Cove Fund IV brings together three experienced investors with complementary backgrounds across venture investing, company building, and healthcare innovation. Every investment reflects the collective judgment of the partnership, combining independent thinking, disciplined underwriting, and long-term founder support.
Cove Fund IV brings together three investors with complementary track records, aligned incentives, and a shared commitment to building an enduring venture firm. Every investment is evaluated by the full partnership, combining independent perspectives with one disciplined investment process. Across our careers we have evaluated well over 10,000 companies and invested in fewer than one in two hundred.
Having built our careers at different firms, we came together by choice. Each of us brings distinct expertise, but we evaluate, diligence, and support every company as one team, not in separate lanes.
Acquired by Amazon; transaction closed Q2 2026. An attractive outcome for the founding team and an early realized exit for Fund III.
$600K ahead of plan · Brown & Brown closed February · AI Quoting Agent launched · clear path to $10M ARR and a Series B.
Collaborative commerce platform scaling rapidly, with a ~$1B GMV run-rate as of July 2026 and strong year-over-year growth.
| Company | Sector | First Inv. | Invested | Status | Notes / Outcome |
|---|---|---|---|---|---|
| Zesty.ioContent management & web platform | SaaS / MarTech | 11/2021 | $500K | Active · 1.3x | Convertible note · marked at ~$632K · potential M&A path |
| iCardioAI-powered cardiac imaging | HealthTech / AI | 3/2026 | $500K | Active · New | Series Seed · March 2026 · held at cost |
| 3Laws RoboticsCalTech robotics safety software | Deep Tech / AI | 9/2024 | $500K | Amazon Acquisition | ~1.75x · ~41% IRR · closed Q2 2026 |
| XiloInsurance quoting & sales automation | InsurTech / SaaS | 8/2022 | $770K | Portfolio Leader | $5.5M ARR ($600K ahead of plan) · Brown & Brown closed Feb · AI Quoting Agent launched · path to $10M ARR → Series B |
| Carro / VYRLCollaborative commerce / dropship | eCommerce / B2B | 9/2025 | $750K | Breakout · $1B GMV | $6.8M → $105.6M GMV · 149x growth in 18 mo · profitable · on track for $1B/yr run-rate July 2026 |
| BLNGJewelry intelligence platform · B2B SaaS | eCommerce / AI | 2/2025 | $300K | Breakout Quarter | David Yurman $1M/yr (largest enterprise deal) · Tiffany in final negotiations · Rolex pilot · Signet sole-vendor (2,000-store) · Seed II co-led by Cove & SpeedInvest |
| Quantum ElementsQuantum digital twin software | Deep Tech / Quantum | 3/2026 | $750K | Technical + Commercial Breakout | World's largest hardware-faithful quantum digital twin w/ AWS · Nature Comms paper · SAFE oversubscribed $2.8M · 49-month runway |
| SigmaSightLitigation intelligence · B2B SaaS | LegalTech / AI | 12/2024 | $1.3M | Strong Traction | $500K ARR (Mitsui) · enterprise contract signed · Series A prep |
| OccuspaceSpace utilization analytics | PropTech / AI | 8/2023 | $850K | Portfolio Leader | $3.33M CARR (+52% YoY) · 5-yr $41.9M GSA contract active · Notre Dame, LSU & Kaiser wins · bridging to Q3 '27 breakeven |
| VisaicImmersive fan experience platform | Media / Sports Tech | 5/2024 | $600K | Strong Growth | $1.5M gross revenue (+63% YoY) · MidCo Sports signed Jan (largest customer) · Black Bear early 5-yr renewal |
| VECTAAI-powered sales intelligence | B2B SaaS / AI | 6/2022 | $825K | Growing | 8x valuation step-up to Series Seed-2 |
| Eira BioOncology & women's health therapeutics | BioTech / Oncology | 11/2025 | $250K | Solid Execution | Lead prostate cancer program on track for dev candidate by year-end · preeclampsia program advancing · 16 FTEs · on budget |
