The Venture Codex

Participated · Seed · Sep 2020

Biorez is a New Haven, Conn.-based medical device company advancing tendon and ligament repair. Led by President and CEO Kevin Rocco, the company developed the BioBrace implant, a porous collagen sponge reinforced with bioresorbable microfilaments. The BioBrace is intended to augment and reinforce a wide range of tendon and ligament procedures, including rotator cuff repair and ACL reconstruction. The products remain in the development stage and have not been approved by any regulatory agency, including the U.S. Food and Drug Administration. In September 2020 the company closed out $7.0M in seed financing, reflecting its current early-stage financing status. Soft Tissue Regeneration develops bioresorbable, implantable scaffolds and related devices for tendon and ligament repair, including the L-C Ligament® for ACL repair and regeneration. The company also markets STR GRAFT™, which received FDA 510(k) clearance in November 2012 for soft tissue augmentation and repair, and is developing a 3D braided surgical mesh for breast reconstruction and hernia repair. Founded in 2008 by Cato T. Laurencin, M.D., Ph.D., and Joseph Reilly, the company is based in New Haven, Connecticut. STR intends to use recent financing to complete a European Phase I clinical study and to advance the FDA regulatory process for L-C Ligament. Management includes president and CEO Joseph Reilly; three new board members joined following the financing.

Participated · Series D · Feb 2019

Presto Phoenix develops a voice artificial intelligence platform purpose-built for quick-service restaurant (QSR) drive-thrus. Its technology aims to increase restaurant revenue, cut labor costs, boost staff productivity, and improve the overall guest experience by automating order taking. The company positions its product as an enterprise solution that can be rapidly deployed across large QSR chains. A graduate of Y Combinator, Presto Phoenix plans to use newly raised capital to scale operations and accelerate product development. Management highlights the platform’s ability to serve high-volume, multi-location operators, although no user or revenue figures were disclosed. The firm’s recent funding underscores growing investor interest in applied voice AI within the food-service sector.

Participated · Series A · Nov 2018

Heyday provides expert skincare through a fleet of physical stores paired with expert-led services available virtually. The company raised $20M in a Series B to support growth and operations. Led by CEO and co-founder Adam Ross and Chief Experience Officer and co-founder Michael Pollak, Heyday plans to hire new people and scale its market position. Management intends to expand the brand through franchising its physical experience and to invest in innovations that deliver personalized skincare. Heyday aims to grow its physical footprint to hundreds of stores over the next five years. The Series B funding is positioned to underwrite that expansion and product/service innovation. Heyday operates brick-and-mortar facial studios and a redesigned website to provide a frictionless booking experience and personalized treatments using customer "Facial Records." Its sessions start at $65 for a 30-minute treatment. The company currently operates six locations, having started in New York City and recently opened its first Los Angeles store. Heyday positions its service between expensive high-end facials and low-quality cheap options, and says about 30 percent of its customers had never had a facial before. Leadership views facials as becoming a regular part of customers’ wellness routines and plans to grow both the physical footprint—particularly in LA—and its technology offerings. The physical stores remain a key pillar of the brand while the company continues investing in digital tools to win and service customers. Heyday operates a network of brick-and-mortar facial studios combined with an online storefront that sells personalized skincare products. The company offers 30-minute facials starting at $60 and emphasizes personalization powered by technology, which the founder describes as the firm's competitive moat. Heyday has opened four Manhattan locations staffed by more than 100 licensed skincare aestheticians, and reports that over 40% of clients visit at least once a month. Founder and CEO Adam Ross, who previously worked in investment banking, launched the concept to fill a gap between expensive high-end facials and low-quality low-cost options. The company plans to improve its online experience and build a detailed facial analysis tool with help from investor Lerer Hippeau, and is about to open a fifth New York store. Heyday is also eyeing expansion to Los Angeles and has raised capital to support growth.

Led · Series A · Oct 2018

Hero provides a medication management and adherence platform that helps caregivers monitor and gain insight into medication regimens and adherence for patients with chronic conditions. Led by Founder and CEO Kal Vepuri, the solution combines a passcode-protected countertop device, mobile apps, and a fill-and-delivery service. The countertop device eliminates pre-sorting and automatically stores, dispenses, tracks, reminds and intelligently orders refills based on doses remaining or expiration. The iOS and Android apps create and manage medication regimens, send notifications about taken or missed doses, provide real-time drug information, and track adherence over time. A fill service prompts and manages delivery of prescription medication, over-the-counter medication and supplements directly to the home at no added cost. The company raised $12m in a Series A round, strengthening its financial position to expand deployment and operations.

Participated · Series A · Aug 2018

Backbone is a cloud-based, next-generation workflow suite that centralizes design, development, and production information for consumer goods companies. Its SaaS platform, launched in July 2019, automates data import, integrates with apps like Shopify, NetSuite, and Slack, and replaces outdated PLM tools. Backbone’s product improves cross-functional visibility, speeds time to market, reduces revision cycles and waste, and supports data-backed decision making. The company works with more than 150 companies, including Allbirds, Warby Parker, Outdoor Voices, Uppababy, Serena & Lily, Betabrand, and Parachute Home. Recent funding was used to advance the platform and expand into fashion, furniture, home and hard goods, and textiles. Backbone plans to increase staffing, hire a Chief Operating Officer, and double headcount from about 50 to over 100 by Q2 2020. Financially, the company has closed an $18M Series A and has raised $23M in total to date. Backbone PLM is a cloud collaborative platform that automates design and production processes for consumer goods and direct-to-consumer brands. It enables teams to manage milestone calendars, create tech packs, iterate designs, and track factory communications, samples, approvals, cancellations, actions and purchase orders through to the end product. The platform aims to reduce lead times across the supply chain and help brands get products to market faster. Founded by brothers Matthew and Andrew Klein, the company works with more than 100 direct-to-consumer brands, including Allbirds, Kith, Outdoor Voices, Parachute Home, Stitch Fix and Warby Parker. Backbone is based in Boulder, Colorado and recently completed an $8M Series A financing, which included $6.7M in Series A equity plus a convertible note. The company says the investment will be used to accelerate growth and continue product innovation.