The investors behind
Cove Ventures.

Explore the individual investment experience of the partners.

Together, we are building the next chapter of Cove at Seed and Series A.

Meet the General Partners

JC Ruffalo
JC Ruffalo
View track record →
Massimo Pennisi
Massimo Pennisi
View track record →
Khurram Mir
Khurram Mir
View track record →
Where we focus

Seed and Series A, based in Southern California, investing nationwide.

Enterprise Software

AI-native · workflow software · vertical SaaS · data infrastructure · automation for the enterprise

Healthcare Technology

Clinical AI · diagnostics · medical devices · care delivery

Frontier Systems

Robotics · semiconductors · quantum computing · energy · aerospace · defense

Cove Ventures is taking shape.

We are bringing together complementary investing and operating experience to build an early-stage venture platform for the next generation of founders.

Contact the team →
$323M+
Capital invested across the partners' prior portfolios
48
Portfolio companies across seed, growth, and corporate venture
6
Realized exits, including Semrush (acquired by Adobe) and 3Laws Robotics (acquired by Amazon)
Every company on the partners' track records, across Cove Fund III and their prior funds
3Laws RoboticsAbridgeAcornsArtisightAxiosBetterflyBionautBLNGBontiBright UroCARI HealthCarroCelitechCenfireCitizenCodaMetrixComparablyDelixDeposit Solutions (Raisin)DTx PharmaEira BioElevateEnevateExokeryxGroGuruHorizon SurgicalHumanitecHypericeiCardioLensGenLightricksMavenlink (Kantata)MelioNeural Analytics (NovaSignal)NGD SystemsOccuspacePerceptivePrenosisPrezentQuantum ElementsRampRecros MedicaRxSightScopelySemrushSentryCardSigmaSightSonendoSprinter HealthThrive MarketTime MachineVECKTAViaLaseVisaicVital BioWethos AIWhatnotXILOYassirZesty.io3Laws RoboticsAbridgeAcornsArtisightAxiosBetterflyBionautBLNGBontiBright UroCARI HealthCarroCelitechCenfireCitizenCodaMetrixComparablyDelixDeposit Solutions (Raisin)DTx PharmaEira BioElevateEnevateExokeryxGroGuruHorizon SurgicalHumanitecHypericeiCardioLensGenLightricksMavenlink (Kantata)MelioNeural Analytics (NovaSignal)NGD SystemsOccuspacePerceptivePrenosisPrezentQuantum ElementsRampRecros MedicaRxSightScopelySemrushSentryCardSigmaSightSonendoSprinter HealthThrive MarketTime MachineVECKTAViaLaseVisaicVital BioWethos AIWhatnotXILOYassirZesty.io

Prior portfolios of the three General Partners as of September 21, 2026. Unaudited, gross, and not a forecast of Cove Ventures. Company logos are the property of their respective owners.

Track Record · As of June 30, 2026

JC Ruffalo

General Partner, Cove Ventures
20
Portfolio companies
Cove Fund III
$14.4M
Deployed in
Cove Fund III
$2.5B
Capital raised by
LaunchPad alumni
$4.6B
Exit value generated by
LaunchPad alumni
Cove Fund III — Active Portfolio

