Led · Debt Financing · Nov 2018

Zenflow, led by CEO Shreya Mehta, is a South San Francisco-based medical device company developing a minimally invasive treatment for urinary obstruction caused by benign prostatic hyperplasia (BPH). Its core product, the investigational Spring® System, uses a small spring-like coil to gently prop open the urethra while preserving natural anatomy. The Spring® System is an investigational device and is not approved for commercial sale. Zenflow intends to use the funds from its recent financing for a Pre-Market Approval (PMA) submission and to prepare for commercialization upon FDA approval. The company’s clinical research program covers over 300 patients across multiple studies, including the pivotal BREEZE™ prospective, multicenter, controlled study of more than 200 patients. Financially, Zenflow closed a $24M Series C financing to support its regulatory and commercialization efforts. Zenflow, Inc. is a South San Francisco-based medical device company developing a minimally invasive treatment for urinary obstruction caused by enlarged prostate (BPH). Its lead product, the Spring® System, is intended as a minimally invasive treatment option for patients with debilitating BPH symptoms. The company plans to use the new funding to support a pivotal clinical trial and pursue FDA clearance of the Spring® System. Zenflow is led by Co-Founder and CEO Nick Damiano. The company announced the appointment of Susan Stimson as President; she brings over 25 years of experience in development and commercialization of medical devices, including senior roles at Intersect ENT. The recent financing positions Zenflow to advance its clinical and regulatory pathway toward commercialization. Zenflow develops the Spring® System, an implantable device intended to treat benign prostatic hyperplasia (BPH). The Spring Implant is composed of super-elastic shape-memory material and is deployed through a small, flexible catheter to enable a less invasive, less painful in-office procedure. The device is currently undergoing clinical trials with leading global urologists and is available for investigational use only in select countries. The company received a $5M credit facility from Square 1 Bank to support short-term and long-term growth initiatives. Founded in 2014 and based in South San Francisco, Zenflow is backed by F-Prime Capital Partners, Invus Opportunities, Medical Technology Venture Partners, Y Combinator and the Stanford-StartX Fund. Zenflow develops the Spring System, a minimally invasive technology that delivers a low-profile superelastic implant into the prostatic urethra to permanently relieve BPH symptoms in a single procedure with fast recovery and minimal side effects. Founded in 2014 out of the Stanford Biodesign Innovation Fellowship and based in San Francisco, the company initiated a first-in-human ZEST safety and feasibility study in 2016. Zenflow has received grant funding from the NIH and NSF and was one of the first medical device companies funded by Y Combinator; it has also been supported by StartX and the Rosenman Institute. The company closed a $31.4M Series A equity financing led by Invus Opportunities, F-Prime Capital Partners, and Medical Technology Venture Partners. Proceeds will be used to perform additional clinical studies to further validate safety and effectiveness and to prepare for commercial launch. Zenflow anticipates enrolling patients in the UK, Australia, New Zealand, and Mexico in 2018 while pursuing an IDE from the FDA to initiate a pivotal U.S. trial.

Led · Equity · Nov 2018

ScienceLogic provides AI-driven monitoring and AIOps for hybrid-cloud and multi-cloud environments through its flagship SL1 digital infrastructure monitoring platform. SL1 ingests hyperscale real-time data, contextualizes it via relationship mapping, and uses patented discovery and automation to accelerate incident response and improve application availability. The platform is trusted by thousands of organizations including large enterprises, federal agencies and managed service providers, and is designed to meet rigorous security requirements such as those of the U.S. Department of Defense. ScienceLogic plans to use new funding to accelerate product development and engineering, expand recruitment, and invest in cloud-native technologies including microservices, containers, and AI/machine learning to advance hybrid cloud operations. The company highlights recent recognition as an AIOps leader in The Forrester Wave and aims to broaden its position within the $30+ billion IT Operations Management software market. It raised $105 million in growth financing to support these initiatives. ScienceLogic builds artificial intelligence software for IT operations management. The company is based in Reston, Virginia and was founded in 2003. Its core product is AI software aimed at automating and improving IT operations management. ScienceLogic secured $25 million in growth financing from Square 1 Bank, a division of Pacific Western Bank. The firm previously raised more than $80 million from investors including Goldman Sachs, Intel Capital and New Enterprise Associates. The financing was announced as growth capital; the report does not include additional operating metrics or valuation information. ScienceLogic provides IT monitoring software ranging from application monitoring services to network, server and service-monitoring tools. It also offers a dedicated monitoring appliance that combines its services into a single package and launched an app store for customized monitoring apps. The company reports about 20,000 customers across enterprises and government organizations. It says year-over-year subscription revenue grew 135 percent. ScienceLogic will use the investment to accelerate sales, marketing, product development, and international market opportunities. The company is seeing strong demand for its Hybrid IT solutions to monitor both cloud and on-premise servers and applications and expects future investments to focus on that area. ScienceLogic provides IT operations and cloud management software for complex, distributed computing infrastructures. Its platform integrates core IT infrastructure management functions, including systems, performance, network, service, event and asset management, plus run book automation and service desk capabilities. The solution is used by service providers, corporations and government. The company raised $15M in a Series B round to support growth. Proceeds are intended for global sales expansion, marketing and continued technology development. The company also appointed John Becker as CEO while co-founder David Link remains chairman of the board. ScienceLogic's EM7 IT Management System monitors datacenter resources, mobile and remote assets, and public and hybrid cloud resources from a single console. The company was bootstrapped prior to this fundraise and reported rapid revenue growth—over 500% from 2005 to 2008—with 2008 sales of $5.9 million. TechCrunch notes the company is cash-flow profitable. With cloud management gaining enterprise attention, ScienceLogic's unified monitoring for cloud and data centers positions it in a hot market. The article suggests that, given its profitability and technology, ScienceLogic could become an acquisition target.

