<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!JAp9!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!JAp9!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png 424w, https://substackcdn.com/image/fetch/$s_!JAp9!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png 848w, https://substackcdn.com/image/fetch/$s_!JAp9!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png 1272w, https://substackcdn.com/image/fetch/$s_!JAp9!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!JAp9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png" width="920" height="612" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/48281447-a3ae-4326-ac35-a576a5234903_920x612.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:612,&quot;width&quot;:920,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:930699,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://leadvc.substack.com/i/171012564?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!JAp9!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png 424w, https://substackcdn.com/image/fetch/$s_!JAp9!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png 848w, https://substackcdn.com/image/fetch/$s_!JAp9!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png 1272w, https://substackcdn.com/image/fetch/$s_!JAp9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><h4><strong>Poor Sleep: An Under-Recognized and Neglected <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC6473877/">Epidemic</a> </strong></h4><p>Good sleep is essential for human health and a good quality of life. Yet, in modern society, insufficient and poor sleep is a pervasive problem that often goes unnoticed and unaddressed.</p><p>Reduced sleep duration has been <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC6473877/">linked</a> to <strong>7 of the 15</strong> leading causes of death in the United States, including <strong>cardiovascular disease, malignant neoplasm, cerebrovascular disease, accidents, diabetes, septicemia, and hypertension.</strong></p><p>Quality of sleep also matters. Sleep disruptions - whether caused by lifestyle or environmental factors - impact the continuity of sleep and have substantial short-term and long-term <a href="https://www.dovepress.com/article/download/32942">consequences</a>, even in otherwise healthy adults. Short-term consequences include <strong>increased stress responsivity, somatic pain, emotional distress, mood disorders, and performance deficits.</strong> The long-term consequences include, but are not limited to, <strong>colorectal cancer, metabolic syndrome, type 2 diabetes mellitus, and increased all-cause mortality in men.</strong></p><p>Beyond personal health, the societal toll is also staggering. <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC5627640/">One</a> study estimates that insufficient sleep alone costs the US economy up to <strong>$411 billion</strong> <strong>per year </strong>due to increased risk of sickness and dying, reduced work performance, and suboptimal school performance in children. </p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Subscribe to receive the latest LEAD posts.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><h4>A Market with Huge Demand and Unmet Needs</h4><p>People struggling with sleep go to enormous lengths to get a good night&#8217;s rest. In 2024, the global market for sleep aids was valued at <a href="https://www.globenewswire.com/news-release/2024/10/24/2968424/28124/en/Sleep-Aids-Market-Forecast-to-Cross-89-Billion-by-2030-Trends-and-Projections-by-Product-Sleep-Disorder-and-Distribution-Channel-at-a-Global-Regional-and-Country-Level.html">$64B</a> and is expected to grow to $89B by 2030.