Participated · Equity · Mar 2025

Proscia provides an enterprise pathology platform, Concentriq, plus a precision medicine AI portfolio and real-world data to accelerate development and use of therapies and diagnostics. The company’s products are used daily by pharmaceutical companies and a global network of diagnostic laboratories. Proscia holds FDA 510(k) clearance and CE‑IVDR certification for its diagnostic software. Led by CEO David West, the company focuses on enabling AI to advance precision medicine and tackle diseases such as cancer. Proscia recently raised $50M, bringing its total funding to $130M, and intends to use the proceeds to grow its customer footprint and advance Concentriq’s AI capabilities. Proscia develops a digital pathology software platform and AI applications that automate tasks such as quality control and tumor identification. Its open platform enables partners, customers, and developers to build and deploy disease-specific AI tools, and the company works with cloud providers like AWS and Azure to scale enterprise deployments. The platform is used by 14 of the top 20 pharmaceutical companies to leverage pathology image data for drug discovery and development. Proscia recently received FDA clearance for its software, which allows it to expand into the U.S. diagnostic market. The company raised a $9 million extension to its Series C, bringing the round to $46 million, and plans to use the funds to accelerate commercial growth and further develop its AI-powered applications. Proscia positions itself to address a global pathologist shortage and rising cancer rates as digital pathology adoption accelerates toward widespread use in the next 5–7 years. Proscia provides the Concentriq® platform, which combines enterprise scalability with a broad portfolio of AI applications for digital and computational pathology. Led by CEO David West and based in Philadelphia, the company serves customers including 10 of the top 20 pharmaceutical companies and the Joint Pathology Center, which selected Concentriq to digitize a tissue repository of over 55 million slides. Proscia raised $37M in a Series C to accelerate adoption of computational pathology and strengthen its market and product leadership. The company plans to use the funds to scale commercial operations and expand its sales, marketing, and support teams. Proscia also intends to grow distribution partnerships following a recent OEM agreement with Siemens Healthineers. These investments are aimed at expanding its AI-driven pathology offerings and commercial footprint. Proscia offers the Concentriq digital pathology platform combined with AI-powered applications to digitize high-resolution tissue biopsy images and unlock new insights for laboratories, health systems, and life sciences companies. The company plans to expand its AI application portfolio (building on its DermAI application), grow its data assets, and accelerate commercial expansion by ramping up global sales, marketing, and support teams. Proscia will also advance its regulatory strategy to pursue FDA clearance, building on its existing CE Mark and MDSAP certification. Since closing a Series A in 2018, Proscia has amassed customers including Johns Hopkins School of Medicine, the Joint Pathology Center, and 10 of the top 20 pharmaceutical companies. JPC selected Concentriq to digitize the world’s largest human tissue repository of over 55 million slides. The company positions its software and AI to transform pathology’s historically analog workflows into data-driven diagnostics to improve patient outcomes and accelerate biomedical research. Proscia offers a cloud-based, modular digital pathology platform used by thousands of pathologists, scientists, histotechnicians, and lab managers at more than 300 clinical and research facilities worldwide. The platform integrates with labs' existing environments and technology ecosystems to enable digital adoption, streamline image-based workflows, and open imaging and analytics revenue streams. Proscia is building AI-enabled, disease-specific modules that sit atop its platform to augment pathologists' evaluations and improve diagnostic efficiency and quality. The company plans to commercialize new clinical AI workflows targeting high-volume, high-impact cancers, with its first module, DermAI™, scheduled for release in December 2018. Proscia positions these technologies to increase access to care, reduce turnaround times and costs, and unlock data from tissue to advance cancer research and diagnosis. The company was founded by a team from Johns Hopkins and the University of Pittsburgh to improve clinical outcomes in the fight against cancer.

Participated · Series B · May 2024

AssetWatch is a Columbus, Ohio–based condition monitoring and predictive maintenance company led by CEO Brian Graham. The company provides an end-to-end remote condition monitoring service comprised of a network of wireless sensors and communication hubs, software, and condition monitoring engineers. Its solutions are designed to eliminate unplanned downtime and optimize operations for global manufacturers. In May 2024 AssetWatch raised $38M in a Series B financing. The company intends to use the funds to further enhance ongoing innovation and to expand and scale up the business. The round underscores continued investor interest in industrial predictive maintenance solutions. Nikola Labs provides a remote monitoring solution that tracks the health of critical manufacturing equipment via a network of wireless vibration sensors. Machine learning models and certified vibration experts analyze the sensor data and generate prescriptive and predictive maintenance alerts so machines can be repaired before failure. The company is a spinout of The Ohio State University and is led by CEO Brian Graham. Its vibration sensors are deployed across North America and the UK, and it currently serves over 100 manufacturing organizations. Nikola Labs reports delivering tens of millions in savings annually to customers by eliminating unplanned downtime events. The company intends to use the new capital to scale the business; its total funding to date is $50m. Nikola Labs provides sensor-based reliability solutions that simplify proactive maintenance and eliminate unplanned downtime for global manufacturers. Its AssetWatch™ platform combines proprietary sensor systems, third-party data inputs, machine learning and prescriptive insights from a team of condition-monitoring engineers to predict upcoming machine faults. The company was spun out of The Ohio State University and is led by CEO Brian Graham and Co‑founder and Executive Chairman Will Zell. Nikola Labs raised $20M in a Series A to accelerate development of its IoT platform and machine-learning capabilities. The company intends to use the funds to expand into new markets and broaden commercial deployment of its AssetWatch™ offering.

