Led · Series E · Jun 2022

Visby Medical is an infectious-disease diagnostics company whose flagship product is a disposable, handheld Personal PCR platform that produces sample-to-result answers in less than 30 minutes. The device has already secured FDA Emergency Use Authorization for use in moderate-complexity CLIA laboratories and is engineered for future point-of-care and over-the-counter settings. By eliminating the need for sample transport and central-lab processing, Visby aims to decentralize testing and speed clinical decision making. In October 2020 the company received Phase 2 funding from the NIH’s Rapid Acceleration of Diagnostics (RADx) program, validating both the technology and its potential impact on national testing capacity. Management plans to apply the funds toward high-volume production lines, supplier-base security, and manufacturing automation so it can meet growing demand. Visby is also working with government and private partners to expedite deployment of its COVID-19 test and expand its diagnostic menu over time. Although exact revenue or unit shipment figures were not disclosed, the funding underscores Visby’s move from pilot manufacturing to large-scale commercialization.

Participated · Series D · Jul 2021

iCapital provides an end-to-end platform and marketplace that unifies onboarding, document workflows, performance data, compliance, and distribution for alternative assets, structured investments, and annuities. The company offers Enterprise Solutions, Technology and Data Services, AI-powered tools, and a digital marketplace to support wealth managers, advisors, and asset managers. iCapital says it has invested more than $700 million into its platform since inception and has completed 23 strategic acquisitions to date. It reports $945 billion of assets serviced on its platform, including $257 billion in alternative platform assets, $203 billion in structured investments and annuities outstanding, and $485 billion in client assets reported on. The firm supports over 750 product providers, more than 3,000 wealth management firms, 114,000 active financial professionals, and hosts 2,100 funds on platform, while employing about 1,875 people across 16 global offices. iCapital reports consistent operating profitability and plans to deepen technology, data, and acquisition-driven geographic expansion to further scale its offerings. iCapital Network operates a global fintech platform that streamlines access to private equity, private credit, hedge funds, structured notes, and other alternative investments for wealth management and asset management channels. Its flagship platform combines curated product menus, diligence and research, advisor education, compliance, and portfolio analytics to simplify workflows and lower minimums for high-net-worth clients. The company has expanded its product set to include structured notes and broadened offerings for accredited investors. iCapital reported platform assets of more than $104 billion and a global headcount of over 700 employees, with international platform assets of about $22 billion. It maintains offices and teams outside the U.S., including locations in Zurich, London, Lisbon, Hong Kong, Singapore, Tokyo, and Toronto. iCapital plans to use new capital to enhance its platform technology, expand strategy and product breadth, and pursue strategic acquisitions to broaden client capabilities. iCapital Network is a financial‑technology platform that provides end‑to‑end technology and services to broaden access to private market and alternative investments for wealth advisors, asset managers, banks and high‑net‑worth clients. The company offers a curated menu of private equity, private credit, hedge funds and other alternatives, together with advisor education, compliance, portfolio analytics and diligence capabilities. Proceeds from the latest capital raise will be used to enhance platform technology, expand the breadth of strategies and product types, grow the team, develop market‑leading technology solutions and pursue strategic acquisitions. Since its prior round in March 2020, iCapital has grown platform assets from $46 billion to more than $80 billion, doubled headcount, completed five acquisitions, launched over 45 white‑label partnerships and widened its international footprint. As of June 30, 2021, iCapital services more than $80 billion in global client assets across more than 780 funds and employs over 450 people. The company was founded in 2013 and is headquartered in New York City. iCapital Network operates a modular, end-to-end fintech platform that provides configurable subscription, administration and reporting workflows for private equity, private credit, hedge funds and other alternative investments. The firm’s flagship marketplace offers advisors and high‑net‑worth clients access to a curated menu of private funds at lower minimums plus due‑diligence and administrative support. iCapital’s platform is used by asset managers and banks to scale private-investment operations and to replace or enhance legacy systems. The company said the new capital will be used to enhance platform technology, expand functionality, deepen market education efforts, grow the team and support international expansion across North America, Asia, Europe and the Middle East. As of December 31, 2019, iCapital serviced $46.6 billion in invested capital across more than 100,000 underlying accounts, 470 funds and 55 white‑label partnerships, and had a headcount of 218. The financing strengthened iCapital’s balance sheet to operate as an independent company and continue product and global growth initiatives. iCapital Network provides a modular, end‑to‑end technology and service platform designed to streamline access to private equity, private credit, hedge funds and other alternative investments. Its configurable, highly scalable platform supports subscription, administration, and reporting processes and aims to ease operational burdens and improve the user experience for investors, advisors and asset managers. Banks and asset managers leverage iCapital’s tech‑enabled services to scale and streamline private investments operational infrastructure, while the firm’s flagship offering gives high‑net‑worth investors and independent advisors curated access to private funds at lower minimums with due diligence and administrative support. The company says Blackstone uses iCapital technology to expand access to alternatives in the private wealth segment. iCapital was included in the 2018 Forbes FinTech 50 and, as of June 30, 2018, serviced more than $6 billion in invested capital across more than 14,000 underlying accounts. The firm is positioning its platform as an industry‑standard technology solution for alternative investments and is expanding its strategic investor consortium.

