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    Mithril Capital Management logo

    Mithril Capital Management

    San Francisco, California, United StatesFounded 2012
    www.mithril.comLinkedIn
    FintechClimate & EnergyHealthcareHardware & SemiconductorsMedia & EntertainmentRobotics & AutomationSaaS

    Mithril Capital Management focuses on long-term, contrarian investments in late-stage private companies developing disruptive technologies. Their strategy targets firms with significant competitive advantages and the potential to create new markets or dominate existing ones.

    Average disclosed round size is $145.3M (across 22 rounds with reported amounts).

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    Portfolio

    22

    Fund Size

    $1.1B

    Top Stage

    Series D

    Last 12 Mo

    0

    Team

    Ajay Royan

    Ajay Royan

    Managing General Partner and Founder

    Portfolio Breakdown

    Stage Distribution

    Sector Distribution

    Investment Activity

    DealsAvg Round Size

    Portfolio

    22 investments
    CompanyRoundAmountDate
    Juno logoJunoSeries A$18MOct 2022
    AiFi logoAiFiSeries B$65MMar 2022
    HHelionSeries F$425MNov 2021
    Paxos logoPaxosSeries D$300MApr 2021
    Flex Logix Technologies, Inc. logoFlex Logix Technologies, Inc.Series D$55MMar 2021
    Glance logoGlanceGrowth$145MDec 2020
    Paxos logoPaxosSeries C$142MDec 2020
    NUVIA logoNUVIASeries B$240MSep 2020
    Glance logoGlanceGrowth$45MSep 2019
    Figure logoFigureSeries C$50MApr 2018
    AAuris Surgical RoboticsSeries D$280MAug 2017
    Classy logoClassySeries C$30MNov 2016
    AppDirect logoAppDirectSeries D$50MFeb 2015
    FFractyl LabsSeries C$40MSep 2014
    Helion Energy logoHelion EnergySeries A$1.5MAug 2014
    MMagForceUnknown$15MAug 2014
    Helion Energy logoHelion EnergySeries E$500M—
    Classy logoClassyGrowth$53M—
    Auris Health logoAuris HealthGrowth$500M—
    Neocis logoNeocisSeries D$72M—
    GreyOrange logoGreyOrangeSeries C$140M—
    Generation Home logoGeneration HomeSeries A$30.4M—

    Top Co-Investors

    Capricorn3 shared
    Lux Capital3 shared
    JMI Equity2 shared
    Salesforce2 shared
    Coatue Management2 shared
    Highland Capital Partners2 shared
    PayPal Ventures2 shared
    Senator Investment Group2 shared
    Liberty City Ventures2 shared
    Lightspeed Venture Partners1 shared
    SoftBank Vision Fund1 shared
    Fidelity Investments1 shared
    Temasek Holdings1 shared
    Mayfield Fund1 shared
    Marvell Technology1 shared
    BlackRock1 shared
    Atlantic Bridge1 shared
    Dell Technologies Capital1 shared
    Nepenthe LLC1 shared
    Celesta Capital1 shared

    Last updated: 16 April 2026