Humain Ventures · Fund I — Deck Content (canonical)

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01 · Cover

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Brand line

humAIn VENTURES

Tagline

Investing in Tech Bio to Improve Human Health

Principals

• Linda Avey · Managing Partner · linda@humain.vc · 408-355-4860
• Aneil Mallavarapu · Managing Partner · aneil@humain.vc · 415-312-2017

Date

February 22, 2025

Imagery cue

Aerial / mosaic forest landscape (humain.vc canon — biology-as-landscape metaphor).

02 · Humain Ventures Fund I

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Headline

Humain Ventures Fund I

Body

A $10M pre-seed to A fund investing in Tech Bio.

Led by the co-founder of 23andMe and an award-winning biotech developer from UCSF and Harvard.

We incubated and advised companies which resulted in over $26B in market value.

Imagery cue

Robotic hand cradling a DNA double helix — AI × biology fusion.

03 · We Are at the Beginning of a Major Technological Revolution

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Headline

We Are at the Beginning of a Major Technological Revolution

Pull quotes

1. “We’re now on the verge of a ‘ChatGPT moment’ in biology.” — Eric Schmidt, Former CEO, Google
2. “The greatest opportunity for AI is in biology.” — Jensen Huang, CEO, NVIDIA
3. “The biggest innovations of the 21st century will be at the intersection of biology and technology.” — Steve Jobs, Former CEO, Apple

Closer

The revolution is called… Tech Bio

04 · Tech Bio is Turning Biology into an Engineering Discipline

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Headline

Tech Bio is Turning Biology into an Engineering Discipline

Sub

A mega-trend building on advances in multiple areas with broad impact

Enabling areas (left column — five)

1. AI & Computation — protein design, cloud compute & storage
2. Data at Scale — lab automation, robotics, biosensors, microfluidics
3. Programmable Biology — CRISPR, stem cells, new chemistry
4. Biosensors & Real-Time Health — wearables, new measurement tech
5. Lab Automation & Miniaturization — robotics, biofoundries, microfluidics

Industries disrupted (right column — three)

• Biotech — new drug modalities, cell therapy, diagnostics
• Consumer Health — wearables, real-time measurement
• Industrial Processes — biomaterials & bioremediation

05 · How Tech Bio Disrupts Biotech

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Headline

How Tech Bio Disrupts Biotech

Sub

Tech Bio is tech-driven whereas Biotech is science-driven

Four advantages

1. Technology-Driven vs. Biology-Driven — Focus on novel methods rather than novel biology
2. Cost & Capital Efficiency — Smaller teams, and higher founder ownership
3. Derisking through Scale & Efficiency — 60% of biotechs only have a single drug candidate; Tech Bio: 10s to 100s of candidates
4. Faster Time to Revenue — Partnerships and royalties drive early revenue

Exemplar companies

• Insilico Medicine — 2014 founded · 2022 $895M valuation
• Colossal — 2021 founded · 2025 $10B valuation
• Atomwise — 2014 founded · 2020 $500-$1B valuation · 2024 $1B deal with Sanofi
• Insitro — 2018 founded · 2024 $2.4B valuation

06 · Tech Bio: A Critical Allocation for High Growth Portfolios

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Headline

Tech Bio: A Critical Allocation for High Growth Portfolios

Sub

Case study: Biotech disruption

Three columns

1. Global Biotech Growth — 17.83% CAGR · Growing to $3.44T by 2030
2. Technical Disruption — Drug development times ↓50% · Phase I success rate ↑30-50%
3. Venture Scale Returns, Lower Risk — Drug Candidates · Partnerships · Milestone payments · Royalties

Sources

• Biospace — biotechnology market size
• BCG — drug-development time reductions

07 · “Tech bio is the next trillion dollar industry”

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Quote

“Tech bio is the next trillion dollar industry” — Deep Nishar, Softbank

Pivot copy

However, investing in Tech Bio requires deep technical expertise…

08 · Uniquely qualified GPs: Linda Avey

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Headline

Uniquely qualified GPs: Linda Avey

Sub

A leader of the Digital Health Revolution

Affiliations

23andMe · Stanford University · Rock Health · Human Immunome Project

Co-Founder of 23andMe

• First Independent Board Member, Rock Health
• Board of Fellows, Stanford University School of Medicine
• Director, Human Immunome Project
• Advisor, London-based Giant Ventures

