Unit Ventures 2025 Year in Review

Another milestone year for Unit Ventures. Here are the highlights: 12 deals, a $1B+ exit, Zama becomes a unicorn and launches a token, Kyle launches a video series and Rand dominates the Longevity Olympics.

In 2025, we invested in 12 deals bringing our portfolio to 61 since 2020. By and large, we adhered to our target thesis: blockchain, longevity and network states. Here is our performance overall and across vintages:

Gilgamesh Pharmaceuticals — our very first angel investment where we entered at a $10m valuation — sold it’s lead candidate to Abbvie in a deal valued at $1.2B.

Bretisilocin garnered positive data in it’s Phase IIa clinical trials showing promise as a treatment for Major Depressive Disorder. It’s a major milestone for the psychedelics industry and a signal that there’s resurgent interest in alternative approaches to psychiatric therapeutics from “Big Pharma.”

In total, the deal returned approximately a 47x on the original investment (reflected only partially in the figures above due to a blended cash/stock payout to investors), bringing our 2020 DPI to nearly 12x.

Our own company, Zama, has raised a Series B at a $1.2b valuation, making it the first unicorn in the confidential computing space, and one of the very few cryptography unicorns. The round was led by Pantera and Blockchange.

Additionally, Zama has launched its own blockchain protocol (called the Zama Protocol), enabling confidentiality on public blockchains such as Ethereum and Solana. This means you can now use these chains to confidentially manage, trade and earn yield on crypto assets without anyone knowing your balances and activity onchain. This is a much needed feature for any financial application who leverages blockchain, from stablecoin payments to real-world asset tokenization. You can learn more about it in this deck.

As part of launching mainnet, we are selling up to 10% of the supply using a sealed-bid dutch auction on Ethereum, using Zama itself to hide the bids of people participating. If you want to participate, just go to auction.zama.org, or get in touch with Kyle who can walk you through the process.

Bron Wallet is a self-custodial MPC wallet built for sophisticated and security-conscious retail investors. In crypto, you have a barbell of wallet offerings: hot-wallets in your browser (bad UX, subject to hacks) or enterprise grade custody (Fireblocks, Anchorage) that require millions in minimums and steep fees. Bron services the middle segment of high value crypto investors who want safety, security and ease of use. They also support confidential tokens (ERC7984) from Zama ;)

Onchain City is simplifying access for internet citizens to global government services with programmable & cryptographically secure systems. They aim to be the liquidity layer for identity, visas and citizenship.

Brink Therapeutics is developing novel cell and gene therapies using AI and directed evolution to screen, evolve and discover candidates. The benefit of using recombinases (enzymes) is that they offer precision with little off-target effects, potentially cutting out the complexity and cost of ex-vivo treatments.

Enhanced Games is the future of human performance. Nicknamed “Peter Thiel’s Doping Olympics” by the press, the flagship product is an Olympic Games style event where athletes compete using any enhancements they please. The games serve as a trojan horse for a supplements line and longevity R&D lab. The first games will be held in Las Vegas, Nevada in May 2026.

Kangaroo Bio is building an ex-vivo artificial womb. They aim to be a transformative technology offering alternatives for women with reproductive challenges. At the macro-scale, they are a countervailing force to declining birth rates and population collapse.

Manhattan Genomics is building a future without inherited disease. The team is working a platform for safe and ethical germline gene editing to eradicate monogenic illness at inception. See Kyle’s interview with Founder Cathy Tie on State Change.

In 2026, we will be focusing on 3 areas:

• Longevity and biotech “extension rounds”: biotech is a very hard category to invest in, and there is a shortage of funding. As a result, companies with clinical data that typically would have been raising a Series A, are raising Seed round extensions or pre-Series A, at a much lower valuation than previous market standard. We believe this is one of the biggest arbitrage opportunities if you know how to spot good early stage deals.

• Blockchain applications: we believe the value in blockchain will shift away from infrastructure and onto applications. Just like we shifted our focus from AI infra to AI apps, we will shift our focus from blockchain infra to blockchain apps.

• Material Sciences: physics underpins all technology, and a big part of it is coming up with new materials that does the job better. What will replace silicon to accelerate AI compute? What will be the compounds that finally scale quantum computing? What will be the fuel used in fusion reactors? How about shielding spacecraft from radiation to build space data centers? In 2026, we will be exploring opportunities in new materials, as well as better ways to scale mining and production of critical ones.

Despite an exceptionally busy year, Rand has managed to stay on top of his health. Don’t trust, verify! Here’s his public data ranking him 14th in Bryan Johnson’s “Longevity Olympics.”

Rand@randhindi

My aging rate is now 0.68, placing me at the 14th position in @bryan_johnson 's rejuvenation olympics. Somehow launching a token has been *good* for my health 🤷‍♂️

2:00 PM · Sep 9, 2025 · 27.1K Views

113 Replies · 13 Reposts · 337 Likes

Kyle launched State Change — a video series exploring the divergence between exponential technology and linear societies. Each interview touches upon transformational tech and the downstream effects on humanity and the future. Episodes are shot in stunning, otherworldly locations: a brutalist parking structure, an abandoned 18th century church, a defunct Art Deco bank. Check it out for equal parts visual appeal and informed discussion.

Here’s to another year of turning science fiction into reality!