Briya Raises $11.5M Series A, Accelerates U.S. Rollout of Blockchain-Secured Data Exchange Platform to Enhance Collaboration Between Hospitals and Life Sciences

NEW YORK, Sept. 18, 2023 /PRNewswire/ — Briya, an end-to-end healthcare data exchange platform, today announced completion of an $11.5 million Series A round of financing, bringing the company’s total funding to $17 million. The round was led by Team8, includes existing investors Insight Partners, Amiti Ventures and Innocare Health Investments, and is joined by the George Kaiser Family Foundation.

The funding will support Briya’s mission to transform how data is exchanged between healthcare organizations and life sciences organizations, with particular emphasis on supporting the United States health ecosystem. The company’s scalable data exchange platform enables hospitals to capitalize on their patient data. It has been implemented in healthcare systems and academic institutions, primarily in Europe and Israel.

“By implementing Briya’s data platform, we can now quickly access relevant clinical and radiological data from various sources in mere seconds,” said Dr. Jawed Nawabi, a radiology specialist at the Institute of Neuroradiology at Charité – Universitätsmedizin Berlin, a Newsweek Top 10 global hospital, and Digital Clinician Scientist Fellow at the Berlin Institute of Health at Charité (BIH). “This has not only increased our efficiency in clinical research but also improved our collaboration within our international research network, thanks to a decentralized approach, enhanced data security, and increased transparency in data processing. It ultimately enhances interoperability and data quality.”

The Briya platform connects clinics and hospitals with academic and pharmaceutical research teams, addressing the primary challenges faced by organizations in the collection and exchange of healthcare data. The highly secured data exchange empowers hospitals to effectively utilize their health data and safely share it, in compliance with all regulatory guidelines. At the same time, it provides life sciences organizations seamless access to high-quality, de-identified real-world data to expedite development and time-to-market for new therapies.

“Briya has developed the only end-to-end solution currently on the market that streamlines the entire process of data sharing between healthcare organizations and life sciences organizations. It not only handles discovery, formatting, de-identification, and securing transfer of data, but also solves operational hurdles such as contracting, payments and approvals,” said Sarit Firon, Managing Partner of Team8, leading the group’s investment arm. “This unique end-to-end vision, coupled with its cutting-edge technology, makes us confident that Briya will significantly improve the healthcare industry’s ability to make positive use of clinical data.”

Briya’s scalable blockchain-powered system standardizes all forms of electronic health records, enabling streamlined access to and exchange of live, anonymized healthcare data for life sciences organizations. The technology facilitates optimal use of a range of AI and machine learning tools, real-world data, and health economics studies to optimize clinical trials, ensure regulatory compliance, and accelerate drug discovery.

The timing of the funding highlights the confidence stakeholders have in the value Briya brings to the market by enabling healthcare organizations, researchers and pharmaceutical organizations to efficiently exchange real-world healthcare data.

“Despite the abundance of available healthcare data, the fragmented nature of the current system, combined with complex compliance issues and a lack of standardization, means healthcare organizations face significant challenges in sharing their data with pharmaceutical and research partners, impeding medical research and care,” said David Lazerson, CEO and Co-founder of Briya. “Briya’s data exchange platform provides a scalable and secure model that allows hospitals to take full advantage of all that patient data has to offer, with minimal additional effort, to promote greater collaboration while generating lucrative revenue streams.”

“Privacy and speed are top priorities when it comes to digital health and Briya provides both the confidentiality and fast queries simultaneously. It is the most comprehensive decentralized data platform we have seen in recent years, helping us establish smart contracts to share data and reduce data storage costs,” said Janet Meiling Wang-Roveda, professor of Electrical and Computer Engineering at the University of Arizona. “We expect to see Briya adopted as a scalable data exchange solution in institutes, hospitals, and organizations across the U.S. in the near future.”

Prof. Ronni Gamzu, CEO of the Tel Aviv Sourasky Medical Center, said: “Briya has enabled us to concentrate on pioneering research and innovation while fostering strategic partnerships with academia and the industry – all vital elements for our continued relevance in the age of AI. It has become an integral part of the hospital’s legacy of excellence, as well as the broader Israeli innovation ecosystem.”

