Refactor Capital
Venture capitalActively deployingBurlingame · Seed–Series A · 2 people tracked
Also known as REFACTOR CAPITAL MANAGEMENT, LLC
Investment thesis
Refactor is a single-investor seed-stage firm led by Zal that writes $1-2M first checks into hard tech startups across the US. Operating as a solo capitalist managing roughly $300M across five funds, the firm aims to be a founder's first call. Its focus spans deeply technical domains including biotech and therapeutics, medical and healthcare technology, space, defense, robotics, energy and nuclear, AI infrastructure, synthetic biology and chemicals, and crypto — reflecting a broad appetite for companies 'refactoring the real world' through science and engineering.
Source: firm website, verified Aug 3, 2026.
Team · 2 people
from the firm's website & public directories
What they invest in
from 44 of 65 portfolio companiesHealthtech ×22Biotech ×18AI & Machine Learning ×14Digital Health ×9Deep Tech ×8Enterprise Software ×6Medical Devices ×6Climate Tech ×5
HQs:United States×30Canada×1Spain×1United Kingdom×1
Investments · 65 tracked
founders shown can be your intro path
Coinbase is a cryptocurrency exchange platform that offers trading, custody, and financial services for cryptocurrencies, stocks, derivatives, and prediction markets to consumers, institutions, and developers.
Crypto & Web3FintechLos Angeles, US
Brian Armstrong(Founder/CEO)in
Solugen develops a biomanufacturing platform using fermentation and bioprocessing technology to produce specialty chemicals at scale.
Advanced ManufacturingBiotechCleantechClimate TechHealthtechHouston, US
Sean Hunt(Founder/CTO)inGaurab Chakrabarti(Founder)in
BoardSeth Bannon(Director)
Santa Clara, US
Fred Turner(Executive Officer, Director)
Board seatZal Bilimoria· per SEC Form D · $7.5M raise · filed May 2018
64x develops infrastructure and manufacturing systems for next-generation medicines, focusing on genetic engineering, cell line development, and computational biology to enable scalability of advanced therapies.
AI & Machine LearningBiotechDeep TechHealthtechMedical DevicesSan Francisco, US
Lexi Rovner(Co-founder & CEO)in
Able Health provides software for physician organizations to administer value-based care programs, including quality measure calculation and health plan coordination to reduce administrative overhead.
HealthtechSan Francisco, US
Rachel Katz(Founder/CEO)inSteve Daniels(Founder/President)in
Adventris is a biotechnology company developing cancer immunotherapy treatments.
BiotechHealthtechBaltimore, US
Jen Herbach(Founder)inWilliam Collis(Founder)inMark Yarchoan(Founder)
Causal Labs builds a Large Physics foundation Model to learn causality through physics and weather observations.
AI & Machine LearningDeep Tech
Checkerspot develops high-performance fats and oils using precision fermentation technology, targeting food, nutrition, and other industrial applications.
BiotechClimate TechFoodTechAlameda, US
James Kim(Director)John Krzywicki(CEO)Eric Hartz(Director)Layla Ward(CFO)Scott Franklin(Executive Officer, Director)Cain McClary(Director)
Clover Health is a health insurance provider offering low-cost plans with minimal premiums, copays, and prescription drug costs.
Digital HealthHealthtechInsurTech
Vivek Garipalli(Executive Officer, Director)Nat Turner(Director)Mike Dixon(Director)Kris Gale(Executive Officer, Director)Josh Kopelman(Director)
Enzyme develops a Quality Management System (QMS) software platform for life science companies including drug, biologic, device, and digital product manufacturers, designed to streamline regulatory workflows and generate FDA-ready documentation.
Enterprise SoftwareHealthtechMedical DevicesSaaSSan Francisco, US
Jared Seehafer(Founder/CEO)inJacob Graham(Founder/Vice President QA/RA)in
Epana Bio develops therapies for autoimmune diseases by leveraging genomics and AI to identify and target cellular origins of disease, with a focus on precision medicine for patient populations.
AI & Machine LearningBiotechDigital Health
Xometry provides an instant quoting and manufacturing platform that connects startups and enterprises with a global network of manufacturers to produce precision components from prototype through high-volume production.
