Lightbank

We just co-led Wrapped Health's $2.1m pre-seed with Arteria Capital. Here's the problem they're solving, and you've almost certainly lived it: When a doctor writes you a prescription, it reaches the pharmacy before you have walked out the doctor's office door. A lab order works the same way because somebody built it. Now think about the last time a doctor told you to go buy something yourself: a prenatal vitamin, a knee brace... You nodded, you left, and then you were standing in an aisle somewhere trying to remember what they'd said. Roughly a billion US healthcare visits a year end in some version of "go buy this," and not one of them gets sent anywhere. Wrapped turns that sentence into an order. It lives inside the software the doctor is already working in, so picking the products takes a couple seconds, and the patient gets a text with the cart already built, HSA and FSA accepted, delivered by a large retailer. So we asked the one question that decides whether a company like this works: When the order gets sent, does the patient actually buy it? 90% of patients open the text. Half of them buy what's in it, because their own doctor picked it. Then we wanted to hear it from the other side. Over a few weeks before investing, we took Wrapped to several provider groups. You'd expect most of them to pass. Instead, most got it immediately and asked to talk to the team. And every one of them said the same thing: if it works, we'd integrate it right away. The money is already sitting there too: $174B is parked in 40M HSA accounts, and roughly half of FSA holders forfeit whatever they haven't spent by the deadline, averaging $436 a head. So you've got doctors giving instructions that go nowhere, and patients sitting on money they're about to lose. Same problem, from two directions. It's easy to miss unless you've spent time with clinicians and understand their workflows. Once you've seen it, you can't unsee it though... Max wasn't planning to raise until Q1. But after getting to know him ahead of a fundraise, we moved fast and pre-empted the round. Congratulations Max and Josh!

A few months ago, I shared two major announcements and talked about what we are really building at Pathos. We aren’t trying to get lucky with a single clinical asset. We are building a repeatable pattern, an AI system that compounds and gets smarter with every decision. We call it Pathos Foundry. Today, that system takes its biggest step forward yet. We are announcing the close of our $237.5M Series E financing, led by Bristol Myers Squibb. But alongside the funding, we are announcing a strategic partnership with BMS that fundamentally validates our approach and changes our scale. We built and validated Foundry in oncology, using it to steer every single clinical asset in our pipeline. It works. Under this new partnership, Bristol Myers Squibb is bringing Foundry in-house across their entire R&D pipeline. As an entrepreneur, seeing the engine your team built validated at this scale by a partner like BMS is the ultimate proof of concept. But we aren't stopping at oncology. Together with Bristol Myers Squibb, we are expanding Foundry into Alzheimer’s and other neurological conditions. And to fuel that intelligence, we are partnering with Tempus AI to build the massive, longitudinal clinical dataset required to interrogate this biology at scale. Why neuroscience? Look at the numbers. 99% of clinical trials in neurodegenerative diseases fail. You don't fix a 99% failure rate with incremental changes or by just working harder. You fix it by completely rewiring the foundation: how trials are designed, how patients are selected, and how human biology is understood. This is where AI is desperately needed, and where it will have the biggest impact. But I’ve said it before, and I will say it again: intelligence alone does not bring a drug to market. You need the world-class clinical and neuroscience expertise of a partner like BMS to turn AI-driven insights into actual medicines. We proved the model in oncology. Now, we are scaling it to tackle the hardest diseases in the world. Because patients are waiting. #PathosAI #DrugDevelopment #AI #Neuroscience #Alzheimers #PrecisionMedicine #BMS #TempusAI

