The Venture Codex

Participated · Series D · Feb 2022

MariaDB develops open-source database software that combines transactional and analytical processing for everyday applications. The company says its technology serves as the data backbone for services used by millions of people every day and can save customers up to 90% of total database costs. MariaDB emphasizes an open-source methodology that it argues can be successfully monetized across a wide audience. The company has closed a $104 million Series D private placement and is pursuing additional capital-access routes to accelerate its go-to-market. Management intends to become a publicly traded company via a SPAC merger to broaden its investor base and fund growth. Upon completion of the announced transaction the merged entity will be known as MariaDB plc and led by current CEO Michael Howard. MariaDB Corporation builds and operates SkySQL, an open-source cloud database and DBaaS platform. The company focuses on expanding SkySQL cloud operations to meet enterprise demand for cloud and open-source database architectures. MariaDB has acquired Clustrix and MammothDB to expand functionality and plans to use new funding to scale operations and improve SkySQL performance. The company cites large customers including DBS Bank, ServiceNow, Walgreens, Samsung and says more than 75% of the Fortune 500 run MariaDB in private and public clouds. MariaDB remains committed to open source through the MariaDB Foundation, whose members include Microsoft, Booking.com, Tencent and Alibaba. Management did not disclose revenue or user growth figures, but said the business has grown strongly and declined to provide specific growth metrics. MariaDB Corporation builds the MariaDB enterprise open-source relational database. Its database can be deployed on premises with commodity hardware, across public, private or hybrid clouds, and is available from major cloud providers. MariaDB’s products power ServiceNow’s cloud-based platform and run workflows for large enterprises. ServiceNow’s platform operates up to 85,000 MariaDB databases and serves more than 25 billion queries per hour. MariaDB and ServiceNow are collaborative development partners and have delivered real-time data definition language (DDL) in MariaDB TX 3.0. The companies are continuing to work on several database solutions, including a distributed database strategy to address the needs of their largest customers. Michael Howard is CEO. MariaDB develops an open-source database server that forked MySQL and is used in private, public and hybrid cloud deployments. The company claims around 12 million global users and is the default in several Linux distributions, extending reach by another ~60 million users; notable customers include Booking.com, HP, Virgin Mobile and Wikipedia. Formerly known as SkySQL, MariaDB was originally founded in 2009 and merged with Monty Program AB in 2013. The product’s pedigree traces to Michael 'Monty' Widenius, the founder of Monty Program and a creator of MySQL. Recent financing activity has driven a material uplift in valuation, reflecting investor interest in cloud infrastructure and open-source database alternatives. The company has received multiple rounds of institutional backing, including a prior €25 million investment from the European Investment Bank earlier in the year. MariaDB Corporation sells for‑profit solutions built on the MariaDB open‑source SQL fork maintained by the MariaDB Foundation. The company offers commercial implementations of the database and seeks to monetize growing adoption of the open‑source project. MariaDB reports roughly 9 million users and 12 million downloads and has experienced a “magnificent increase in revenue velocity.” Recent product plans focus on database and security features, temporal processing, and Internet of Things (IoT) use cases, with IoT cited as a likely area for the company's next acquisition. Management is shifting the company’s center of gravity from Finland toward the U.S., and recent funding will be used for marketing and new product launches.

Led · Series D · Sep 2017

OrthAlign manufactures KneeAlign, a computer-assisted navigation application for total knee replacement that has powered more than 65,000 surgeries and is supported by over 15 peer-reviewed studies. The company positions KneeAlign as a low-capital, sterile-field navigation alternative to large-console navigation and robotics, claiming reduced instrumentation and direct information delivery to surgeons. OrthAlign has expanded its commercial platform to include UniAlign for partial knee replacement and is developing HipAlign for total hip replacement; HipAlign was in limited user release with full commercialization slated for 2018. The company intends to transition from a single-solution provider to a platform technology provider serving total knee, partial knee, and total hip procedures. OrthAlign plans commercial expansion through hiring and programs in the U.S. and international markets. The business raised financing to support product development and continued commercial growth. OrthAlign, based in Aliso Viejo, CA, provides precision alignment technology and products for orthopedic surgeons. Its KneeAlign is a palm-sized, single-use device that provides both tibial and femoral navigation and is compatible with all implant systems. KneeAlign has been used in more than 21,000 cases worldwide. The company plans to launch OrthAlign Plus, a handheld navigation alternative for Total Hip Arthroplasty that allows surgeons to position the acetabular cup and measure leg length and offset; OrthAlign Plus is slated to be commercially available in early 2015. OrthAlign intends to use the $15M funding to launch the new hip product, increase sales and marketing activities, and continue international distributor expansion. The company is led by CEO William E. Maya. OrthAlign develops medical devices for computer-assisted surgery. The company is based in Laguna Beach. On February 8, 2010 it raised $5.16M in a Series A-2 funding round. The source of that funding was not announced by the firm. OrthAlign had previously raised capital from Okapi Venture Capital and Research Corporation Technologies. The new funding brings the company's total raised to just over $12.3M. OrthAlign is developing a line of computer-assisted surgical devices aimed at the total joint replacement market. The company is headquartered in Laguna Beach and is led by President and CEO Pieter Wolters. OrthAlign announced a $7.2M Series A financing to fund product development and commercialization. The round was led by Research Corporation Technologies and Okapi Venture Capital and included seed investors and other private backers. CEO Pieter Wolters and seed investors D. Ronald Yogada and Ned Scheetz were named as participants in the raise. Management said the proceeds will be used to finish developing the firm’s first products and bring them to market.

