Participated · Seed · Mar 2023

Salt Labs builds loyalty and financial-technology products for employers and hourly employees, centered on a loyalty-earned asset called Salt that employees can allocate and spend. Launched in late 2022 by Jason Lee and Rob Law (founders of DailyPay), the company piloted in Puerto Rico across restaurants and hospitality, where one in seven hourly workers in key sectors now earn Salt. Salt can be spent on everyday items, aspirational experiences, and financial savings products. Since inception more than 75,000 Salt users have mined over 7 million Salt. The company recently raised an additional $8M, bringing total funding to $18M. It intends to use the funds to expand operations and bring Salt to large enterprises across the USA; the company is based in New York City. Salt Labs is building a rewards platform that lets frontline and hourly workers earn a virtual currency called Salt for every hour worked, redeemable for goods, experiences, or transferable to family and friends. The company emerged from stealth with a closed alpha of about 100 participants and currently has ten employees. Salt plans to launch broadly in early spring and intends to add a vesting feature that awards additional rewards for tenure at a job. The founders say the product aims to modernize total rewards and help workers own long-term value from their work. Salt Labs was cofounded by Jason Lee and Rob Law, who previously founded DailyPay. The company raised capital to build out its initial team, advance product development, and execute its go-to-market strategy.

Participated · Series B · Oct 2022

Jiko combines the protections of a regulated national bank with a modern technology stack that automatically invests deposits in U.S. Treasury bills, giving clients a safe, yield-generating alternative to traditional demand deposits. Its API-driven platform allows institutions to hold and move corporate cash, settle high-volume transactions in real time, and access liquidity 24/7. The company recently launched JikoNet, a continuous fiat-settlement network purpose-built for institutions that need round-the-clock U.S.-dollar transfers. Jiko’s privacy-first architecture minimizes counter-party risk while maintaining compliance through its broker-dealer, Jiko Securities, Inc., and its banking division, Jiko Bank. The model has attracted digital-asset firms that require faster, safer on- and off-ramps between fiat and crypto markets. Industry veteran Breanne Madigan has joined as Managing Director and Head of Digital Assets to accelerate penetration of the crypto and fintech sectors. Although the company did not disclose revenue or user figures, it highlighted growing institutional adoption through new partnerships with Coinbase, Crypto.com, Bitso, and Blockstream Capital Partners.

Participated · Series E · Feb 2022

Somatus operates a value-based kidney care model that combines proprietary technology, multi-disciplinary community-based care teams, and partnerships with nephrologists and primary care physicians to prevent disease progression and improve outcomes. The company delivers personalized, in-home care and support and focuses on prevention, awareness, increasing home dialysis use, and raising transplantation rates. Somatus has expanded rapidly, launching six new health plan partners in 2021, growing membership and reach, and adding more than 1,000 team members to exceed 1,350 total teammates. In 2022 the company will serve over 150,000 members across 34 states, spanning Medicare, Medicare Advantage, Medicaid, and Commercial plans. The model emphasizes lowering total cost of care through integrated, evidence-based interventions. Somatus is using recent funding to further expand its proven care model and build a nationwide network of providers and connected patients. Somatus delivers integrated, value-based kidney care using a vertically integrated clinical services model and a proprietary RenalIQ technology platform that powers field-based care teams. The company combines multiple data sets to predict undiagnosed disease, disease progression, utilization, and the likelihood of unplanned dialysis starts, and pairs that intelligence with specialized renal clinicians and community-based team members. Somatus reports serving more than 20,000 chronic kidney disease and end-stage kidney disease patients across six states and employs roughly a 300-person team. The model emphasizes evidence-based care pathways, personalized outreach, higher use of home dialysis modalities, and increased rates of kidney transplantation, and has produced quality and cost outcomes for partners. Somatus plans to scale its model nationally, expand partnerships with health plans, invest in technology and product development, and grow its workforce. The company will also release a patient-facing mobile application to help patients monitor kidney health goals, connect virtually with care teams, access micro-learning modules, and track transplant journeys. Somatus delivers longitudinal dialysis and care management services to patients on behalf of health system and payer customers. The company partners with enterprise customers to design population health strategies that mobilize disparate community-based care teams, prioritize lower-cost home-based therapies, and manage total cost of care for kidney populations. It operates a technology and service platform that supports those services. Somatus intends to use the Series B proceeds to extend the capabilities of its technology and service platform and to fund expansion into additional markets. Founded in 2016 and based in Vienna, Va., the company was co-founded by Dr. Ikenna Okezie (CEO) and Tony Welters (Chairman); Dr. Ramon Mendez serves as VP Medical Affairs. The company contracts with health systems and payers to deliver and manage kidney care.