Led · Debt Financing · Oct 2018

CallRail provides small businesses and digital marketing agencies worldwide a platform to manage quality phone calls and other inbound leads. The platform works within customers' existing workflows to connect data from calls, forms, chat and beyond, bringing visibility into digital marketing efforts. CallRail routes leads and integrates with major marketing and sales platforms including HubSpot, Facebook, Salesforce, and Google Ads and Analytics. The company now serves more than 150,000 businesses. Led by CEO and co-founder Andy Powell, CallRail intends to use the new funds to expand operations and broaden its business reach. The company has raised a total of $132M to date. CallRail is an Atlanta, GA-based provider of call tracking and analytics software. It tracks and records phone conversations, producing real-time analytics and searchable transcripts. The platform generates actionable insights to close the attribution loop for marketers and marketing agency professionals, helping optimize advertising campaigns and increase sales effectiveness. The company is led by co-founders Andy Powell (CEO) and Kevin Mann (CPO) and is backed by Sageview Capital and Leaders Fund. CallRail received a $15M credit facility provided by Square 1 Bank, a division of Pacific Western Bank. The company intends to use the funds for continued growth and expansion. CallRail provides attribution and analytics for inbound phone calls, enabling data-driven marketers to optimize advertising campaigns, increase sales effectiveness and improve customer retention. The company serves more than 65,000 companies and marketing agencies across North America. Founded in 2011 and led by CEO Andy Powell, CallRail is based in Atlanta, GA. Its core product focuses on call tracking and analytics that tie phone interactions back to marketing channels. The company announced a $75M growth financing and plans to use the funds to further accelerate its growth initiatives. CallRail also added new board members in conjunction with the financing to support its expansion. CallRail provides cloud-based call tracking and analytics that help businesses and marketing agencies discover which campaigns and keywords drive valuable phone calls. More than 15,000 companies in the United States and Canada use its platform. The company recently released a real-time call intelligence tool, CallRail Copilot, and plans to launch an expanded integration platform and advanced features for healthcare organizations. CallRail said it will use the funding to scale sales and marketing and to more aggressively advance its product roadmap. The company has been recognized as one of Atlanta’s Top 10 Fastest-Growing Businesses and a Technology Association of Georgia (TAG) Top 40 Innovative Technology Company in 2014. CallRail is based in Atlanta, Georgia.

Led · Debt Financing · Oct 2018

Paro operates a marketplace that uses algorithms to identify and recommend freelance finance and accounting talent to businesses, enabling on-demand, pay-for-work engagements. The company provides tools for experts—pricing, performance, CRM and ROI insights—and positions itself as a specialized alternative to general freelancing marketplaces. Paro plans to use new funding to further develop its platform, expand its customer base, and invest in general R&D with the goal of becoming a go-to resource for finance and accounting solutions for businesses, including enterprises. Founded in 2015 by Michael Burdick and Dan Wywrot, Paro emphasizes flexible staffing and remote work as tailwinds for its model. On operating metrics, Paro says revenue has tripled since its Series B in Q3 2021, average client spend has doubled, and freelancers on the platform are on track to bill over $1 million through Paro this year. Paro provides flexible finance and accounting solutions via a proprietary AI-powered platform that precisely matches clients with highly vetted freelance finance experts. The marketplace covers a range of services from basic bookkeeping and accounting to specialized corporate development and strategic advisory. Paro says it has doubled since Q3 2020; in the last year 20% of Paro freelancers billed $100K–$500K through the platform and multiple freelancers were on track to bill more than $500K in 2021. The company uses AI both to match clients with top-tier talent and to give freelancers tools and insights to build their businesses. Paro plans to use new funding to fuel domestic growth, position for future international expansion, and invest further in its AI-powered marketplace. The company is headquartered in Chicago. Paro is a platform that connects companies with highly-vetted, enterprise-level finance and accounting professionals and automates business management for both clients and freelancers. The company uses a data-driven matchmaking algorithm that the article reports results in 95% of clients choosing one of the first two experts they are matched with. Paro offers income-predictability tools and flexibility for its network members, positioning itself as an alternative to traditional accounting firms, temp agencies, and staffing agencies. The platform emphasizes workflow automation to streamline finance functions and remove administrative friction for experts. Paro plans to expand its suite of workflow automation tools and pursue larger enterprise clients. The company was founded by Michael Burdick and Dan Wywrot, CPA, and is based in Chicago. Paro recently raised $10 million in funding to support continued growth. Paro is a Chicago, IL-based on-demand financial services platform that connects virtual, on-demand accounting and finance professionals with a variety of clients, from growth-stage startups to enterprise businesses. After passing a screening process, freelance CPAs, bookkeepers, CFOs and analysts are matched with businesses based on need and industry expertise. The company recently secured a $2.25M credit facility to support its operations. Paro intends to use the proceeds for continued growth. The business is led by CEO Michael Burdick and is backed by investors including Revolution Ventures and Global Founders Capital. Paro is a Chicago-based marketplace that connects companies with vetted freelance financial professionals including bookkeepers, accountants, CPAs, and part-time CFOs. Founded in 2015 by Michael Burdick and Dan Wywrot, the platform delivers client work directly to professionals to increase income predictability and reduce time spent selling services. Paro emphasizes matching businesses with talent who have relevant experience for similarly sized companies and refines matching via data collected from engagements. The company disclosed that almost one thousand businesses have used the platform. Management intends to use funding to expand sales and marketing and to continue improving predictive analytics around future income streams for its workers. Leadership includes CEO/co-founder Michael Burdick, and Eddie Lou serves on the board.

