• Jobvite

  Participated · Series D · Oct 2014

  Jobvite builds cloud-based recruitment and applicant tracking software and is positioning itself as an end-to-end talent acquisition platform. The company is integrating machine learning and conversational tools to automate parts of sourcing and screening. It acquired Talemetry (recruitment marketing), RolePoint (employee referrals and internal mobility), and Canvas (a text-based conversational screening bot) to broaden its product set. Management and investors say the capital will accelerate a platform strategy that consolidates fragmented recruitment workflows. The combined business will serve more than 2,000 customers, including Schneider Electric, Lenovo, Santander, PayPal, Genuine Parts and Panasonic. Jobvite’s valuation for this round was not disclosed; PitchBook’s last (very old) valuation from 2014 was around $150 million. Jobvite provides a recruitment-as-marketing platform that distributes job openings across job boards and social networks and measures how those postings perform. The company emphasizes proactive recruitment tools and the ability to build marketing-style databases of prospects who are not yet applicants. Jobvite reports more than 35 million site visitors in the last year and has processed over 30 million job applications since opening for business in 2003. It counts more than 1,600 paying customers, including Starbucks, Twitter, Farmers Insurance and nine of the last 11 top tech IPOs. Management says revenue per customer under its SaaS model is significantly higher than customer acquisition costs and that churn is very low, though the company is not disclosing overall revenues or profitability. Jobvite plans to use new capital to double down on its singular focus on recruitment rather than diversify into other HR areas. Jobvite develops web-based social recruiting applications and an applicant tracking platform sold on a subscription basis. Its software enables companies to leverage dozens of social networks and other digital platforms to drive referral hires and is designed for use by all employees, not only recruiters or hiring managers. Jobvite provides real-time analytics so managers can track the status of searches, identify areas for improvement, and optimize recruiting spend. The company says its customers hire 10% of referral applicants versus 1% of general applicants, citing TiVo (referral hires rose from 23% to 39% over three years) and Shutterfly (hires referral candidates at 12× the rate of other sources). Jobvite serves over 500 companies, its customer base has grown 600% in two years, and customers include Zappos, Yelp, Groupon, Twitter, WholeFoods and Starbucks. Financially, Jobvite raised $15 million in a Series C and has now raised over $30 million in total capital. Jobvite is a San Francisco-based provider of innovative recruitment solutions for employers. The company focuses on delivering recruitment technology and services to meet hiring needs. It plans to use new funding to accelerate product innovation and meet growing customer demand. Jobvite completed an $8.25M Series B led by ATA Ventures, following a $7.2M Series A in 2007 from CMEA Capital. The financing brings Jobvite’s total funding to date to $15.45M. CEO Dan Finnigan said the company’s growth demonstrates market need and cited team additions and ongoing technology advancements.

• Sorbent Therapeutics

  Participated · Series D · May 2014

  Sorbent Therapeutics develops non-absorbed polymeric drugs targeting large cardiovascular and renal markets such as heart failure, chronic kidney disease and hypertension. Its lead product, CLP-1001, is a cross-linked polyelectrolyte polymer intended to selectively bind to and remove excess water and sodium in the GI tract. The company completed enrollment of 275 patients in its Phase 2b STEPWISE clinical trial of CLP-1001. Proceeds from the recent financing will support continued development of CLP-1001 and general corporate operations. The company is led by President and CEO Detlef Albrecht, M.D. and is based in Sunnyvale, California. Sorbent Therapeutics is a Sunnyvale, California-based biopharmaceutical company focused on therapies for cardiovascular and renal disorders. Its lead program, CLP1001, is being developed for heart failure. According to the company, the addition of CLP1001 to the treatment regimen in heart failure patients may address fluid overload and the risk of hyperkalemia related to the use of multiple RAAS blockers. The company raised an additional $36m in Series B financing, bringing the total raised in this second round to $53m. The financing was led by new shareholder Novartis Venture Funds with participation from existing backers Sofinnova Ventures, ARCH Venture Partners, CMEA Capital and AgeChem. Sorbent intends to use the funds to complete Phase 2 for CLP1001, and Markus Goebel of Novartis Venture Funds has joined the company's board of directors. Sorbent Therapeutics is developing CLP 1001, a non-absorbed polymer-based drug intended to remove sodium and fluid from patients' gastrointestinal tracts to reduce fluid buildup between dialysis sessions. The drug is designed to be non-systemic and is intended to remove clinically significant amounts of sodium and fluid, with the company hoping to show sodium removal and blood-pressure reduction in trials. The current Series B proceeds will fund a Phase 2 clinical trial of CLP 1001, which is expected to wrap up early next year. Sorbent also plans to investigate alternative delivery formats for CLP 1001 beyond capsules — including gels, suspensions or a chocolate bar-like form. The company additionally has pipeline programs targeting chronic kidney disease, hypertension and congestive heart failure. Company leadership includes co-founder and CEO Donald Joseph and co-founder/CFO William Rajski.