</p><p>Consumers are actively seeking solutions for better sleep, making the category the <strong><a href="https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/still-feeling-good-the-us-wellness-market-continues-to-boom">second-highest wellness priority</a></strong> after general health - taking precedence over nutrition, fitness, mindfulness, and appearance. In the pursuit of better rest, consumers are trying products such as earplugs, eye masks, weighted blankets, mouth tapes, nasal dilators, nasal strips, magnesium foot sprays, smart alarm clocks, and smart mattress systems, among others.</p><p>Yet, despite years of innovation and strong demand, many consumers still find current products and services insufficient to meet their sleep needs, making the sleep category one with the <strong><a href="https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/still-feeling-good-the-us-wellness-market-continues-to-boom">greatest unmet consumer need</a></strong>.</p><p>The caveat is that better sleep can often be achieved through consistent habits rather than more products. <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC8511346/">Diet</a>, <a href="https://pubmed.ncbi.nlm.nih.gov/25596964/">exercise</a>, <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC6751071/">exposure to natural daylight</a>, <a href="https://www.sciencedirect.com/science/article/abs/pii/S0048969722064026?via%3Dihub">bedroom darkness at night</a>, <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC6751071/">reduced screentime at night</a>, and <a href="https://www.sciencedirect.com/science/article/abs/pii/S0033062023000117?via%3Dihub">avoiding caffeine and alcohol later in the day</a> can all help improve sleep. </p><p>With that said, life circumstances - such as caring for a newborn, working night shifts, and frequent travel - can all disrupt good <a href="https://www.sciencedirect.com/science/article/abs/pii/S0033062023000117?via%3Dihub">sleep hygiene</a> and increase the demand for innovation to achieve better sleep.</p><h4><strong>Introducing Somnee - A Clinically Validated, Drug-Free Solution</strong></h4><p><a href="https://somneesleep.com/">Somnee</a> is a sleep headband that creates a proprietary brain mapping diagnosis with EEG sensors and provides non-invasive, gentle, and personalized electrical stimulation (tES). The product reduces sleep onset latency and increases both sleep duration and sleep efficiency.</p><p>Co-founded by <a href="https://www.sleepdiplomat.com/">Dr. Matt Walker</a>, <a href="https://scholar.google.com/citations?user=P3p-g5kAAAAJ&amp;hl=en">Dr. Ram Gurumoorthy</a>, <a href="https://scholar.google.com/citations?hl=en&amp;user=WYv36DIAAAAJ">Dr. Robert Knight</a>, <a href="https://scholar.google.com/citations?user=nicnuy4AAAAJ&amp;hl=en">Dr. Richard Ivry</a>, and led by <a href="https://www.linkedin.com/in/timrosa/">Tim Rosa</a>, Somnee is a clinically validated product shown to be more effective than melatonin in improving sleep efficiency and duration.</p><h4><strong>Joining Forces to Tackle the Epidemic </strong></h4><p>We invested in Somnee because it addresses a profoundly underserved market with serious health implications and is led by a world-class team delivering a clinically validated solution.</p><p>Addressing the epidemic of poor sleep requires innovation and collaboration. We are proud to partner with Somnee alongside Khosla Ventures, Marc Benioff&#8217;s TIME Ventures, the DeVos Family, Seaside Ventures, Nelstone Ventures, Metalab, and others, to advance effective sleep solutions and improve public health worldwide.</p><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/p/why-we-invested-in-somnee?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thanks for reading! Feel free to share this with anyone who might find it insightful.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/p/why-we-invested-in-somnee?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://leadvc.substack.com/p/why-we-invested-in-somnee?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><p></p>