Led · Series C · Apr 2021

Laiye builds a unified platform for automating office workflows, combining conversational AI and robotic process automation to handle tasks from answering calls to processing documents. The company was founded in 2015 and is headquartered in Beijing. Laiye reports that its consumer and SME products are already profitable, while its enterprise/Fortune 500 segment still requires substantial investment in product development and sales. It serves nearly 200 large corporate customers and works with global consultancies such as Deloitte and KPMG; its software is available on Microsoft Azure and Alibaba Cloud. The company claims a developer community of about 600,000 and currently generates roughly 20% of revenue outside China, with a goal to raise that to 50% by 2025 and to expand its international headcount similarly. Laiye has been hiring international executives to drive global expansion and picked Paris as a European base after acquiring chatbot provider Mindsay to accelerate language and product development. Laiye is a Beijing-based software company that develops robotic process automation (RPA) and chatbot products to mimic mundane workplace tasks like keyboard strokes and mouse clicks. Its RPA tools have been used to speed account reconciliation in Lanzhou by 75% and to automate national population census work in several southern Chinese cities. Laiye runs a free-to-use edition with over 400,000 developers and operates a bot marketplace connecting freelance developers with small businesses. The company said its RPA enterprise business achieved positive cash flow and its chatbot business turned profitable in the fourth quarter of 2020, and it has raised over $130 million to date. Laiye is led by Baidu veterans, employs about 400 staff globally with entities in China, Singapore and the U.S., and is expanding its footprint across Asia, the United States and Europe while hiring in Europe. Its stated plans include certifying at least one million software robot developers by 2025 and building the world’s largest bot marketplace within the next three years. Laiye builds an RPA platform called UiBot that automates routine enterprise tasks by mimicking human interactions and integrating AI capabilities such as NLP, OCR, computer vision, chatbots and machine learning. The company serves major tech firms and government agencies in China and counts Microsoft as an investor. UiBot is multilingual and has more than 200 partners and over 200,000 developers registered to use the platform. Laiye says it combines AI with human talent to scale automation projects and compete in a growing RPA market. The four-and-a-half-year-old startup has raised more than $100 million to date and will use new capital to hire global talent and expand its services and geographic reach. Laiye merged with Chinese RPA team Awesome Technology and launched UiBot in January as its RPA product offering. The company combines AI-enabled chatbots with RPA to let clients build bots with both “brains and hands.” Since UiBot’s launch it has collected about 300,000 downloads and 6,000 registered enterprise users. Corporate customers include Nike, Walmart, Wyeth, China Mobile and Ctrip. Laiye plans to use new funding to recruit R&D and sales talent, grow its AI capabilities beyond natural language processing, deep learning and reinforcement learning, and accelerate commercialization of its robotic solutions across industries.

Led · Series D · Aug 2019

H2O.ai offers an open-source ML framework (H2O) plus proprietary tools and about 45 pre-built applications for use cases like fraud detection, churn prediction, anomaly detection, price optimization and credit scoring. Its software runs on existing big-data stacks and cloud storage, and the open-source component is used by over 20,000 enterprises. The company emphasizes product-led revenue (about 90% products, 10% services) and reports roughly 40% of revenues from financial services customers. H2O.ai is expanding its H2O AI Hybrid Cloud platform, H2O Wave low-code application development, AI AppStores and marketplace, and plans to build more products and hire talent. Customers named in the article include Commonwealth Bank of Australia, Goldman Sachs, MarketAxess, Franklin Templeton, BNY Mellon, Unilever, Reckitt, UPS, Chipotle and AT&T. The company positions itself to serve enterprises and ISVs that want to embed AI into workflows and vertical clouds. H2O.ai builds Driverless AI, an automatic machine-learning product introduced in 2017 that lets non-experts leverage AI without large data-science teams. The company has open-source roots and reports about 20,000 users of its open-source products. It recently introduced a recipe concept and has open-sourced 100 recipes for tasks such as credit risk scoring, anomaly detection, and property valuation. Since its Series C in 2017 H2O.ai has grown from 70 employees to 175 and says it has tripled its number of customers, though it declined to give exact counts. Customers include Wells Fargo and Goldman Sachs, which have also acted as investors in recent rounds. CEO Sri Ambati said the company is focused on building for the long haul and would not discuss valuation or IPO timing. H2O.AI provides an open-source AI platform and commercial products designed to democratize artificial intelligence for companies that lack deep data science resources. Its product suite includes Driverless AI, released last summer, which automates many machine learning tasks such as feature engineering. The company combines open-source tools with paid products and maintains partnerships with AWS and Azure. H2O.AI reports roughly 100,000 data scientists, 12,400 organizations, and nearly half of the Fortune 500 using its products. It was launched in 2011, has close to 70 employees, and counts customers including Capital One, Comcast, AT&T and Kaiser. With the new funding the company plans to hire more staff and expand into Europe over the next year. H2O.ai offers H2O, an open source machine-learning platform used by data scientists and developers and accompanied by tools such as Sparkling Water (integration with Apache Spark) and Flow (a notebook-style UI). The company monetizes the platform through support offerings and has added tools around the core platform, including Steam and Sparkling Water. H2O.ai says it signed 25 new customers this year — including AT&T, Comcast, Kaiser Permanente, Walgreens, Progressive, Transamerica Corporation and Zurich Insurance Group — and that over 5,000 organizations actively use the service. Financially, H2O.ai has raised $34 million to date, including a $20 million Series B announced in this round. The company plans to use the new funding to scale sales, marketing and customer success teams and to expand the partner ecosystem around the H2O platform. It also plans to improve service delivery and further simplify the use of machine learning via Excel and APIs in the cloud. H2O.ai offers an open-source predictive analytics platform designed for data scientists and application developers who need scalable, fast machine learning for smart business applications. The platform supports R, Python, Scala, Java and a REST API, enabling integration with standard data science workflows. Use cases cited include smart home appliances, self-driving cars, personalized digital content and smart assistants. Customers named in the article include Cisco, Neilsen, PayPal and over a dozen more. The company raised a Series A (amount undisclosed) and intends to use the funds to expand its customer base. H2O.ai is headquartered in Mountain View, California.