Sands Capital

Arlington, Virginia, United StatesFounded 1992

AI Biotech & Life Sciences Cybersecurity Data & Analytics Fintech Healthcare Hardware & Semiconductors E-Commerce & Marketplace SaaS

Sands Capital is an independent, staff-owned investment firm founded in 1992 and headquartered in Arlington, Virginia. It is an active, long-term investor in leading innovative growth businesses globally, through an integrated platform spanning venture capital, growth equity, and public equity across strategies including Global Ventures, Global Innovation, and Life Sciences Pulse.

Deal activity decreased year-over-year (10 deals in the last 12 months vs 16 prior). Average disclosed round size is $292.2M (across 115 rounds with reported amounts).

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Portfolio

101

Fund Size

$1.1B

Top Stage

Series C

Last 12 Mo

Team

Barron B. Martin Jr., CFA

Managing Partner Sr. Research Analyst

Ian Ratcliffe

Executive Managing Partner

Michael Graninger

Managing Partner

Stephen P. Zachary, PhD

Managing Partner

Andrew P. Giordano

Executive Managing Director, Client Relations and Business Development

Brian A. Christiansen, CFA

Sr. Portfolio Manager Research Analyst Executive Managing Director

Dana M. McNamara

Chief Administrative Officer Executive Managing Director

David E. Levanson, CFA

Sr. Portfolio Manager Research Analyst Executive Managing Director

Eric C. Perlish

Managing Director, Head of Trading and Risk Analytics

Erin Soule, CPA

Managing Director, Head of Alternatives Finance and Operations

Ian F. Barnes

Managing Director, Business Development and Client Relations

Josie A. Lewis

Managing Director, Client Relations

Portfolio Breakdown

Stage Distribution

Sector Distribution

Investment Activity

DealsAvg Round Size

Portfolio

129 investments

Company	Round	Amount	Valuation	Date	Role
Ramp Network	Series F	$750M	—	Jun 2026
Legora	Series D	$550M	$5.5B	Mar 2026	—
Base Power	Series D	$1B	$12B	Jan 2026
K2 Space	Series D	$500M	—	Jan 2026
Keebler	Unknown	$16M	—	Jan 2026
PolyAI	Series D	—	—	Dec 2025	participant
PPolyAI	Series C	$50M	—	Dec 2025
Ramp	Growth	—	—	Nov 2025	—
Elephas Biosciences	Series B	$40M	—	Nov 2025	—
Elephas	Unknown	$40M	—	Nov 2025
HHoldson	Seed	—	—	Sep 2025	—
Avenzo	Series B	$60M	—	Sep 2025
Ramp	Growth	—	—	Jul 2025	participant
Ramp	Series E	$200M	$16B	Jun 2025	participant
AAnduril Industries	Series F	$2.5B	$30.5B	Jun 2025
SpyGlass Pharma	Series D	$75M	—	Jun 2025	lead
SSpyGlass Pharma, Inc	Series D	—	—	Jun 2025
SSpyglass	Series D	—	—	Jun 2025
Rippling	Series G	$450M	—	May 2025
Hawk:AI	Series C	—	—	Apr 2025	—
Flock Safety	Growth	$275M	$7.5B	Mar 2025	participant
CompScience	Series B	$27.6M	—	Feb 2025	lead
Rippling	Series G	$450M	—	Jan 2025
Avenzo Therapeutics	Series B	$60M	—	Jan 2025
Dreadnode	Series A	$14M	—	Jan 2025