Participated · Equity · Nov 2022

project44 operates a neutral end-to-end visibility platform that tracks more than 1 billion unique shipments annually for over 1,200 brands across manufacturing, automotive, retail, life sciences, food & beverage, and oil, chemical & gas. Led by Founder & CEO Jett McCandless, the company reports global operations spanning 23 offices including Austin, Amsterdam, Kraków, Paris, São Paulo, Shanghai and Tokyo. Financially, project44 has booked $44M in ARR so far in 2022, bringing total booked ARR to $134M and posting 70% year‑over‑year growth with net revenue retention of 127%. The company was valued at $2.7 billion in this round, up 12% from the valuation of its Series F announced on January 11, 2022. Project44 intends to use the new funding to drive initiatives around measuring and mitigating supply‑chain emissions globally and to build a system for measuring Scope 3 emissions across all regions and modes of transportation. The platform aims to empower shippers and freight forwarders to optimize cost, performance and emissions together. project44 is an advanced supply chain visibility platform that connects, automates and provides real-time visibility across transportation modes. The company operates the largest carrier network in the space with 142,732 multimodal carrier integrations, 2.7 million trucks, coverage in 166 countries and tracks over 1 billion packages annually. project44 serves more than 1,000 customers, has 1,000+ team members across 17 global offices, and generates over $100 million in annual recurring revenue with a subscription gross margin of 70%. In 2021 it reported strong retention and growth: net retention of 133%, annualized gross retention of 96%, $12.7M of newly booked ARR in Q4, YoY bookings up 170% and YoY logo growth up 216%. The company plans to nearly double its investment in product and engineering in 2022, hire hundreds of new team members across China, Europe, Latin America, North America and Japan, and pursue strategic acquisitions. project44 positions itself as the market leader in supply chain visibility and aims to expand real-time visibility to more modes and regions to improve resiliency and sustainability for customers. project44 has built an API-based platform that acts as the connective tissue between transportation providers, third-party logistics companies, shippers and their supply chain systems, using predictive analytics to provide real-time information such as estimated times of arrival (ETAs). The seven-year-old, Chicago-based company says it crossed $50 million in annual recurring revenue (ARR), up 100% year over year, and serves more than 600 customers including Amazon, Walmart, Nestlé, Starbucks, Unilever, Lenovo and P&G. Customers come from a variety of industries including CPG, retail, e-commerce, manufacturing, pharma and chemical. Over the last year the company expanded its product capabilities through acquisitions of ClearMetal and Ocean Insights to broaden international freight visibility, predictive planning and ocean offerings. Project44 plans to use new capital to continue global expansion—recently entering China and targeting growth in Asia-Pacific, Australia/New Zealand and Latin America—and to invest in carrier products to increase participation from the transportation community. The company also intends to expand its AI and data science capabilities and broaden its global sales and marketing reach. project44 provides a cloud-based visibility platform that connects, automates and provides real-time transportation visibility for shippers and third-party logistics firms. The platform is used by more than 400 enterprise customers to increase operational efficiency, reduce costs, improve shipping performance and deliver an Amazon-like customer experience. In 2020 the company signed 135 new customers and expanded work with customers including ABB, General Mills, Lenovo, PepsiCo and others. project44 has tracked shipments in more than 140 countries, added air freight and groupage visibility, expanded global ocean coverage, and built an over-the-road network with connections to more than 780 telematics/ELD providers. The company is led by founder and CEO Jett McCandless and plans to use new funding for global expansion of its multimodal carrier network, product innovations, and upstream/downstream partnerships and integrations. To date, project44 has raised $241M. project44 is the world’s leading advanced visibility platform for shippers and third-party logistics firms, connecting, automating and providing visibility into key transportation processes via a cloud-based platform. Its platform is connected to over 175,000 carriers worldwide and supports all transportation modes and shipping types, including parcel, final-mile, less-than-truckload, truckload, rail, intermodal and ocean. Customers use project44 to increase operational efficiencies, reduce costs, improve shipping performance, and deliver an Amazon-like experience. In just three years since launching its first product, the company rapidly expanded its platform to meet growing needs for accurate, predictive visibility across geographies. The company reported record growth in its most recent quarter with sales to manufacturers, retailers, e-commerce providers, distributors, freight forwarders, 3PLs, TMS providers and start-ups. Proceeds from the financing will fund continued North American growth, new product initiatives in advanced visibility, and international expansion. This round brings total capital invested in the company to over $90M.

