DFX Intelligence
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A••••••• V••••••• M••••••••• L••
Institutional venture firmSEC venture capital fund adviser· Detroit, Michigan
Institutional venture firm, based in Detroit, Michigan, reporting $154M of private fund gross assets across 5 funds.
Composed from this organization's classification, location and filed figures.
As of · the latest observation of this organization; filed figures are as of its latest Form ADV
- Fund gross assets
- $154M
- New companies, 12 mo
- None
- Investment team
- 6
- Latest vintage
- 2025
Form ADV, Schedule D
Portfolio pages, financing announcements and Form D
Form ADV Schedule A and the firm's team page
Form ADV and Form D
As of · the latest observation of this organization; filed figures are as of its latest Form ADV
Why this matters
- First reported, 12 months 1Latest Form D Mar 12, 2025
- Co-investors 22
- Contact points 3
Scores, classification basis and filing advisersInstitutional venture firm, confirmedShowHide
Importance
37
elevated
Active deployment
25
moderate
Emerging
0
low
Completeness
75
high
Freshness
97
high
Research priority
11
low
Institutional venture firmSEC exempt reporting adviser
venture manager, reported GAV $106M across 5 vehicles
Identity and regulatory footprint
- Headquarters
- Detroit, MIadviserinfo.sec.gov
- Office address
- ••• Lockedadviserinfo.sec.gov
- Business phone
- ••• Lockedadviserinfo.sec.gov
- Website
- a•••••••••.com
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
- Latest Form ADV
- Mar 31, 2026
- Private funds reported
- 5 (5 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $154Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business email
- ••• Lockeda•••••••••.compublished by the subject
- business phone
- ••• Lockedadviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
9 observed deals
Stated (the firm’s website)
- Sectors
- energy, space, logistics, industrial
- Stages
- not stated or not yet read
- Geography
- silicon valley
- Check size
- not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors
unknown 89%Biotechnology 11%
lead rate no observed dealsfollow-on rate no observed dealsnew logos, 12 months 0
Funds and vehiclesWhat these amounts meanGAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
5 reported, 1 no longer reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| A••••••• V••••••• A• I• L••• | Fund | 2025 form d first sale | Newly closed | unknown | unknown | $1.1M of $1.1M | Mar 12, 2025 |
| A••••••• V••••••• • M••••••••• I•• L• | Fund | 2023 adv first reported | Active deployment | $11.4M Mar 27, 2024 | 84 | unknown | unknown |
| A••••••• V••••••• • O••• L•• | Fund | 2023 adv first reported | Active deployment | $10.3M Mar 27, 2024 | 31 | unknown | unknown |
| A••••••• V••••••• • O•• I•• L• | Fund | 2022 form d first sale | Active deployment | $1.6M Mar 27, 2024 | 9 | $1.5M | Sep 22, 2022 |
| A••••••• V••••••• F••• I• L• | Fund | 2021 form d first sale | Mature | $82.3M Mar 27, 2024 | 66 | $38.2M of $200M | Sep 27, 2022 |
| A••••••• V••••••• • M••••••••• L•• | Fund | 2023 adv first reported | Wound down | $1.6M Mar 30, 2023 | 10 | unknown | unknown |
Investment team
7 current, 0 departed
J••• C•••••
AssociateAssociate
••• Locked (published by the subject)FactVenture organization websites (about, team, portfolio, thesis, news pages)
F•••• S•••••••••
Founder or executiveCo-Founder & Advisor
C•••• T•••••
General partnerCo-Founder & Partner
J•••••• R•••••••
General partnerCo-Founder & Partner
C••••••••• J••• T•••••
Managing partnerManaging Partner · since Sep 1, 2020
J•••••• L••• R•••••••
Managing partnerManaging Partner · since Sep 1, 2020
Investments on recordWhat these amounts mean“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
9 edges, 9 companies, 0 partner-attributed
Co-investors
22 relationships from shared deals, counted for the whole firm
F••••• P••••• C•••••• L•••••• 1 shared · one timeG••• R•••• C•••••• A•••••••• L•• 1 shared · one timeI• C•••••• G••••• I••• 1 shared · one timeC•• E••••• P••••••• I• L•• 1 shared · one timeW•••••••• M••••••••• L•• 1 shared · one timeH••• P••• A•••••• I••• 1 shared · one timeL••••••••• M••••••••• 1 shared · one timeB•• V••••••• 1 shared · one timeN••• N•• E••••••••• A••••••••• 1 shared · one timeM••••• V•••••• P••••••• 1 shared · one timeT•••••••• C•••••• M••••••••• L•• 1 shared · one timeM••••• C•••••• M••••••••• L•• 1 shared · one timeV•••• G••••• M••••••••• L•• 1 shared · one timeF••••• F••• S•••••• V••••• L•• 1 shared · one timeR•• V••••••• 1 shared · one timeS••••• V••••••• 1 shared · one timeG•••• N•••• V••••••• 1 shared · one timeW••••••••• C•••••• M••••••••• 1 shared · one timeH•••••• V••••••• 1 shared · one timeS•••••• P••••••• C•••••• 1 shared · one timeI•••• V••••••• S• 1 shared · one timeG••••••• S••••••••• 1 shared · one time
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
8 dated events
- Mar 31, 2026••• LockedFund first reported on Form ADVFundsInferenceA••••••• V••••••• a• I• L••IAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
- Mar 27, 2024••• LockedFund no longer reportedFundsInferenceA••••••• V••••••• • M••••••••• L••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2023••• LockedFund first reported on Form ADVFundsFactA••••••• V••••••• • O•• I•• L•SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2023••• LockedFund first reported on Form ADVFundsFactA••••••• V••••••• • M••••••••• L••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2023••• LockedFund first reported on Form ADVFundsFactA••••••• V••••••• • O••• L••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2023••• LockedFund first reported on Form ADVFundsFactA••••••• V••••••• • M••••••••• I•• L•SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2022••• LockedFirst SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2022••• LockedFund first reported on Form ADVFundsFactA••••••• V••••••• F••• I• L•SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 12, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $106M across 5 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $106M across 4 vehicles
Evidence
50 observations from 3 sources