
First Analysis
One South Wacker Drive, Suite 3900, Chicago, Illinois, 60606, United States
Overview
First Analysis is a leading venture capital investor. They have one of the longest records (30 years) in venture capital, having invested more than $750 million across multiple highly diversified funds. First Analysis invests mainly in the United States with a focus on our sectors of expertise: technology/software, healthcare, services, and clean-tech/chemicals. They help established companies become profitable leaders in large markets, funding growth plans and working closely with management in areas including strategy, recruitment, sales and marketing, and corporate development. Their flexible approach targets investing $3-10 million as lead investor or as a syndicate partner who brings valuable perspective to the table.
- Total investments
- 43
- Lead investments
- 22
- Investments · 12mo
- 1
- Active investors
- 9
Sector focus
- Banking
- Financial Services
- Venture Capital
Investment portfolio
- Cycle Labs
Led · Series B · Dec 2025
Cycle Labs builds the Cycle® Continuous Test Automation Platform, a purpose-built solution that automates testing across intertwined software stacks and physical supply-chain processes. The platform is designed for manufacturers, 3PLs, distributors, and retailers that need to adopt new technologies quickly while minimizing operational risk. By replacing slow, manual testing with automated workflows, Cycle Labs helps customers implement system updates and operational changes with greater speed and confidence. The company positions itself as the only vendor focused specifically on supply-chain test automation. With fresh capital, management plans to accelerate product and AI innovation, broaden global reach, and deepen strategic partnerships. Although no revenue or user metrics were disclosed, the new funding underscores continued investor confidence in the firm's growth trajectory.
- SynergySuite
Participated · Equity · Aug 2025
SynergySuite builds an AI-powered back-of-house platform designed to simplify operations and help restaurant brands scale smarter. Its proprietary AI engine leverages machine learning and large language models to deliver real-time inventory tracking, AI-powered forecasting and dynamic ordering, intelligent labor planning, automated royalty tracking, and franchise rollup tools. The platform emphasizes deep integrations with leading POS, payroll, accounting, and vendor management systems to provide unified visibility across complex corporate, franchisee, and hybrid networks. SynergySuite is trusted by brands such as Pollo Campero, Tropical Smoothie Cafe, and Shipley Do-Nuts and maintains one of the industry's highest customer retention rates. Founded in Dublin and now headquartered in the U.S., the company operates global teams across the U.S., Ireland, the UK, and Montenegro. It plans to use new capital to support global expansion, accelerate product innovation, and meet growing enterprise and multi-unit demand. SynergySuite builds back-of-house restaurant management software that helps restaurants reduce food and labor costs, improve operations and gain visibility across their markets. The company's product is focused on serving multi-unit operators and enterprise restaurant operations. It has raised $7 million in a mix of equity and debt to support growth. The investment comes from new partner LAGO Innovation Fund and existing investors First Analysis and Oyster Capital. LAGO provides bespoke term-loan credit facilities and equity co-investments and said the deal could drive product innovation and position SynergySuite for long-term growth. Company leadership said the capital will be used to expand in the North American market and continue to innovate to serve multi-unit restaurants as the industry recovers from the COVID-19 pandemic. SynergySuite is a Lehi, Utah-based provider of a cloud-based restaurant management software platform for multi-unit restaurants. Its platform addresses inventory, purchasing, recipe costing, food safety, scheduling, cash management, human resources and business intelligence. The software is designed to simplify operations and increase profitability for enterprise restaurant operators. Led by newly appointed CEO Greg Staley, a veteran sales and marketing leader who previously served as chief revenue officer, the company is focusing on building market position. Co-founder Niall Keane will serve as chairman and chief strategy officer and will guide continued product development aligned with the company's technology roadmap. SynergySuite recently raised $6M in a Series A to accelerate growth in the U.S. market and continue product innovation. SynergySuite is a Dublin, Ireland–based provider of a cloud SaaS platform for restaurant and hospitality management. The platform offers tools for inventory tracking, supply-chain management, cash movement monitoring, HACCP control, labour scheduling and payroll. It integrates with point-of-sale systems and accounting platforms to give executives and managers real-time access to data and key metrics. The company was founded in 2011 by Niall Keane, who serves as CEO. SynergySuite closed an investment round with Oyster Capital Partners; the amount was not disclosed. The company intends to use the funds to bring its solution to restaurant chains in the United States.