Chariot Claims just raised a $10M Series A. We first invested in 2023, leading their angel round, on a thesis that had nothing to do with legal tech: What happened to consumer banking was going to happen next to consumer legal. Neobanks worked because two things landed at the same time. Regulation opened a door, and technology made it cheap enough to serve the customers incumbents had written off as too small to bother with. Consumer legal now has both. Here's what that unlocks, in numbers Chariot published this month. Only 4% of consumers harmed by privacy violations, hidden fees or false advertising ever file a claim. For a large company that number is the entire calculation - breaking the law is cheaper than complying with it, and everyone involved knows it. The average consumer recovery in these kinds of claims, per the CFPB's own analysis, is $32. Through Chariot it's an estimated $460. What made it easy to underwrite is that the incentives actually point the same direction. There's no fee unless the consumer wins their claim and actually receives the money, so you don't have to trust anybody's intentions - Chariot only gets paid when the consumer gets paid. Then there's Zim Hang. He had the background that matters here, early stage startups in regulated industries, and the rarer thing: he builds from first principles instead of copying somebody's playbook. He's also done four things together that almost nobody manages. He pivoted without losing the plot, stayed scrappy through it, hired a genuinely good team, and scaled the thing past 200,000 pre-qualified claims a month. That combination is very rare, and it's most of why we were comfortable early. Here's how you know it's working. Over a million people have signed up to claim money they're owed. In a category everyone assumes consumers ignore, that's your product market fit. None of this was a consensus deal in 2023. A consumer legal company doesn't fit neatly into a consensus bucket. That's the whole reason it was still available. Congratulations to Zim Hang and the entire Chariot team, and to Mike Dodd and Silverton Partners for leading the round. Proud that Lightbank gets to keep backing this one, alongside our friends at FJ Labs, Indicator Ventures, Neon, Alumni Ventures, Rosecliff, Vermilion Ventures and others. Press Release: ordnl.link/hnZUD3N Zim's Post: https://lnkd.in/p/evVd3HDj

Healthcare marketers face a choice no other industry does: measure your ads, or follow the law. Rip out your Meta and Google pixels for HIPAA compliance and you go blind on attribution. Keep them and you're funding the plaintiffs' bar. Pixel litigation has already cost healthcare organizations more than $100M in settlements. Ours Privacy built the third option building server-side infrastructure that strips PHI before data ever leaves the customer's environment allowing attribution stay intact. Over 200 health systems, DSOs and digital health companies use Ours Privacy Jessica Holton, Adam Putterman, and Tyler Zey ran a HIPAA-covered telehealth company, hit this exact wall, and productized their own fix. We are excited to lead their Series A with Health Velocity Capital and invest alongside our friends at Lakehouse Ventures, Rock Health, TMV and many others!

We're proud to sponsor the Midwest Climate Dealflow Summit. The event brings together Midwest climate founders with investors across the globe. MCDS highlights some of the amazing companies being scaled in the Midwest and catalyzes new investment in the region. Beyond repeating our programming last year of pairing Midwestern Series A+ companies with investors, we've added another element this year with the help of TechRise by P33 to showcase Midwestern Pre-Seed and Seed companies who will pitch in front of an amazing panel of judges for a $25k grant to help their business flourish. The event is at capacity on companies but has room for a handful more investors. Interested investors can RSVP here: https://luma.com/j8dw58ng Co-hosts: The Aspen Institute, Chicago Climate Corps (C3), Evergreen Climate Innovations, mHUB, P33, and the Polsky Center at University of Chicago Sponsors: At One Ventures, Buoyant Ventures, Breakthrough Energy, Earthshot Ventures, Elemental Impact, Energize Capital, Lightbank, Lowercarbon Capital, Reveille VC, S2G Investments, Volta Energy Technologies, and William Blair TechRise Judges: Pete Mathias at Reveille VC, Mitch Rubin at Elemental Impact, Eileen Waris at Energize Capital, and Luke Zhan at At One Ventures #MidwestClimateDealflowSummit #MCDS #AspenIdeasClimate #AIC2026 #TechRise #MidwestInnovation 

Lightbank is proud to sponsor Chicago Builds: Future of Money. Chicago invented the futures contract, the options market, and the exchange. The next era of financial infrastructure is being built here again — and this event brings together the founders, investors, and operators at the center of it. Lightbank's Anish Aggarwal joins the speaker lineup. We're glad to support a conversation that sits squarely at the intersection of Chicago's legacy and its next chapter in fintech. The event is sold out - check out the website to join the waitlist. https://luma.com/48bcksp6

We invested in Andel because the pharmacy benefit hasn't been reimagined in decades, and it's overdue. Their model gives plans manufacturer-direct pricing and real control over spend, without taking access away from members. The new launch video captures the size of the opportunity. Excited for what's ahead.