+ND Capital Research
Investment Thesis
+ND Capital (formerly NanoDimension) is a venture capital firm founded in 2002 with a visionary thesis centered on scientific convergence. The fund's core belief is that the biggest breakthroughs will emerge at the intersection of life sciences, physical sciences, and data sciences. Rather than viewing these disciplines as separate, +ND Capital sees tremendous opportunity in companies leveraging convergence across these domains to create disruptive technologies.
The firm invests with a long-term, owner's mentality, seeking to build world-class, impactful, lasting companies. Their approach emphasizes creativity, intellect, passion, respect, and perseverance. They recognize that significant breakthrough innovations often require deep scientific expertise to differentiate genuine breakthroughs from science fiction.
Geographic Presence and Reach
+ND Capital operates as a truly global fund with offices strategically positioned to bridge capital markets and innovation ecosystems:
- USA: Woodside, CA (headquarters) - Silicon Valley base
- Switzerland: Crissier and Zurich - European investment base
- Cayman Islands: Grand Cayman - Fund administration and governance
This geographic spread allows the firm to source opportunities across the United States and Europe while maintaining sophisticated fund management infrastructure.
Stage and Check Size Focus
Based on the firm's portfolio analysis, +ND Capital operates across multiple stages:
- Pre-seed through Series B and beyond: The fund invests throughout the company lifecycle
- Check sizes range widely from seed-stage initial investments to substantial later-stage participation
- Notable exits and acquisitions: Icosavax (acquired by AstraZeneca), Selecta Biosciences, and numerous portfolio companies have achieved significant exits
The firm maintains a flexible investment approach, willing to support companies from very early stages through substantial growth rounds.
Sector and Technology Focus
+ND Capital's investment thesis centers on three primary domains:
Life Sciences
The firm has made substantial investments across therapeutic development, biotech infrastructure, and medtech. Notable portfolio companies and investments include:
- Arc Therapeutics - Gene therapy and cell therapy development
- Emulate - Human microphysiology for drug discovery
- Orca Therapeutics - Cell therapy
- Octant Bio - AI-driven drug discovery
- Visby Medical - Point-of-care diagnostics
- Nutcracker Therapeutics - Innovative therapeutics
- Partillion - Drug development enabling technology
- AIRNA - Respiratory disease focus
Physical Sciences
The fund invests in advanced materials, semiconductors, manufacturing innovation, and energy technologies:
- Natron Energy - Energy storage (acquired portfolio company)
- H55 - Aerospace/advanced materials
- Constructive Bio - Biomanufacturing innovation
- SiMa.ai - AI/physical systems convergence
- Spark Microsystems - Ultra-wideband semiconductor technology
Data Sciences and Convergence
+ND Capital recognizes the emerging importance of AI/ML applications across life and physical sciences, backing companies leveraging these convergences:
- SiMa.ai - AI accelerators (board observed)
- Companies utilizing AI for drug discovery, materials science, and optimization
Recent Activity and Fund Status
Based on CB Insights data, +ND Capital has made 87+ investments with continued active deployment:
- Latest investment: Dragon Vascular (November 2025) - demonstrating ongoing activity
- Fund portfolio: Diverse across life sciences, physical sciences, and convergence opportunities
- Portfolio maturity: Multiple exits and acquisitions, including AstraZeneca's acquisition of Icosavax
The firm manages over $800M in assets under management across multiple funds, indicating substantial capital base for continued deployment.
Team and Decision-Making
+ND Capital operates as an integrated partnership with specialized expertise:
Investment Leadership:
- Aymeric Sallin (Founder & CEO): Founded the firm in 2002 after research between Physics and Chemistry at EPFL. Recognized as Young Global Leader (2013) and member of Swiss Academy of Engineering Sciences. Deep expertise in nanotechnology and scientific convergence.
- Eric Moessinger (Partner): Joined 2008, focused on life sciences investments. Board experience at Emulate, Visby Medical, AIRNA, Partillion. Prior board experience at Icosavax (AstraZeneca acquisition), Serotiny (J&J acquisition), SQZ Biotech (NYSE). Bain & Company background.