Expertise tags

Consumer Platforms · Gene Expression · Health Tech · Wearables · Toxicology · Genetics Proteins · Data Viz

09 · Uniquely qualified GPs: Aneil Mallavarapu, PhD

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Headline

Uniquely qualified GPs: Aneil Mallavarapu, PhD

Sub

Award-winning life scientist at Harvard, UCSF and Millennium Pharmaceuticals

Affiliations

Harvard · UCSF · Millennium · SRI

Multi-disciplinary deep tech developer

• “Outstanding contributor” award for key innovations leading to Millennium’s $3B tech transfer deals
• Council of Systems Biology Prize for AI modeling language at Harvard, leading to Virtual Cell Program at Harvard Systems Biology Department
• 5x entrepreneur

Expertise tags

AI · Molecular & Cell Biology · Scientific Computing · Genomics · Biochemistry Systems Biology · Automation · Microscopy

10 · Humain Ventures Recognized as a Potential Top Decile Fund

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Headline

Humain Ventures Recognized as a Potential Top Decile Fund

Decile Group / VC Lab funnel

• 2679 Applied
• 236 Accepted into program (9%)
• 51 Continued high performing firms (2%)
• ~15 Selected for Decile Partner Program (0.6%)
• 6 Award winning firms (0.2%)
• Humain Ventures recognized as “one of the top 3 performers” (0.1%)

Decile Group

• Strategy: Invest in top decile funds
• Launched most new and emerging managers
• Started by Adeo Ressi, creator of Founder Institute and The Funded

VC Lab

Decile Group’s VC incubator program. Inspirational Story Closing Ceremony Award presented to Humain Ventures (Linda Avey · Aneil Mallavarapu).

11 · How We Find and Vet Deals

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Headline

How We Find and Vet Deals

Vetting network

• Over 1,500 life sciences professionals
• Over 300 academics
• 50 CEOs of successful life tech companies

Value claim

Our GP’s profile and industry relationships enable us to source, vet, and access the highest quality deals.

Co-investment partners

Giant · SOSV · First Spark Ventures · Earth Capital · Flagship Pioneering · Innovation Endeavors · Modi Ventures · Earl Grey Capital · Breakout Ventures · S32

Early-stage sourcing partners

IndieBio · StartX · Harvard Innovation Labs · Wyss Institute · UCSF · UCSD · Berkeley · Stanford University · HomeLab · Bakar Labs · Endless Frontier Labs

12 · Why Founders Want us Involved

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Headline

Why Founders Want us Involved

Frame

Our technical insight, profile, and network are a key value add for Tech Bio companies

Testimonials

1. “In spite of our round being oversubscribed, your participation holds a massive significance for us. Your vision, values, experience, and network is exactly what we need.” — Daniel Simoneschi, CEO, MGL

2. “Humain understood our tech faster and more deeply than any VC firm we spoke to during our seed raise. As such, they were able to offer powerful insights on game-changing applications we hadn’t considered. Simply put, Aneil and Linda are two of the best people in VC we’ve met.” — Aneel Chima, CEO, CogScAI

13 · Fund I Strategy

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Headline

Fund I Strategy

Sub

Demonstrate the promise of Tech Bio · A small fund focused on demonstrating the promise of Tech Bio

Fund metrics

• Fund Size: $10M
• Anticipated # of Investments: 15
• Average check size: $500K
• Round stages: Pre-seed – Series A
• Region: USA
• Coinvest Level: $1M

Sector allocation

• Biopharma — 50%
• Health Tech — 30%
• Industrial Bioeconomy — 10%
• Other — 10%

14 · Hypothetical Company Returns

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Headline

Hypothetical Company Returns

Single (3x) — E.g., Company acquired early by Pharma partner

• Investment $500K on $20M
• Exit $1.5M on $60M
• IRR 31% (4-year exit)
• IRR 11% (10-year exit)

Double (10x) — E.g., Company sold to growth stage investors

• Investment $500K on $20M
• Exit $5M on $60M
• IRR 25% (10-year exit)

Triple (50x) — E.g., IPO

• Investment $500K on $20M
• Exit $25M on $1B
• IRR 91% (6-year exit)

15 · Hypothetical Fund Returns

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Headline

Hypothetical Fund Returns

Scenario 1 — Low Returns

• 9 strike outs · 3 singles · 3 doubles
• 1.7x Gross Portfolio Multiple (MOIC): 2.6
• Net Fund Multiple (DPI): 1.7
• Net Return (IRR): 10%

