Sinai Capital Partners

The NATO Innovation Fund (NIF) was created to supercharge the Alliance’s unique innovation ecosystems. Allied talent and research in Science, Technology, Engineering, and Mathematics (STEM) are world-leading, but the market to support deep tech innovation is underfunded. With the NIF, we are creating a commercialisation machine in both the private and public sectors, backing innovators to secure the future for the Alliance's 1 billion citizens. Focus The NIF is a standalone EUR 1 billion venture capital fund supporting ambitious founders developing emerging and disruptive technologies. For us, high-impact verticals include artificial intelligence (AI), biotechnology, energy & propulsion, manufacturing, and space. We are passionate about autonomy, hypersonics, new materials and quantum, and want to shore up cutting-edge hardware and software. Rallying around NATO’s Emerging and Disruptive Technologies (EDTs), our focus will evolve in parallel with today’s rapid innovation environment. Artificial Intelligence (AI) Autonomy Quantum Biotechnologies Hypersonic Systems Space Novel Materials & Manufacturing Energy & Propulsion Next-Generation Communications Objectives With a long-term view, the NIF enables transformative technologies with the potential to shape our security for decades to come. Our mission is an essential one, and it holds us to seeking out cutting-edge developments that solve NATO's challenges through adoption in defence and security markets; bolstering the capacities of Allied innovation ecosystems; and ultimately driving the scale and success of our portfolio.

In the past 15 years, Canada’s innovation ecosystem has taken off. Startups, accelerators, incubators, investors, and forward-thinking policies have created a true hotbed of entrepreneurship. Bold ideas are flourishing, transformative ventures are thriving, and Canadian technology is reshaping industries, driving growth at home and societal impact worldwide. We could look back and self-applause our progress, but let’s be radically transparent: major challenges remain and there is still a lot left to be done. A majority of our technology companies are not achieving the global scale they legitimately could attain. They do not achieve their full potential; frequently selling prematurely instead of being the market consolidator and building for the long term. ​ A central cause of this problem is the lack of early-stage venture leadership and risk-taking at the true “inflection point” - when startups have early revenue, signs of product-market fit, and are ready to scale. Canada has no shortage of funds willing to follow on, but far too few are prepared to lead Seed and Series A rounds: to structure financings, set valuations, negotiate terms, and define the conditions for success. The “Death Valley” is real. Canadian venture capital lacks leadership, and needs to contribute more expertise. The “Death Valley” is the critical scaling stage that most companies fail to overcome. It happens as a company attempts to bridge the gap between early commercial success and achieving significant revenue scale. In 2024, roughly six in ten Canadian seed rounds included foreign investors, a dynamic that intensifies by Series A and beyond. Half of that was led by US Too often, the most promising Canadian startups saw their early rounds led by U.S. VCs. While we welcome foreign investors, global connections strengthen our ecosystem, Canada simply lacks enough lead investors to keep ownership at home. For early-stage and scale-up companies, the shortage of funding alternatives is a major barrier. Many of our best founders head south in search of stronger capital partners. The gap is readily filled by international investors, and who can blame them? Canadian founders are known to outperform and to be more capital efficient than their U.S. peers. The best founders will always attract global capital and seek out the strongest partners. But this comes at a cost. Every time leadership is ceded abroad, Canada loses ownership of its most successful businesses. An ecosystem of “follower investors” produces an economy of subsidiaries, when what we need are global leaders. The problem is twofold: not enough Canadian capital to lead at the inflection point, and not enough seasoned expertise to scale our champions. If you believe, as we do, that local technology champions will be the cornerstone of our future economic prosperity, then our ecosystem must level up. We need more early-stage capital that doesn’t just follow, but leads. Equity financing must evolve to deliver not only dollars, but expertise, resources, and technology to nurture local champions. Understandably so, when they lead funding rounds, most Canadian VC firms will either focus on the pre-seed stage, where the power-law is magnified and placing many small bets is more important than bringing expertise, or the growth stages (Series B+) where significant risk is already behind and larger checks drive the outcomes. A paradigm shift is required. New organizations must emerge that add real value and aren’t afraid to take the lead at the Seed stage. This is why we are launching Amiral Ventures. Amiral Ventures is a new venture capital firm on a mission to empower Canada’s most ambitious founders with dynamic capital and scaling expertise, building the next generation of technology flagships with lasting societal impact. Vaisseau Amiral (French for Flagship): A ship or building that is recognized for its size and strength, making it the pride of a fleet or an organization As entrepreneurs ourselves, we have utmost respect for the founder journey. We don’t just invest, we aim to deserve the right to partner with them along the way. Amiral creates the ecosystem where visionary founders thrive, with capital, expertise, global networks, and technology to fuel their growth. We’ve built