• Arcadia Biosciences

  Participated · Series D · May 2014

  Arcadia Biosciences develops agronomic performance and nutrition trait technologies aimed at improving environmental outcomes and human health. Its trait portfolio includes Nitrogen Use Efficiency, Water Use Efficiency, Salt Tolerance, Heat Tolerance, and Herbicide Tolerance; it also markets SONOVA® 400 GLA safflower oil. The company has granted more than 70 technology licenses worldwide and reports licensee progress across multiple crops. Arcadia is pursuing regulatory submissions based on Nitrogen Use Efficiency data and notes regulatory field trials for stress-tolerant soybeans (via Verdeca LLC, its joint venture with Bioceres) completed in Argentina and the US, with a first submission anticipated in 2014. Proceeds from the Series D will be used to accelerate development and commercial launch of products and to generate key data for commercial regulatory approvals. The company is based in Davis, California. Arcadia Biosciences develops agricultural technologies and health-oriented grain products, including agronomic traits such as nutrient use efficiency, water efficiency, salt tolerance, heat tolerance, and herbicide tolerance. The company is advancing a research program to identify genetic variants that naturally reduce the most harmful components of gluten in cereal grains. Arcadia’s internal research team will collaborate with Dr. Karol Sestak at Tulane University on the current project. The work builds on a prior NIH award conducted with Dr. Diter von Wettstein at Washington State University. The company says its goal is to create wholesome reduced-gluten grains to expand food choices for people with gluten intolerance and celiac disease. Arcadia is based in Davis, Calif. Arcadia Biosciences is a Davis, CA-based agricultural technology company developing technologies and products intended to benefit the environment and human health. The company is working on wheat varieties with reduced celiac disease–causing proteins and applied TILLING® high-throughput genetic screening in Phase I to identify low-toxic-protein plants. Arcadia received a two-year, $855,500 STTR Phase II grant funded by the NIDDK and the ARRA to support Phase II development in partnership with Washington State University. Phase II will take a broader approach to remove a larger number of toxic proteins while maintaining proteins critical for bread-making. Arcadia believes removing targeted toxic proteins could increase beneficial proteins and potentially yield more nutritious bread. The company operates additional facilities in Seattle and Phoenix and expects to complete Phase II research in mid-2011; no commercialization timeline has been released. Arcadia Biosciences is a Davis, Calif.–based company that engineers crops for agricultural efficiency and human-health qualities. Its first commercial product is GLA Safflower Oil, modified for high gamma-linolenic-acid (GLA) content to make foods containing it more hearty and healthy. Arcadia plans to launch the GLA Safflower Oil by the end of the year in partnership with Bioriginal Food and Science. The company has previously developed infused canola oil and rice and has engineered corn and wheat plants that require less nitrogen fertilizer to thrive. Financially, Arcadia raised $15 million in a recent second round led by Exeter Life Sciences and had previously raised $30 million. An additional $10 million is noted in connection with its 2005 purchase of agricultural firm Anawah.