| MelioCulture-free blood pathogen detection | MedTech / Diagnostics | 5/2024 | $500K | Fundraising | $3.5M CARBEX grant · Series A in market |
| Time MachineAI onboarding & training for sales teams | AI / B2B SaaS | 9/2025 | $500K | Active | $300K ARR · 30 customers · Series A prep |
| CelitechWhite-label eSIM for travel operators | TelecomTech / B2B2C | 6/2022 | $625K | Active | Cove-led seed · Series A prep |
| CenfireFabless semiconductor · MEMS relay tech | Semiconductors / Deep Tech | 1/2026 | $500K | Seed-2 | Silicon MEMS relay tech (no metal fatigue) · $3.3M Seed-2 at $10.9M pre · initial market T&M/ATE · ~$15B SAM |
| WethosFreelancer team-building & pricing | Future of Work / SaaS | 7/2024 | $500K | Fundraising | Raising $20M+ Series A at $100M+ valuation |
| ExokeryxExtracellular vesicle extraction | BioTech / Diagnostics | 7/2024 | $500K | Watch — Tight Timeline | First product revenue · cash through September · hiring frozen · Series A on hold pending revenue |
| CARI HealthReal-time medication monitoring | HealthTech | 7/2022 | $500K | Written Down 50% | Pivot in progress · bridge underway |
| GroGuruPrecision agriculture soil intelligence | AgTech | 6/2023 | $600K | Written Off | $100K secured note repaid |
| Company | Val. at LaunchPad | Latest Post-Money | Val. Growth | Outcome |
|---|---|---|---|---|
| DTx PharmaRNA therapeutics · San Diego | $6M | $1.10B (Novartis acq.) | 183.3x | Acquired · Novartis |
| HypericeRecovery tech · Irvine, CA | $8M | $850M (Series B) | 106.3x | Active · Series B |
| AcornsConsumer fintech | $9M | $870M | 96.7x | Active |
| SentryCardPayment security fintech | $12M | $150M | 12.5x | Active |
| Neural AnalyticsBrain health diagnostics | $7.7M | $93M | 12.1x | Active |
| NGD SystemsStorage semiconductor | $22.6M | $106M | 4.7x | Active |
| SonendoDental MedTech | $74.3M | $500M+ | 6.7x+ | IPO · NYSE: SONX |
| LensGenOphthalmology devices | $19.2M | $76.2M | 4.0x | Active |
| Recros MedicaWound care / injectables | $20M | $45M | 2.3x | Active |
| MavenlinkPSA software | $61.4M | $235M | 3.8x | Merged · Kantata |
| BontiBotulinum toxin biotech | $22.3M | $195M | 8.8x | Acquired · Allergan |
| EnevateEV battery technology | $44.1M | $251M | 5.7x | Active |
Deal flow is driven by a network spanning key innovation hubs, built through years operating at the center of founder, university, and investor ecosystems. Rooted in Southern California but national in reach, surfacing high-potential companies before they become broadly visible.
At the seed stage, outcomes are driven by a small number of breakout companies. The strategy identifies these early, supported by a decade of pattern recognition and data-backed selection, then concentrates time, conviction, and follow-on capital behind the strongest positions.
We partner closely with founders through the most critical stages of company formation and early growth — strategic positioning and narrative, customer and investor introductions, and navigating the Seed → Series A transition.
$18.1M total invested → $159.6M proceeds. Co-Led Series B + Board. Partial exit Nov 2021 post-IPO; later acquired by Adobe for $1.9B. Realized Apr 2026.
$15M initial → $69.7M total invested · $258.4M current FMV · Co-Led initial investment · 94.5% IRR. Live-shopping for collectibles; category leader compounding fast.
$12.5M initial → $20.7M total invested · $38.1M FMV. Co-Led the Series B and serve as Board Observer. Structured a complex round in which Prezent acquired Prezentium as part of the financing — a deal we led end-to-end.
