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    Refactor Capital

    Burlingame, California, United StatesFounded 2016
    refactor.comLinkedIn
    Biotech & Life SciencesClimate & EnergyHealthcareDefense & SpaceHardware & Semiconductors

    Refactor Capital is a seed-stage hard tech venture firm led by solo GP Zal Bilimoria. The firm writes $1-2M checks into founders building in aerospace, energy, bio, health, and other hard-tech domains.

    Deal activity decreased year-over-year (1 deals in the last 12 months vs 4 prior). Their most common stage is seed (43% of deals). Average disclosed round size is $49.3M (across 40 rounds with reported amounts).

    Find people at Refactor Capital on Goldilocks AI

    Portfolio

    35

    Fund Size

    $50M

    Top Stage

    Seed

    Last 12 Mo

    1

    Team

    ZB

    Zal Bilimoria

    Founding Partner

    TS

    Tejal Shah

    VP Investment

    Portfolio Breakdown

    Stage Distribution

    Sector Distribution

    Investment Activity

    DealsAvg Round Size

    Portfolio

    44 investments
    CompanyRoundAmountDate
    Pila Energy logoPila EnergySeed$4MOct 2025
    Hexium logoHexiumSeed$9.5MApr 2025
    Remedy Scientific logoRemedy ScientificSeed—Apr 2025
    Causal Labs logoCausal LabsSeed$6MJan 2025
    Finova logoFinovaSeries E$135MOct 2024
    Granza Bio logoGranza BioSeed$7.1MJul 2024
    BBedrock MaterialsSeed$9MMay 2024
    GGeneral GalacticPre-Seed$1.9MJul 2023
    Melonfrost logoMelonfrostSeed—Jan 2023
    Solugen logoSolugenSeries D$200MNov 2022
    FYTO logoFYTOSeries A$15MJul 2022
    Evernow logoEvernowSeries A$28.5MApr 2022
    Phytoform logoPhytoformSeed$5.7MDec 2021
    Ophelia logoOpheliaSeries B$50MDec 2021
    RRedesign ScienceSeed—Dec 2021
    Solugen logoSolugenSeries C$350MSep 2021
    Spora Health logoSpora HealthSeed$3MAug 2021
    Knowde logoKnowdeSeries B$72MAug 2021
    PathAI logoPathAISeries C$165MMay 2021
    Ophelia logoOpheliaSeries A$15MApr 2021
    Mythic Therapeutics logoMythic TherapeuticsSeries B$103MJan 2021
    Ophelia logoOpheliaSeed—May 2020
    Knowde logoKnowdeSeries A$14MMay 2020
    Knowde logoKnowdeSeries A$14MMar 2020
    AANA TherapeuticsSeed$5MJan 2020
    Page 1 of 2

    Top Co-Investors

    Y Combinator9 shared
    Cantos6 shared
    Fifty Years6 shared
    General Catalyst4 shared
    Temasek Holdings (Private) Limited4 shared
    Baillie Gifford4 shared
    BoxGroup4 shared
    Hawktail4 shared
    Bee Partners3 shared
    Sequoia Capital3 shared
    Spacecadet Ventures3 shared
    Illusian3 shared
    Canvas Prime2 shared
    8VC2 shared
    Ritual Capital2 shared
    Koch Disruptive Technologies2 shared
    Tiger Global Management, LLC2 shared
    Carbon Direct Capital2 shared
    BlackRock Private Equity Partners2 shared
    Lowercarbon Capital2 shared

    Last updated: 8 September 2026