Led · Debt Financing · Jun 2018

Recursion uses AI-powered models and large biological and chemical datasets to identify and design new therapies and to provide those models to partner drugmakers such as Roche and Bayer. The company says its datasets exceed 23,000 terabytes and grow by hundreds of terabytes every week, which it plans to use to train models on Nvidia's cloud platform. Recursion is conducting human trials for five drugs, with some data readouts expected next year, including programs for a neurovascular malformation and a type of ovarian cancer. The company recently acquired two AI-driven drug discovery firms in May for $87.5 million, reflecting a strengthened focus on AI. Recursion intends to use Nvidia's BioNeMo service to support its internal pipeline and partner programs. Following the Nvidia investment announcement, Recursion's stock jumped about 80%. Recursion builds an AI‑powered drug‑discovery platform that combines a proprietary database of cellular images with deep‑learning algorithms to identify therapeutic candidates. The company says it has doubled the number of clinical and preclinical programs in its pipeline and doubled the size of its cellular image database since its last financing. Its publicly listed pipeline includes 10 programs in Phase I and Phase II development spanning solid tumor cancers, C. difficile infection, lipid storage disorders and other indications. Recursion plans to use the new financing to support clinical development across its pipeline and to continue integrating new technologies throughout discovery. The company also announced a strategic partnership with Bayer to apply Recursion’s system to Bayer’s small‑molecule library for discovery in fibrotic diseases of the lung, kidney, heart and other organs. Financially, the company has completed a large Series D round and is pursuing both in‑house development and partner‑enabled programs tied to milestone payments. Recursion operates a machine learning‑enabled drug discovery platform that fuses high‑throughput automated biology, bioinformatics, and AI to identify treatments for diseases that can be modeled at the cellular level. The company is expanding its platform with new capabilities to accelerate new chemical entity chemistry and to predict safety pharmacology. Recursion plans to use recent financing to advance its pipeline of pre‑clinical and clinical assets, including clinical‑stage programs for cerebral cavernous malformation and neurofibromatosis type 2. While prioritizing treatments for rare diseases within its own pipeline, it will continue to sign partnerships with pharmaceutical companies across immuno‑oncology, oncology, aging, and inflammation. The company is led by CEO Chris Gibson and emphasizes massively parallel experimental and computational approaches to broaden indications beyond initial drug repurposing work. Recursion is headquartered in Salt Lake City, Utah. Recursion Pharmaceuticals combines artificial intelligence and automation to conduct experimental biology at scale, applying advanced machine learning to a dataset of more than one petabyte of biological images. The company uses these capabilities to discover new chemical entities, predict mechanisms of action, reveal previously undiscovered biology, and map compounds to diseases that can be modeled in human cells. Recursion is led by co-founder and CEO Chris Gibson, Ph.D. It raised a $20.5M credit facility to support continued growth initiatives. The financing was provided by Square 1 Bank, a division of Pacific Western Bank. Recursion is backed by investors including Lux Capital, Data Collective Venture Capital, Mubadala Investment Company, and Obvious Ventures. Recursion combines innovative biological science with artificial intelligence into a discovery platform it calls “Phenomics.” It models thousands of diseases in human cells and captures hundreds of millions of microscopic images to build a large annotated biological image dataset, which is growing by more than 2 million images and 20 TB of data each week. That dataset is used to train neural networks and other computational techniques to identify changes in thousands of cellular and subcellular features in response to perturbations. Recursion began with drug repurposing across models of rare genetic diseases and has expanded into target discovery, new chemical entity discovery, and new indication areas such as inflammation, immuno-oncology, infectious disease and aging, while also building out an internal pipeline and partnering with major pharmaceutical companies. The company has generated more than 30 discovery programs across more than two dozen diseases, and its lead program is expected to enter the clinic in 2018. Led by co-founder and CEO Chris Gibson and based in Salt Lake City, Recursion recently raised $60M in a Series B, bringing total capital raised to more than $80M.