Addressing the silent epidemic of poor sleep.

Why We Invested in Somnee

<h3>What Is Throne?</h3><p>A passive, continuous health monitor embedded in your toilet seat turns a daily routine into valuable insights for gut health, hydration, and cancer detection. Throne is available today for stool and urine analysis and is designed as the &#8220;Whoop for Your Poop&#8221; for the 75 million Americans dealing with IBS, IBD, and prostate issues. The future version of Throne, known as the &#8220;Smoke Detector for Colon Cancer,&#8221; will expand its capabilities to include screening for one of the fastest-growing cancers in the United States.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!3IZ6!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!3IZ6!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg 424w, https://substackcdn.com/image/fetch/$s_!3IZ6!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg 848w, https://substackcdn.com/image/fetch/$s_!3IZ6!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!3IZ6!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!3IZ6!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg" width="1200" height="630" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/e6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:630,&quot;width&quot;:1200,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:39385,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://leadvc.substack.com/i/208868655?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!3IZ6!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg 424w, https://substackcdn.com/image/fetch/$s_!3IZ6!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg 848w, https://substackcdn.com/image/fetch/$s_!3IZ6!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!3IZ6!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><p><span>Deciding to invest in a company usually hinges on two questions: 1) Will the founders find a way to succeed? 2) Is the target market large enough?</span></p><h3><span>Founder Bet</span></h3><p><a href="https://www.linkedin.com/in/scotthickle/"><span>Scott Hickle</span></a><span> is a founder who combines three qualities rarely found together: being a talent magnet, an obsession with solving the problem, and deep industry k</span><span data-color="#032b31" style="color: rgb(3, 43, 49);">nowledge. His motivation is straightforward &#8212; he&#8217;s passionate about saving lives and wants the Throne device on every accessible toilet. If you don&#8217;t believe us&#8230; His social handle is &#8220;</span><a href="https://x.com/ScottHickle"><span data-color="#032b31" style="color: rgb(3, 43, 49);">Poop Guy</span></a><span data-color="#032b31" style="color: rgb(3, 43, 49);">,&#8221; and he gave a </span><a href="https://www.youtube.com/watch?v=v42gznW6cuA"><span data-color="#032b31" style="color: rgb(3, 43, 49);">TED Talk </span></a><span data-color="#032b31" style="color: rgb(3, 43, 49);">on the history and significance of poop.</span></p><p><span data-color="#032b31" style="color: rgb(3, 43, 49);">Chasing an introduction to Throne kicked off an organic 18-month relationship before a check was written. We introduced him to multiple investo</span><span>rs who then joined this round, connected him with enterprise customers who remain engaged, and brought him before clinicians who initially questioned but ultimately left as believers in his right to win. Scott exemplifies a founder willing to bend reality with passionate intensity to make his business succeed.</span></p><p><span>His effectiveness is evident in the people he&#8217;s assembled. Scott recruited John Capodilupo, co-founder of Whoop and a key technical figure behind the $10B consumer health startup, who personally relates to the problem&#8212;living with ulcerative colitis. Scott also persuaded Ben Grynol, who previously led consumer growth at Levels, to join Throne. Scott established a medical advisory board with Dr. David Rubin and Dr. Mark Pimentel, renowned researchers with over 10,000 combined citations in IBS/IBD. Scott attracted an investor syndicate such as Emerson Collective, Will Ventures, Moxxie Ventures, Felix Capital, and Accomplice (an early supporter of Whoop).</span></p><h3><span>Market Bet</span></h3><p><span>In consumer health technology, continuous tracking now covers sleep, heart rate, glucose, and hormones, providing daily insights into bodily functions that influence habits. Despite valuable clinical signals from bathroom data, this area has received little to no attention. Wearables like Whoop and Oura needed to convince users that tracking HRV and sleep was important, but Throne doesn&#8217;t face that hurdle. This is because its core users have less need for education and face immediate health concerns. Patients with IBD, IBS, and prostate issues already understand the importance of monitoring symptoms, yet lack easy methods beyond memory, spreadsheets, or guesswork. Throne&#8217;s passive approach makes sustained long-term behavior change feasible. Over time, it reveals how factors like sleep, alcohol, medication, stress, and diet shape personal patterns, transforming passive data into actionable insights. This potential creates billions in enterprise value but isn&#8217;t the ultimate swing.</span></p><p><span>As Throne develops colon cancer screening features, its audience grows significantly, unlocking a new dimension of value&#8212;an extension many other consumer health devices are racing to build. Colon cancer is among the fastest-growing cancers in the U.S., increasingly affecting those under 50 and steering market interest toward early detection. While Cologuard, as the market leader, generates over $2 billion annually with a binary test, Throne aims to address an earlier need: helping individuals proactively understand how to prevent cancer before testing becomes necessary. Colon cancer is often preventable and highly treatable if caught early. If Throne can passively detect clinical signals without requiring behavioral changes, it will give larger diagnostic companies a strategic reason to view it as a frontline tool in cancer prevention, ultimately saving lives.</span></p><p>We are excited to back the incredible people, mission, and vision at <a href="https://thronescience.com/">Throne</a>!</p>

Strong conviction in world-class founders building a multi-billion-dollar consumer play around gut health and cancer detection.

