Celesta (fka WRVI)

Celesta Capital Research Document Overview Celesta Capital is a global deep tech venture capital firm founded in 2013 and headquartered in Silicon Valley. The firm has over a decade of experience investing in physics-defying and code-rewriting breakthroughs that power technology advancement. With $1.1 billion in assets under management, Celesta has made 100+ investments to date with 43 exits, demonstrating strong operational track record and return generation. Investment Thesis Celesta invests in brilliance at the forefront of science and engineering , targeting companies that enable mass adoption of emerging tech, radically improve health outcomes, and transform large industries. The firm is characterized by hands-on partnership and intellectual capital contribution, not just capital deployment. The firm's approach emphasizes: Extensive global C-suite experience from team members with deep backgrounds in building technology at scale Seasoned serial entrepreneurs who understand founder challenges firsthand Full-stack technical expertise enabling deep technical due diligence Unrivaled network access across Silicon Valley, India, Canada, Israel, and emerging tech hubs Three Primary Investment Use Cases Celesta targets three interconnected categories of innovation: 1. Platforms Enabling Mass Adoption of Emerging Technologies Companies driving the adoption curve for emerging technologies by optimizing cost and performance through next-generation hardware and software development: Semiconductors - from chiplets to AI accelerators Intelligent Hardware Systems - edge computing, robotics, autonomous systems AI Applications - applied AI with real-world deployment Cloud Infrastructure - next-gen data center and network infrastructure 2. Bioconvergence Innovations Systems-level change at the intersection of high-tech and biotech, merging biological science with hardware and AI/ML: Drug Discovery - precision medicine, genomics-driven approaches Diagnostics - point-of-care and molecular diagnostics Imaging - next-generation medical and sensing imaging Therapeutics - CRISPR, cell therapy, and biotech applications 3. Technologies Transforming Large Industries Hardware and AI-enabled technologies disrupting legacy industries with low tech adoption: Construction - robotics and AI for construction automation Retail - AI and digital transformation Agriculture - precision agriculture and agritech Healthcare - digital health, remote care platforms Education - EdTech and skill development Geographic Focus Celesta is an active cross-border investor bridging Silicon Valley with strategic global markets: Primary: Silicon Valley, US - core tech ecosystem access Strong: India - expanding portfolio concentration from 15% to 25%+, with dedicated in-country team Strong: Israel - long track record of deep tech investments Selective: Canada, Europe - targeted geographic expansion The firm has over $1B AUM deployed across these corridors, with 110+ total investments demonstrating true global reach. Stage Focus and Check Size Preferred Stages: Seed and Series A, with selective pre-seed for exceptional founders Pre-Seed: $250K-$500K for prototype development with exceptional technical teams Seed: $1M-$3M for companies with working demos and early traction Series A: $8M-$20M for companies with product-market fit and demonstrated adoption Typical Check Size: $1M-$20M range with average $10-50M deployment across fund lifecycle Investment Approach: Celesta typically leads or co-leads rounds, positioning for board seats and active operational involvement. The firm maintains follow-on reserves (approximately 50% of fund) for supporting portfolio winners through subsequent rounds. Lead Tendency Lead: Primarily leads rounds with deep conviction in technical differentiation and founder teams. The firm positions as hands-on operating partner from first check through scaling. Recent Activity and Fund Status Fund Status: Actively deploying from Fund II and III with strong momentum Founded 2013, 10+ years active in space Latest notable investment: Agnikul (November 2025) - space tech Recent (2025-2026) highlighted investments across semiconductors, AI infrastructure, biotech, and space/defense Recent Activity Highlights: September 2025: Launched India Deep Tech Investment Alliance with $1B+ total capital commitments Multiple Q4 2025 / early 2026 investments across portfolio Strong portfolio momentum with exits across IPOs (Credo, Quantenna, Volta Industries, VeriSilicon, Robinhood, IdeaForge, Berkeley Lights) and acquisitions Active acquisition/M&A trajectory with 43 exits to date on 100+ investments Notable 2025-2026 Portfolio Activity: AI infrastructure: SambaNova Systems (AI inference for data centers), Normal Computing (thermodynamic computing) Hardware/Semiconductors: PowerLattice (power delivery for AI/HPC), Eliyan (chiplet interconnect), Tensordyne (multimodal GenAI inference) Space/Defense: Agnikul (micro/nano satellite launches), Tonbo Imaging (defense/mission-critical imaging) Biotech: Normal Computing, 1Cell.ai (precision oncology), WhiteRabbit.ai (breast cancer detection), Prellis (synthetic tissues), Alveo (diagnostics) Enterprise: Upscale AI (AI networking), WEKA (hybrid cloud platform), SambaNova Systems Team and Leadership Founding Managing Partners (4): Nicholas Brathwaite - Founding Managing Partner, extensive deep-tech background Michael Marks - Founding Managing Partner Sriram Viswanathan - Founding Managing Partner, key technical voice Lip-Bu Tan - Founding Managing Partner Investment Partners (10): Anand Chandrasekaran - Managing Partner Arun Kumar - Managing Partner (USA/India based) Steve Fu - Partner Terry Gilton - Partner David Goldman - Partner Charles Lespérance - Partner (Canada) Sudhir Rao - Senior Partner (India) Anita Rehman - Partner (India) Robin Clewley - Partner, Investor Relations Matthew Marsh - Managing Partner, CFO Team Credentials: 40+ businesses started by investment team members 250+ negotiated and sourced M&A deals 600+ patents created across team Deep cross-border expertise in Silicon Valley, India, Israel, Canada Summary Celesta Capital is a disciplined, operator-led deep tech venture firm with over a decade of track record creating and scaling exceptional companies. The firm combines financial strength with genuine technical and operational expertise, making it an ideal partner for ambitious technical founders building companies at the frontier of semiconductors, AI, biotech, space, and advanced manufacturing. With global reach, deep domain knowledge, and commitment to supporting founders through extended development cycles, Celesta represents a best-in-class deep tech investor.