Led · Series E · May 2021

Sera Prognostics develops blood-based biomarker tests focused on maternal and neonatal health. Its first commercial product, the PreTRM® Test, is a clinically validated, commercially available blood-based biomarker test to accurately predict the risk of preterm birth. The company is led by Chairman and CEO Gregory C. Critchfield, M.D., M.S. Sera is building a pipeline of additional blood-based biomarker tests to predict other major pregnancy-related conditions beyond preterm birth. With the new financing the company plans to commercialize PreTRM® more broadly and accelerate development of its pipeline. It also intends to develop testing capacity to serve over 3 million annual U.S. pregnancies that are candidates for the PreTRM® Test. Sera Prognostics develops diagnostics to improve prenatal care by predicting individualized risk of preterm birth and other pregnancy complications. Its core product, the PreTRM test, is the only clinically-validated, commercially available biomarker blood test that assesses a woman’s individualized risk of premature delivery as early as 19 weeks' gestation. PreTRM measures proteins in the blood that are highly predictive of spontaneous preterm birth and is intended to enable earlier, more proactive clinical decisions designed to prolong gestation, improve neonatal health, and lower healthcare costs. The company plans to increase commercialization of PreTRM and to measure real-world clinical improvements and economic savings in collaboration with top health plans and providers. Sera is presented as a leading authority in biomarker preterm birth risk prediction, citing a key scientific publication in Obstetrics & Gynecology. Sera Prognostics is located in Salt Lake City, Utah. Sera Prognostics, based in Salt Lake City, Utah, develops women's health diagnostics aimed at improving outcomes for pregnant women and newborns. Its lead product, the PreTRM test, uses a routine second‑trimester blood sample to provide an early, individualized assessment of a woman's risk of preterm birth. The company planned to launch PreTRM in 2015; upon U.S. launch commercial testing will be performed at its CLIA laboratory with results returned to referring physicians. Sera received a $10M debt facility from Square 1 Bank and intends to use the proceeds to increase commercialization efforts. The PreTRM test is intended to enable physicians to better understand individualized preterm birth risk earlier in pregnancy and personalize care. Sera Prognostics develops tests to diagnose preterm birth and other pregnancy complications. The company is based in Salt Lake City, UT. Its lead product is a preterm birth diagnostic test that the company is preparing for commercial launch. The company plans to use newly raised funds for clinical trials and the commercial launch of that test. Sera raised $19.3M in a Series A financing to support these plans. As part of the financing, representatives from lead investors will join the company's board and the company appointed Gregory C. Critchfield, M.D. as CEO.

Led · Equity · May 2021

Sharecare offers a suite of digital health and population-health products and has expanded its AI capabilities through acquisitions, notably Healthways' population health business and Doc.AI. The company licenses tools such as Doc.AI's Covid-19 evaluation tool and a mental-health chatbot to health plans, and works with plans on claims analytics and predicting medical events. CEO Jeff Arnold has described the company's aim as building a "Facebook for health" to drive vaccinations, mental-health support, care navigation and next-best-action guidance. Financially, reported revenue declined from $342 million in 2018 to $328 million in 2020, with a net loss of $61 million in 2020 (vs. $39M in 2019 and $55M in 2018). Sharecare projects revenue of $396 million in 2021 and $512 million in 2022, and says sales have picked up since the pandemic slowdown, adding clients such as Delta Air Lines. The company is pursuing a public listing via a SPAC merger while continuing to deepen strategic partnerships with payers like Anthem. Sharecare operates a comprehensive digital engagement and virtual care platform that delivers personalized health content, clinically validated tools, and provider solutions to individuals, employers, health plans, and providers. The platform includes data management tools and artificial intelligence capabilities to identify and close gaps in care and to enable providers to prescribe digital therapeutics and clinical programs through a secure, unified interface. Sharecare plans to co-develop consumer-facing offerings with health system partners and to integrate with electronic medical records to personalize care and improve outcomes. In Summer 2021 Sharecare’s virtual care platform was slated to roll out to Wellstar’s 24,000 team members. To support these strategic partnerships and custom development, Wellstar made a $10 million strategic investment in Sharecare. Sharecare also announced a definitive merger agreement with Falcon Capital Acquisition Corp. on February 12, 2021. Sharecare operates a comprehensive mobile health platform that provides personalized health profiles, evidence‑based programs, coaching tools and connections to health professionals and services. The platform serves individuals and also enables providers, employers and health plans to scale outcomes‑based health and wellness solutions across populations. Sharecare emphasizes data‑driven, frictionless technologies and clinically validated protocols to move users from assessment to action. The company highlights plans to expand its impact on individual and community well‑being, including initiatives focused on Georgia. Sharecare is based in Atlanta and Columbus, Georgia, and says partnerships like the one with Aflac will help accelerate its mission. Financially, the company reports it has raised more than $425 million in total capital since founding. Sharecare is an AI-powered digital health platform that leverages smartphones to give users access to personalized care and health management in a single place. Founded in 2010 and based in Atlanta, GA, the company applies artificial intelligence to aggregated behavioral data in real time to personalize recommendations and predict and influence positive outcomes. Its platform targets employees, health plan members, patients, caregivers and self-motivated individuals, driving daily engagement through a holistic focus on health. Sharecare aggregates a critical mass of behavioral data to deliver tailored recommendations and simplify health management for individuals. The company is led by president Justin Ferrero and was founded by Jeff Arnold and Dr. Mehmet Oz. The article does not disclose revenues or user metrics. Sharecare provides a comprehensive digital health platform that integrates personalization, interoperability and daily engagement to connect people with the healthcare system. The company has focused on population health solutions for large employers and health plans in addition to its provider and consumer offerings. Sharecare has integrated capabilities through building and acquisitions, including its 2016 acquisition of Healthways, and offers programs such as Dr. Ornish’s Program for Reversing Heart Disease. HMSA is rolling out Sharecare’s platform statewide in Hawaii, with ambassadors and employees already onboarded and deployment to all residents expected this summer. Sharecare plans to make the platform available to other health plans and employers and to add additional content, including the Blue Zones Project and Dr. Ornish program later this year. The company has said it is developing immersive health experiences that integrate virtual reality and 360-degree video to improve health engagement.