Participated · Series D · May 2021

Akili Interactive develops prescription digital therapeutics, including EndeavorRx, the first-and-only FDA‑cleared treatment delivered through a video game experience for children with ADHD. EndeavorRx is built on Akili’s Selective Stimulus Management Engine (SSME) and uses adaptive algorithms to target attentional control systems. The company plans to scale go-to-market efforts to bring EndeavorRx to families and healthcare professionals, expand its global footprint in ADHD and beyond, and advance a pipeline of prescription digital therapeutics for chronic and acute cognitive disorders. Akili emphasizes clinical validation, citing positive results in prospective randomized, controlled trials and extensive clinical studies. Financially, the company announced $160M in combined equity and debt financing—$110M Series D equity and a credit facility of up to $50M with Silicon Valley Bank—and reports total equity funding to date of $230M. The funding is intended to support commercialization, technology development, clinical research, and international expansion. Akili develops prescription digital medicines that embed targeted stimuli into immersive action video game experiences to treat conditions across neurology and psychiatry. Its lead program, AKL-T01 for pediatric ADHD, is under FDA review following positive pivotal study topline results announced in December 2017. If cleared, AKL-T01 would be the first prescription video game to treat a medical condition and the first prescription digital medicine for children with ADHD. The company has additional programs in Major Depressive Disorder, multiple sclerosis and various inflammatory diseases, and expects results from a Phase 2 MDD study and an MS pilot by the end of 2018. Akili is also developing complementary clinical monitors and measurement-based care applications. The company was founded by PureTech Health and is advancing its platform with recent equity financing. Akili Interactive develops prescription digital treatments that deliver therapeutic activity through action video game experiences. The company is building a broad pipeline of programs on its patented technology platform to treat cognitive deficits and symptoms across neurology and psychiatry, including ADHD, major depressive disorder, autism spectrum disorder and various inflammatory diseases. Its lead candidate is AKL‑T01 and it is also developing complementary clinical monitors and measurement‑based care applications. Akili was founded by PureTech Health and is led by CEO Eddie Martucci, Ph.D. The company used the financing to advance digital treatment candidates through regulatory milestones, prepare for commercial launch, and to broaden its product pipeline, including programs in depression and multiple sclerosis. Akili builds clinically validated cognitive treatments and assessments delivered through an action video‑game interface, based on its Project: EVO platform licensed from Dr. Adam Gazzaley at UCSF. The company is clinical‑stage and is conducting a pivotal STARS‑ADHD trial of Project: EVO in pediatric ADHD with plans to seek FDA approval if results are favorable. Akili has multiple clinical studies across ADHD, autism spectrum disorder, depression, Alzheimer’s disease, and traumatic brain injury, and has expanded into neurodegeneration indications including Parkinson’s disease, major depressive disorder, and multiple sclerosis. The platform is designed to target core neurological processing and can adapt difficulty in real time for remote use without physician calibration. Akili plans to use the new funds to support and expand clinical development into new areas, increase focus on neurodegeneration, and build out its commercial infrastructure as it nears market with late‑stage products. The company was founded by PureTech Health together with neuroscientists and game designers and has strategic partnerships with Pfizer and Autism Speaks and investment from Shire PLC. Akili develops mobile software-based treatments and monitors designed to function as action video games, targeting cognitive disorders with adaptive, medical-grade software. Its lead product candidate, Project: EVO, is licensed from Dr. Adam Gazzaley's lab at UCSF and was previously published as a Nature cover story. The platform targets cognitive interference processing and adapts difficulty in real time to allow wide-ranging ability levels to use the product without physician calibration or extra hardware. Akili is conducting multiple clinical trials across pediatric ADHD, autism spectrum disorder (in collaboration with Autism Speaks), depression, Alzheimer’s disease (in collaboration with Pfizer) and traumatic brain injury. A recent open-label pilot in pediatric ADHD showed improvements in attention, inhibition and working memory, and the company plans a large randomized pivotal study with results expected in 2017. The company announced $30.5 million in new equity investments to support further clinical development and to build commercial infrastructure toward potential FDA clearance and a planned product launch in 2017.