- Kirill Kuzmichev (Principal): Physical science investor joined 2013. Prior nanotechnology experience at Rusnano. Background in PE, engineering, consulting (BCG).
- Gabriela Ecco (Principal): Joined 2021, 15+ years R&D experience in academia and industry. Deep expertise in molecular biology, infectious diseases, tissue engineering, bioinformatics, and cancer diagnostics. PhD in Biotechnology from EPFL.
Operations & Administration:
- Peter Liddiard (COO & CFO): 25 years investment experience across equities, PE, VC across multiple geographies and sectors. Harvard Business School AMP graduate.
- Jonathan Nicholson & Richard Coles: Based in Cayman Islands, manage fund governance and administration. Combined expertise in corporate management, legal, and regulatory matters.
- Alison Palmer (VP, General Partner): Fund administration expertise with PricewaterhouseCoopers and KPMG background.
The team structure reflects a sophisticated, partnership-driven approach with deep technical expertise in sciences combined with experienced operational management.
Investment Decision Process
+ND Capital operates as an integrated team where:
- Partnership model: Multiple investment professionals evaluate opportunities collaboratively
- Technical expertise required: Investment decisions leverage deep scientific backgrounds, particularly for validating breakthrough claims
- Long-term owner mentality: The team thinks like company builders, not transaction processors
- Global sourcing: Operates across multiple geographies with coordinated investment committees
Notable Portfolio Outcomes
Acquisitions & Exits:
- Icosavax → Acquired by AstraZeneca
- Selecta Biosciences → Public (SELB)
- Serotiny → Acquired by Johnson & Johnson
- SQZ Biotech → NYSE Listed
- Crocus Technology → Alumni (board observed)
- Natron Energy → Alumni (board observed)
Active Board & Board Observer Positions: The firm maintains active governance involvement in 15+ portfolio companies, indicating substantial post-investment engagement.
Investment Approach and Philosophy
+ND Capital emphasizes:
- Scientific rigor: Using deep expertise to evaluate breakthrough potential
- Long-term partnership: Supporting portfolio companies from founding through substantial maturity
- Global network: Leveraging offices in Silicon Valley, Switzerland, and Cayman Islands to attract capital, talent, and business partners
- Value beyond capital: Operational support, introductions, and guidance informed by GP's experience
The firm's 20+ year track record with multiple unicorn-level exits and acquisitions validates this approach.
Founder and Investor Profile
+ND Capital backs scientific founders and teams:
- Preferred founder profile: Scientists and engineers with deep domain expertise, often with prior startup or corporate R&D experience
- Typical team composition: Founder-scientist paired with complementary business or operational expertise
- Geographic diversity: Global founder base, particularly strong in US and Europe
The firm is particularly attracted to founders who can articulate genuine scientific breakthroughs versus incremental improvements.
Fund Status and Deployment
- Multiple funds under management: Operating multiple fund vehicles
- AUM: >$800M across funds
- Deployment status: Actively deploying as of late 2025 (latest recorded investment: November 2025)
- Fund lifecycle: Mature fund with demonstrated distributions and exits
Network and Syndication Partners
Based on portfolio company funding, +ND Capital syndication partners include other leading VCs, strategic acquirers, and corporate venture arms. The firm's ability to help portfolio companies "bridge the Atlantic" suggests strong relationships with European and North American capital sources.
Competitive Positioning
+ND Capital is positioned as a differentiated investor in convergence-driven, deeply technical ventures. Unlike generalist VCs, the fund's strength lies in:
- Technical due diligence capability for scientific claims
- Global network spanning three continents
- Patience for long-duration science businesses
- Operational experience building companies across multiple sectors
- Multiple exits validating the convergence thesis
The fund competes with other specialized scientific investors (such as Flagship, Khosla, Lowercarbon) but maintains a more truly convergent focus rather than single-sector specialization.