Run Multiply Labs' Series C as two concentrated waves: six lead targets first, seven co-lead candidates behind them, three strategics held for the syndicate

Asked:

“I have an investment in Multiply Labs. They are about to go out to raise their Series C. They are doing very well. After Cellares (their competitor) lost BMS as customer, Multiply is not the leader in robotic automation of cell and gene therapy. They also have close collaboration with NVIDA and have unannounced wins with Roche/Genentech to expand into antibodies, a much bigger market. They are looking to raise > $100M for their Series C at a minimum $1B valuation. Who would be a good list of tier-1 VCs they should approach.”

This report covers a 16-firm shortlist of institutional investors for a $100M+ Series C at a minimum $1B valuation, ranked by outreach priority into three tiers, each row backed by a public source. It is investor-targeting research, not investment, legal, or securities advice.

Two reading notes: the brief's phrase “not the leader” is treated here as intended to read “now the leader” after Cellares lost BMS — that is an assumption, not a verified fact — and the chip partner is NVIDIA. This page draws only on public information and excludes any unannounced customer or pipeline material, so it can be forwarded safely.

Priority landscape — 16 firms in three tiers

Colour marks the tier: blue = wave 1 lead targets, green = wave 2 lead or major co-lead, amber = strategic / crossover syndicate. Hover a firm for its evidence.

What the tiers cannot say alone

ARCH Venture Partners is the deepest cell-and-gene-therapy lead on the list — its cited portfolio spans Juno, Beam, Sana, Lyell, bluebird bio and National Resilience. archventure.com

NEA is the only wave-1 firm whose row explicitly states Series C among its stages (seed through IPO). parsers.vc

Perceptive’s cited $10M–$200M per-investment capability is a private-credit fund, so it is supporting/crossover capital unless its equity team engages. biospace.com

NVentures’ cited robotics/industrial-AI holdings (Dyna Robotics, Sight Machine, Luminary Cloud) make it a natural strategic syndicate seat given the existing NVIDIA collaboration — not the price-setting lead. arkpres.org

Fundraising strategy

Run a tight 4–6 week process. Open all wave-1 conversations in the same fortnight so term sheets land together; hold wave 2 one to two weeks behind as live competitive tension, not backfill.
Pair two anchors. Seek one healthcare/life-sciences lead (ARCH, Foresite, RA Capital profile) plus one AI/robotics or crossover anchor (a16z, Khosla, Coatue profile) so the round prices both the GMP-manufacturing story and the AI story.
Position as an AI-enabled GMP manufacturing platform spanning modalities, using only publicly announced traction and partnerships. Customer logos and confidential pipeline are disclosed only with the customer's authorization and under appropriate controls (NDA, clean-team, staged data room).
Require proof of capacity for a $100M+ cheque and follow-on reserves before granting deep diligence; note that Perceptive's cited $10M–$200M capability is private credit, so treat it as supporting/crossover capital unless its equity team engages.
Fix the valuation language early: state whether the $1B minimum is pre-money or post-money — on a $100M+ round the difference moves dilution materially.
Complete formal portfolio and conflict checks before outreach. Any Cellares investor, or any investor with a material competing-platform position, is conflict-screened and generally excluded from wave 1. Existing Multiply investors are asked for pro-rata, support, and introductions — not treated as cold new targets.

The shortlist, row by row

#	Firm	Wave	Stage / capital evidence	Relevant investments (as sourced)	Cellares conflict	Source
1	General Catalyst	Wave 1	—	Anduril, Castelion, Charm Industrial, Helsing, Nominal, Onebrief … (+5 more)	not established	generalcatalyst.com
2	ARCH Venture Partners	Wave 1	—	National Resilience, Illumina, Alnylam Pharmaceuticals, Juno Therapeutics, Receptos, Agios Pharmaceuticals … (+27 more)	not established	archventure.com
3	Andreessen Horowitz (a16z)	Wave 1	—	ElevenLabs, Cluely, Raspberry, Function Health, Slingshot AI, Captions … (+5 more)	not established	a16z.com
4	NEA	Wave 1	Seed, Series A, Series B, Series C, Series D, Series E, Series F, IPO, Grant	P-1 AI, Centralize, CuspAI, Wonder, Valarian, Databento … (+93 more)	not established	c.parsers.vc
5	GV	Wave 1	—	insitro, Isomorphic Labs	not established	gv.com
6	Khosla Ventures	Wave 1	seed-stage, early-stage, mature startups through an opportunity fund	OpenAI, Cognition, Sakana AI, Physical Intelligence	not established	edgen.tech
7	Foresite Capital	Wave 2	Early to late-stage	10x Genomics, Element Biosciences, Lyell Immunopharma, Inscripta, Relay Therapeutics, Gemini Therapeutics … (+1 more)	not established	foresitecapital.com
8	RA Capital Management	Wave 2	—	Element Biosciences	not established	racap.com
9	Perceptive Advisors	Wave 2	small and medium-sized companies to provide capital solutions in the range of $10 million to $200 million per investment	C4 Therapeutics, Pear Therapeutics, Solid Biosciences, Acerta Pharma, ArcherDx, LianBio	not established	biospace.com
10	Deerfield Management	Wave 2	Series B, Series C, equity funding	Elion Therapeutics, Neomorph, Cohere Health	not established	capitalaum.com
11	Coatue Management	Wave 2	—	OpenAI, Anthropic, GE Vernova, Vistra, CoreWeave, Hut 8	not established	backend.theenergymag.com
12	Lightspeed Venture Partners	Wave 2	—	Anthropic	not established	lsvp.com
13	8VC	Wave 2	Series A	Photys Therapeutics, Mantra Bio	not established	8vc.com
14	Temasek	Strategic / crossover syndicate	series C	Inovance	not established	en.wikipedia.org
15	SoftBank Vision Fund	Strategic / crossover syndicate	—	OpenAI	not established	outlookbusiness.com
16	NVentures	Strategic / crossover syndicate	—	Dyna Robotics, Sight Machine, Luminary Cloud	not established	arkpres.org

Investor-targeting scan for Multiply Labs' Series C: 16 firms, one row each, ranked by outreach priority into three waves. Stage, capital, portfolio and fit fields quote each row's cited public page; several sources are third-party trackers or news pages rather than the firm's own site, so treat those fields as indicative. A blank Cellares-conflict field means no conflict was established in this scan, not that the firm is conflict-free — all 16 rows are blank on this field. Long portfolio lists are truncated for space. Not investment, legal, or securities advice.

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