Scenario 2 — Medium Returns

• 7 strike outs · 4 singles · 2 doubles · 1 triple
• 3.9x Gross Portfolio Multiple (MOIC): 6.1
• Net Fund Multiple (DPI): 3.9
• Net Return (IRR): 20%

Scenario 3 — High Returns

• 6 strike outs · 4 singles · 3 doubles · 2 triples
• 6.1x Gross Portfolio Multiple (MOIC): 9.5
• Net Fund Multiple (DPI): 6.1
• Net Return (IRR): 25%

16 · Track Record: Category-defining Tech Bio Companies

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Headline

Track Record: Category-defining Tech Bio Companies

Companies

1. ŌURA — Leading sleep and health tracking wearable
   • Involvement: Advisor; selected and introduced company to first US investors
   • Value: From seed stage ($10M) to $5B Series D
2. Colossal — First de-extinction platform
   • Involvement: Advisor
   • Value: Seed ($60M) to $10B Series B
3. Omada — First digital obesity platform
   • Involvement: Rock Health incubator selection committee
   • Value: Seed ($60M) to $1B Series E
4. Reify Health — Digital clinical trials
   • Involvement: Rock Health selection committee
   • Value: Pre-seed to $4.8B Series D
5. uBiome — First microbiome testing company
   • Involvement: First scientific advisor
   • Value: Pre-seed to $600M
6. 23andMe — Consumer genetics
   • Involvement: Founder
   • Value: Concept to $6B (IPO in 2021)

17 · Warehouse: First Fund I Investment

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Headline

Warehouse: First Fund I Investment

Company

Unnatural Products, Inc.

Three claims

1. AI-designed Goldilocks drugs replacing the $1.3T injectable market
2. 2% stake at $40M post with board observer and pro-rata rights (*)
3. $220M deal with Merck post investment

Footnote

(*) LPs receive a pro-rata share of this deal at the $40M valuation

18 · Unnatural Products — Combining AI + Chemistry

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Headline

Unnatural Products

Sub

Combining AI + Chemistry · Goldilocks Drugs: “Just the right size” AI designed

Three columns

1. Small molecules: Human designed — $1T*
   • “Too small”
   • Pros: Convenient pill format, shelf stable
   • Cons: Lower cost, high off-target toxicity
2. $1.9T Combined* — AI-designed macrocyclic peptides
   • Convenient pill format
   • Shelf stable
   • High specificity
   • Low on-target toxicity
   • Low off-target toxicity
   • Low cost
3. Injectables: Nature’s design — $900B**
   • “Too big”
   • Pros: Low off target toxicity, high specificity
   • Cons: Requires cold shipping, inconvenient, high cost

Sources

• (*) Evaluate World Preview Report 2024, 2030 Estimate
• (**) GrandView Research Biologics Markets & Trends, 2030 Estimate

19 · Unnatural Products: $3.7B in deals in 4 years

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Headline

Unnatural Products: $3.7B in deals in 4 years

Deal sequence (cumulative)

1. BridgeBio — 2021
2. Merck — 2023 — Humain invested here at $40M post
3. ArgenX — 2024
4. New Partner — 2025

(Y-axis: deal size cumulative, $0B → $4B+)

20 · Warehouse: Second Fund I Investment

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Headline

Warehouse: Second Fund I Investment

Company

Radicle Science

Three claims

1. Launched in 2021 · In 2023 enrolled more humans than FDA
2. $3.3M revenue ‘23 · >75% gross margins · 100% growth YoY
3. Radicle owns all the AI-ready data from its trials

Closer

Clients include some of the world’s largest consumer goods, pharmaceutical, and food companies — with combined public market caps of $600B

21 · Radicle Science — Private FDA for $480B Supplement/Wellness Industry

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Headline

Private FDA for the Unregulated $480B Supplement/Wellness Industry (US)

Sub

Radicle’s Path to Precision Wellness

Three stages

1. Radicle’s ‘Proof-as-a-Service’ Establishes Trust
   • B2B Model — Product Trials
   • Turnkey study design
   • Rapid results
2. Certified Brands · Clinically Tested Products
   • Radicle ‘Mark’ of approval
   • Proven CPG suppliers
   • Product differentiation
3. Personalized Recommendations
   • B2C targeted products
   • Builds trust/brand loyalty
   • Data-driven new product recommendations