• Neos Therapeutics

  Participated · Series C · Mar 2014

  Neos Therapeutics develops extended‑release and controlled‑release oral formulations for Attention‑Deficit Hyperactivity Disorder (ADHD), including oral disintegrating tablets (ODT) and liquid suspensions. The company has three proprietary products in late‑stage development and a late‑stage pipeline focused on patient‑friendly dosage forms. It also manufactures and markets a generic of Tussionex® extended‑release oral suspension for cough and upper respiratory symptoms. Led by President and CEO Vipin K. Garg, Ph.D., Neos is pursuing regulatory approvals for its candidates. The company completed a $20.6M funding round to support ongoing development. Planned uses of proceeds include the FDA review of NT‑0102 and submission of NDAs for an amphetamine XR‑ODT and an amphetamine XR‑Liquid Suspension. Neos Therapeutics is a Grand Prairie, TX‑based oral drug delivery company focused on controlled‑release (CR) products for ADHD. The company develops and manufactures FDA‑approved drug products leveraging proprietary delivery technologies, including Dynamic Time Release Suspension® (DTRS®) and Rapidly Disintegrating Ionic Masking™ (RDIM™). Its technologies enable delivery of CR small‑molecule APIs in liquid and orally disintegrating tablet (ODT) dosage forms. Neos advances targeted proprietary Rx products by utilizing APIs that are already FDA‑approved to reduce development and regulatory risk and pursue the NDA approval pathway. Led by CEO Vipin K. Garg, Ph.D., the company recently raised financing and plans to use proceeds to obtain FDA approval for three ADHD products, expand its CR ODT and CR liquid programs, and refinance existing debt. Neos Therapeutics develops and manufactures FDA‑targeted drug products that use proprietary delivery technologies (DTRS® and RDIM™) to provide controlled‑release small‑molecule APIs in liquid and orally disintegrating tablet forms. The company pursues products built on APIs that are already FDA‑approved to reduce development and regulatory risk and accelerate NDAs. Its late‑stage pipeline includes three ADHD products being developed with its controlled‑release technologies. Neos recently commercialized a generic extended‑release cough/cold product (a generic of Tussionex®) that it developed and manufactures. The company completed an oversubscribed additional Series C financing to strengthen its financial position. Proceeds are intended to support FDA approvals of the existing pipeline and to expand the use of its CR technologies to additional ODT and liquid products.

• Auspex Pharmaceuticals

  Participated · Series E · Jan 2014

  Auspex Pharmaceuticals is a clinical-stage biopharmaceutical company based in La Jolla, CA, focused on developing and commercializing novel medicines for the treatment of orphan diseases. Its pipeline includes product candidates addressing hyperkinetic movement disorders such as chorea associated with Huntington’s disease, tardive dyskinesia and Tourette syndrome, as well as other orphan indications. The company’s lead program, SD-809, is in Phase 3 clinical development for the treatment of chorea associated with Huntington’s disease. Auspex is led by President and CEO Pratik Shah, Ph.D. The company completed two separate financings totaling $35M and will use the funds to advance SD-809. Gerald Proehl joined the company’s Board of Directors, replacing David Collier. Auspex Pharmaceuticals, founded in 2001 and based in San Diego, is a clinical-stage biotechnology company led by executive chairman Pratik Shah. Its core platform integrates deuterium, a non-radioactive isotope of hydrogen, into previously approved drugs to increase half-life and potentially reduce dosage. The company’s lead compound, SD-809, is a deuterium-substituted analogue of tetrabenazine aimed at treating hyperkinetic movement disorders such as Huntington’s disease. Auspex is preparing to enter Phase 3 clinical trials for SD-809. To supplement working capital during this transition, the company received an undisclosed term loan from Square 1 Bank. Auspex Pharmaceuticals is a privately held biopharmaceutical company in La Jolla that pioneers the use of deuterium in medicinal chemistry. Its lead compound, SD-809, is a novel VMAT‑2 inhibitor being developed for hyperkinetic movement disorders including Huntington’s disease, Tourette syndrome and tardive dyskinesia. The company says SD-809 may offer improved safety, reduced drug–drug interactions, and less frequent dosing versus existing therapies. Auspex is advancing a portfolio that also includes SD-900 (a JAK kinase inhibitor for autoimmune diseases) and SD-560 (for fibrotic diseases). The new financing is intended to advance the development of these molecules and accelerate SD-809’s clinical program. Management expects SD-809’s Phase 3 development to begin in the first half of 2013.

No current team members are available.