Led · Series C · Sep 2023

CLARA Analytics offers CLARAty.ai, an AI platform that analyzes structured and unstructured claims data using natural language processing, image recognition, predictive AI, generative AI, and large language models to generate case summaries, alerts, and recommendations for claims associates. The platform ingests medical notes, legal demand packages, bills, and other documents to surface actionable insights and optimize claim outcomes. CLARA serves customers ranging from top global insurance carriers to third-party administrators and self-insured organizations. The company says it has more than doubled its annual recurring revenue in the past year and expects rapid growth as AI adoption increases in claims management. CLARA was founded in 2017 and is headquartered in California’s Silicon Valley. Its product roadmap and positioning emphasize expanding AI-driven decision support across carrier workflows. CLARA Analytics offers an AI-as-a-service platform that applies image recognition, natural language processing, and predictive modeling to extract insights from medical notes, bills, legal demand packages and other claims documents. Its product suite includes CLARA Triage, CLARA Treatment, CLARA Litigation, CLARA Optics and CLARA MSP Compliance. The company says it has more than doubled its annual recurring revenue and has grown its customer base, increasing penetration in the workers’ compensation market while expanding into auto liability and general liability. CLARA’s software is used by major insurers and self-insured organizations, including Berkshire Hathaway Homestate Companies, AmTrust, Amerisure and QBE; Amazon recently selected CLARA as a technology partner for a workers’ compensation program. The company plans to use the new funding to further enhance its platform’s AI capabilities, including generative AI, predictive modeling and natural language processing. Founded in 2017, CLARA Analytics is headquartered in California’s Silicon Valley. CLARA analytics offers a suite of AI-based products for commercial insurance claims, including CLARA claims, CLARA providers, CLARA litigation and a Medicare Set-Aside solution. The company ingests structured and unstructured data from medical notes, bills and other documents into a cross-industry data lake to generate predictions and insights for claims teams. Its products are used by leading insurers such as Berkshire Hathaway Homestate Companies, EMC Insurance, Amerisure and QBE Insurance, and by customers across the top 25 global carriers, large third-party administrators and self-insured organizations. One insurer using CLARA’s claims and providers solutions has seen claimants return to work 35% faster. CLARA plans to use the funding to extend its product suite, attract industry talent, expand global reach and invest heavily in customer-facing sales and support while augmenting its workers’ compensation expertise. The company also intends to expand into additional property and casualty insurance lines to address rising health care and litigation expenses. CLARA analytics is an AI and data science company that builds easy-to-use AI-based solutions for claims operations in the Property & Casualty and Disability insurance industries. Its flagship products, CLARA providers and CLARA claims, are focused on workers' compensation: CLARA providers is a provider-scoring search engine and CLARA claims is an early warning system for frontline claims teams. The company says its technology has delivered strong ROI for customers by reducing up to 10% of claims indemnity and loss adjustment expenses and aims to cut claims leakage across the $800 billion global commercial P&C market. CLARA's customer base includes top 25 insurance carriers, small specialty carriers, self-insured organizations and TPAs. Its solutions detect potential litigation early, connect claims to the right providers, ensure optimal treatment protocols, and align claims resources based on complexity. The company plans to extend its workers' compensation solutions to other lines such as commercial auto, general and professional liability, and disability.