scale-ups, felt the entrepreneurial highs and lows, and now channel that experience into backing the founders solving the world’s toughest problems. Prosperity Decoded Backing Canadian founders at seed to series-a to drive enterprise productivity, sustainability & resilience The challenges we face, low productivity, climate urgency, and fragile infrastructure, are systemic. But they also represent one of the greatest investment junctures of our time. New enterprise technologies, powered by AI and software, can equip leaders with transformative, mission-critical solutions. Productivity. Canada’s productivity gap is real—our workers produce only ~70% of what their U.S. peers achieve. The answer isn’t more talk, it’s action: applied AI, automation, robotics, and digital platforms. We back Canadian founders building these solutions at home and scaling them worldwide. Sustainability. Profitability and environmental impact can no longer be at odds. The transition to renewables and the optimization of energy use are urgent. Software and AI will be the linchpins of this shift, from clean energy production to efficient consumption. Resilience. Supply chains, industries, and critical infrastructure are under strain. Building resilience means more autonomy, security, and sovereignty, enabled by smart industry, robotics, digital twins, cybersecurity and intelligent manufacturing. More than just capital. Founders-led and founders-backed. Amiral Ventures will focus on leading early-stage rounds between theSeed and Series A and will actively support companies to achieve a strong global position. Capital is a commodity, expertise is not. An integral part of our investment thesis is having a dedicated impact team that will create value post-investment. Our initial focus is helping portfolio companies expand globally and seize international opportunities to scale. Over time, Amiral’s impact team will operate like a service organization, combining internal expertise, external networks, and proprietary technology to empower founders. Our goal is clear: every dollar invested by Amiral should deliver a measurable impact on a founder’s trajectory. Beyond the Amiral team’s expertise, we are surrounding ourselves by an unprecedented group of investors who are themselves founders, CEOs, CTOs, CROs, and not only share our vision but are eager to roll up their sleeves to help our flagship companies. ​Building an enduring franchise We are proudly Québécois but our market is much wider. We believe that for Québec & Canada to succeed, we must expand beyond our borders just like the Admiral butterfly. Papillon Amiral (French for Admiral Butterfly): Emblem of Québec, it is known for its rapid flight, its impressive migration, resilience and its noble appearance. Building a dynamic, resilient, and cleaner economy means securing local ownership while scaling globally. Amiral is an investment firm with an entrepreneurial mindset, built to create value for the next generation of innovators. We stand on the shoulders of the Canadian venture pioneers who came before us. History will mark the early 2020s as an inflection point. Technologies once magical are now everyday tools. The means to create prosperity are in our hands. But good is no longer good enough. High-paying jobs, economic development, and new technologies are necessary but we must also increase Canadian ownership in our champion companies, deploy smarter capital, and elevate our ecosystem. The “Death Valley” for Canadian startups must be crossed. Ambitious founders are ready to take flight on the global stage. Let’s build the next generation of Canadian flagships.

We founded HOF in 2016 to connect the most relentlessly ambitious founders to the capital and resources that they need to succeed, thereby accelerating the march towards a society of technologically-enabled abundance. Progress towards this goal cannot be achieved by backing “safe” ventures - for example, companies using already-proven technology and applying a formulaic business model. It can only be done by backing the visionary founders who build nascent platforms and take on fundamental technology or business model risk. The Next Steps Towards Abundance We believe that technologies that advance the march to abundance can come from unexpected domains, so we approach each new opportunity with an open mind. At the same time, we are constantly refining our theses about the most critical next steps in this march. Below are some of the technologies that we believe will see meaningful advancements over the next decade. Freedom from repetitive work through AI and automation Utopia cannot be achieved if people are bogged down by rote work for the majority of their waking lives, and yet, repetitive unfulfilling tasks are crucial to the function of many of the most productive companies. Thankfully, AI now has the potential to eliminate large swaths of this work. For example, new technologies such as large language models can now complete various cognitive tasks at similar proficiency to a human. If AI capabilities continue to accelerate at a rate faster than Moore’s Law, then billions of person-hours of repetitive work will be automated each year, and in some cases, AI will be capable of completing tasks that were previously intractable to even the most skilled humans. A multi-trillion dollar opportunity lies in both the infrastructure that powers this AI, as well as in the applications that deliver it. Freedom to transact and financial security Access to financial services, such as banking, credit, and insurance, are a key underpinning of an abundant society. Given some of our team members’ roots in developing economies, we are sensitive to the fact that this access is not yet a reality for much of the global population. Even those who do have access to such services are often subject to low quality user experiences, archaic