About Briya
Briya is a blockchain-secured data exchange platform that enables healthcare organizations to share anonymized patient data efficiently, securely, and compliantly, while generating new revenue streams. It facilitates the quick retrieval of accurate information by converting healthcare data into FHIR or OMOP standards and seamlessly de-identifying queried data. This access to high-quality real-world data promotes research collaboration and facilitates effective data analysis in life sciences and healthcare.
Briya was one of 10 startups selected for the 2022 Intel® Ignite accelerator program, among the 2022 intake for the Nashville Entrepreneur Center’s Project Healthcare Showcase, and participated in UC Berkeley’s Health Engine accelerator.
For more information, visit: briya.com
Follow Briya on LinkedIn and X

AWARD: GrowthCap Top Private Equity Firms of 2023

Insight Partners has been named to GrowthCap’s list of the Top Private Equity Firms of 2023.*

Read the article and complete list of winners on GrowthCap’s website here.

* The award referenced herein is the opinion of the party conferring the award and not of Insight Partners. GrowthCap, LLC (“GrowthCap”), an independent third party that is not affiliated with Insight, issued the award. The time period upon which the award was based was 7/22 – 7/23. The award was given on 8/21/23. After being notified by GrowthCap of Insight’s selection for the award, Insight paid a fee to secure award receipt. In general, the receipt of compensation influences, and is likely to present a potential material conflict of interest, relating to any granted award. GrowthCap’s recognition is not indicative of Insight’s future performance and was not based on evaluations of clients or investors of Insight. There can be no assurance that other providers or surveys would reach the same conclusion as the foregoing.

Writer, the Full-Stack Generative AI Platform, Announces $100 Million Series B to Help Deliver Generative AI to the Enterprise

SAN FRANCISCO–(BUSINESS WIRE)–Writer, the leading full-stack generative AI platform for enterprises, announced its Series B funding round of $100 million today. The round is being led by ICONIQ Growth with participation from WndrCo, Balderton Capital and Insight Partners, who led the Series A, and Aspect Ventures, who led the Seed. In addition, this round includes participation from several Writer customers such as Accenture and Vanguard. With this financing, ICONIQ Growth’s Doug Pepper has joined the board.

The Series B funding will be used to further invest in the company’s own industry-specific large language models (LLMs), and to add agent and multimodal capabilities to its LLMs. Writer is the only generative AI platform built from the ground-up for the enterprise. It empowers the entire organization including support, operations, product, sales, HR, marketing, and more, to accelerate growth, increase productivity, and ensure governance.

“Our foundation models are best-in-class, and they’re auditable, inspectable, and hostable — but it’s not just about the models,” said May Habib, CEO and co-founder of Writer. “Any CIO who’s tried to build an internal generative AI application will tell you that the last mile of quality is the hardest. And we help them nail that, at scale, dozens and dozens of times as they build AI applications and assistants that enable their entire organization. And our customer’s desire to invest in the company is a true testament to the value we’re providing.”

Unlike other generative AI solutions, Writer’s full-stack platform was built to enable its customers to seamlessly embed generative AI into their business processes. The platform includes Writer-built LLMs, Knowledge Graph to integrate with business data sources, and an application layer of chat interfaces, prebuilt templates, and composable UI options. Writer models are top scoring on key benchmarks like Stanford HELM and can be self-hosted, which allows customers to get the security benefits of building their own model with the speed to value benefits of a powerful end-to-end solution.

“Writer’s ability to apply the power of generative AI to many different departments within the enterprise—from marketing to product, human resources, and more—has proven to be a game changer for C-suite leaders,” said Doug Pepper, general partner at ICONIQ Growth. “We believe that generative AI usage within enterprises is hitting an inflection point, and Writer stands out to us as a leader in providing a full-stack and secure platform to deliver on AI’s incredible promise.”

WndrCo founding partner Jeffrey Katzenberg shared, “Writer is a powerful platform for maximizing both creativity and productivity in the workplace. With Writer’s generative AI capabilities, organizations can empower their teams to be strong storytellers in all facets of their communication.” Justin Wexler from WndrCo added, “We have high conviction that Writer’s platform will continue to resonate among the Fortune 500 and beyond.”

