because our portfolio companies needed one tailor-made for them. Our companies are leaders in industrial technologies and life sciences – and the candidates that they needed to hire were PhD specialists technically and experienced leaders commercially. Just as it is challenging to get a business leader with decades of experience to join a startup that lives in 18-month funding sprints, it is hard to get a Tier One recruiting firm to take the assignment – if they even have the right relationships.
Even then, it’s hard to build a recruiting firm around lasers or magnets - unless you have millions of dollars relying on it and an inbox full of job descriptions demanding it. Focused on the very specific needs of our portfolio, we’ve since built our own little machine and have become quite adept at recruiting extremely specialized people (like a PhD Senior Chemist with expertise in polymer bonding of permanent magnets) and getting them where we need them (Minneapolis, MN via Alberta, Canada and on an O-1 visa). Given our unique hybrid recruiting position, straddling in-house and external, we’re able to partner on a strategic level with our CEOs, thinking creatively and taking carefully calculated risks, while at the same time leveraging economies of scale, as would Heidrick & Struggles or similar.
In 2021, our team of 6 individuals working in Talent and People Ops hired 75 employees across Anzu and 16 different portfolio companies, at an average time to hire of 33 days. As just a few examples, we recruited roles with titles like Director of Research, Head of Business Development, and Principal Materials Process Engineer, by building on a nationwide effort to know the most promising graduate students and the most ambitious commercial leaders in our target spaces. Over the past five years, it has not been uncommon for our recruiters to find themselves next to Google and Boeing, but as the only venture firm recruiting at a graduate career fair for electrical engineers, physicists, chemists, and biologists.
As we saw the first waves of the Great Resignation hit following the shock of the start of the pandemic in early 2020, we doubled down on our efforts to retain our talent in this turbulent environment. Our People Ops team rolled out mental healthcare services, Diversity, Equity, and Inclusion resources, anti-harassment training, and employee engagement tools to Anzu and our portfolio companies, augmenting our already best-in-class benefits packages. We’ve seen very low voluntary turnover and reported high levels of employee satisfaction.
Thanks to our investors for their trust, and I look forward to sharing more on what will be a very busy 2022. 🚀
Sincerely, Cathryn Paine
PORTFOLIO COMPANY UPDATES
NUBURU secured new financing and appointed COO and VP of Global Sales to accelerate expansion
NUBURU announced it has raised additional growth capital at a valuation of approximately $350M and has also brought on experienced technology executive, Brian Faircloth, as Chief Operating Officer, and promoted Andrew Dodd to Vice President of Global Sales to boost commercialization efforts for its revolutionary industrial blue laser technology. Existing investors Anzu Partners, GRAPHA Holdings, and Thomas Wilson participated in the funding round that will be utilized to expand NUBURU’s presence across its target markets.
New COO Brian Faircloth brings over twenty years of operations, engineering, and marketing experience scaling high-tech companies in the laser and energy industries. Mr. Dodd, a 30-year veteran of the industry, has been instrumental in laying the foundations for commercial expansion since joining NUBURU in 2019 and brings significant global sales leadership and a strong track record from his tenures at GSI Lumonics, Amada WeldTech, and BLM Group North America.
6K and Albemarle signed a joint development agreement to develop novel lithium battery materials
Earlier this month, 6K signed a joint development agreement withAlbemarle Corporation, a global leader in advanced lithium materials, to explore the use of 6K’s patented UniMelt® advanced, sustainable materials production platform to develop novel lithium battery materials through potentially disruptive manufacturing processes.
In addition to the JDA, Albemarle has made an undisclosed investment in 6K through Volta Energy Technologies. An existing financial investor in 6K, Volta is a venture capital firm launched in 2017 that also connects strategic investors like Albemarle with well-researched investment opportunities in the energy storage sector.
Excision BioTherapeutics initiated Phase 1/2 trial evaluating EBT-101 as a potential cure for HIV
Excision announced the initiation of a first-in-human (FIH) Phase 1/2 clinical trial of EBT-101 in individuals living with human immunodeficiency virus type 1 (HIV). The FIH study is a multicenter, open-label, single ascending dose study designed to evaluate the safety, tolerability, and efficacy of EBT-101. The trial is supported by a robust preclinical dataset that includes both positive long-term non-human primate safety data and efficacy data in transgenic mice showing functional cures from HIV with EBT-101 treatment.