Participated · Series C · Dec 2022

Zylo provides a SaaS management platform that taps AI to analyze spend and usage in real time and creates a system of record for enterprise subscription software. The product surfaces a company’s portfolio, licenses and pricing against industry benchmarks and operationalizes renewal management to drive cost-avoidance and savings. Zylo sells mainly to corporate IT and finance teams and reports having over 30 million SaaS licenses and $30 billion in SaaS spend under management. The company has about 125 full-time employees, the majority based in Indianapolis, and recently doubled new business year-over-year while beating its previous growth record by close to 30%. Management says the bulk of new capital will be used for product development, hiring, talent investment and customer acquisition. Zylo competes with other SaaS spend vendors but emphasizes ease of use and comprehensiveness as its differentiators. Zylo offers an enterprise management platform that helps businesses manage their SaaS application portfolios by creating transparency around SaaS spend, license utilization, and user feedback. The platform enables customers to discover, manage, measure, and optimize their SaaS investments. Zylo reports managing over $10 billion in SaaS spend and nearly 1 billion employee SaaS-based interactions for its customers. Notable customers include Nike, Adobe, Slack, Autodesk, Zendesk and Atlassian. Led by co-founder and CEO Eric Christopher, the company intends to use new funding to grow its workforce across engineering and data science and to expand development efforts. The company is based in Indianapolis and has raised more than $35 million to date. Zylo provides one system of record for all SaaS and cloud-based software used across an organization, giving visibility into what software is used, how much is spent and how to optimize investments. The platform helps enterprises discover SaaS applications, manage complex renewals, measure real-time utilization and optimize software licenses. Zylo integrates with a range of tools including Concur, Expensify, G Suite, Intacct, Microsoft Office 365, Netsuite, Okta, OneLogin, Salesforce, Slack and Veeva Systems. The platform is managing over 1 million unique SaaS user licenses and more than $1 billion of annual SaaS subscription spend on behalf of customers. Zylo serves dozens of large enterprises across pharmaceutical, financial services, cloud consulting and technology sectors. The company plans to use new funding to significantly grow its team—prioritizing customer success and engineering—and to expand its platform capabilities. Zylo launched in June 2016 out of High Alpha Studio and previously raised a $3.3 million seed round in October 2016. Zylo offers a SaaS optimization platform that acts as an online command center for managing cloud-based applications, surfacing what software is used, how much is spent, and where to optimize. The platform provides insights into spend, utilization and user feedback for companies’ SaaS subscriptions and has an announced integration with identity provider Okta. Customers named in the article include Appirio, Zendesk, Smartling and Power Reviews. Zylo launched in June 2016 out of High Alpha Studio and is headquartered in Indianapolis. The company recently secured $3.3 million in seed funding and will use the proceeds to grow sales, marketing and engineering teams and expand the platform. Zylo plans to hire engineers with expertise in data science and machine learning to support its product roadmap.

Led · Series B · Oct 2021

Testlio operates a SaaS testing-management platform combined with an on-demand network of 10,000+ vetted freelance testers and an internal team of roughly 150. The platform manages test-case definition, integration of manual and automated testing, and logistics to deliver burstable testing capacity. Testlio serves large digital-product teams at companies such as Amazon, American Express, Fox, Microsoft, Netflix, the NBA, SAP and ViacomCBS, while also offering packages for early-stage startups. The company plans to double down on its platform and invest heavily in R&D, while expanding sales and operations and going on a hiring spree. Financially, Testlio has been profitable for 10 consecutive quarters and has exceeded a $20 million annualized revenue run rate, with revenue up 50% and headcount nearly doubling year over year. As part of its growth and retention strategy, the company allocated a portion of recent financing to allow long-tenured employees to sell a minority of vested equity. Testlio provides on-demand mobile app testing through a vetted global testing community that takes ownership of test plan management and execution for development teams. The company delivers validated bug reports directly within a customer's existing development and testing environment. Testlio positions itself as a global testing service provider that helps development teams enhance their quality assurance function. The company was founded in 2012 by Kristel Viidik and Marko Kruustük and is based in San Francisco, CA. Testlio recently closed a funding round and plans to use proceeds to expand infrastructure in San Francisco and Tallinn, Estonia to better support its global customers. No operating metrics (revenue/users) were disclosed in the article. Testlio supplies development teams with dedicated, on-demand QA testers who deliver regular test reports synchronized with clients' development schedules. The company uses its own test plan management system and assigns an account manager and test lead to build processes and scale tester counts across platforms like iPhone, Android and web. That elasticity lets teams ramp up QA for major launches while avoiding the cost of maintaining a full in-house QA staff. Testlio regularly works with 100–200 QA testers and reports that "thousands" have signed up for its verification process; the company employs 10 permanent team members. Its client base includes Acompli (acquired by Microsoft to build the new Outlook for iOS). Testlio plans to use new funding to expand its tester network and onboard more clients.