Cove Fund III

20 Companies
Seed stage · Southern California · positions marked at FMV or cost as of June 30, 2026 (updated for follow-on investments through August 31, 2026). 0.06x DPI in year four, above the 0.01x Cambridge Associates upper-quartile benchmark for 2022-vintage US venture funds. Click any column header to sort.
$14.4M
Deployed (~63% of $22.8M)
18
Active Companies (20 total)
1.09x
Gross MOIC (all-in)
~1.8x
First Realized Exit (3Laws · Amazon)
CompanySectorInitial Inv DateTotal Inv.FMVMOICStatusNotes / Outcome
Content.One (Zesty.io)Content management & web platform SaaS / MarTech11/2021$500K$639K1.28x Active Note + equity · going well · steady growth · potential M&A path
iCardioAI-powered cardiac imaging HealthTech / AI3/2026$500K$500K1.00x Active · New $4.5M seed led by Cedars-Sinai Technology Ventures · March 2026 · held at cost
3Laws RoboticsCalTech robotics safety software Deep Tech / AI9/2024$500K$895K1.79x Amazon Acquisition ~1.8x · ~41% IRR · closed Q2 2026
XiloInsurance quoting & sales automation InsurTech / SaaS8/2022$770K$1.07M1.39x Portfolio Leader Going well · strong growth, ahead of plan · new AI product launched · positioning for Series B
Carro / VYRLCollaborative commerce / dropship eCommerce / B2B9/2025$1.50M$1.56M1.04x Breakout Going well · exceptional growth over the last 18 months · Cove-led $750K follow-on June 2026
BLNGJewelry intelligence platform · B2B SaaS eCommerce / AI2/2025$1.05M$1.25M1.19x Breakout Quarter Going well · flagship enterprise wins in luxury retail · Seed II co-led by Cove & SpeedInvest (April 2026)
Quantum ElementsQuantum digital twin software Deep Tech / Quantum3/2026$750K$750K1.00x Technical + Commercial Breakout Quantum digital twin work with AWS · peer-reviewed publication · oversubscribed seed extension · long runway
SigmaSightLitigation intelligence · B2B SaaS LegalTech / AI12/2024$1.36M$1.37M1.00x Strong Traction Going well · growth · anchored by a global enterprise customer · Series A prep
OccuspaceSpace utilization analytics PropTech / AI8/2023$950K$1.25M1.32x Portfolio Leader Going well · strong growth · federal contract vehicle secured · deployments expanding · follow-on July 2026 · 1.4x pro forma on Series A
VisaicImmersive fan experience platform Media / Sports Tech5/2024$750K$897K1.20x Strong Growth Going well · strong growth · new customers and early renewals
VECKTAEnergy transition marketplace ClimateTech / Marketplace6/2022$1.33M$1.33M1.01x Series A Signed 2.3x pro forma · Series A signed, pending close · Cove follow-on August 2026
Eira BioOncology & women's health therapeutics BioTech / Oncology11/2025$250K$250K1.00x Solid Execution Lead program on track for development candidate · second program advancing · on budget
MelioCulture-free blood pathogen detection MedTech / Diagnostics5/2024$500K$500K1.00x Fundraising CARB-X grant awarded · Series A in market
Time MachineAI onboarding & training for sales teams AI / B2B SaaS9/2025$500K$528K1.06x Active Going well · growth · Series A prep
CelitechWhite-label eSIM for travel operators TelecomTech / B2B2C6/2022$625K$754K1.21x Active Cove-led seed · Series A prep
CenfireFabless semiconductor · MEMS relay tech Semiconductors / Deep Tech1/2026$500K$500K1.00x Seed-2 Silicon MEMS relay tech · Seed-2 closed January 2026 · initial market T&M/ATE
Wethos AIDecision intelligence for teams AI / Decision Intelligence7/2024$500K$500K1.00x Series A · 2.8x pro forma Series A in market · 2.8x pro forma
ExokeryxExtracellular vesicle extraction BioTech / Diagnostics9/2024$500K$500K1.00x Monitoring First product revenue · commercial ramp is the near-term focus
CARI HealthReal-time medication monitoring HealthTech7/2022$500K$500K1.00x Fundraising Raising the next round
GroGuruPrecision agriculture soil intelligence AgTech6/2023$600K$100K0.17x Written Off $100K secured note repaid
Prior Role · Octane OC · 2014–2021