Participated · Series C · Jan 2020

Phenom provides an AI-powered Talent Experience Management (TXM) platform that personalizes and automates the talent journey for candidates, recruiters, employees and management. Its TXM offering includes Career Site, Chatbot, CRM, CMS, SMS and Email Campaigns, University Recruiting, Internal Mobility, Career Pathing, Diversity & Inclusion, Talent Marketplace, Gigs, Referrals, Hiring Manager and Analytics. The company says over 400 global enterprises — including nearly 50 Fortune 500 companies — use its system, with customers such as Southwest Airlines, Newell Brands, Land O’Lakes, AXA and Radian Group Inc. Phenom intends to use the funds from its latest raise to continue to innovate its TXM platform. Led by CEO and co-founder Mahe Bayireddi and headquartered in Greater Philadelphia, the company also has offices in India, Israel, the Netherlands, Germany and the United Kingdom. The platform focus and customer base position Phenom for continued product development and enterprise deployments. Phenom People provides an AI-powered, SaaS Talent Experience Management platform that connects candidate, recruiter, employee and management experiences, reducing the need for multiple HR tools. The platform targets the full talent lifecycle across those four stakeholder experiences. Led by CEO and co-founder Mahe Bayireddi, the company serves over 300 customers across all industries. At the time of the report the company had about 500 employees across Philadelphia, Canada, India, Israel, the U.K. and the Netherlands. Phenom intends to use new funding to continue growth and scale. The company had raised a total of $61m to date following the announced round. Phenom People offers a Talent Relationship Marketing (TRM) platform that leverages artificial intelligence to create personalized candidate experiences. The platform includes a personalized career site experience, real-time Candidate Relationship Management (CRM), Content Management System (CMS), Campaign Management, Event Management, Talent Analytics, and conversational bots. The company serves over 120 customers, including Fortune 500 companies such as Abbott Laboratories, Cognizant, Express Scripts, General Motors, Kohl’s, L’Oreal, Microsoft, Southwest Airlines, and Whole Foods. Led by CEO and co-founder Mahe Bayireddi and based in Ambler, PA, Phenom plans to use new funding for strategic growth initiatives. The company aims to accelerate product innovation and expand global sales. Phenom recently raised a $22m Series B, bringing total funding to $31m. Phenom People is a Philadelphia, Pennsylvania-based provider of a Talent Relationship Marketing platform. Led by CEO Mahe Bayireddi, the company offers a platform that automates the process of driving talent awareness, interest, engagement and acquisition. It built the Phenom Enterprise Talent Graph, an engine that collects and analyzes candidate data and combines it with predictive intelligence. The platform helps candidates, recruiters and hiring managers find matches more effectively. Phenom raised an additional $2.7M in Series A funding, bringing total Series A proceeds to $7.6M. Sigma Prime Ventures joined the round and Sigma Prime Managing Director John Simon will join Phenom People’s group of senior advisors. Phenom People provides a talent relationship marketing (TRM) platform that collects and analyzes candidate data and combines it with predictive intelligence to help candidates, recruiters, and hiring managers find matches. Led by CEO and co-founder Mahe Bayireddi and based in Philadelphia, the company delivers TRM to more than 70 customers, including Cisco, Deloitte, Safeway, Fidelity, and Hershey’s. The company raised $6M in a Series A round led by Sierra Ventures. Phenom said it will use the funds to expand its sales, marketing, and product teams and to continue innovating and expanding product capabilities. As part of the financing, Sierra Ventures managing director Tim Guleri joined Phenom People’s board, along with HR entrepreneur Rudy Karsan, co-founder of Kenexa and head of Karlani Capital. The additional capital is intended to support growth and product development as the company scales its TRM offerings to enterprise customers.

Led · Seed · Aug 2018

Writable, founded in 2016 by CEO Andrew Goldman and based in Palo Alto, offers an authentic writing practice and feedback platform for schools. Its platform provides a three-part feedback engine (peer-, self-, and teacher-review) and a set of common skill-focused writing assignments. The product is designed to help teachers save time on preparation and feedback while scaffolding and motivating students. By the 2017-2018 school year Writable had been used in over 1,000 schools. The company is expanding distribution through a deep integration with Houghton Mifflin Harcourt to connect cross-curriculum writing practice to humanities instruction. Writable says it will use recent funding to expand product development and business reach.

Participated · Series A · May 2018

Gamalon builds decision-tree-based machine learning tools that ingest text into a database and rapidly train editable models to extract information from customer communications. The company released Idea Studio, a product that automatically builds and lets users edit learning trees on the fly as an alternative to opaque neural networks. Gamalon emphasizes an interactive workflow so business analysts, customer-service agents and data scientists can refine models immediately rather than rely on black-box systems. The product is positioned for faster categorization and response in customer service, bot interactions and analyst workflows. The company has 23 employees and six large customers, including Avaya. Gamalon has raised $32 million since its 2013 founding, with DARPA backing in earlier rounds. Gamalon develops a machine intelligence approach called Bayesian Program Synthesis (BPS), commercialized as Gamalon Structure and Gamalon Match. Gamalon Structure converts streams of text paragraphs into clean, structured data rows, and Gamalon Match deduplicates and links those rows. The services are available to select customers as APIs integrated with Amazon, Microsoft, and Google Cloud platforms. The company is led by Ben Vigoda. Gamalon raised $4.45M in seed funding and has received approximately $7.2M in DARPA research and development contracts plus about $500K from other government agencies. The financing is intended to support commercialization of its BPS-based products for enterprise data workflows.