| # | Company | Category | Initial Date | Round | Initial Inv. | Total Inv. | FMV | MOIC | IRR | Role | Comments |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | YassirMENA super app — ride-hailing, delivery & fintech | Consumer Marketplace | 10/2025 | Series C | $40.0M | $40.0M | $82.7M | 2.1x | 200.5% | Co-Led | Active — marked above cost on strong growth |
| 2 | PrezentAI-powered business presentation platform | Enterprise Software | 9/2025 | Series B | $12.5M | $20.7M | $38.1M | 1.8x | 20.5% | Co-Led B, Board Obs. | Structured & facilitated Prezent's acquisition of Prezentium, coinciding with the Series B fundraise |
| 3 | RampCorporate spend — cards, bill pay & expense software | Enterprise Software / Fintech | 9/2025 | Series E-2 | $10.0M | $12.7M | $22.7M | 1.8x | 154.2% | Co-Led | Late-stage entry; strong markup over a short hold |
| 4 | HumanitecDevOps platform for app delivery & infrastructure orchestration | Enterprise Software | 7/2025 | Seed | $1.8M | $1.8M | $0.0M | 0.0x | 0.0% | Co-Led Seed T2 | Early-stage seed position; marked to $1 |
| 5 | WhatnotLive-shopping marketplace for collectibles | Consumer Marketplace | 5/2023 | Secondary | $15.0M | $69.7M | $258.4M | 3.7x | 94.5% | Co-Led Initial | Reflects Growth IV position only; does not include additional SPV |
| 6 | BetterflyBenefits & wellbeing platform with healthy-habit rewards | Enterprise Software | 1/2022 | Series C | $15.0M | $15.0M | $15.0M | 1.0x | 0.0% | Sourced, Led, Board Obs. | Active — marked at cost |
| 8 | CitizenReal-time public-safety app for nearby incident alerts | Consumer SaaS | 5/2020 | Series B | $1.0M | $29.9M | $33.5M | 1.1x | 2.7% | Sourced, Co-Led | Significant follow-on capital deployed; modest returns to date |
| 9 | LightricksCreator software — photo/video editing & content production | Consumer SaaS | 7/2019 | Series C | $18.4M | $20.2M | $30.3M | 1.5x | 6.2% | Sourced, Co-Led | Creator-economy play; solid appreciation over a multi-year hold |
| 13 | Deposit SolutionsDeposits marketplace — connects banks with savers | Fintech | 7/2016 | Series B | $7.7M | $14.1M | $46.5M | 3.3x | 15.2% | Co-Led | Merged with Raisin; holding position in combined company. FMV includes $17.6M realized proceeds |
| 15 | Thrive MarketMembership e-commerce for healthy products | Consumer / Subscription | 7/2015 | Series A | $5.3M | $12.8M | $59.2M | 4.6x | 16.6% | Co-Led Series A | Decade-long hold since 2015; durable membership model; strong appreciation |
| # | Company | Category | Entry | Exit | Initial Inv. | Total Inv. | Proceeds | MOIC | IRR | Role | Exit Notes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 10 | SemrushDigital marketing & SEO platform | Enterprise Software | 3/2018 | 4/2026 | $10.7M | $18.1M | $159.6M | 8.8x | 42.8% | Co-Led, Board Obs. | Partial exit Nov 2021 post-IPO. Later acquired by Adobe for $1.9B; full exit Apr 2026 |
| 12 | ComparablyEmployee insights & workplace benchmarking | Enterprise Software | 1/2017 | 5/2022 | $3.3M | $4.3M | $18.7M | 4.4x | 36.1% | Sourced, Co-Led | Acquired by ZoomInfo for $150M in May 2022 |
| 14 | ScopelyMobile game publisher & developer | Consumer / Gaming | 4/2016 | 4/2023 | $17.2M | $20.0M | $73.6M | 3.7x | 20.0% | Co-Led Series B | Acquired by Savvy Games Group for $4.9B in Apr 2023. Reflects Series B investment only |
| 11 | AxiosNews & media — concise coverage & newsletters | Publishing | 12/2017 | 8/2022 | $5.4M | $5.4M | $19.6M | 3.6x | 32.4% | Co-Led | Acquired by Cox for $525M in August 2022 |
| 7 | ElevateBenefits platform for HSAs, FSAs, HRAs & other accounts | Enterprise Software | 7/2021 | 1/2025 | $5.0M | $11.3M | $14.8M | 1.3x | 9.3% | Sourced | Benefits administration platform; realized Jan 2025 |
| Realized Total | $41.6M | $58.9M | $286.2M | 4.9x | — | ||||||
$2M initial → $20.2M current value. 150+ health system partners · $110M+ ARR · partial liquidity of $4.48M realized. QSBS eligible.
$10.65M deployed including $6.65M follow-on. $45M revenue in 2025, tracking $100M+ · 96% patient satisfaction · backed by a16z, General Catalyst & GV.