processes, and exorbitant fees, making it difficult for them to transact or build meaningful wealth. Thankfully, in the last decade, proliferation of mobile phones has expanded access to core financial needs for many. Furthermore, we are optimistic that applications built on decentralized networks will ultimately serve as an important medium to extend financial services to those who have been barred from legacy institutions. Freedom from genetic disease and biological limitations Perhaps one of the most unfair realities of life is that some people are born with unfavorable genetics that expose them to greater disease risk and overall poor health. For example, just a single base-pair point mutation in the hemoglobin-beta gene causes sickle cell anemia, resulting in a lifetime of discomfort and a significantly reduced life expectancy. However, in 2012, a landmark paper demonstrated that clustered regularly interspaced short palindromic repeats (CRISPR) could enable scientists to edit specific sequences of DNA in a faster, more precise, and more cost-effective manner, enhancing humankind’s ability to change the previously immutable coding of life. Genetic engineering technologies like CRISPR have the potential to eliminate genetic diseases like sickle cell for hundreds of millions of people, an important step forward in the march towards utopia. In the long-term, we believe that a deeper understanding of genetics and biology will enable mankind to surpass other previously insurmountable limitations, such as aging and infertility. Interconnection of humanity In utopia, people can freely connect, form relationships, and transact with peers from across the world. Those of us who live in vibrant cities often take for granted the benefit of our surroundings; we are surrounded by accomplished and intelligent people, as well as great workplaces, nature, and entertainment. However, much of the world’s population does not have this experience, as they are isolated or surrounded by relatively homogenous populations. Internet access through smartphones and desktop computers have helped close this gap to some extent, but our world is still a far cry from utopia. As they reach maturity, new mediums such as virtual reality, augmented reality, and, in the long term, brain-computer interfaces, will facilitate new forms of commerce, entertainment, and work. The clouded horizon Some naysayers push back against the idea that technology company founders can help bring us closer to abundance. Popular sentiment in the media and politics is that these founders do more harm than good for society, often citing examples of oversight or unethical behavior by certain founders and presenting them as the norm. However, we believe that such instances of social harm are rare and vastly outweighed by the good achieved by mission-driven and relentless founders. The fact that the advancement of technology has been of net benefit to society is supported by a variety of data, including declining global poverty rates and growing global human development indices. In the last 20 years, nascent technology companies have produced countless prosocial and beneficial advances. Game-changing technologies advanced by venture-backed companies include reusable rockets, widely-accessible genome sequencing, conversational AI, affordable electric vehicles, as well as faster and more convenient access to education, communication, and entertainment. Without the efforts of the founders who brought about these innovations, society would be at great risk of stagnating on its march to abundance. Unfortunately, founders today are often met with extreme skepticism, criticism, and opposition, so they must be more relentless than ever before. The founders we back Although we believe that the future will be built by founders from all backgrounds and walks of life, the truth is that the responsibility of being a CEO of a venture-backed company is not for everyone - in fact, our observations suggest that only a small fraction of the population has the traits necessary to succeed in such a position. Given the high expectations of growth for venture-backed companies, exceptional leadership ability, work ethic, and clarity under pressure are table stakes for successful founders. Moreover, since outcomes for venture-backed businesses follow a power law distribution, the most accomplished founders tend not only to be hypercompetent but also possess an incredibly rare technical skill or personal characteristic that enables their success. For example, founders with the outlier trait of having a voracious appetite for computer programming from a young age were at a fundamental competitive advantage during the past several decades (e.g., Mark Zuckerberg, Larry Page, Bill Gates). Such an outlier trait can rarely be cultivated opportunistically - by the time the value of a specific trait becomes obvious, an oversaturation of competitors possessing that same trait usually emerges. This is why the best founders will include an overrepresented proportion of individuals who possess esoteric interests or neurodivergent tendencies in addition to exceptional communication ability and competence. This turns out to be a rare & zenlike combination of traits, hence why we are so excited to partner on the infrequent occasions when we come across individuals who possess it. Conclusion While headline news may grow increasingly pessimistic and certain groups may grow hostile towards technology, the march to abundance will continue thanks to the efforts of relentless entrepreneurs and the small army of employees, customers, and investors who take a chance to partner with them. Regardless of the distracting vicissitudes of market cycles, we remain dedicated to providing those entrepreneurs with not only capital but meaningful support and game-changing connections to help advance their missions.