Led · Series A · May 2017

Gamevice develops an attachable gamepad controller that turns smartphones and tablets into hyper-advanced mobile gaming consoles. The company’s controllers are sold online and in approximately 490 Apple retail stores worldwide and support multiple iPhone and iPad models. Led by CEO Phillip Hyun, Gamevice offers products for iPhone 7/7 Plus, 6/6S/6 Plus/6S Plus, iPad Air, iPad Mini, and iPad Pro. The company is using new capital to launch additional products, increase production and global distribution, and expand its management team. David Jeon, formerly of Apple, Beats by Dre and Harman International, has joined as Head of Product Development. Kevin Chou, the former CEO of Kabam, has joined the company’s board.

Led · Series A · Jun 2016

Aivita Biomedical is an Irvine, Calif.-based biotechnology company specializing in innovative stem cell applications. Founded in 2016 by Dr. Hans S. Keirstead, the company advances commercial and clinical-stage programs in curative and regenerative medicines. It leverages expertise in stem cell growth and directed, high-purity differentiation to enable economical manufacturing systems. Those manufacturing systems support both its therapeutic pipeline and a commercial line of skin care products. Financially, Aivita held the first closing of a $25M Series B-2, raising $12.5M. The financing round was led by Matthew Katz with participation from other healthcare-focused venture capital firms; Katz was appointed to the company’s board and is head of the Zoo Station family office. Aivita Biomedical, founded in 2016 and based in Irvine, California, focuses on developing curative and regenerative medicines using human stem cells. Its ROOT OF SIGHT technology uses three-dimensional retina sheets created from human stem cells that are transplanted into the back of the eye to replace lost retina and improve visual acuity. The company also sells a commercial line of ROOT OF SKIN skin-care products and leverages its expertise in stem cell growth and directed, high-purity differentiation to enable manufacturing systems that support both its commercial line and therapeutic pipeline. Aivita received a $1.7M award from the California Institute for Regenerative Medicine (CIRM). The company intends to use the funds for further development of its stem cell-derived three-dimensional retina to treat vision loss. All proceeds from sales of ROOT OF SKIN support treatment of women with ovarian cancer. Aivita Biomedical is an Irvine, Calif.-based global biotech specializing in stem cell applications and regenerative/curative medicines. The company leverages stem cell growth and directed, high-purity differentiation to build manufacturing systems that support both its commercial skincare line and therapeutic pipeline. Its consumer brand, ROOT OF SKIN™, uses a proprietary actives complex called SourceCode Technology™, exclusively manufactured in its clinical-grade research facilities. Aivita has clinical-stage programs and commercial products; its lead therapeutic candidate is a patient-specific immunotherapy for advanced cancers, currently being used to treat ovarian cancer. The company intends to use new funding to advance clinical-stage programs, broaden consumer product offerings and hire additional staff. Aivita is led by CEO Dr. Hans Keirstead. Led by Dr. Hans Keirstead, AiVita Biomedical is advancing commercial and clinical-stage programs that leverage curative and regenerative medicines. Its active programs include a stem cell-based skin care product addressing key signs of aging and a novel cancer immunotherapy applicable to multiple solid tumor types. The company anticipates initiating a Phase II clinical trial to explore the efficacy of its immunotherapeutic approach in ovarian cancer within the year. AiVita completed a $2M Series A equity round and intends to use the proceeds for general operations and further development of its pipeline. Backers included California Technology Ventures, which will have its managing director Alex Suh join AiVita's board and holds the right to invest additional funds. The company is based in Irvine, CA.

Participated · Equity · May 2016

Spine Wave develops and commercializes medical devices for the treatment of spinal disorders, emphasizing novel, less-invasive and expandable technologies. Its product portfolio includes the StaXx® XD Expandable Device, the Leva® Interbody Device, the True Position® Pivoting Spacer, the Abacus® Lateral Spacer System, the XLR® II Lateral Access System, the Sniper® Spine System, the Annex® Adjacent Level System and the CapSure® PS3 Spine System. Several new products are currently in limited market release and the company anticipates the full commercial launch of seven major new products over the next 12–18 months. The company says it is undertaking its largest product portfolio expansion in its history and is recruiting new sales managers and independent distributors to support growth. Proceeds from the recent financing will be used to fund that portfolio expansion and support aggressive product launches.