UpSpring, during our tenure leading NM Angels, created a series of startup and high growth company investor case studies to show the types of entities into which New Mexicans invested and how they made money.
RiskSense
RiskSense was founded around research from New Mexico Tech and became a widely adopted cybersecurity platform used by government and enterprise customers.
In 2021, RiskSense was acquired by Ivanti, showing that NM Tech–born IP can scale nationally and integrate into global security products without relocating to Silicon Valley.
This Case Study was created by NM Angels to highlight exits and startup company investment returns for New Mexicans.
Read the RiskSense Exit Case Study
AIRO Group Holdings
AIRO Group Holdings, Inc. was formed through the merger of multiple aerospace and defense companies, including Albuquerque-based Aspen Avionics. The combined company generated significant economic value in New Mexico from high-wage jobs, tax revenue and capital investments.
The Company’s Initial Public Offering (IPO) in June, 2025, realized a successful exit for investors. NM VC Sun Mountain Capital played a key role in supporting Aspen’s growth and facilitating AIRO’s formation, all of which strengthened NM’s tech economy.
This Case Study was created by NM Angels to highlight exits and startup company investment returns for New Mexicans. Thanks to Sun Mountain Capital for contributing.
Read the Exit Case Study: AIRO Group Holdings Case Study
Enosemi
Enosemi is a semiconductor design startup building custom photonic-electronic chips for AI and high-speed computing. Though based in Silicon Valley, the company has solid New Mexico ties—its CEO, Matt Streshinsky, lives in Taos and is a Member of NM Angels.
This case study highlights how the New Mexico Vintage Fund’s investment backed a cutting-edge chip startup, deepened tech ties to New Mexico, and delivered a high-value exit in a short period.
Read the Investment Exit Case Study: Enosemi Case Study
Meow Wolf
Meow Wolf is a New Mexico-based certified B-Corp that continues to break boundaries in immersive entertainment. Founded in 2008, the collective opened its first permanent location in Santa Fe in 2016. The far-reaching vision for Meow Wolf required them to seek investors who embraced its business plan potential – the concept, artists and leadership team. The NM Angels invested early and just a couple years later, achieved a successful exit.
Read the Investment Exit Case Study: Meow Wolf Case Study
Vizzia Technologies
Vizzia Technologies was a portfolio company of the New Mexico Angels. In 2024, it was acquired by HID Global, a multinational manufacturer of secure identity products. The New Mexico Angels was able to accelerate the growth of Vizzia by providing connections, mentoring, and resources, ultimately leading to an exit.
Read the Investment Exit Case Study: Vizzia Case Study