EBT-101 is a unique, in vivo CRISPR-based therapeutic designed to excise large portions of HIV proviral DNA. The investigational program employs CRISPR-Cas9 and dual guide RNAs which target three sites within the HIV genome, thereby excising large portions of the HIV genome and minimizing potential viral escape. EBT-101 utilizes an adeno-associated virus (AAV), to deliver a one-time intravenous infusion intended to functionally cure HIV infections.
Beyond Imagination, an AI and robotics platform company developing humanoid robots, and GelSight have initiated a pilot to study the feasibility of using Beyond Imagination’s humanoid robotic technology to remotely operate GelSight’s tactile sensors. The robots, called “Beomni,” are up to 6’ tall, wireless, humanoid robots that are remotely controlled in real-time from any commercially available virtual reality platform.
For the pilot, the robots will use a GelSight tactile sensor for hands-free control. The robotic sensors can be remotely configured to provide detailed surface analytics and feedback to the remote user piloting the robot. In future systems, GelSight’s unique tactile sensors can be integrated into the robot to provide real-time tactile data for remote sensing and dexterous manipulation.
Liquid Instruments signed a global distribution deal with Mouser Electronics and wins the product of the year award for Moku:Pro
Earlier this month, Liquid Instruments and Mouser Electronics announced that they had signed a global distribution deal for Mouser to offer the latest Liquid Instruments products, including Moku:Pro, Moku:Lab, and Moku:Go. You can learn more about the deal in the press releasehere.
Liquid Instruments’ Moku:Pro also won the Test & Measurement category of the 46th annual Electronic Products Magazine Products of the Year Awards. Get full details on the award here.
InterVenn presented at the 40th Annual J.P. Morgan Healthcare Conference and grew the leadership team
InterVenn CEO and Co-Founder, Aldo Carrascoso, presented virtually at the J.P. Morgan 40th Annual Healthcare Conference that took place earlier this month. Mr. Carrascoso provided a company overview of InterVenn and its first-of-its-kind glycoproteomics solutions.
InterVenn also named Brian Hogan as its Chief Financial Officer as the company accelerates its growth strategy to scale the company’s capabilities, operations, and partnerships. Brian brings over 20 years of finance and leadership experience in public and private companies to InterVenn. Prior to joining InterVenn, Brian was the CFO at Clear Labs. His previous roles also included: SVP, Global Finance and Accounting at Portola; CFO at Adicet Bio; and VP, Finance at Genomic Health. You can learn more about this appointmentherein the press release.
The company also announced the appointment of Klaus Lindpaintner, MD, MPH, to the newly created role of InterVenn Distinguished Scientist. Klaus has served so far as the company’s Chief Medical and Scientific Officer and will now focus on serving as InterVenn’s scientific alliance ambassador to the global glycobiology constituency. That same day, InterVenn also announced the appointment of Tillman Pearce, MD, as the company’s new Chief Medical Officer. Tillman comes to InterVenn from his current position as CMO, OBI Pharmaceuticals, with a distinguished record of accomplishments as a leader in clinical development across a range of large pharmaceutical and start-up biotechnology companies, including Novartis, Sandoz, Sanofi, Protein Design Labs, KaloBios, Threshold, and others. You can learn more about each of these appointmentshere.
Voltaiq released First Independent Battery Index and appointed President and COO
Earlier this month, Voltaiq, Batemo, and Energy Assurance released a comprehensive battery benchmarking index that provides data-backed insights into cell performance needed to evaluate and select the optimal batteries in aviation, aerospace, electric vehicle, industrial, medical, power tools, and stationary. Learn more about the index in the press release here.
Voltaiq also appointed Martin Thall as President and Chief Operating Officer. Thall will also serve on Voltaiq’s board of directors. Thall, who served previously on Voltaiq’s strategic advisory board, brings nearly 40 years of computing technology expertise in the automotive, telecommunications, and IT space to the battery analytics pioneer. Learn more about his background and the appointmentherein the press release.
