Olivier Le Blainvaux

Flagship Pioneering founded Lila Sciences in 2023 to remake one of the most important human inventions in history: the scientific method. How? By building fully autonomous science labs that enable AI to perform the scientific method itself – from hypothesis to experiment to analysis to iteration.  This idea grew out of the internal combination of FL96 and FL97, two earlier Flagship prototyping projects. With FL96 we asked, “What if machines could autonomously reimagine and reconstruct the physical (materials) world?” FL97 wondered, “What if machines could autonomously make life science advances?” Now, Lila is answering those questions.  Lila’s AI models don’t just regurgitate existing knowledge when tasked with a research question. They create new knowledge by connecting dots across incumbent scientific literature and traditionally siloed disciplines; generating novel hypotheses; and then designing and conducting experiments to test those hypotheses in our autonomous labs.  When this process repeats itself thousands or eventually millions of times in parallel, we believe it will lead to what we call scientific superintelligence — enabling new discoveries on a scale and at a pace that has never been achievable until now. Already, Lila’s team has made early molecular breakthroughs in therapeutics, energy, and carbon capture.  At a time when the challenges humanity faces seem to be accelerating, we must also accelerate our ability to find solutions. I believe Lila’s technology has the potential to do that, and to launch a new golden age of science in the process. Today, I’m proud to welcome a ​new group of investors who have joined Lila’s Series A fundraising round, adding another $235M to the $200M we’ve already raised and bringing the total to $435M. This is an important foundation for Lila’s next phase of discovery and growth. Our work is just beginning. https://lnkd.in/eHGVYaaJ 

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Why I Don't Sign NDAs for Early-Stage Founders — And Why Founders Shouldn't Ask Your idea is your baby. I get it. But for VC, asking for an NDA before sharing that idea isn't protecting your future - it's limiting it. In my latest article, I break down why NDAs create more problems than they solve for founders seeking early-stage funding. I explain why VCs structurally cannot sign them (reviewing 1,500+ decks annually makes this impossible), why they signal inexperience rather than caution, and most importantly - why your execution matters infinitely more than your idea. If you're a founder worried about idea theft, this perspective might change how you approach investor conversations forever. I explain why trust is the real compounding currency in venture capital - not legal protection.

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The VC secondary market is on fire. But many LPs are rushing in without fully appreciating the risks. VenCap International plc has been active in VC secondaries (LP positions only) since 1987 — and this is one of the hottest markets we’ve seen. In the first half of 2025 we reviewed $6.5bn of secondary VC deals — a 41% jump from the $4.6bn we saw in the same period last year. This includes both GP-led and LP-led deals. Here are 4 lessons we've learned from nearly 40 years of buying secondaries: 1️⃣ Power law still rules – a few companies will drive most returns. 2️⃣ Quality over discount – our best deal was bought at a premium to NAV. 3️⃣ Know the valuation policy – different VCs can value the same company very differently. 4️⃣ Factor in manager behavior – holding winners vs. selling early can make or break returns. VC secondaries ≠ PE secondaries. The risks are different — but for LPs who can access the right deal, at the right price, the rewards can be exceptional.

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𝐏𝐄 𝐯𝐬. 𝐕𝐂 𝐢𝐧 𝐄𝐮𝐫𝐨𝐩𝐞: 𝐀 𝐭𝐚𝐥𝐞 𝐨𝐟 𝐭𝐰𝐨 𝐟𝐨𝐨𝐭𝐩𝐫𝐢𝐧𝐭𝐬 Our latest data at Gain.pro highlights how PE and VC firms invest across Europe: ▪ PE-backed businesses are widely spread across the continent ▪ VC-owned assets are clustered in cities 📊 Sector focus drives this: – VC assets = 47% TMT (vs. 17% for PE) → drawn to innovation hubs – PE = 24% Services + 22% Industrials (vs. 13% & 7% for VC) → broader geographic reach beyond capitals 🌍 Top destinations: – Both: London & Paris lead – VC: 25% of assets in 11 cities (Berlin, Munich, Amsterdam next) – PE: 25% spread across 22 cities (Stockholm, Milan, Madrid stand out) ➡️ Same continent. Very different maps.

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Excited to announce Antares Ventures' investment in enaDyne’s €7 million seed round, co-led by Amadeus APEX Technology Fund (APEX Ventures, Amadeus Capital Partners) and my friends Victor Pascucci III and Stefano Galiasso of Energy Capital Ventures®️, alongside Possible Ventures and returning angels Germany-based enaDyne, led by Philipp Hahn and Christian Koch, has developed modular non-thermal plasma reactors that cut industrial emissions like CF₄, PFAS, NOX, and VOCs while turning them into basic chemicals such as ethylene and methanol, essential feedstocks for industries like packaging, textiles, and electronics. For Asia, with fast-growing manufacturing, large semiconductor footprints, and a heavy reliance on imported petrochemicals, the impact is clear: cleaner air and more local production. At Antares, we see industrial decarbonisation not only as an environmental imperative but also as a defining opportunity for Asia’s next growth chapter. enaDyne’s technology can scale into semiconductor fabs, petrochemical plants, and renewable energy facilities, creating cleaner air and greater resource independence for the region. Full announcement here: https://lnkd.in/gXNNTNpf #AntaresVentures #AsiaGrowthMarkets #ScalingInnovation #VentureCapital #Investment #AntaresPortfolio #IndustrialDecarbonisation Michael Gryseels Louis Christian Volk Murayama Milena Nikolova

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