Why We Backed Throne? A Bathroom Biomarker

<p>The greatest competitive advantage in sports and health isn&#8217;t capital. As generalist capital floods the space in the short term, fueled by a wave of high-profile transactions and increased investor attention, we strongly believe that specialists will outperform in the long term. What matters most is expertise. Nuance, network, and know-how.</p><p>At LEAD, this is an especially exciting time, as the earliest specialist investors are seeing the upside of these market developments. As more investors begin entering our space, competition for the strongest opportunities intensifies, making early access more important than ever.</p><p>We follow a legacy that traces back to 1949. Adi Dassler, a relentless innovator, redefined what it meant to build in sports and created one of the most iconic cultural brands in the world, adidas. That same DNA fuels us today to back the Adi Dasslers of tomorrow. What began in 2017 as a sports accelerator from the adidas family has evolved into $150M+ assets under management with 50+ portfolio companies across a multi-fund, multi-stage mandate&#8212;writing $100K to $10M checks across sports, health, and more.</p><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!67AT!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!67AT!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png 424w, https://substackcdn.com/image/fetch/$s_!67AT!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png 848w, https://substackcdn.com/image/fetch/$s_!67AT!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png 1272w, https://substackcdn.com/image/fetch/$s_!67AT!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!67AT!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png" width="1456" height="364" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b7e07744-602f-4268-9637-0ad24eda424b_1584x396.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:364,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:76916,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://leadvc.substack.com/i/192737163?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!67AT!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png 424w, https://substackcdn.com/image/fetch/$s_!67AT!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png 848w, https://substackcdn.com/image/fetch/$s_!67AT!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png 1272w, https://substackcdn.com/image/fetch/$s_!67AT!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png 1456w" sizes="100vw" fetchpriority="high"></picture><div></div></div></a></figure></div><p>It is exactly this combination of legacy, experience, and domain expertise that sets LEAD apart. And defines how we aspire to build in our space.</p><p>As a firm, we have two heartbeats: sports and health. Sport is the great unifier, serving as one of the only things that brings the world together. And health is a shared concern, one of the only things that all 8 billion people on earth care deeply about.<br><br>This means we invest in life-changing and industry-evolving companies like the following:</p><ul><li><p>After participating in their seed round in 2024, we invested in primary care consumer app <a href="https://techcrunch.com/2026/02/03/lotus-health-nabs-35m-for-ai-doctor-that-sees-patients-for-free/">Lotus Health</a>&#8217;s $35M Series A round led by Kleiner Perkins and CRV to further their mission of providing 24/7 access to AI-powered primary care for more than 100 million Americans.</p></li><li><p>ADvantage led fitness app <a href="https://techcrunch.com/2025/10/27/workout-app-ladder-launches-nutrition-tracking-experience/">Ladder&#8217;s $15M Series B</a> alongside Point72 Ventures and a $90M go-to-market investment from General Catalyst, accelerating Ladder&#8217;s mission to deliver personalized training to millions.</p></li><li><p>As part of our thesis on women&#8217;s sports, we invested in <a href="https://www.togethxr.com/">Togethxr</a>, a women&#8217;s sports media and commerce company founded by four of the world&#8217;s greatest athletes: Alex Morgan, Sue Bird, Simone Manuel, and Chloe Kim.</p></li><li><p>Participated in <a href="https://www.youth.inc/">Youth Inc</a> alongside Will Ventures and Ryan Sports Ventures, a sports media and commerce platform designed to revolutionize how premium, customized merchandise is delivered to schools, fans, and parents.</p></li><li><p>Due to accelerating revenue growth and strong user metrics, digital comics platform <a href="https://www.globalcomix.com/">GlobalComix</a> recently closed a $13M financing round led by Point 72 Ventures, with LEAD, Wise Ventures, and Scrum Ventures participating.</p></li><li><p>Invested in <a href="https://www.orionsleep.com/">Orion</a>, a sleep technology company that uses AI to regulate body temperature for optimal sleep, in a $17.5M seed round alongside Mucker Capital and Second Sight Ventures, to democratize access to sleep solutions.</p></li><li><p>Participated in <a href="https://somneesleep.com/">Somnee&#8217;s</a> Seed round led by Khosla Ventures, alongside the DeVos Family as part of the Orlando Magic Venture Challenge, to provide a safe, effective solution for people struggling with insomnia.</p></li></ul><div id="youtube2-u-MIVyHM8tw" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;u-MIVyHM8tw&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/u-MIVyHM8tw?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><p>Beyond investing, we also leverage our unique vantage point to deliver investment, advisory, and equity services to athletes, corporates, and health systems. Beyond investing ourselves, we partner with corporations to do the same work. Drawing on our decade of infrastructure, access, learnings, and network, our partners skip the resource-intensive process of building this themselves. Start in year ten, not day one. It is the ultimate shortcut.</p><p>While the firm has evolved greatly since its inception in 2017 to the specialist investor it is today, LEAD has always had the same &#8216;North Star&#8217; in mind. What was true then and what&#8217;s true today is that our investment funds and investment products are built with one goal in mind &#8212; to help the entrepreneur win.</p><div id="youtube2-nE__gW2K3bM" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;nE__gW2K3bM&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/nE__gW2K3bM?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div id="youtube2-ZSiN52X1qYA" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;ZSiN52X1qYA&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/ZSiN52X1qYA?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe now&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://leadvc.substack.com/subscribe?"><span>Subscribe now</span></a></p>

