+ND Capital

Founder and CEO Aymeric Sallin leads the investment team and sits on boards including Crocus Technology, Natron Energy, H55, and Selecta Biosciences. Partner Eric Moessinger runs the life sciences practice from Silicon Valley, where he has led or sourced deals including Twis, Icosavax, and ARMO BioSciences. Principals Kirill Kuzmichev and Gabriela Ecco cover physical sciences and life sciences, respectively, with a venture-partner network of operating executives and former pharma C-suite leaders providing sector-specific diligence.

The firm's sourcing model relies on deep ties to European technical universities — especially EPFL, where Sallin is an active alumnus and board member — combined with a long-established transatlantic bridge to Silicon Valley. Several portfolio companies, including EVIR Therapeutics and Arctos Medical, were structured as university spin-outs. The firm also maintains a dense network of academic advisors such as EPFL Professor Emeritus André Châtelain and biophysicist Carl Pabo, giving it early line-of-sight into bench-level science before commercial formation.

+ND Capital is a traditional venture capital firm that manages commingled funds, not a family office. It was founded in 2002 as a VC partnership and has raised multiple fund vintages from LPs, with >$800M in disclosed AUM per the firm. Its Cayman Islands general-partner governance structure — staffed by a former Attorney General of the Cayman Islands and a former Merrill Lynch trust executive — reflects a formal institutional setup rather than a single-family vehicle.

The firm targets early-stage, seed, startup, and growth-stage companies, per its own description. In practice, its board seats span pre-clinical platform companies (Osasuna Therapeutics, Partillion) through commercial-stage battery and semiconductor companies (Natron Energy, Crocus Technology) to publicly traded biotechs (SQZ Biotech, Twist Bioscience). This indicates a willingness to hold positions from formation through IPO in select names.

The firm explicitly invests in life sciences, physical sciences, and data sciences — it defines its mandate as 'disruptive technologies' at the convergence of those disciplines. Current board companies include biopharma (AIRNA, Selecta Biosciences), advanced batteries (Natron Energy), semiconductors and edge AI (Crocus Technology, SiMa.ai), and electrified aviation (H55). The firm does not disclose explicit sectors it avoids, though its portfolio shows no recognizable exposure to consumer internet, enterprise SaaS, or financial services.

The firm does not publicly detail a co-investment program. Its website emphasizes one integrated team investing across sectors and stages, and its board seats are held directly by its own partners, suggesting it primarily pursues lead or active-participant roles rather than passive co-investment allocations. Some portfolio companies have syndicated rounds with other VCs (standard for the stage), but +ND Capital does not market itself as a co-investment platform for LPs.

The general partner is overseen by a three-person Cayman Islands-based team: Jonathan Nicholson (Executive Director, former Managing Director of Merrill Lynch Bank & Trust Cayman), Richard Coles (Director, former Attorney General of the Cayman Islands), and Alison Palmer (Vice President, a chartered accountant and former PwC auditor). This governance layer is structurally separate from the investment team in Woodside and Lausanne and handles fund administration, regulatory compliance, and fiduciary duties.