Participated · Equity · Apr 2024

Arcadia operates a utility data platform and manages a community solar program that unlocks energy data for businesses. Its platform is used to power solutions aimed at electrification and decarbonization. The company plans to use the recent financing to grow its community solar program and to invest in product innovation leveraging AI to enable new use cases built on its trove of energy data. Financially, Arcadia raised $50M in equity and concurrently closed a $30M credit facility with J.P. Morgan, and it amended an existing facility with TriplePoint Capital to lower its cost of capital. Macquarie Asset Management joined as a new equity investor alongside a group of existing backers. Founded in 2014 and led by CEO and founder Kiran Bhatraju, Arcadia is based in Washington, D.C. Arcadia builds the Arc platform, which unlocks energy data and exposes APIs so companies can build climate tech products and act on their environmental impact. The platform is used by over 300 new energy companies to personalize energy products and generate auditable carbon accounting reports, optimize EV charging schedules, create rooftop solar and storage proposals, and deliver community solar savings on a single bill. Led by founder and CEO Kiran Bhatraju, Arcadia focuses on enabling a zero-carbon economy through data-driven energy products. The company raised $125M to support continued development of the Arc platform and to accelerate its community solar business. Eric Scheyer of Magnetar will join Arcadia’s board as part of the financing. Arcadia is headquartered in Washington, DC. Arcadia operates the Arc data and API platform that supplies easy-to-use utility data, clean energy, and developer APIs to companies building climate and energy products. The company says its platform helps customers monitor, report, and act on their carbon impact and removes barriers around access to comprehensive utility data. Arcadia will use the new funding to expand data coverage — including commercial utility data — and to accelerate new product development and use cases. More than 100 innovators, including Ford, EnelX, Aurora Solar, and STEM, use Arc APIs across verticals such as EVs, solar, storage, and smart-home IoT. Recent momentum includes 155% year-over-year organic revenue growth in 2021, the November launch of the Arc platform, and passing a 700MW managed milestone as a leading manager of community solar in the U.S. The company has also added senior product and board hires as it scales the platform. Arcadia operates a platform that provides access to energy data and manages renewable energy programs, including the nation’s largest community solar subscriber portfolio. The company says the Arcadia Platform accesses more than 80 percent of U.S. electric utility accounts nationwide and manages a community solar portfolio expanded to 500 megawatts. Arcadia has pursued growth by acquiring Real Simple Energy and Nanogrid and by expanding product capabilities across new verticals such as electric vehicles and distributed energy resources. The company strengthened its executive team with hires including CFO John Rucker and Chief Data Officer Nancy Hersh. Arcadia plans to use new capital to accelerate its technology roadmap, scale its community solar offerings across residential and business sectors, attract talent, and broaden its product scope to make renewables more accessible and affordable. The company frames its work as enabling a decentralized, decarbonized power grid and advancing a 100 percent clean energy vision. Arcadia provides software that aggregates, analyzes, and packages a variety of energy options for residential utility customers, enabling access to community solar, wind, and virtual power purchase products. The company acts as a community solar manager and broker, connecting developers with buyers rather than financing or building projects itself. Arcadia reports hundreds of thousands of customers and finances hundreds of megawatts of community solar for developer partners. It is considered the country’s largest residential broker for retail electricity providers in competitive markets, with over $200 million in utility payments to date. The company currently serves customers in New York, Maryland, Rhode Island, and Washington, D.C., and plans expansion to Illinois, New Jersey, Colorado, and Massachusetts next year. Arcadia plans to release new energy subscription models in 2020 and expand financing options for in-home devices such as smart thermostats and LED lighting.

