The Venture Codex

Participated · Series A · Jun 2026

Scotch builds a cloud-native, AI-first operating system for liquor retailers that combines POS, automated inventory management, invoice reconciliation and pricing intelligence in a single platform. The product automates complex workflows such as invoice reconciliation, cost change detection, SKU standardization, deal sheet matching and in-workflow analytics to reduce manual work and improve margins and pricing accuracy. Scotch has signed and onboarded large independent retailers including The Liquor Store of Jackson Hole, Big Bear Wine & Liquor, Corkdorks and Everest Spirits Superstore. The company reported it has surpassed a $1 billion annual run rate in gross payment volume. Scotch is led by founders and executives with prior experience building Skupos and with Drizly experience, including CEO Jake Bolling, CRO Kevin Hodges and CTO Dan Chen. With the new Series A capital, Scotch plans to accelerate product development, grow engineering and go-to-market teams, and continue nationwide expansion of its AI-enabled platform.

Participated · Equity · Dec 2025

Tebra is a Newport Beach, CA-based health-tech company offering an EHR+ platform purpose-built for independent medical practices. Its software connects electronic health records, billing, automation, telehealth, and practice-marketing tools in a single system, allowing clinicians to minimize administrative work and focus on patient care. The platform is currently used by more than 140,000 private healthcare providers who collectively manage 125 million patient records through the service. Tebra positions its product as a comprehensive operating system for the modern practice, and the company plans to accelerate the rollout of new AI-driven capabilities across every module. Funds from its latest raise will be directed toward expanding AI features in areas such as billing, payments, patient experience, and marketing. By deepening automation and intelligence, Tebra aims to enhance efficiency and patient engagement for its growing customer base.

Participated · Series A · Oct 2025

Bettani Farms, recently rebranded from Climax Foods, is a Berkeley-based food-technology company focused on creating dairy-free cheeses. Its products—including mozzarella and feta—are built on a proprietary ingredient called Caseed, designed to mimic the functional properties of casein while remaining completely plant-based. The company positions its cheeses as protein-rich and free of common allergens such as nuts and soy. To strengthen execution, Bettani Farms has added industry veterans: former Califia Farms CFO Sandeep Patel now serves as CEO and chairman, while new senior hires span R&D, sales, and process engineering. The fresh leadership aims to accelerate product development and commercialization. Although specific revenue or user metrics were not disclosed, the firm plans to deploy new capital to expand operations and intensify R&D efforts, signaling a focus on scaling production and market reach.

Participated · Series A · Sep 2025

Euclid provides an AI-powered operating system and a services suite that organizes project documentation, tags and extracts key data, and produces a single source of truth for renewable energy teams. The platform automatically identifies cost lines, deadlines, and risk indicators to shorten diligence and transaction timelines. Euclid is embedded in more than 1,000 solar and storage projects across the U.S., has onboarded over 12 gigawatts of capacity, and has supported more than $10 billion in renewable energy investments. Clients including UBS, Catalyze, and Apollo Global Management use Euclid to cut transaction timelines by as much as 60 percent and maintain audit-ready documentation. The company plans to accelerate its AI-enabled workflows, expand its product suite, and strengthen its services team to meet rising market demand. Founded in 2021 by Jacob Sandry, Ryan Guay, and Brian DeMaio, Euclid says it doubled its enterprise client list in the first quarter of the year.

Led · Series C · Jul 2025

Wallarm offers a unified platform for API and agentic AI security that provides real-time blocking, a complete API inventory, and patented AI/ML-based abuse detection. The company recently introduced Agentic AI Protection to monitor AI interactions and protect against prompt injection, jailbreaks, API logic abuse, and other AI-specific attacks. Wallarm has also launched a Penetration Testing Service for Agentic AI Systems and published an API Honeypot Report revealing growing API attack trends. The firm released a next‑gen Security Edge product to deliver resilience, observability, and performance for API security and plans to extend its offering to further protect APIs in the AI era. Wallarm closed 2024 with record growth, net revenue retention of 134% across enterprise accounts, and nearly zero churn. Its platform is deployed in complex enterprise environments across financial services, manufacturing, technology, and other industries. Wallarm provides an AI-powered application security platform that automates protection and security testing for websites, microservices and APIs running on public and private clouds. Its AI engine generates application-specific WAF rules and vulnerability security tests. The technology secures hundreds of enterprises and SaaS companies. Led by co-founder and CEO Ivan Novikov with Johan Nordstrom and Renata Budko in senior roles, the company plans to accelerate growth of its Application Security Platform and build go-to-market infrastructure and services using the new funding. Wallarm is based in South San Francisco, California. Post-financing the company has raised a total of $10.8M. Wallarm builds AI-driven web-application security that learns about hacker attacks and replays them safely so systems can become more robust. The team consists of ex-white hat hackers who previously helped Russian companies such as Mail.ru, Yandex and Parallels to block threats. The company graduated from Y Combinator’s S16 batch and re-appeared in the U.S. after its earlier activity. Wallarm claims it became profitable this summer. It serves about 100 paying clients, including enterprises such as Automattic, Parallels, Wargaming and Yandex. The product is positioned as enterprise-focused protection against application-level attacks using attack replay and AI-based detection. Wallarm is a web security company built by ex‑white‑hat hackers that provides a next‑generation platform to protect online businesses from application‑level attacks. The startup is releasing its first product and is transitioning from a service model (the team has provided white‑hat security audits since 2009) to a product business model. Its platform is built on top of nginx, designed for very high loads, and supports Ruby, PHP, .NET, Perl, Python and other popular web platforms while integrating with common bug trackers. Wallarm says the product "learns" from application and user behavior, can protect against 0‑day attacks, and reduces noise so security teams see only attacks that represent real threats. The company plans partnerships with managed service providers, public and private clouds, PaaS/IaaS providers, monitoring and log management systems, and cloud IPS/IDS services. Runa Capital’s $500,000 seed will be used to develop the product and support the shift to a product‑led business.