$5M initial + $16.5M conviction follow-on. Smart-hospital operating system transitioning to hardware-as-a-service, with deep Epic & Microsoft integrations and growing ARR.
| Company | Sector | Total Inv. | Status | MOIC | Key Notes |
|---|---|---|---|---|---|
| AbridgeAI clinical documentation | Health AI / Infrastructure | $2.0M | Breakout | 12.4x | $5.3B valuation · 150+ health system partners · $110M+ ARR · $4.48M partial liquidity realized · QSBS eligible |
| ArtisightSmart hospital platform | Health AI / Platform | $21.5M | Scaling | ~1.0x | $5M initial + $16.5M conviction follow-on · smart hospital OS · HaaS transition · deep Epic & Microsoft integrations · Board guest |
| Sprinter HealthMobile care delivery | Digital Health | $10.65M | Breakout | ~2.0x | $45M revenue (2025), tracking $100M+ · $55M Series B · a16z, General Catalyst & GV · 96% patient satisfaction |
| Bright UroMinimally invasive urology | MedTech / Diagnostics | $7.0M | Scaling | 1.6x | FDA 510(k) cleared · 30+ clinics · capital-efficient device model · $5M follow-on reflects conviction · Board guest |
| ViaLaseOphthalmic laser | MedTech / Ophthalmology | $6.13M | Late-Stage | 1.0x | $5.0M initial + $1.13M follow-on · near-term EU commercialization pathway · regulatory de-risking underway · late-stage optionality |
| Horizon SurgicalRobotic ophthalmology | MedTech / Robotics | $5.0M | Clinical | 1.0x | Approaching first-in-human · asymmetric upside tied to clinical inflection |
| Vital BioNext-gen diagnostics | Diagnostics / Platform | $5.0M | Platform | 1.0x | Strategic partnership with Sysmex · long-term platform play with strong institutional backing |
| PerceptiveClosed-loop ICU automation | Health AI / Critical Care | $4.0M | Development | 1.0x | NIH-supported · strong technical validation · IDE submission in progress · large TAM · Board observer |
| PrenosisAI sepsis platform | Health AI / Diagnostics | $2.0M | Scaling | 1.0x | FDA-cleared AI sepsis platform · Roche distribution partnership · strong clinical validation · Board observer |
| CodaMetrixAI revenue cycle | Health AI / RCM | $2.0M | Scaling | 1.0x | 220+ health system sites · validated enterprise adoption · deployed within UCI Health |
| BionautMicro-robotics drug delivery | DeepTech / Biotech | $2.0M | Impaired | — | Program risk materialized · clinical timelines extended · disciplined loss recognition / capital preservation |
| Eira BioEarly-stage biotech | Biotech / Therapeutics | $0.25M | New | 1.0x | Venrock-led $20M round at $40M valuation · strong institutional validation |
| DelixNeuroplastogen platform | Life Sciences / Neuro | $0.2M | Optionality | 1.0x | Strategic option via Eli Lilly partnership (~$870M potential) · early-stage positioning |
| Company | Date | Sector | Check | Status | MOIC |
|---|---|---|---|---|---|
| Qualified HealthAI-first clinical workflows | 05/2024 | Health AI | $5,000 | Active | 1.4x |
| ClearstepAI triage & navigation | 06/2023 | Health AI | $7,500 | Active | 1.0x |
| SPV (7 Companies)Diversified healthcare seed | 03/2024 | Healthcare | $7,000 | Active | 1.0x |
| Atomic CanyonAI for nuclear systems | 03/2024 | DeepTech / Nuclear AI | $5,000 | Active | 1.0x |
| Givers HealthCaregiver enablement | 05/2023 | Digital Health | $5,000 | Active | 1.0x |
| AI OpticsComputer vision diagnostics | 12/2025 | MedTech / AI | $5,000 | Active | 1.0x |
| BiomeSenseMicrobiome intelligence | 07/2025 | Health AI / Diagnostics | $1,999 | Active | 1.0x |
Deal flow is driven by operating inside health systems — not adjacent to them. UCI Health Ventures provides real-world deployment environments that generate proprietary signal unavailable to generalist VCs.
At the enterprise level, outcomes are driven by platforms that own workflow control points — not tools that plug into them. System-level platforms consistently outperform point solutions in enterprise healthcare.
Initial positions establish ownership at early validation. Follow-on capital concentrates behind highest-conviction breakouts — $29.3M of $67.7M into follow-ons — and is reallocated when timelines diverge from thesis.