LaunchPad Hall of Fame

Top 10 Alumni
Companies JC supported through the Octane OC LaunchPad accelerator (2014–2021). LaunchPad was an accelerator program, not an investment vehicle — figures below reflect company valuation growth and outcomes during and after program participation, evidencing deal-sourcing and ecosystem quality, not fund returns or realized gains. Click any column header to sort.
10
Hall of Fame Alumni
5
Exits / IPOs
$2.5B
Capital Raised by Alumni
$4.6B
Capital via Exits
CompanyVal. at LaunchPadLatest Post-MoneyVal. GrowthOutcome
DTx PharmaRNA therapeutics · San Diego $6M$1.10B (Novartis acq.) 183xAcquired · Novartis
HypericeRecovery tech · Irvine, CA $8M$850M (Series B) 106xActive · Series B
AcornsConsumer fintech · Irvine $19.5M (Series B, Mar 2014)$1.8B (Series F, 2022) 92xActive · Series F
NovaSignal (Neural Analytics)Brain health diagnostics · Los Angeles $7.7M$93M (last priced round) 12.1xAcquired · NeuraSignal, 2023
BontiBotulinum toxin biotech $22.3M$195M 8.8xAcquired · Allergan
RxSightAdjustable intraocular lenses · Aliso Viejo, CA $266M$2.2B (2024 offering) 8.3xIPO · Nasdaq: RXST
SentryCardPayment security fintech $12M$60M (Series D, 2021) 5.0xActive
NGD SystemsStorage semiconductor · Irvine $22.6M$104M (2019) 4.6xActive
LensGenOphthalmology devices · Irvine $19.2M$76.2M 4.0xActive
MavenlinkPSA software $61.4M$235M 3.8xMerged · Kantata
Methodology: Octane OC LaunchPad was an accelerator program that supported these companies during JC's tenure (2014–2021); it did not invest capital, so figures reflect company valuation growth and outcomes, not fund returns or realized gains. "Val. at LaunchPad" is the post-money of the company's first priced round during JC's tenure (2014 to 2021); rounds before 2014 are not used; "Latest Post-Money" is the most recent priced financing, IPO, public offering, or acquisition value per PitchBook (accessed Sept 17, 2026). Acorns: Series B Mar 2014 ($19.5M post) to Series F Mar 2022 ($1.8B). RxSight LaunchPad-era mark is the $266M post-money Series H (Apr 2017, Visionary Venture Fund among investors); $2.2B is implied by the May 2024 public offering at $56 per share. Neural Analytics operated as NovaSignal and was acquired by NeuraSignal in 2023 for an undisclosed amount; $93M is its last priced round. SentryCard $60M from the July 2021 Series D; a 2025 round was undisclosed. NGD Systems $104M from Oct 2019. DTx valuation based on a conservative $6M LP-era mark; actual entry likely lower. Public company figures reflect the last offering price, not current market capitalization.
20
Cove Fund III Portfolio Cos.
$14.4M
Deployed · Cove Fund III
$2.5B
Raised by LaunchPad Alumni
$4.6B
LaunchPad Exit Value
Figures reflect JC Ruffalo's active management on Cove Fund III and his role at the Octane OC LaunchPad program (2014–2021).
Basis of presentation. Fair market values (FMV) are estimates based on run-rate revenue multiples and NTM multiples, and are subject to change. Past performance is not indicative of future results. Certain metrics include unrealized positions and do not represent actual distributions. Track record figures are presented on a gross basis before management fees, carried interest, and fund expenses.
Track Record · As of June 30, 2026

Massimo Pennisi

General Partner, Cove Ventures
$241.1M
Total capital invested
across 15 companies
$680.0M
FMV + proceeds
total portfolio value
2.8x
Total MOIC
23.0% IRR
4.9x
Realized MOIC
on $58.9M invested
Current Holdings

