For any opportunity Pangaea considers, we have multiple comparables with related technologies addressing the same or similar markets.

People often ask us, “Where does Pangaea find all its deals?” The answer is quite proprietary: We’ve developed channels to over 120 universities and research centers; we are reading patents daily; we follow the work of individual researchers sometimes for years before engaging with an eye to invest. The key is that we generate the majority of our dealflow proactively, and with good reason.

Sure, some deals are reactive. Of course Pangaea has people approaching us with business plans. We…