Led · Series B · Aug 2021

Trifecta is a Sacramento, Calif.-based organic meal delivery service providing fully prepared meals made with organic, gluten-free, never-frozen, and sustainably sourced ingredients. It sells meals across six categories — Keto, Paleo, Vegan, Vegetarian, Clean Eating, and Classic Meal — plus an A La Carte section, and offers free shipping to all 50 states. The company operates a mobile application that lets customers track food and performance using a food database of more than 7 million items. Trifecta has established partnerships with CrossFit, the PGA Tour, Mr. Olympia, Team USA Weightlifting, the Celiac Disease Foundation, and the American Heart Association. The business is already profitable and runs at an annual run rate north of $100M. It plans to use new funding to expand the reach of its core fully prepared meal delivery services and to grow its immersive digital offerings.

Participated · Series B · Oct 2020

Illusive Networks provides active cyber defense and deception solutions that shrink attack surfaces and stop attacker movement. Its agentless platform creates a hostile environment for attackers, depriving them of the means to progress toward critical assets after breaching the perimeter. Unlike behavioral or anomaly-based detection, the solution captures deterministic proof of in-progress attacks and delivers actionable forensics to support quick, effective response. The company plans to use the $24M Series B1 proceeds to accelerate growth through a go-to-market strategy focused on sales and marketing expansion and by investing in product enhancements to secure cloud workloads. Backers in the round include Spring Lake Equity Partners, Marker, New Enterprise Associates, Bessemer Venture Partners, Innovation Endeavors, Cisco, Microsoft and Citi. The firm is led by CEO and founder Ofer Israeli and has recently added Bob Horn as chief revenue officer, Nicole Bucala as vice president of business development and Claire Trimble as chief marketing officer. Illusive Networks builds deception frameworks that create false versions of a company’s network to lure, identify and trap malicious hackers. The platform focuses on containing attackers once they are inside by keeping them in the deceptive environment or ejecting them from the real network. Illusive targets large enterprises of 1,000+ employees across industries such as banking, technology and law, though it does not disclose named customers. The company has raised more than $30 million to date, including a $22 million round in 2015 led by NEA, and counts strategic backers such as Cisco alongside investors like Bessemer, Citi Ventures, Marker and Team8. Founded in 2014 and based in Israel, Illusive recently added Microsoft Ventures as a strategic investor but did not disclose valuation or terms. The company expects strategic partnerships with vendors like Microsoft and Cisco to help integrate its deception capabilities into broader security offerings and sell to enterprise customers, though specific arrangements are not yet detailed. Illusive Networks provides a deception-based cybersecurity solution that leverages patent-pending technology to neutralize targeted attacks and advanced persistent threats by creating a deceptive layer across networks. The company serves financial institutions, insurers, retailers, law firms, healthcare providers, and energy and telecommunications companies across the United States and EMEA. It will use the funds to further accelerate global expansion through expansions of sales and marketing, as well as engineering and support teams. Illusive is led by CEO Shlomo Touboul. The company was launched in June 2015 and previously raised a $5M Series A from cybersecurity foundry Team8. Following this extension the Series B totals $25M. Illusive Networks builds deception-based security that installs false assets across every endpoint, server and network component to confuse attackers. Its deceptions trigger a forensic application when tampered with, producing detailed reports to detect and contain intrusions in early stages. The company says the approach yields almost no false positives and creates a “hall of mirrors” that prevents attackers from distinguishing real from fake. CEO Shlomo Touboul has promoted the technology as a way to catch intruders unaware. Illusive launched just a few months ago and quickly attracted customer and investor attention. Illusive Networks develops deception technology that plants contextual, organization‑consistent decoys within corporate networks to lure and detect attackers early. The product makes false servers and data appear authentic so attackers pursue traps rather than reaching real assets. Illusive says its deceptions capture intruders within about three hops, enabling security teams to observe behavior and perform forensics. Customers can choose to eject intruders immediately or let them move to learn attacker intent. The company emerged from stealth and has attracted attention from industry figures such as Eric Schmidt, whose Innovation Endeavors has supported Team8. Illusive is a startup out of Team8, an Israeli security incubator, and is led by CEO Shlomo Touboul.