Active Portfolio

10 Companies
Positions marked at FMV or cost as of June 30, 2026. Click any column header to sort.
$182.2M
Invested (Active)
$393.7M
Current FMV
2.2x
Active MOIC
10
Companies
#CompanyCategoryInitial Inv DateRound Initial Inv.Total Inv.FMVMOICIRRRoleComments
1 YassirMENA super app — ride-hailing, delivery & fintech Consumer Marketplace10/2025Series C $40.0M$40.0M$82.7M 2.1x200.5% Co-Led Active
2 PrezentAI-powered business presentation platform Enterprise Software9/2025Series B $12.5M$20.7M$38.1M 1.8x20.5% Co-Led B, Board Obs. Structured & facilitated Prezent's acquisition of Prezentium, coinciding with the Series B fundraise
3 RampCorporate spend — cards, bill pay & expense software Enterprise Software / Fintech9/2025Series E-2 $10.0M$12.7M$22.7M 1.8x154.2% Co-Led Late-stage entry; strong markup over a short hold
4 HumanitecDevOps platform for app delivery & infrastructure orchestration Enterprise Software7/2025Seed $1.8M$1.8M$0.0M 0.0x0.0% Co-Led Seed T2 Early-stage seed position; marked to $1
5 WhatnotLive-shopping marketplace for collectibles Consumer Marketplace5/2023Secondary $15.0M$15.0M$65.7M 4.4x61.5% Co-Led Initial Reflects Growth IV position only; does not include additional SPV
6 BetterflyBenefits & wellbeing platform with healthy-habit rewards Enterprise Software1/2022Series C $15.0M$15.0M$15.0M 1.0x0.0% Sourced, Led, Board Obs. Active — marked at cost
8 CitizenReal-time public-safety app for nearby incident alerts Consumer SaaS5/2020Series B $1.0M$29.9M$33.5M 1.1x2.7% Sourced, Co-Led Significant follow-on capital deployed; modest returns to date
9 LightricksCreator software — photo/video editing & content production Consumer SaaS7/2019Series C $18.4M$20.2M$30.3M 1.5x6.2% Sourced, Co-Led Creator-economy play; solid appreciation over a multi-year hold
13 Deposit SolutionsDeposits marketplace — connects banks with savers Fintech7/2016Series B $7.7M$14.1M$46.5M 3.3x15.2% Co-Led Merged with Raisin; holding position in combined company. FMV includes $17.6M realized proceeds
15 Thrive MarketMembership e-commerce for healthy products Consumer / Subscription7/2015Series A $5.3M$12.8M$59.2M 4.6x16.6% Co-Led Series A Decade-long hold since 2015; durable membership model; strong appreciation
Realized Investments

Realized Exits

5 Exits
Fully or partially exited positions · $58.9M invested → $286.2M proceeds · 4.9x realized MOIC. Click any column header to sort.
$58.9M
Invested (Realized)
$286.2M
Total Proceeds
4.9x
Realized MOIC
5
Exits
#CompanyCategoryInitial Inv DateExit Initial Inv.Total Inv.ProceedsMOICIRRRoleExit Notes
10 SemrushDigital marketing & SEO platform Enterprise Software3/20184/2026 $10.7M$18.1M$159.6M 8.8x42.8% Co-Led, Board Obs. Partial exit Nov 2021 post-IPO. Later acquired by Adobe for $1.9B; full exit Apr 2026
12 ComparablyEmployee insights & workplace benchmarking Enterprise Software1/20175/2022 $3.3M$4.3M$18.7M 4.4x36.1% Sourced, Co-Led Acquired by ZoomInfo for $150M in May 2022
14 ScopelyMobile game publisher & developer Consumer / Gaming4/20164/2023 $17.2M$20.0M$73.6M 3.7x20.0% Co-Led Series B Acquired by Savvy Games Group for $4.9B in Apr 2023. Reflects Series B investment only
11 AxiosNews & media — concise coverage & newsletters Publishing12/20178/2022 $5.4M$5.4M$19.6M 3.6x32.4% Co-Led Acquired by Cox for $525M in August 2022
7 ElevateBenefits platform for HSAs, FSAs, HRAs & other accounts Enterprise Software7/20211/2025 $5.0M$11.3M$14.8M 1.3x9.3% Sourced Benefits administration platform; realized Jan 2025
Realized Total $41.6M$58.9M$286.2M 4.9x—
$168.2M
Initial Invested
$241.1M
Total Invested
$680.0M
FMV + Proceeds
2.8x
Total MOIC
23.0%
Total IRR
"Co-led" citing a specific round reflects deal-team involvement on that round only. "Co-led" without a round specification reflects involvement across all follow-on rounds.
Basis of presentation. Track record as of June 30, 2026. Fair market values (FMV) are estimates based on run-rate revenue multiples and NTM multiples, and are subject to change. Past performance is not indicative of future results. Realized figures reflect actual proceeds received.
Track Record · As of September 21, 2026