6K and NTx appointed former Chairman and CEO of the Allstate Corporation Edward Liddy to their Board of Directors
This month, Anzu portfolio companies 6K and NTx both announced that Ed Liddy had joined their board of directors.
During his career, Mr. Liddy led the 1995 spinoff of Allstate Corporation from Sears, Roebuck & Co, where he eventually became Chairman, President, and Chief Executive Officer. Under his leadership, Allstate’s market value more than tripled thanks to streamlining initiatives Liddy led. After his retirement as Chairman at Allstate in 2008, the Secretary of the U.S. Department of the Treasury requested that Mr. Liddy serve as Interim Chairman and Chief Executive Officer of American International Group, Inc. (AIG) during the 2008-2009 financial crisis, where he carried out one of the largest restructuring efforts in U.S. corporate history. Currently, Liddy also serves on the board of directors of AbbVie, and he previously served on the boards of the 3M Company, Abbott Laboratories, Boeing, and Goldman Sachs.
Earlier this month, The University of Minnesota College of Science and Engineering announced that Distinguished McKnight University Professor and Niron Magnetics co-founder and CSO, Jian-Ping Wang has been named a National Academy of Inventors (NAI) Fellow and will be inducted into the NAI at the academy’s annual meeting in June 2022.
Wang is a world-renowned researcher in the field of novel magnetic materials and spintronic devices for information storage, memory and computing, and biomedical sensing.
ANZU UPDATES
Cathryn Paine, Principal, people, named a 2022 Rising Star by Venture Capital Journal
Cathryn was selected as one of just 40 rising stars under 40 to watch in 2022 by the Venture Capital Journal. The selection committee reviewed nearly 200 nominations.
David Michael, managing partner, was named to the San Diego Business Journal's 2021 SD500 list
To see the full list of the most influential people in San Diego, clickhere.
Drew joins Anzu Partners as Creative Director based in Boston, Massachusetts.
Drew will be providing the creative direction for Anzu and its growing portfolio of industrial and life sciences technology startups. At Anzu, Drew will focus on developing brand and visual identity, content design and production, creative leadership, and project management. Drew has 20+ years of extensive design experience.
Prior to joining Anzu, Drew was Creative Director at Acquia where he led the re-branding initiatives for the organization including the development of best-in-class interactive, print, and environmental presence.
Rebecca Parcher, Director of Accounting
Rebecca joins Anzu Partners as a Director of Accounting based in Tampa, Florida.
She will be providing technical, operational, and government compliance support to our portfolio companies. Rebecca comes to Anzu from NVR, Inc., a top five home builder, where she held the position of Senior Cost Manager.
Prior to NVR, Rebecca gained progressive experience in accounting, inventory, corporate finance, government overhead rates, and compliance working at various companies such as a major coffee company, a defense contractor, and public accounting. She is a CPA from California.
Monica Kirkland, Senior Accountant
Monica joins Anzu Partners as a Senior Accountant based in Tampa, Florida.
She will be providing full-cycle accounting to our portfolio companies. She has over 18 years of accounting experience in various industries. Monica comes to Anzu from Hui Huliau where she held the position of Controller. Prior to that, Monica gained progressive experience in Financial Accounting and Reporting with other companies including Summit CPA Group, and CAE USA Inc.
Monica holds a Bachelor of Business Administration in Accounting from Valdosta State University, a Master of Business Administration with a concentration in Accounting from Mercer University, and is a Certified Public Accountant.
CAREER OPPORTUNITIES
Anzu Partners and our portfolio companies are hiring!
Browse the open roles here and learn more about joining our amazing teams.
The information contained in this newsletter is being provided by Anzu Partners for informational purposes only. The information was obtained from various sources, but Anzu Partners cannot assure its accuracy. This is neither an offer to sell nor a solicitation for an offer to buy an interest in any fund managed by Anzu Partners. Any such offer or solicitation will only be made to qualified potential investors pursuant to a private placement memorandum. Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.
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