- CSA Medical
Participated · Series D · Sep 2024
CSA Medical develops the RejuvenAir System, a liquid nitrogen spray cryotherapy device intended to treat chronic bronchitis in COPD patients. The company says the technology targets overproduction of mucus and damaged cilia by destroying damaged cells without creating scar tissue, enabling regrowth of healthy airway cells. Led by CEO Wendelin Maners, CSA Medical is preparing a comprehensive commercialization strategy and plans a U.S. launch. The company intends to use the new funds to finance that U.S. launch despite an anticipated premarket approval (PMA) from the U.S. Food and Drug Administration. Board additions tied to the financing include Dr. Luc Marengere of TVM and Dr. Deng Mao of Yonjin Ventures. The company positions RejuvenAir as a therapeutic platform for an under-served patient population with chronic bronchitis. CSA Medical develops and manufactures proprietary interventional spray cryotherapy platforms—truFreeze and Rejuvenair—using liquid nitrogen spray delivered by a software‑driven device with specialty catheters to flash‑freeze and destroy unwanted tissue. The company manufactures and distributes the truFreeze system in the U.S., where it is being used in over 100 hospitals and universities to treat conditions such as Barrett’s esophagus, esophageal cancer, and airway obstructions. Its RejuvenAir Metered Cryospray system is designed to ablate mucus‑producing goblet cells while preserving the extracellular matrix and is currently under clinical investigation. Rejuvenair is not yet commercially available as it advances toward clinical and regulatory milestones. Led by Executive Chairman Vincent P. Owens, the company intends to expand commercial adoption of truFreeze in the GI market while progressing Rejuvenair through clinical development. CSA Medical develops the truFreeze spray cryotherapy system that uses super-cold liquid nitrogen delivered via catheter to ablate unwanted tissue inside the body. The company is based in Baltimore. In 2013 CSA raised $16 million in a Series C led by Ascension Ventures, which it planned to use to expand its R&D footprint in Lexington, Mass. CSA is currently pursuing a debt offering targeted at $3.9 million and has raised a little more than $2.9 million to date. The debt offering includes options and warrants and has attracted some 30 unnamed investors so far. Publicly listed backers on the company's website include Ascension, SV Life Sciences, Intersouth Partners, First Analysis, Rose Park Advisors and Blue Heron Capital. CSA Medical develops and manufactures a proprietary interventional spray cryotherapy platform comprised of a device and specialty catheters that deliver extremely cold (-196°C) liquid nitrogen to flash-freeze and destroy unwanted tissue inside the body. The truFreeze System has been used by physicians to ablate tissue in the esophagus and airway and is designed to destroy frozen cells while preserving underlying connective tissue to allow healthy cells to regenerate. The company completed a $16 million Series C financing to support growth and product development. Proceeds will be used to develop new applications, immediately double the sales force, and introduce new products in 2014. The Series C was led by Ascension Ventures and was oversubscribed with all existing investors participating. Tara Butler, MD of Ascension Ventures will join CSA Medical's board, indicating active investor engagement. CSA Medical develops and manufactures the Spray Cryotherapy System, a therapeutic interventional platform that delivers -196°C liquid nitrogen via a device and specialty catheters to freeze and destroy unwanted tissue inside the body. The system is currently used via endoscopic application to treat esophageal disease. Its product is being used at more than 80 top-ranked cancer centers and academic teaching hospitals across the United States. Proceeds from the recent financing will fund post-market clinical studies and ongoing development to support new indications and expanded utilization. Management intends to support the launch of a new platform and pursue new clinical applications, including therapeutic treatments for the airway. The company completed a $20.5 million Series B to support growth and expansion of its patented and currently marketed system.
- Sware
Led · Series B · Jun 2024
Sware offers Res_Q, a cloud-based computer systems validation (CSV) platform that automates, integrates and scales validation processes for pharmaceutical, medical device and biotechnology companies. Res_Q is built with an open API architecture and uses intelligent risk assessments to initiate workflows and assign workloads based on risk profile. The company positions the platform to eliminate "validation debt"—the unpaid cost of release, testing, GxP, and business requirements—while preserving data integrity, security and reliability amid agile development practices. Sware plans to bolster R&D of Res_Q, further streamline processes with AI-driven capabilities, and expand its sales team to bring the platform to more organizations. Financially, Sware raised $6 million in a Series B led by First Analysis, bringing total capital raised to $26 million to date. Matt Nicklin of First Analysis will join Sware's board as part of the funding.
- Dina
Participated · Series B · Mar 2024
Dina Care operates an online patient engagement platform that connects patients with healthcare providers. The platform offers AI-driven home care health plans for users. According to the article, Dina Care recently completed a $7 million Series B financing. Investors in the round included First Trust Capital Partners, Osage Venture Partners, and First Analysis. The article does not provide revenue, user metrics, or detailed future plans. No additional operational or financial details were disclosed in the article. Dina provides a digital care-at-home network management and coordination platform that helps health plans and providers improve access to in-home care services, from post-acute home health to supplemental benefits and LTSS. Customers use Dina’s platform to digitize provider networks, transform coordination workflows, manage compliance reporting, and collect insights from the home and community. The platform is HITRUST certified for information security and Dina was named to the Inc. 5000 and CB Insights Digital Health 150 lists in 2022. Dina has partnered with SCAN to automate referral workflows for members who qualify for LTSS and SSBCI, with the stated goal of reducing time to match members to services. In a California pilot with SCAN Health Plan, service initiation time was reduced from weeks to days despite increased referrals. Company leadership emphasizes enabling coordinators to spend more time helping members stay safe at home and less time on phone calls, emails, and faxes. Dina offers an AI-powered at-home care platform that connects hospitals and health plans to post-acute, home, and social-determinant providers, creating a network for care-team coordination and shared patient data. The platform records assessments from providers and caregivers, highlights gaps in care, alerts clinicians to changes in condition, and links patients to community resources. Dina’s AI virtual assistant analyzes patient data to recommend evidence-based interventions, measure partner performance, and route patients needing immediate attention to telehealth, live follow-ups, or self-care resources. From a central dashboard users can track macro trends, provider scorecards, and real-time indicators that signal risk of poor outcomes. In response to the pandemic, Dina launched employer-facing tools for compliance reporting and daily text-based screening of health care workers. The company says the new capital will be used to expand its products and support its mission to help the health care industry transition to in-home care; Dina reported 250% revenue growth in 2020, expanded its home care network to 25 states, and has facilitated over 3.1 million "digital dialogues."