The Venture Codex

Participated · Series A · Oct 2023

iink offers a digital, automated workflow that integrates with mortgage servicing banks and insurance carriers to expedite payments and reduce administrative burden in property insurance claims. Its three core products are a cash-flow lending component that can fund contractors in as little as two business days, remote deposit capture and multiparty check processing, and the ability to work with mortgage companies on contractors’ behalf. Pricing includes a free-tier remote check solution with a one-time $299 setup fee, other components priced up to 1.95% of the claim check per month plus additional fees, and a subscription option for unlimited use. Over the past 12 months iink has doubled its customer count and is averaging about $72 million in insurance claim dollar volume processed; the company says revenue has tripled in that period. The company was founded in 2017 and is based in Tampa. It plans to deploy new capital into scalability and automation, expanding its customer base and integrations, channel partnerships, and hiring in engineering and business functions. iink Payments is a Tampa, FL-based provider of a digital payments network that connects and facilitates the flow of money and information between all stakeholders involved in the payments lifecycle. Led by CEO Tom McGrath, the company focuses on restoring insured properties back to pre-loss condition by streamlining payments and approvals among insurers, mortgage servicers, and lienholders. In February 2022 the company raised $3.0M in a Seed II funding round to support growth. The round was led by Grand Ventures, with participation from Springtime Ventures, Simplex Ventures, Motivate Venture Capital, and Green Egg Ventures. The company intends to use the funds to invest in strategic integrations with mortgage servicing banks and insurance carriers to digitize lienholder approvals. No operating metrics or additional financial details were disclosed in the article. iink Payments operates a digital payments network that expedites disbursement of funds associated with multi-party property insurance claims. It runs an Advanced Funding program that provides short-term advances to restoration contractors facing insurance-related cash-flow constraints. The company says it helps restore insured properties up to 60 times faster by connecting and facilitating the flow of money and information between stakeholders. The recently closed $6 million debt facility, with an accordion up to $100 million, will be used to fund the rapidly expanding Advanced Funding program. With storm season approaching, iink plans to deploy the capital to assist thousands of property owners and ensure contractors are paid on time and with ease, according to CEO and co-founder Tom McGrath. iink Payments operates a digital payments network focused on expediting disbursement of funds associated with multi-party property insurance claims. The company integrates with carriers and banking partners to enable faster communication and settlement across complex claim flows. It plans to use recent funding to grow its existing network and to double down on integrations with core systems of its carrier and banking partners. Leadership is led by CEO and co-founder Tom McGrath and the company is based in Tampa, FL. The company raised $2.8M in Seed funding to support these growth and integration efforts. Tony Ford, former CTO of Marqeta, will be joining iink’s board.

Led · Series A · Jan 2023

Raven.ai builds data contextualization software for frontline operations, combining proprietary IoT/edge devices and AI to unite diverse manufacturing data into an accurate timeline. Led by CEO Martin Cloake and based in Ottawa, Canada, the company designs operator-first solutions for manufacturers globally across Discrete, Food and Beverage, Pharmaceuticals, Agri-Food, and Healthcare. Its platform integrates varied data sources to deliver timely, contextualized information to operators on the production floor. Raven.ai raised USD$12M in a Series A financing. The company intends to use the funds to continue rapid expansion of its capabilities and to accelerate product development and scaling. Raven Telemetry develops mobile hardware, software, and cloud-based analytics driven by artificial intelligence to deliver real-time recommendations and productivity insights for plant managers, supervisors, and machine operators. The company is led by CEO Martin Cloake and was launched in 2013. Its customer base includes Hitachi, David’s Tea, Teledyne, and Danaher. Raven intends to use the new funding to continue expanding operations and its business reach. The article notes the company raised equity financing of $6.1M. The business is based in Ottawa, Canada.

Participated · Equity · Sep 2022

PowerToFly operates an end-to-end diversity recruiting and retention platform that brings passive and active talent, community groups, and companies together. The platform lets users meet hiring managers, attend summits and events, watch thousands of upskilling videos, and network with peers free of charge. Led by cofounders Katharine Zaleski (Cofounder and President) and Milena Berry (Cofounder and CEO), the company focuses on empowering underrepresented talent across races, ages, ethnicities, sexual orientations, abilities, veteran statuses, and gender identities. PowerToFly reports that millions of diverse professionals visit the platform each year. The company raised over $30M in funding and plans to use proceeds to build a membership portal for HR and People Operations leaders with on-demand DEIB courses and anonymous comparative data insights. It will also use the funds to support continued growth of its existing products and free professional development courses. PowerToFly operates an online job-placement marketplace that helps experienced women find remote-friendly roles and builds a community to keep users engaged. Women can post profiles for free and companies can search candidates for free; PowerToFly is paid only when a woman is hired and it manages payments and contracts. The company launched in August 2014 and was founded by Katharine Zaleski and Milena Berry. It initially focused on tech but has expanded into writing and editorial, marketing and public relations, sales, and operations. As of the article, PowerToFly has processed about $2.5 million in pay, placed at least 54 women, and reports roughly 75% of placements are in tech with nearly 1,000 companies listing jobs on the site. The founders said they raised the new capital to accelerate growth after seeing strong demand from hiring managers for diverse candidate pipelines.