CE-Ventures is the corporate venture capital platform of Crescent Enterprises, focusing on strategic investments in early- to late-stage high-growth companies and select venture funds globally. The platform was launched in 2017 and initially capitalised with $150 million to be invested by 2020, 50% of which is targeted towards the MENA region. CE-Ventures targets start-ups that offer synergies with Crescent Enterprises’ operations across supply chain management tech, medical tech, enterprise software as a service (SaaS), and niche consumer emerging tech, among others. The platform focuses on wide-ranging emerging technologies pervasive across industry sectors such as artificial intelligence (AI), the Internet of things (IoT), and blockchain. CE-Ventures partners with purpose-driven entrepreneurs and start-ups to catalyse disruptive technologies and generate long-term returns. Focus Areas EMERGING TECHNOLOGIES Artificial Intelligence Machine Learning Internet of Things Big data ENERGY-TECH Industrial drones Energy storage Cleantech Upstream oil & gas production ENTERPRISE/SAAS Cybersecurity Software Infrastructure FIN-TECH Payments & Infrastructure Open/Neo Banking Insure-tech MED-TECH Medical devices Biotech Healthcare services SUPPLY CHAIN MANAGEMENT TECHNOLOGIES Distribution Trucking & Last mile delivery Warehousing Related technologies ED-TECH Virtual classroom/Immersive learning (AR/VR) Learning management systems Collaborative & social learning Computer-aided assessment FOOD-TECH/AG-TECH Cloud kitchens Food e-commerce Smart Farming & Vertical Farming Drones & Robots

Lingotto’s Innovation Fund is a new $600mm+ AUM crossover (public & private) fund focused on making concentrated and long-term investments in companies operating at the cutting edge of technological and business-model innovation. Core to our investment thesis is the fact that market returns are dominated by extreme structural winners – we seek to identify decades-long secular trends and the management teams best positioned to capitalize on them in the early years. The senior team has a notable history of private investments including: OpenAI, SpaceX, Alibaba, Coupang, Stripe, Databricks, Spotify, Airbnb, Tempus, Recursion, Ginkgo Bioworks, Palantir, Epic Games, Joby Aviation, Indigo, Aira, Humane, H2 Green Steel. The Innovation Fund is co-managed by James Anderson (CIO & Managing Partner) and Morgan Samet (Co-Head & Managing Partner). James has over 40 years of investment experience – most recently as a Partner at Baillie Gifford, where he managed over £100bn in AUM throughout his tenure. As head of the firm’s flagship fund, the Scottish Mortgage Investment Trust, he delivered a +1,555% return vs. +354% for the FTSE all-world benchmark (between April 2000 and March 2022). He was instrumental in the firm’s move into private investing starting with Alibaba in 2012. Morgan has over 19 years of experience in private and public market investing. She has previously worked at Belfer Management, Pzena Investment Management, Thomas H. Lee Partners, and Goldman Sachs. She received her MBA from Harvard Business School. The Innovation Fund is a part of Lingotto, a $4.5bn+ investment management company supported with permanent capital from Exor and additional external LPs. Exor is one of Europe’s largest publicly traded holding companies. Its assets include companies like Stellantis (Fiat, Chrysler, Citroen), Ferrari, Philips, Juventus Football Club, the Economist and Christian Louboutin. Exor’s CEO is John Elkann (Chairman of Ferrari); its Chairman is Nitin Nohria (Executive Chairman of Thrive Capital and former Dean of Harvard Business School). Lingotto’s Chairman is George Osborne, former UK chancellor.

Focused on the rising consumption story in India and Indian SaaS companies catering to a global market. CONSUMER TECH Backing tech native businesses for India’s internet users and middle-class. AgriTech EdTech HealthTech SOFTWARE AS A SERVICE (SAAS) Backing product-led SaaS startups that can reach a global scale. Automation, Collaboration and Intelligence Vertical SaaS SaaS enabled marketplaces FINTECH Backing companies which manage finances in the most tech efficient way Vertical neo banks, lending Embedded Finance, infra APIs Insurtech Alternative investing DEEPTECH Backing companies solving deep engineering problems Artificial Intelligence Robotics / Drones Space tech and Semiconductors OUR APPROACH We invest in people rather than companies. From great entrepreneurs emerge great brands and companies. We are good listeners and that is a trait needed in our profession to grow. We have a non-intrusive approach and we completely believe in the entrepreneurs we have backed. An entrepreneur can think of us more as a resource and a sounding board. WHAT WE LOOK FORWe prefer to invest in mission driven founders who have relevant work experience and domain expertise Significant growth potential over the next 3 to 5 years. We prefer backing founders with at least 4-5 years of prior experience. Differentiated products or services that have strong ‘moats’ built around it. HOW WE INVESTWe invest in pre-seed and seed rounds. We invest ~US$ 250K per startup in the first round and then in follow-on rounds We are open to investing through convertible structures and instruments, however, we prefer straight equity. We generally prefer to co-invest along with other VC funds and micro VC funds In a larger round of fundraising – we co-invest with our select Limited Partners.