Participated · Series A · Mar 2021

ETHIX360 provides compliance-as-a-service technology to customers in its region. The company is five years old and moved its headquarters to Charlotte in 2017 through an acquisition. Its cofounders, J Rollins and Bob Latchford, are longtime local startup leaders who previously held C-level roles at Optoro. ETHIX360 has business reach and roots in the D.C./Baltimore/Charlotte region. The company recently completed a financing event, signaling outside investor interest in its offering.

Participated · Equity · Feb 2018

BurnAlong is a Baltimore-based, employer-focused online health, wellness, and fitness platform co-founded and co-led by Daniel Freedman and Mike Kott. It delivers subscription-based programmatic health and wellness content through video technology and a social motivation platform to employers, insurers, municipalities, non-profits and health systems. Content is provided by a network of more than 1,000 wellness professionals teaching across 45 categories, from cardio, yoga, mindfulness and nutrition to mental health, specialty areas and chronic conditions including cancer, diabetes, Parkinson’s and adaptive workouts for people with disabilities. Clients range from Fortune 500 companies to municipalities, school districts, construction companies, banks, tech companies, insurers and hospitals. The company raised $7M in a funding round led by Triventures. In conjunction with the financing, Triventures Managing Partner Michal Geva will join BurnAlong’s board alongside Pernille Spiers-Lopez and Josh Fidler. BurnAlong is a Pikesville-based streaming video health and wellness platform offering fitness, health and wellness classes and enabling people to work out together in groups. The company partners with employers and institutions who provide platform access to employees and members. A sampling of clients includes McCormick, Brown Advisory, Johns Hopkins and the City of Baltimore. BurnAlong said business is accelerating as remote work and closed fitness centers drive demand. The company plans to hire following the new funding. It raised $4 million in fresh funding and previously raised $1.5 million in 2019. BurnAlong operates a platform that offers streaming health and fitness classes. The company said it will use new funding to support expansion efforts, according to co-CEO Daniel Freedman. BurnAlong raised $1.5 million in fresh funding that includes participation from a new undisclosed investor and existing backers. The company previously raised a total of $2.3 million over two rounds in 2018. Investors in those 2018 rounds included Sid Stolz, Brown Advisory, Machem Capital, Macks Managed Investments, and Baltimore Angels. The article does not disclose operating metrics, valuation, instrument types, or location. BurnAlong offers a streaming platform that lets companies provide employees access to health and fitness classes. The company is expanding its offering following a $1.3 million seed round. Cofounder Daniel Freedman announced the raise. BurnAlong added two new board members with experience scaling companies to support growth, including Pernille Spiers‑Lopez. Spiers‑Lopez is the former global head of HR for IKEA and served as president of IKEA North America, leading expansion from 15 to 38 stores between 2001 and 2009. Cofounder Mike Kott said her experience guiding successful growth and building vibrant cultures will help as the company seeks to expand. BurnAlong is a streaming fitness class platform led by Daniel Freedman and based in Owings Mills, Md. The platform lets people work out online with top instructors from gyms and studios across the country, either on their own or live with friends they invite. BurnAlong currently partners with hundreds of local gyms, studios, and wellness professionals and is available via website and iOS and Android apps. It offers monthly (first month free), annual, and corporate subscription options. The company raised $1M in funding from Baltimore Angels, Brown Advisory, Machem Capital and Johns Hopkins University. BurnAlong intends to use the funds to expand operations and broaden its business reach.

Participated · Seed · Jun 2017

Emocha Health is a Baltimore, Maryland-based digital health company that offers Digital Medication Adherence Programs enabling patients to take every dose via video technology and scalable human engagement. It partners with health plans, health systems, employers and health departments across the U.S. to improve adherence for patients with diabetes, asthma, tuberculosis and other chronic and infectious diseases. The company operates a remote clinical team of nurses and pharmacists that engages patients at scale. Emocha raised $6.2M in a Series A to expand strategic integrations and grow its remote clinical team. The funding is intended to help respond to demand from health plans and transplant centers across the United States. Sebastian Seiguer is CEO. emocha Mobile Health builds a mobile video technology platform used to support medication adherence for tuberculosis and other conditions. The platform is currently in use at sites in California and Puerto Rico and a Maryland phase showed 94% patient adherence and average public-health savings of $1,391 per patient. Researchers from Johns Hopkins School of Medicine will use a $1M NIH Small Business Innovation Research grant to evaluate the platform at those sites and at a third site in Minnesota where it is not yet in use; the study will run two years. The grant will also fund pilots in Guam and New Jersey. emocha is beginning a second phase of research, funded by a separate federal grant, to evaluate use of the platform for buprenorphine treatment for opioid addiction at the University of Washington and Boston Medical Center. The company has about 12 employees and is recruiting for roles in design and development. emocha Mobile Health is a Baltimore, MD-based medication adherence platform provider that uses video-based technology. The company closed a $1M seed funding round from a group of investors. It will use the funds to expand sales efforts and tailor the technology for opioid use disorder treatment. Led by CEO Sebastian Seiguer, emocha provides a video-based adherence platform powered by healthcare providers. The company works with payers, providers, and health departments to reduce costs and support patients with conditions such as tuberculosis, hepatitis C, and opioid addiction.

