TechCruch recently interviewed Ajay Royan of Mithril Capital Management. The venture capital company, which closed its first fund with roughly $540 million, has now invested in 22 companies, including the data analytics company Palantir, cofounded by Thiel; and C2FO, a nine-year-old, Kansas City-based collaborative cash-flow optimization company that tries unlocking capital trapped in trade relationships; Adimab, a 10-year-old, Lebanon, New Hampshire-based antibody drug discovery startup; and a nine-year-old, Redwood City, Ca.-based surgical robotics company called Auris Surgical Robotics.
From the TechCrunch article:
For example, C2FO is now clearing a billion dollars in transaction volume every day, up from a billion dollars every quarter in 2014, when Mithril invested in the company. Yet asked if an IPO is in sight for 2017, Royan says C2FO has no plans to go public yet and that he generally believes there should be a “line of sight to saturation” before an outfit starts talking with investment bankers.
“You want the public markets to have the confidence that yours in the last company in its category that they need to be thinking about,” he explains.
Royan also holds up C2FO as the kind of company that Mithril pursues in part because it’s outside of Silicon Valley. “I love that I have to be in Kansas City five times a year,” he says, speaking from Mithril’s sleek offices in the leafy Presidio, a former military base turned national park.
Kansas, he says, is among many places where individuals, including founders, can have a very different perspective and life experience than that of the “top-notch MIT grad or Stanford grad who lives in San Francisco or a place that consciously or unconsciously looks like it, including parts of Boston, large parts of New York — even Berlin, Stockholm and London, which very much have a Silicon Valley state of mind.”