CAV Angels, an investment syndicate composed of University of Virginia alumni, students and friends, has surpassed $25 million in startup investments since its founding in 2015.
Recent investments in Richmond’s BrainBox Solutions and Durham, North Carolina’s inSomaBio took the group across the funding milestone, CAV Angels co-chair Rich Diemer told me.
BrainBox, which is developing new tests for traumatic brain injuries, is led by CEO Donna Edmonds, who last year was appointed by Gov. Glenn Youngkin to the board of Richmond’s Activation Capital. The amount invested in BrainBox was not disclosed.
InSomaBio is developing biomaterials to address challenges around reconstructive surgeries. It was started by CEO Stefan Roberts, a former Duke University biomedical student, Ashutosh Chilkoti, chair of Duke's Biomedical Engineering Department, and Scott Hollenbeck, a former Duke professor who now serves as chair of the Department of Plastic and Maxillofacial Surgery at UVa. Today, Hollenbeck is the company’s lead medical adviser.
“Duke Capital Partners, the university’s venture investment arm, actually shared due diligence with us,” Diemer told me, proving Cavs and Blue Devils can work together away from the basketball hardwood.
CAV Angels said earlier this year it was eyeing a $222,500 investment in inSomaBio as part of a group deal. The Durham company wrapped up a $3 million round of funding last month to start clinical trials.
Diemer said there's more involvement in group deals coming, including one with Nouveau BioSciences, a UVa.-based oncology drug repurposing company, and another with New York City’s Ask Alex, which offers AI-powered data and marketing software that automates workflows for brick-and-mortar operators. Ask Alex is led by CEO Jordon Durst, a UVa. alum.
CAV Angels crossed the $20 million mark in startup investments in June 2023.
“We have a pipeline that doesn’t quit and we’re getting more selective,” Diemer told me.
All the companies the group invests in have a connection to UVa. Unlike other investment organizations, CAV Angels does not take a large management fee. The organization has no paid staff and only takes a small percentage for administrative and legal fees. Today it totals 160 accredited investors, according to Diemer.
