Anzu’s December Newsletter reflects on a year of growth and success across our portfolio, from launching new products and expanding U.S. manufacturing to signing major contracts, creating jobs, and scaling globally.
Anzu Partners signs agreement to acquire voxeljet AG
Hi Anzu Partners Community,
With markets in the U.S. and worldwide grounded in caution, our Anzu teams and portfolio companies focused on technical and commercial progress consistent with the long-term vision.
The year highlighted the commercial traction our portfolio companies achieved – from opening new domestic manufacturing facilities, launching new products, and signing new contracts to delivering products to global customers, creating jobs, and scaling into new markets. New customers, partners, and distributors include the U.S. Army, Meta AI, Blue Origin, EmberOT, NEOM, and Siemens, adding to early adopters like Hexagon, NASA, and Rolls-Royce.
Our portfolio companies raised ~$300 million, attracting more than 50 existing and new investors, building a growing syndicate of strategic and financial investors, and received 10 grants and awards totaling more than $40 million from state and federal agencies. The new co-investors we welcomed to the portfolio: Constellation Technology Ventures, Export Development Canada, GM Ventures, Magna, Mitsubishi Heavy Industries, Porsche Ventures, Samsung Ventures, Stellantis, Toyota, and Volvo, and many others.
Anzu’s platform teams continued to deliver additional value to our portfolio companies:
Capital Solutions coordinated 180+ first meetings and 95+ follow-up meetings between portfolio companies and potential co-investors
Operational Excellence reached over $15M in value to date across the portfolio through initiatives in yield, supply chain, engineering, facility projects, and business development
Marketing and Communications delivered 240+ earned press hits and 50+ videos
Talent recruited 79 individuals, with more than 53% of all of our placements coming from Fortune 500 companies, a 56% increase from last year - signaling company growth and staying power.
Meanwhile,Anzu strengthened its networkof corporate and private venture partners, and with federal and state agencies that support growing businesses. Hunter Brown, an investment team alumnus, re-joined Anzu from Anduril as a Principal focused on the defense and national security sector. Joey Clark joined our Capital Solutions team, bringing an extensive background in the innovation economy from his work as a Market Executive for Startup Banking at J.P. Morgan and at the DoD’s National Security Innovation Network.
We also leveraged our team’s expertise to provide connectivity and identify new funding opportunities for our portfolio companies.
In Boston, Anzu joined a group of VCs to co-found venx (ven^x), a collaborative established to share knowledge and build synergies to become a force multiplier for the city’s deep tech ecosystem. Email info@venx.vcif you’re interested in joining the community.
Anzu sponsored the first-ever U.S.HTVD | HIGHTECH VENTURE DAYSin May - and we’re bringing it back to the U.S. on April 7-8, 2025. Here’s more informationfor startups and to secure a seat for the Boston event.
It was a busy year, and we have exceptional pride in how our teams and companies demonstrated adaptability in a challenging year that helped set the foundation for a strong 2025. We look forward to sharing more progress across the portfolio throughout the year.
Thank you,
David, David, and Whitney
PORTFOLIO COMPANY UPDATES
NTx Secured $15M in Venture Debt from J.P. Morgan to Fuel Expansion of Next-Generation Biomanufacturing Solutions
Nature’s Toolbox, Inc. (NTx), a life science company developing domestically-sourced biomanufacturing solutions for the delivery of personalized therapeutics and biologics, announced it secured $15 million in venture debt from J.P. Morgan. The financing will fuel the deployment of NTx systems across major pharmaceutical, governmental, and clinical organizations.
“J.P. Morgan is proud to work with NTx as they continue to scale,” said Liz Crum, Co-Head of West Life Sciences within J.P. Morgan’s Innovation Economy business. “It’s an exciting time to be working with life sciences companies, and we look forward to supporting the role NTx plays in transforming the way biomaterials are produced and expediting the delivery of personalized therapies.”
GelSight Released its GelSight Mobile 4.0 Software to Deliver
Automated Image Stitching and New 2D Measurement Tools
GelSight, a pioneer in tactile intelligence technology, announced the release of its GelSight Mobile™ 4.0 software package. In this update, GelSight customers’ top requested capabilities are now live. Customers can now easily combine scans to inspect larger surface areas with automated image stitching. GelSight has also taken our existing 2D measurement tools and expanded them to create a dedicated 2D measurement analysis function. These tools enable simplified workflows and deliver significant improvements for routine measurements, inspection cycles, and more.
“I am thrilled to bring highly anticipated improvements that enable major efficiency gains for our customers with this software release,” said Dennis Lang, Chief Business Officer at GelSight. “GelSight customers exchange their traditional tools in favor of one click of a button to complete the most common 2D and 3D surface measurements on any material, anywhere. With GelSight Mobile 4.0, reliable and repeatable surface inspection and analysis of larger surfaces is now possible, resulting in significant advantages in the field. This release is a true reflection of our commitments to customers and continuous innovation.”
Opscura Elected Cybersecurity Icon Michael Coden to Board of Directors
Opscura, innovators of the only drop-in OT security protection platform that offers segmentation, encryption, and protection, announced the appointment of cybersecurity luminary Michael Coden, to itsBoard of Directors. Previously Coden was Managing Director of the Technology division and Head of the North American Cybersecurity Practice at Boston Consulting Group (BCG) where he was recognized in the Top 50 Cybersecurity Leaders in 2021 and again in 2022 by The Consulting Report. Coden will play a pivotal role in advising Opscura’s strategic initiatives and long-term vision.
With more than four decades experience successfully developing and deploying OT security products to support his reputation in the cybersecurity sector, Coden explains, “I’m excited to be able to work with Opscura management to help organizations protect their critical OT, IoT, and automation assets, business operations, and employee safety. Opscura’s innovative platform effectively solves some of the most critical acute cybersecurity issues facing industrial automation and building automation systems today.”
