John Beadle

The fifth should be completed this fall, which is great.

So we've come out of the gate really strong.

In this current funding environment, around 13% of firms that have institutional series seed rounds end up getting to series A. And so-

We think we're going to bat 100%, which is emblematic of the success of the model.

And now we're trying to scale up and do a lot more.

So we really want to get to a place where we can do four or five a year.

And so now that we have more partners, we've laid the foundation with each of those systems.

So the consortium launched formally last April.

And we spent a lot of time and energy to be able to get...

to be able to get those systems in a place where we feel that we can drive a couple of new opportunities in partnership with each of them, in partnership with all of them through the consortium.

And so we are excited for a very busy 2026 ahead.

So we will do the seed round.

We are typically the sole participant in that seed round and have a fair bit of ownership from there.

We're open-minded on participating in series A's.

It really comes down on the particular opportunity.

Typically we don't, so the cap tables are able to normalize.

And then from series A through series C, that's really where the companies are all at right now.

The latest company is at a series C. The earliest will complete at series A this fall.

So those will go out to the traditional venture market and get funded.

So we're very thesis driven generally.