22 · Fund Summary: Fund I

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Headline

Fund Summary: Fund I

Left column

• Fund Size: $10M
• Anticipated # of Investments: 15
• Average check size: $500K
• Round stages: Pre-seed – Series A
• Fees: 2%
• Carried Interest: 20%
• GP Commit: 8%

Right column

• First close: Q2 2024
• Fund life: 10 Years
• Deployment Term: 5 Years
• Region: USA
• Follow-on: SPVs

Service providers

• Legal: Wilson Sonsini / Igora LLC
• Back Office: Decile Group
• Bank: SVB

23 · Disclaimer

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Body

The information herein is strictly confidential and is intended for authorized recipients only. The content of this presentation is shown for information purposes only and is not intended as investment advice, or an offer or solicitation with respect to the purchase or sale of any security. The strategy presented herein represents the strategy of the General Partner of the Fund as of the aforementioned date and may vary at the discretion of the General Partner. There is no guarantee that any investment objective will be achieved. Past performance is not indicative of future results. Actual results may differ materially from those expressed or implied. Recipients should not assume that any companies identified in this presentation, are or will be, investments held by the Fund. Any projected returns presented herein are shown for illustrative purposes only. There can be no guarantee the Fund will achieve these results. Venture investing is risky and you could lose some or all of your investment.

24 · Thank You!

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Headline

Thank You!

Principals

• Linda Avey · Managing Partner · linda@humain.vc · 408-355-4860
• Aneil Mallavarapu · Managing Partner · aneil@humain.vc · 415-312-2017

CTA

Reserve your spot in the fund: https://bit.ly/49gCDJ0

Imagery cue

Same mosaic forest landscape as cover (bracket the deck).

25 · Appendix

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Headline

Appendix

(Full-bleed, all-caps display.)

26 · Growing an Enduring Venture Firm

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Headline

Growing an Enduring Venture Firm

Table (rows × columns)

27 · Operational Partner: Decile Group

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Headline

Operational Partner — Decile Group

Three claims

1. World’s leading fund admin. Decile Partners unifies all resources required to achieve firm success through Fund I, II and III.
2. Institutional Grade — A deep bench of specialized experts: accounting, treasury, deals, tax, strategy, fundraising, modeling, presentation, pitching and more.
3. Top Decile — Managers need to apply to be a Member of Decile Partners and pass multiple screening reviews.

28 · Decile Group: Operational Team

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Headline

Decile Group: Operational Team

Members

1. Angela Hauke — Chief Compliance Officer and Head of Treasury
   • Served as a CFO at U.S. Hunger and as Treasurer at Sequoia Capital. She managed cash for all of Sequoia’s funds globally and financed over 25% of the companies listed on the NASDAQ. She also worked in other accounting, controller, and investor relations roles, and holds a BA from Rollins. LinkedIn.
2. Hans Kim — General Counsel of Decile Capital
   • With over twenty years of legal experience, Hans has represented startups, venture capital firms and strategic investors on general corporate matters, including incorporations, financings, joint ventures, and mergers and acquisitions. Hans was previously the Managing Partner of Atrium LLP and practiced with law firms in Silicon Valley, New York, Tokyo and Seoul. Hans received a B.A. in Economics from Yale University and a J.D. from the University of California, Berkeley Law School. LinkedIn.
3. Jackson Dennis — Fund Controller
   • Jackson is a seasoned accountant with several years of experience at organizations such as Carta and the Bank of New York Mellon. His time at Carta was spent focusing on product development supporting the back office of Venture Funds. He holds a BSBA from the University of Rhode Island, where he was a member of the men’s ice hockey team. LinkedIn.
4. Anna Deaux — Senior Operations Associate
   • Anna is a legal operations professional with 13 years of experience in private equity investor onboarding, corporate governance, regulatory compliance, IPOs and M&A transactions, Chapter 11 reorganization, due diligence, and law firm administration. Anna most recently worked at Balber, Capital, and has worked at various other FinTech and EdTech firms in Texas and Arizona. She has a BS from Towson University and a paralegal certificate from the University of Arizona. LinkedIn.

29 · Tech Bio is not Biotech

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Headline

Tech Bio is not Biotech

Sub

The convergence of AI, automation, and biology is creating one of the biggest investment opportunities of the decade.

Table (5 axes)