Legacy From 1949. Founded in 2017. LEADing Ever Since.

Our Legacy as Specialist Investors

<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!c8dD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!c8dD!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png 424w, https://substackcdn.com/image/fetch/$s_!c8dD!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png 848w, https://substackcdn.com/image/fetch/$s_!c8dD!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png 1272w, https://substackcdn.com/image/fetch/$s_!c8dD!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!c8dD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png" width="1456" height="968" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:968,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:7250075,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://leadvc.substack.com/i/169752009?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!c8dD!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png 424w, https://substackcdn.com/image/fetch/$s_!c8dD!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png 848w, https://substackcdn.com/image/fetch/$s_!c8dD!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png 1272w, https://substackcdn.com/image/fetch/$s_!c8dD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>Over the past 40 years, media innovation has largely focused on what we see. What we <em>hear</em>&#8212;and how we experience it&#8212;has barely evolved. Despite being an $82B market, audio has lagged far behind visual technology in innovation. For every dollar invested in visual tech, audio has received only a fraction, and patents in audio have grown at less than half the rate of those in imaging.</p><p><a href="https://www.edgesoundresearch.com/">EDGE Sound Research</a> is rewriting that script.</p><blockquote><p>&#8221;Our rationale for this investment centers on the market's recognition that the way humans &#8216;hear&#8217; (audio) has lacked innovation over the past forty years, especially when compared to advancements in the way humans &#8216;see&#8217; (media). Our enthusiasm for this investment stems from the solution's potential to address specific pain points across multiple industries, including sports, entertainment, automotive, and robotics.&#8221; - Justin Driscoll, Principal @ LEAD</p></blockquote><p><strong>Why Sound is the Next Frontier</strong></p><p>Audio limitations already constrain emerging tech&#8212;think VR headsets that deliver stunning visuals but rely on flat, two-dimensional soundscapes that break immersion. With over 20 million VR/AR headsets sold globally in 2024, the <a href="https://www.instagram.com/p/C8dWKCZA-Uw/">lack of spatially intelligent audio is a glaring gap</a> - overcoming it is key to fully realizing these experiences.</p><ul><li><p><strong>Immersive Tech Gap:</strong> VR/AR adoption is skyrocketing, yet spatial audio lags behind.</p></li><li><p><strong>Market Growth:</strong> The audio market is projected to triple to $275B by 2032.</p></li></ul><p>EDGE&#8217;s platform&#8212;spanning capture, processing, rendering, and reproduction&#8212;is creating a new category: <strong>intelligent audio.</strong></p><p>This isn&#8217;t just about louder or clearer sound. It&#8217;s about enabling computers to <em>understand</em> and <em>reproduce</em> sound in ways that feel human in immersive live sports, personalized broadcasts, and eventually, machines that hear and react like we do.</p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Subscribe to receive the latest LEAD posts.