Justin Kamm

I've been spending some time thinking about the second-order effects of what happens as large, multi-stage venture funds account for a greater share of VC AUM. One area of particular interest to me is the evolving conversation around how multi-stage firms will think about conflicts in a world where they need to be in the biggest, power law companies. https://lnkd.in/d2RZXcEw

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How do you build a fund that makes 40 new investments a year—and still stays high-conviction? I sat down with Charles Hudson, Founder and Managing Partner at Precursor Ventures, who has quietly built one of the most prolific early-stage portfolios in VC—nearly 500 investments and counting, including The Athletic, Juniper Square, and Carrot Fertility. We discuss what he’s learned from 600+ investments, how to evaluate “founder taste,” why central casting is surging again, and the surprisingly strong performance of his consumer bets. Charles also breaks down their unconventional reserve strategy, why they rarely take board seats, and how they’re preparing for a changing venture landscape. The link to Episode 488 is in the comment section below.

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Joe Gatto went from operator to investor to operator. He’s now CEO of Illudent, a therapeutic biotech startup that just closed a $4M seed round. We talk about the shift and what it says about San Diego’s founder pipeline. Listen: https://lnkd.in/gxpNBBdd

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Cardiovascular disease continues to be the leading cause of death for both men and women, affecting countless families worldwide. Despite advances in treatment, accurate diagnosis remains a challenge, limiting the positive impact of new therapies. Ross Upton, PhD, and the dedicated team at Ultromics are working to change this, and I'm thrilled to share that Lightrock has co-led Ultromics' Series C funding round, alongside Legal & General and Allegis Capital. A spinout from the University of Oxford, Ultromics combines an innovative artificial intelligence platform with existing echocardiogram systems to diagnose heart failure with preserved ejection fraction (HFpEF) and cardiac amyloidosis. These conditions are among the most elusive forms of heart failure and are often challenging to diagnose, sometimes only being identified after a heart attack. Up to 64% of HFpEF cases go undiagnosed, and cardiac amyloidosis is frequently misdiagnosed as a more common heart disease. Ultromics' EchoGo® platform significantly enhances detection, improving HFpEF diagnosis by 73.6% compared to standard clinical risk scores. For cardiac amyloidosis, the platform not only outperforms current clinical risk scores but also accurately distinguishes it from similar disorders. This FDA-approved technology, validated in studies published in leading journals, is already saving lives in top healthcare centres. Together with remarkable co-investors such as Oxford Science Enterprises, GV (Google Ventures), The Blue Venture Fund, and the University of Oxford, as well as major US health systems including the University of Chicago and the UPMC, we are eager to help expand Ultromics' reach and enhance its positive impact on healthcare systems and patient outcomes. Congratulations to everyone at Ultromics on this significant milestone, and to the Lightrock team – Umur Hursever, Martin Dewhurst, Andrei Xydas, and Gen Hall – for forging another impactful partnership. For more information about Ultromics, please check out the link in the comments.

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