Khurram Mir

General Partner, Cove Ventures
13
Fund portfolio companies
active deployment
$132.2M
Capital deployed
across fund portfolio
$168.3M
Current NAV
1.27x MOIC · $4.48M distributed
$5.3B
Flagship valuation
Abridge · 2.95x MOIC
Corporate Venture Platform — Fund Portfolio

Fund Portfolio

13 Companies
Seed through Series B · Healthcare AI, MedTech & Life Sciences · positions marked at cost or current value as of September 21, 2026. Click any column header to sort.
$132.2M
Deployed
$168.3M
Current NAV
1.27x
MOIC (Gross)
$87.8M
Follow-On Capital
CompanySectorInitial Inv DateTotal Inv.StatusMOICKey Notes
AbridgeAI clinical documentation Health AI / Infrastructure7/2023$14.0M Breakout 2.95x $5.3B valuation · 150+ health system partners · $110M+ ARR · $4.48M partial liquidity realized · QSBS eligible
ArtisightSmart hospital platform Health AI / Platform10/2024$21.5M Scaling 1.31x $5M initial + $16.5M conviction follow-on · $28.2M current carrying value · smart hospital OS · HaaS transition · deep Epic & Microsoft integrations · Board guest
Sprinter HealthMobile care delivery Digital Health2/2024$28.15M Breakout 1.14x $800M valuation · $17.5M 2026 SAFE · $55M Series B · a16z, General Catalyst & GV · 96% patient satisfaction
Bright UroMinimally invasive urology MedTech / Diagnostics5/2024$8.0M Scaling 1.02x FDA 510(k) cleared · 30+ clinics · capital-efficient device model · $5M follow-on reflects conviction · Board guest
ViaLaseOphthalmic laser MedTech / Ophthalmology7/2024$6.13M Late-Stage 1.0x $5.0M initial + $1.13M follow-on · near-term EU commercialization pathway · regulatory de-risking underway · late-stage optionality
Horizon SurgicalRobotic ophthalmology MedTech / Robotics6/2024$15.0M Clinical 1.0x $5M Series A + $10M bridge · approaching first-in-human · asymmetric upside tied to clinical inflection
Vital BioNext-gen diagnostics Diagnostics / Platform10/2024$5.0M Platform 1.0x Strategic partnership with Sysmex · long-term platform play with strong institutional backing
PerceptiveClosed-loop ICU automation Health AI / Critical Care12/2022$6.0M Development 1.0x NIH-supported · strong technical validation · IDE submission in progress · large TAM · Board observer
PrenosisAI sepsis platform Health AI / Diagnostics6/2025$8.0M Scaling 1.0x FDA-cleared AI sepsis platform · Roche distribution partnership · strong clinical validation · Board observer
CodaMetrixAI revenue cycle Health AI / RCM6/2025$3.0M Scaling 1.0x 220+ health system sites · validated enterprise adoption · deployed within the sponsoring health system
BionautMicro-robotics drug delivery DeepTech / Biotech5/2024$2.0M Impaired — Program risk materialized · clinical timelines extended · disciplined loss recognition / capital preservation
Eira BioEarly-stage biotech Biotech / Therapeutics10/2025$0.25M New 1.0x Venrock-led $20M round at $40M valuation · strong institutional validation
DelixNeuroplastogen platform Life Sciences / Neuro6/2025$15.2M Optionality 1.0x $10M in the 2026 financing · $85M round at $190M pre-money, J&J venture arm lead · Eli Lilly partnership
13
Fund Companies
$132.2M
Capital Deployed
$168.3M
Current NAV
1.27x
Gross MOIC
$4.48M
Distributed
Fund figures reflect portfolio positions of the $50M corporate venture platform, marked at cost or current value. $87.8M of $132.2M deployed represents conviction follow-on capital concentrated behind highest-conviction breakouts.
Basis of presentation. Track record as of September 21, 2026. Fair market values (FMV) are estimates based on run-rate revenue multiples and NTM multiples, and are subject to change. Past performance is not indicative of future results. Fund figures are presented on a gross basis before management fees, carried interest, and fund expenses.