Firms

Refactor Capital

Refactor Capital

Burlingame, California, United States

signal.nfx.comrefactor.com

Refactor Capital is a US seed-stage hard technology venture capital firm led by founder and solo General Partner Zal Bilimoria. Its current refactor.com site explicitly identifies one employee and five flagship funds; it backs companies across applied biology, neuroscience-related health, energy, aerospace, critical materials, robotics, manufacturing and AI infrastructure. The official adviser record identifies Refactor Capital Management, LLC, CRD308137 and SEC exempt-reporting-adviser number802-127607. The current website dates founding to2015, while the firm’s2024 press release dates public launch to2016. Historical founders, advisers and2016 fund-GP managers are not treated as current employees. Bilimoria previously worked in technology product roles, including YouTube monetization and Netflix mobile, joined Andreessen Horowitz in2013 and helped launch its first Bio Fund before founding Refactor. The current strategy describes typical USD1–2M seed investments and approximately USD300M assets managed across funds and SPVs; these are strategy/AUM disclosures, not actual individual tickets or separate fund closes. Primary regulatory filings verify FundII soldUSD30M byOctober2019, FundIII soldUSD50M byJune2021, FundIV soldUSD50M byJune2024 and FundV soldUSD50M byMay2026. The2016 first-fund filing listed aUSD50M offering target with zero sold; it is retained as a real legal vehicle with unknown verified closed amount, without treating the target as cash. The current website’s FundV post displaysJune4,2026 but its posts index showsMay7; theMay6 SEC actualsold disclosure is used as a financial reporting date, not a guessed final closing day. Its public portfolio includes living-neuron biological computing companyTBC, mental-health companyAtlas, PathAI intelligent pathology, Akasa healthcare AI, CausalLabs physics foundation models and other bio/deeptech companies. Source portfolio relationships do not by themselves establish round dates, tickets or follow-on participation. ModuloBio’s original2023 issuer financing names Refactor as an actual buyer; its issuer owner verifies that participation separately. All legacy institutional and personal investment IDs, outside roles and private attributes are preserved.

Founded
—
Type
Venture capital

Funds5

  • Refactor Capital V, L.P.$50M
  • Refactor Capital IV, L.P.$50M
  • Refactor Capital III, L.P.$50M
  • Refactor Capital II, L.P.$30M
  • Refactor Capital, L.P. (first flagship)—

Team

Zal Bilimoria
Zal Bilimoria

Refactor Capital, Founding and Managing Partner (current solo General Partner)

$1M$100K – $2M

Co-investing

Y Combinator
Fifty Years
Cantos
Temasek Holdings (Private) Limited
Baillie Gifford

Investments

$8M2023-06-01Modulo BioCantos, Initialized Capital, Bioverge Inc, Hawktail, Builders VC, Spacecadet Ventures, Refactor Capital
$25M2026-02-12The Biological Computing CompanyPrimary Venture Partners, Refactor Capital, Builders VC, Wonder Ventures, Tusk Ventures, E1 Ventures
$7M2024-07-03Granza BioFelicis, Y Combinator, Metaplanet, Zeon Ventures, Refactor Capital, Pioneer Fund, Oxford Angel Fund
$40M2024-04-22Rubedo Life SciencesKhosla Ventures, Vinod Khosla, Ahren Innovation Capital, Hevolution Foundation, R42, Modi Ventures, Cerigo Investments, Shanda Group, Refactor Capital, LongeVC, Italian Angels for Growth
$200M2022-11-02SolugenFifty Years, Temasek Holdings (Private) Limited, Refactor Capital, Lowercarbon Capital, Baillie Gifford, Kinnevik
$50M2021-12-14OpheliaGeneral Catalyst, 640 Oxford, Menlo Ventures, Refactor Capital, Tiger Global Management, LLC, Interplay Ventures
$350M2021-09-09SolugenFifty Years, Temasek Holdings (Private) Limited, GIC Private Limited, Refactor Capital, Y Combinator, Carbon Direct Capital
$72M2021-08-05KnowdeSequoia, TQ Ventures, Coatue Management LLC, Mantis VC, Refactor Capital, Cantos
$15M2021-04-22OpheliaGeneral Catalyst, Menlo Ventures, Refactor Capital, Y Combinator
$—2020-05-12OpheliaGeneral Catalyst, Refactor Capital, Y Combinator