Advanced ManufacturingB2B MarketplacesSaaSUnknown, US
Gencove provides direct-to-consumer genetic sequencing and polygenic risk scoring for health insights.
BiotechDigital HealthHealthtechNew York, US
Tomaz Berisa(Executive Officer, Director)Joseph Pickrell(Executive Officer, Director)
BoardSara Eshelman(Director)
Halen Mattison(Cofounder)Luke Neise(Cofounder)
Granza Bio develops immunotherapy treatments leveraging naturally-occurring attack particles that are released from cytotoxic immune cells to target diseases including cancers, autoimmunity, and infections.
BiotechDeep TechDigital HealthHealthtechSan Francisco, US
Prof. DustinAshwin Nandakumar(Founder)inAshwin Jainarayanan(Founder)in
Headspace is a mental health app that delivers personalized support through meditation, mindfulness, AI-powered guidance, coaching, therapy, and psychiatry services for individuals and organizations worldwide.
Digital HealthHealthtechMental HealthWellness & FitnessSanta Monica, US
Andy(Co-founder)Richard Marsh Pierson(Executive Officer, Director)Sean Brecker(Executive Officer)Andrew David Puddicombe(Executive Officer, Director)
Kin Euphorics manufactures non-alcoholic functional beverages infused with adaptogens, nootropics, and botanics designed to enhance mood, brain function, and overall wellness.
ConsumerFoodTechWellness & Fitness
Kip Health operates a therapy service that pairs in-person therapist sessions with a private mobile app for asynchronous communication between visits, using measurement-based clinical protocols.
HealthtechSan Francisco, US
Ti Zhao(Founder)in
Knowde provides a data management platform for industrial businesses, specifically chemicals and ingredients, that uses AI to extract, structure, and harmonize fragmented master data from legacy systems.
B2B MarketplacesData & InfrastructureEnterprise Software
Ali Amin-Javaheri(CEO)
Macro Oceans converts seaweed into raw materials, including low-carbon beauty ingredients and alginate-based food texture solutions.
BiotechFoodTechNew Materials
Modern Health provides mental health support solutions for employers with over 100 employees.
Enterprise SoftwareHealthtechHR TechMental HealthSan Francisco, US
Alyson Watson(Founder/CEO)in
Miist develops inhaled microparticle therapies designed to deliver systemic medication to the bloodstream within about 30 seconds, targeting conditions such as migraine, pain, and nausea.
BiotechDigital HealthMedical DevicesAlameda, US
Eric Ezerins(Cofounder & Head of Technology)inDalton Signor(Cofounder & CEO)in
BiotechWaltham, US
Brian Fiske(Executive Officer, Director)George Eliades(Executive Officer, Director)Sandra Poole(Executive Officer)Alex Nichols(Executive Officer, Director, Promoter)
BoardBryan Roberts(Director)Peter Hecht(Director)
NetworkOcean builds underwater and floating data center systems cooled by seawater, reducing power consumption by up to 40% and eliminating freshwater usage compared to traditional facilities.
Advanced ManufacturingAI & Machine LearningCleantechClimate TechCloud ComputingHardwareSan Francisco, US
Octant is a therapeutics company that develops small molecule drugs to treat protein misfolding diseases.
AI & Machine LearningBiotechDeep TechMedical DevicesEmeryville, US
Sri Kosuri(Co-founder)in
Ophelia provides medication-assisted treatment for opioid addiction through a telemedicine platform, allowing patients to receive care without attending residential rehab.
Digital HealthHealthtechWellness & FitnessNew York City, US
Mattan Griffel(Founder)inZack Gray(Founder)inDr. Arthur Robin Williams(Codesigner)Greg Yap(Director)
BoardDr. Adam Bisaga(Codesigner)
Orchid provides an electronic health record system with AI capabilities for solo and small-group mental health practices, handling administrative tasks and clinical documentation to reduce manual work.
AI & Machine LearningHealthtechSaaSSan Francisco, US
Joseph Pomianowski(Founder)in
San Francisco, US
Alexandra Meyer(President and Chief Executive Officer of Issuer)Emily Anhalt(Director of Issuer)
Parallel Bio develops human immune organoids and computational tools to predict drug efficacy across diverse patient populations, replacing animal testing in drug discovery.