Participated · Series E · Mar 2024

Nozomi Networks provides OT and IoT security through a platform that combines network and endpoint visibility, threat detection, and AI-powered analysis to support effective incident response. The company serves customers seeking to minimize risk and complexity while maximizing operational resilience for critical infrastructure. Led by President and CEO Edgard Capdevielle, Nozomi emphasizes OEM-agnostic security solutions in response to escalating attacks on critical infrastructure. The firm intends to use the new funds to scale product development efforts and expand its go-to-market approach globally. Nozomi is based in San Francisco, CA. The company recently completed a significant financing round that strengthens its financial position for growth. Nozomi Networks builds industrial cybersecurity software that detects threats to industrial control systems (ICS) and provides real-time visibility to manage cyber risk and improve operational resilience. Its technology supports almost 50 million devices across sectors including critical infrastructure, energy, manufacturing, mining, transportation and utilities. The company says it doubled its customer base in 2020 and saw a 5,000% increase in the number of devices its solutions monitor. Nozomi competes with firms such as Dragos and Claroty and emphasizes preventing attacks before they hit OT environments. It plans to scale product development and expand go-to-market efforts globally, with specific investments in sales, marketing and partner enablement and product upgrades for OT and IoT visibility and security. The business recently raised a significant pre-IPO financing to fund those efforts following a Series C earlier under two years prior. Nozomi Networks provides OT and IoT security and visibility solutions that deliver operational visibility, advanced threat detection and operational insight for industrial control networks. Its products are deployable onsite and in the cloud and span IT, OT and IoT to automate inventorying, visualizing and monitoring through the use of AI. The company’s solutions currently support more than 17 million devices in thousands of installations across energy, manufacturing, mining, transportation, utilities, building automation, smart cities and critical infrastructure. Nozomi aims to extend IT, OT and IoT cybersecurity services across public and private sector enterprises in the UAE and the broader MENA region through a partnership with Forward Investments. To date the company’s total funding exceeds $54M, with backers including GGV Capital, Lux Capital, Energize Ventures, Planven Investments and Telefónica. The company emphasizes securing modernization of critical industrial infrastructure and accelerating digital transformation for utilities and other OT sites. Nozomi Networks delivers security and operational visibility for OT and IoT environments, using AI to automate inventory, visualization and monitoring of industrial control networks. Its products can be deployed on‑premises and in the cloud and span IT, OT and IoT environments. The company supports more than 3.6 million devices across over 2,400 installations and operates in 16 countries. Use cases extend beyond cybersecurity to troubleshooting, asset management and predictive maintenance. Nozomi is positioned as a market leader in OT/IoT security and detection and partners with service providers to reach industrial customers. The company has raised more than $54 million in total funding to date from investors named in the article. Nozomi Networks builds security products for industrial control systems, emphasizing passive threat and anomaly detection that combines behavior-based and signature-based approaches, and offering an active detection option for specific threats. The company says it secures more than 300,000 industrial devices and counts hundreds of hydroelectric and gas distribution facilities among its customers. Management plans to continue investing in product and R&D while prioritizing awareness, sales, reach, and technical support to expand its customer base. This year the company has expanded its global footprint to target markets including Canada, the UK, and Germany. The rise in connectivity of ICS systems and growing threats to critical infrastructure form the backdrop for demand in Nozomi’s offerings. Financially, Nozomi has completed multiple raises this year and reported a valuation of about $150 million after an earlier round.

Participated · Series D · Dec 2021

Heap is a digital insights platform that automatically collects all customer interactions and uses data science to surface actionable recommendations for product and growth teams. In 2021 Heap launched Illuminate, a data‑science‑powered solution intended to address limitations of legacy analytics tools. The company says over 8,000 businesses use Heap and it reported impressive triple‑digit growth. Heap was named Snowflake’s FY2021 Data Marketplace Partner of the Year and has made several senior executive appointments. The company plans to use new funding to scale global operations and accelerate research and development of its digital analytics platform. Total capital raised to date stands at $205 million. Heap builds analytics software that automatically captures all user activity and makes it available in a self-serve way without extra code. The product is designed so teams can answer new queries without the usual manual instrumentation. Heap reports more than 6,000 customers, including Twilio, AppNexus, Harry’s, WeWork and Microsoft. The company has raised a total of $95.2 million following the latest round and plans to use the new capital to fund international growth. Heap will expand its product, engineering and go-to-market teams with the proceeds. CEO and co-founder Matin Movassate, a former Facebook product manager, is positioning the company to take on incumbent analytics providers. Heap automatically records all user activity on websites and apps and exposes that data on a self-serve basis so non-engineers can run queries and get insights. The company is working to integrate other data sources and become the “source of truth for your customer data.” Heap says it has more than 5,000 customers, including Zendesk, Lending Club and CrunchBase. The startup raised $27 million in a Series B and has now raised a total of $40 million. CEO Matin Movassate says Heap’s vision is to “make data useful for everyone” and to help customers focus on insights rather than analytics plumbing. Planned uses for the new funding include more hiring and product development to support more data types and larger volumes. Heap provides a "capture everything" analytics product that automatically collects taps, swipes and other user actions on websites and apps. The platform is designed so anyone across an organization can query user behavior without routing requests through engineers. CEO Matin Movassate says Heap is most successful when adopted broadly and serves as the foundation for cross-team analysis. Customers named in the article include Zendesk, Twilio, Optimizely and CrunchBase. Revenue grew 4.5x in the past year and the company is cash-flow positive. To support continued customer growth, Heap plans to invest more in headcount. Heap offers a 'capture everything' analytics product that records every click, page view, and interaction its JavaScript snippet can capture, and has added native iOS support to capture taps and swipes in apps. The product intentionally avoids capturing sensitive typed form inputs to protect user privacy. Heap positions itself against incumbents like Google and KissMetrics by enabling retrospective analysis without pre-instrumentation. The company raised a $2M seed round to address scaling challenges and to hire engineers to support growth. Founder Matin Movassate cited scaling and hiring engineers as two of the biggest reasons for the raise. Heap is part of Y Combinator's Winter 2013 class.