Participated · Series A · Feb 2016

Protenus is a Baltimore-based healthcare compliance analytics firm that uses AI-powered analytics to detect unauthorized EMR snooping and narcotic drug diversion. The company provides compliance analytics that give privacy, pharmacy, and compliance teams full insight into how health data is being used and alerts them to inappropriate activity. Protenus says it helps thousands of hospitals reduce risk and scale compliance. The company has been recognized by Forbes, CB Insights, KLAS, Modern Healthcare, the Baltimore Business Journal, the Baltimore Sun, and Gartner. Protenus announced a $21M Series D to accelerate growth and continued product innovation. All existing investors — including Transformation Capital, Providence Ventures, F-Prime Capital, Kaiser Permanente Ventures, Arthur Ventures and Lionbird — were joined by MemorialCare and Gaingels in the round. Protenus provides a healthcare compliance analytics platform that uses artificial intelligence to audit every access to patient records for health systems. The platform proactively identifies risks across organizations, including inappropriate access to patient data and theft or misuse of controlled substances by hospital staff. It alerts privacy, security and compliance teams to inappropriate activity and gives healthcare leaders insight into how data is being used. Protenus says the solution helps partner hospitals make decisions to protect data, patients and institutions. The company was founded in 2014 by Nick Culbertson and Robert Lord and is based in Baltimore, MD. With the new funding, Protenus intends to accelerate sales. Protenus provides a comprehensive health data auditing and privacy monitoring platform that uses artificial intelligence to analyze every single action inside a medical record system. The platform is currently used by top health systems and academic medical centers across the country. The company raised $11M in a Series B to accelerate sales and customer support hiring and to invest in R&D to expand platform capabilities. Protenus was founded in 2014 by CEO Nick Culbertson and is based in Baltimore, MD. Protenus builds AI-driven software to protect patient privacy and prevent health data breaches across hospital electronic health records and associated systems. The platform leverages an array of artificial intelligence techniques to model clinical and administrative workflows and determine the appropriateness of each user action. It identifies anomalous behaviors within a hospital’s EHR and related systems to help ensure trust throughout data systems. The company said it will use the new funding to continue product development, expand product offerings and accelerate sales growth. Protenus is based in Baltimore and was founded in 2014. Senior leaders include President Robert Lord and CEO Nick Culbertson. Protenus develops a cybersecurity product described as an “immune system” for healthcare that detects violations of privacy rules such as HIPAA and prioritizes suspicious access events. The system can be deployed on-premises or in the cloud and sends targeted alerts when records are accessed. Founders Robert Lord and Nick Culbertson met at Johns Hopkins and the team includes data scientists, engineers, and designers who iterated the product through pilots and customer interviews. Early customers and pilots included Johns Hopkins and a pilot at Inova Health System; the company was part of DreamIt Health Baltimore’s 2014 accelerator class. Following a seed round and pilots, Protenus planned to scale sales and marketing and expand headcount from about 14 employees by roughly 10 more hires. The company is based in Baltimore and intends to use its Series A to accelerate growth while remaining opportunistic about hires and product implementation needs.

Participated · Series A · Dec 2015

Allovue builds education finance tools and services to help K-12 school districts and state education departments budget, track spending, and allocate resources. Its flagship product, Balance, is an online platform that integrates with existing accounting systems to enable collaborative staffing and spending plans, view account balances, track expenditures, and connect budgets to performance metrics. The company supports budgeting approaches including zero-based budgeting, weighted-student funding, and priority-based budgeting, and emphasizes real-time collaboration and data quality control. Allovue has helped districts uncover unspent grants and accounting errors, reallocate millions of dollars, and redistribute hundreds of millions to the school level to increase principal autonomy and resource equity. The company serves systems covering over one million K-12 public school students and offers supplemental services such as funding equity analysis, diagnostic surveys, and financial management training. Founded in 2013 and based in Baltimore, Allovue has 25 employees and has raised a total of $13 million to date. Allovue builds budgeting and finance software for school districts, including its Balance product. The company has focused on district budgeting since releasing a dedicated budget module for Balance in 2017. It plans to expand product offerings related to ESSA finance regulations and will use new funding for those product efforts as well as general growth and expansion. Allovue raised bridge financing to capitalize on short-term opportunities and high customer demand driven by the regulatory environment. The company is considering a larger Series B as part of its long-term growth strategy. Allovue provides K-12 public school districts with Balance, a financial analysis platform that consolidates budgets, vendor transactions, general ledger balances and other accounting data into a single dashboard. The platform also enables district leaders to analyze spending alongside non-financial metrics such as attendance, student achievement and demographics. Clients named in the article include New Haven Public Schools, Indianapolis Public Schools, Pueblo District 70 and Santa Ana Unified School District. The company recently partnered with Pivot Learning Partners as part of the Bill and Melinda Gates Foundation’s Smarter School Spending initiative to assist districts with LCFF and LCAP allocations. Led by CEO Jess Gartner, Allovue intends to use the new funds to expand its customer success and leadership teams and accelerate product development. The company reported having 10 employees and plans to add 35 people in 2016 while expanding nationally with new offices in Denver and the Bay Area. Allovue builds Balance, a software product that connects with K-12 school financial systems to allow administrators and other school employees to track financial information daily. The platform surfaces finances alongside education performance indicators such as test scores and attendance, enabling decision-making that weighs spending against outcomes. Balance is being piloted in Baltimore city schools and New Haven Public Schools. Allovue is rolling out a diagnostic and training program to help principals manage their own budgets. The company says it will use new funding to expand its reach and add additional features to the platform. CEO and founder Jess Gartner framed the work as giving school leaders the tools and training to make better spending decisions for students. Allovue builds education resource planning and analytics software that lets district officials, principals and school administrators visualize, analyze and optimize the impact of spending on educational outcomes. Its flagship product, Balance: The Education Finance Suite, contains applications to analyze school budgets, track and forecast expenditures, identify trends over time and plan for future capital investments. The company is led by CEO and founder Jess Gartner. Allovue closed an $800k seed funding to support product development. The funds are intended to launch a district-level product and to enhance the school version in 2014. The company graduated from the 2013 AccelerateBaltimore cohort run by the Emerging Technology Center and the Abell Foundation.