Participated · Series C · Mar 2020

VIDA offers the VIDA Intelligence Portal, an AI-powered platform that supports clinical trial decentralization and improves site recruitment, onboarding, staff training, image data management and data quality. Five months after launching the Portal, demand expanded VIDA’s network to more than 1,000 sites and drove substantial increases in bookings and annual recurring revenue. The company also markets VIDA Insights, a complementary data-driven solution authorized for use in Japan in April 2022 to aid lung care teams at the point of care. VIDA is using product and commercial momentum to accelerate innovation and broader adoption in the biopharma market for clinical data intelligence. Leadership additions and planned strategic senior hires are intended to support rapid commercial growth and operational scale. The company is actively showcasing its solutions at industry conferences to drive awareness and adoption. Vida Diagnostics develops AI-powered CT imaging software and services to aid early detection, evaluation and treatment planning for patients with or at risk of respiratory and lung diseases. Led by CEO Susan A. Wood, Ph.D., the company targets conditions including emphysema, COPD, asthma, interstitial lung disease and lung cancer. Its software and services are FDA cleared, CE-marked, Health Canada licensed and TGA registered for clinical use in the US, EEA, Canada and Australia. Vida plans to use the funds to accelerate development and commercialization of its solutions and to impact patient care for both traditional respiratory diseases and emergent COVID-19 conditions. The company received a $2M second close from OSF Ventures that augmented an $11M tranche announced the prior month, completing a $13M Series C funding round. Based in Coraville, Iowa, Vida is focusing on broader commercial adoption of its AI imaging solutions. Vida Diagnostics develops AI-powered CT imaging software and services to aid early detection, evaluation, and treatment planning for patients with or at risk of lung diseases. Its core product is the LungPrint® solution suite, which the company plans to commercialize more broadly and expand clinically. The company raised an $11M initial close of its Series C financing to accelerate commercialization and expand LungPrint’s clinical portfolio. Vida’s offerings are FDA cleared, CE-marked, Health Canada licensed and TGA registered for clinical use. The technology targets conditions including emphysema, COPD, asthma, interstitial lung disease and lung cancer. The company is led by Susan A. Wood, Ph.D., CEO. Vida Diagnostics develops AI-powered lung analysis software called LungPrint, a fully automated analysis of inspiratory chest CT scans that flags lung density abnormalities indicative of emphysema or interstitial lung disease. The company positions its solution to improve patient outcomes, elevate quality of care, and lower overall health care costs by addressing the growing burden of pulmonary disease. Vida entered a strategic partnership with UnityPoint Health Ventures to develop and commercialize LungPrint and drive adoption across clinical settings. The partnership grants Vida access to UnityPoint Health’s multi-state network of hospitals and clinics and to clinical experts who will inform the company’s product roadmap and commercialization efforts. Vida also secured non-dilutive funding from the Iowa Economic Development Authority. The company is led by CEO Susan A. Wood, Ph.D., and is based in Coralville, Iowa. Vida Diagnostics offers a lung informatics solution that combines image analysis services (Precision Services) with software visualization and analytics (VIDA|vision). The product suite spans diagnostic and therapeutic planning applications for pulmonary disease management. VIDA|vision provides airway mapping software to guide bronchoscopic biopsy for suspected lung cancer and delivers advanced, clinically-validated measures to inform treatment selection for severe emphysema patients. The company serves clinicians treating lung cancer, COPD, and asthma. Vida intends to use the financing to hire additional personnel and enhance its clinical software and services. The company is led by President and CEO Susan A. Wood, Ph.D., and also maintains an office in Minneapolis, MN.

Participated · Equity · Oct 2019

Razberi Technologies builds intelligent appliances, automated cybersecurity, and health-monitoring software to simplify management and security of video surveillance and network-connected devices. Its appliances are compatible with a wide range of video management software and network cameras. The company has won more than ten awards for cybersecurity and video surveillance, including three Best New Product awards in 2019. Razberi is headquartered in Dallas. The company announced a $5.8 million investment to support growth and product rollouts. Management says the funds will be used to expand market coverage and deliver new products, and Razberi intends to bring on additional investors in the coming months. Razberi develops and manufactures network video solutions for professional video surveillance and security applications. Its ServerSwitch appliances combine a network video recorder, a PoE switch, storage, and open-platform Video Management Software (VMS) into a single solution. The company is led by CEO Tom Galvin and is based in Carrollton, Texas. Razberi raised $3.5M in capital in the reported round and intends to use the funds for product development and business growth. Security industry veteran Ken Boyda joined as non-executive Chairman of the Board of Directors following the round.