Fund I · 2021 Vintage · Top decile globally

Performance that placed Fund I in the top 10% of its global vintage.

Boson Eoarchean Fund I — our predecessor fund — invested into Australian deep tech from 2021. In a cohort where 85% of peers remain at zero DPI, Fund I has already returned cash while holding 92% of its value unrealised.

3.27×
TVPI
33.85%
Net IRR
23.6%
DPI
As of Q1 2026 · Fund I, Year 5 · per IPEV standards
Fund I performance · in context

A tough vintage. We outperformed the median and the top quartile.

The 2021 vintage launched into peak valuations and exited into a contracted IPO market — 85% of peers in this cohort still report zero DPI. Fund I has already begun distributing capital and ranks in the top decile of its global vintage on TVPI.

Metric (Q1 2026)
Boson Fund I
Top 10% peers
Median peers
TVPI
3.27×
2.10×
1.15×
DPI
23.6%
15%
0%
Net IRR
33.85%
18%
2%
Peer benchmarks from Cambridge Associates 2021 vintage VC index, Q1 2026 cut. 92% of Fund I value remains unrealised per IPEV standards — material upside still to be realised.
Fund I portfolio

Eight investments. Lower mortality than the 2021 vintage average — and top-decile performance.

Eoarchean Fund I was sector-agnostic — first-cheque investments across fintech, SaaS, advanced manufacturing, and bio. Two write-offs out of eight is below 2021-vintage norms; six performing positions carry the fund. Boson Newton II narrows the strategy to deep tech: bio & medical, advanced manufacturing, AI & robotics.

9.5×
Hello Clever
AI-native real-time payments infrastructure for Australian merchants.
Fintech · AI
7.0×
Fiable
Compliance automation platform serving regulated financial institutions.
RegTech
5.0×
Kite Magnetics
High-performance soft magnetic alloys for next-generation electric motors.
Advanced manufacturing
3.5×
Osara
Clinical-stage biotech advancing novel therapeutics through partnerships.
Bio & med
3.5×
AINC
Industrial AI inference platform for vision and process automation.
AI · industrial
1.0×
Catalyser
Workplace giving and impact measurement infrastructure.
SaaS
Wound down
0×
Loop+
Workplace community platform. Strong team, wrong market timing. Wound down 2024.
SaaS
Wound down
0×
Storipress
Modern publishing platform for independent media. Wound down 2024 after pivot did not reach product-market fit.
SaaS · Media tech
Multiples reported at fair value per IPEV guidelines, Q1 2026. Past performance is not indicative of future results.
Case study · Fund I

Kite Magnetics

5.0× MOIC at Q1 2026

Kite Magnetics develops nanocrystalline soft magnetic alloys that cut electric motor losses by more than half. Their material is the missing link for the next decade of electric aviation, heavy-duty EVs, and grid-scale machines — a market the IEA puts at over US$60B by 2035.

Boson led Kite's seed round in 2022 alongside Monash University, supported the founders through Series A pricing, and brokered the introductions into the Greater China industrial-customer pipeline that now underwrites their growth thesis.

5.0×
Current MOIC
Lead
Seed round
2022
First check
The thesis continues

Boson Newton Fund II carries Fund I's playbook forward.

Newton II is now open to new investors. Same team. Same thesis — Australian deep tech, with structural advantages in sourcing, technical due diligence, and the Greater China commercialisation corridor. Earlier stage, larger fund, sharper sector focus.

Read about Newton Fund II

Boson Eoarchean Fund I is closed to new investors. This page describes historical performance for context only. Performance figures are unaudited, calculated per IPEV guidelines as of Q1 2026, and subject to change. 92% of value is unrealised. Past performance is not indicative of future results. Read full disclaimer.