AI & Machine LearningBiotechDeep TechHealthtechSan Francisco, US
AI-powered pathology for improved patient outcomes
Boston, US
ANDREW BECK(Executive Officer, Director)ADITYA KHOSLA(Executive Officer, Director)STANLEY LAPIDUS(Director)JEFF LEIDEN(Director)MICHELLE DIPP(Director)
Phytoform Labs develops GM-free genome editing tools and trait engineering technologies for crop improvement, with a focus on potato and tomato varieties.
AgTechAI & Machine LearningBiotechHarpenden, GB
William Pelton(Executive Officer, Director)Nicholas Kral(Director)Dhiraj Singh(Director)
PicnicHealth aggregates medical records from multiple sources and provides patients with centralized access to their health data along with AI-powered tools to understand and manage their medical information and chronic conditions.
AI & Machine LearningDigital HealthHealthtech
Noga Leviner(Co-founder)
Remedy Scientific decontaminates and restores environmentally compromised land using automated hardware systems combined with advanced chemistry and AI, and uses sensors to assess pollutants and tailor remediation solutions.
CleantechClimate TechRobotics
Fyto builds automated cropping systems that cultivate the aquatic plant lemna to recover farm nutrients and produce protein and starch, serving dairy and other farm operations.
AgTechClimate TechRobotics
Shield Bio develops nanopore sequencing technology for clinical use, designed to run rapid genetic tests in healthcare settings.
HealthtechMedical DevicesSan Francisco, US
Fred Turner(Founder/CEO)in
Smile2Impress provides invisible orthodontic treatments using clear aligner technology for patients seeking to straighten their teeth.
HealthtechMedical Devices<UNKNOWN>, ES
Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.
Frequently asked questions
- What stage does Refactor Capital invest at?
- Refactor Capital invests at the Seed, Series A stages.
- What is Refactor Capital's typical check size?
- Refactor Capital typically writes checks of $1M – $2M.
- What sectors does Refactor Capital focus on?
- Refactor Capital focuses on AgTech, AI & Machine Learning, Biotech, Climate Tech, Crypto & Web3, Deep Tech, Defense Tech, Energy, FemTech, Fintech, Hardware, Healthtech, InsurTech, Medical Devices, Mental Health, New Materials, Robotics, Space Tech.
- Where is Refactor Capital located?
- Refactor Capital is headquartered in Burlingame, US.
- Does Refactor Capital lead rounds?
- Yes, Refactor Capital leads investment rounds.
Images
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Co-investors · 55
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Liquid 2 is an early- and growth-stage venture capital firm that invests in founders across all sectors of technology, providing capital along with support from a network of operators.
Lux Capital's portfolio page showcasing select companies across science and technology sectors including AI infrastructure, aerospace, biotech, and productivity software.
Kindred Ventures is a San Francisco-based venture capital firm that backs technology startups in their earliest financing rounds, often helping form and fund companies before they exist. It has backed 100+ startups.
Sequoia Capital is a venture capital firm that partners with founders to build technology companies, with a strong current focus on artificial intelligence.
Khosla Ventures is a venture capital firm known for backing bold, contrarian bets in world-class teams that can reshape entire industries.
▶43 more co-investors
UpHonest CapitalAmplify PartnersSoma CapitalBlockchain CapitalHelium-3 VenturesCompoundBee PartnersValia Venturesage1Index VenturesAlumni VenturesBenchmarkFJ LabsKrakenNorwest Venture PartnersAtomicoSOSVSusa VenturesOffline VenturesMayfield FundBuckley Ventures Management Company LlcVenrockHack VCOperator LPFlatiron HealthThreshold VenturesArray Ventures Management LlcFormation GroupHighbury HoldingsWormhole CapitalVerified CapitalIncite.orgMoving Capital8090 IndustriesArkitekt VenturesFactorial CapitalFrialeMeridian Street CapitalTencent HoldingsCloudflare, Inc.Ahren Innovation CapitalMoonstone Venture CapitalTeam Builder Ventures
Firms observed investing alongside Refactor Capital, from public investor directories. Shared companies are the overlap with Refactor Capital's recorded portfolio.
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