Xendee Appointed Former HOMER Energy CEO and Founder Peter Lilienthal as an Advisor
Xendee Corporation, provider of the leading design and operation platform for distributed energy and microgrid systems, announced that Peter Lilienthal has joined as an advisor. With more than 40 years of international experience in the design and the economic and financial analysis of hybrid renewable and microgrid projects, Peter Lilienthal brings knowledge and insight to the Xendee team to help develop Xendee’s international presence in areas such as Africa, Asia-Pacific, and other emerging markets around the world.
Dr. Lilienthal served as CEO of HOMER Energy from 2009 until 2019 when it was acquired by UL Solutions, LLC, and previously was the Senior Economist with International Programs at the National Renewable Energy Lab (NREL) from 1990 – 2007.
Codetta Bio Welcomed Paul McEwan and Mitch Levine as Independent Board Members
Codetta Bio, a leader in integrated multi-omics solutions, announced the addition of two distinguished professionals, Paul McEwan and Mitch Levine, as independent members to the Board of Directors. These seasoned experts bring decades of experience in life sciences, investment strategy, and corporate growth, further strengthening Codetta Bio’s leadership as it continues to innovate in the multi-omics space.
A serial entrepreneur in life science tools, Paul McEwan co-founded Agencourt Biosciences and Kapa Biosystems, achieving a combined exit value of $700 million. As an angel investor, McEwan focuses on early-stage companies in life science tools and diagnostics. He currently serves as Chairman of DNA Script and Seqwell and as a Board Member of Watchmaker Genomics.
Mitch Levine offers a wealth of experience in building and scaling growth companies, with a career spanning roles as corporate director and chair, CEO, CFO, investment management company founder, and investment bank founder. Known for his strategic acumen, Levine is a solution-oriented leader with expertise in corporate strategy, capital markets, and investor relations.
The Honorable James “Hondo” Geurts and General Mike Murray Joined Anzu-Green Critical Technologies Fund as Venture Partners
Anzu Partners, and J.A. Green & Company, a premier boutique and award-winning government relations and lobbying firm, announced the appointments of James “Hondo” Geurts and General Mike Murray as venture partners for the Anzu-Green Critical Technologies Fund.
Anzu-Green Critical Technologies Fund seeks to strengthen the U.S. national security complex by investing in companies innovating critical technologies, including advanced materials, artificial intelligence, quantum science, renewable energy, and beyond. This venture fund will be built on a powerful partnership, leveraging Anzu Partners’ technical diligence experience and extensive portfolio support system for early-stage companies, with J.A. Green’s deep insight and expertise within the U.S. government, specifically the Department of Defense.
James Geurts, known to most as Hondo, has over three decades of leadership in the national security sector, including service as the Under Secretary of the Navy, the Department’s number two civilian with responsibility for the effective global business operations of the U.S. Navy and Marine Corps team.
General Mike Murray served in leadership roles with command positions and various staff assignments at the highest levels of the Army over the course of his 40 years of service. In 2018, he became the first Commanding General of United States Army Futures Command, a new four-star Army Command headquartered in Austin, Texas.
Anzu Partners Signed Agreement to Acquire voxeljet AG to Accelerate Industrial-Scale 3D Printing Market
voxeljet AG(“voxeljet”) entered into an agreement to sell its entire business to funds affiliated with Anzu Partners LLC (“Anzu”) via an asset deal. The closing of the transaction is expected to occur in March or April 2025. Anzu is acquiring voxeljet’s operating business with a strong commitment to voxeljet’s existing customers, suppliers, and employees. Anzu’s managing partner, Whitney Haring-Smith, will be the chair of the Board of Directors of the future business after closing, and current CEO, Rudolf Franz, will lead the post-transaction business. In this transaction, the business has a strong partner to support further growth and financing of the business.
Please reach out to info@anzupartners.comif you’re interested in meeting with us at any of these events.
ADDITIONAL ANZU & PC MEDIA COVERAGE
Anzu Partners was featured in the San Diego Business Journal* as Hunter Brown rejoined the firm as a Principal on the investment team.
AM Batteries was featured in Green Car Congressfor its recent award from the Department of Energy. AMB’s CEO Lie Shi was also quoted in a PV Magazine piece on industry predictions for 2025.
Niron Magnetics was selected for investment by theU.S. Department of Energyto accelerate critical materials innovation. Niron was also featured in a University of Minnesotablog post about the University’s annual performance and accountability report.
EnCharge AI CEO Dr. Naveen Verma received the 2024 Edison Patent Award in Computing Technology from the Research & Development Council of New Jersey, the highest recognition of innovation in the state.
Aspinity’s suite of vehicle security analogML algorithmswas named a top 10 product of 2024 by Electronic Products.
South 8 Technologies’ CEO Tom Stepien and CSO Cyrus Rustomji contributed a piece to EV Engineering about how advancements in EV batteries will overcome cold weather challenges.
e-Zinc CEO James Larsen was named one of 11 Canadian Tech Entrepreneurs to Watch in 2025 by the Toronto Star and alsoappeared on an episode of the Climate Torch podcast to discuss its technology.
GelSight was featured in a piece on Modern Machine Shopabout how its tactile sensing technology can give robots a sense of touch.
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CAREER OPPORTUNITIES
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Browse the open roles here and learn more about joining our amazing teams.
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ABOUT ANZU PARTNERS
Anzu Partners is an investment firm that focuses on industrial and life science technology companies with the potential to transform their industries. Anzu works with entrepreneurs to develop and commercialize technological innovations by providing capital alongside deep expertise in business development, market positioning, intellectual property, global connectivity, and operations. For more information, please visit https://anzupartners. com/.
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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