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p><strong>The Founders Who Hear Differently</strong></p><p>EDGE was born from two deeply personal journeys:</p><ul><li><p><strong><a href="https://www.linkedin.com/in/valsalomaki/">Valtteri Salomaki</a> (CEO):</strong> A serial entrepreneur with a knack for B2B sales in sports and entertainment</p></li><li><p><strong><a href="https://www.linkedin.com/in/ethancastro/">Ethan Castro</a> (CTO):</strong> Born hard of hearing, Ethan became a professional musician by training himself to <em>feel</em> sound.</p></li></ul><p>Together, they bridge technical brilliance and commercial execution&#8212;turning what was once academic research into real-world deployments.</p><p><strong>Why We Backed EDGE</strong></p><p>Fan feedback from early <a href="https://www.instagram.com/p/DMBo5kto0jo/">NBA arena deployments</a> showed a double-digit increase in reported engagement and immersion compared to traditional seating, underscoring the demand for this technology. Revenue tied to these installations has also grown steadily, reinforcing the commercial opportunity.</p><p>Our conviction rests on three pillars:</p><ol><li><p><strong>Category Creation:</strong> A first-of-its-kind intelligent audio stack with applications across live events, broadcast, automotive, and robotics.</p></li><li><p><strong>Real-World Traction:</strong> Deployments with the Cleveland Cavaliers, Fox Sports, and MLS validate demand.</p></li><li><p><strong>Platform Potential:</strong> From immersive fan experiences to teaching robots to hear, EDGE is building infrastructure for the next decade of sound.</p></li></ol><p><strong>What&#8217;s Next</strong></p><p>By this time next year, EDGE expects to double its number of venue installations and broadcast integrations, aligning with the broader convergence of AI in broadcast and robotics adoption.</p><p>With a $2.5M seed extension anchored by strategic partners like Sweetwater, EDGE is scaling Embodied Sound installations, commercializing its Virtual Sound Engine for broadcast, and exploring robotics integrations.</p><p>The <a href="https://www.instagram.com/p/C1tDruvLnsv/">future of audio</a> won&#8217;t just be heard&#8212;it will be <em>felt,</em> <em>personalized,</em> and ultimately <em>understood.</em> We&#8217;re thrilled to back EDGE as they make intelligent sound infrastructure a reality.</p><p>Edge Sound Research has <a href="https://www.sportsbusinessjournal.com/Articles/2025/06/27/usta-ventures-invests-in-edge-sound-research/">raised $2.75M in new funding</a>, bringing the audio innovation startup&#8217;s total backing to $5.5M. The latest round was led by Elevate Ventures and included participation from USTA Ventures, the DeVos family, LEAD VC, Cartan Capital, and Potential Capital, among other angel investors in the audio and entertainment space.</p><p><em>Disclosure: EDGE Sound Research participated in the inaugural <a href="https://www.sportsbusinessjournal.com/Articles/2025/04/18/magic-select-five-companies-in-inaugural-magic-venture-challenge/">Orlando Magic Venture Challenge</a>.</em></p><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/p/why-we-invested-in-edge-sound-research?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thanks for reading! Feel feel free to share it with someone who it resonates with.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/p/why-we-invested-in-edge-sound-research?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://leadvc.substack.com/p/why-we-invested-in-edge-sound-research?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div>

Reinventing audio for an immersive, AI-driven future.

Why We Invested in Somnee

Why We Invested in Somnee

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