“Writer stands out as a company in the incredibly noisy world of AI that has a clear, proven business model, traction with leading global enterprise customers and strong revenue growth. May, Waseem, and their team are building something truly unique and we are excited to partner with them as Writer grows in Europe,” said Rana Yared, general partner at Balderton Capital.

“Writer’s full-stack platform enables Vanguard to combine the expertise, creativity, and knowledge of our teams with the latest advancements in generative AI technology, boosting productivity,” said Nitin Tandon, chief information officer of Vanguard.

Writer has grown revenues by 10x in the last two years and has over 150% net revenue retention. As a proven solution with several years in the market, Writer was well-positioned to help enterprises around the world leverage AI when new tools democratized access to the technology.

In a study of over 50 enterprise customers, Writer was found to return an average of 7.5 hours of productivity per employee per week. Writer takes a full-stack approach that enables diverse use cases across the entire organization, not just solely on foundation models or an out-of-the-box app that only generates content.

Writer announced its $21 million Series A round in 2021 and raised $5 million in seed funding in 2020.

To learn more about the Writer platform, visit www.writer.com.

About Writer

Writer is the full-stack generative AI platform for enterprises. We empower your people—support, operations, product, sales, HR, marketing, and more—to accelerate growth, increase productivity, and ensure governance.

Our platform transforms work by embedding AI into any business process and making it available everywhere people work. We pair Writer-built LLMs with Knowledge Graph, which integrates with your business data sources, to deliver high-quality outputs and insights. Writer automatically enforces your AI guardrails so work is compliant, accurate, inclusive, and on-brand, whether it’s created by your people or AI. Our flexible application layer of chat interfaces, prebuilt templates, and composable UI options serves use cases across every function.

The Writer platform is enterprise-grade and doesn’t use or share your data. We’re compliant with SOC 2 Type II, GDPR, Privacy Shield, HIPAA, and PCI. Palmyra, our family of transparent and auditable LLMs, is top-scoring on key benchmarks, faster and more cost-effective than larger models, and fine-tuned for specific industries. We offer flexible deployment options, including Writer-managed and customer-managed. Leading enterprises choose Writer, including Intuit, UiPath, Spotify, L’Oreal, Uber, and Accenture. Visit us at writer.com.

18 Insight Partners Portfolio Companies Named to Will Reed’s List of the Top 100 Early-Stage Companies to Work For

Insight Partners is thrilled to see 18 of our portfolio companies recognized on executive search firm Will Reed’s list of the Top 100 Early-Stage Companies to Work For*! Congratulations to Acryl Data, Bardeen, Coast, Dazz, Deepfactor, Deno, Dragonboat, Fermyon Technologies, Inteseye, Kubit, Promethium, Rasgo, Rattle, Resolve, Shipium, Silk Security, Snappt and Sware on this achievement.

See the full list of winners on Will Reed’s website here.

*Please note that Will Reed is wholly owned by Insight Holdings Group, LLC, the sole member of Insight Venture Management, LLC (“Insight”), an investment manager of funds which focuses primarily on investing in growth-stage software, software-enabled services, and internet businesses. Insight submitted nominations on behalf of certain of its portfolio companies, but no Insight representatives were involved in the Top 100 selection process.

Superluminal Medicines Launches with $33 Million Seed Round to Fuel its Drug Discovery Engine and Pipeline of Small Molecule Therapeutics

BOSTON, Aug. 28, 2023 (GLOBE NEWSWIRE) — Superluminal Medicines Inc., a generative biology and chemistry company developing a differentiated pipeline and revolutionizing the speed and accuracy of how medicine is created, today announced the closing of a $33 million funding round. The investment was led by RA Capital Management with significant participation from Insight Partners and NVIDIA. Gaingels also joined in the financing.

The funding will be used to progress Superluminal’s pipeline of small molecule drug discovery programs initially focused on high-value G protein-coupled receptor (GPCR) targets. The company’s pipeline stems from its platform, which creates candidate-ready compounds with differentiated TPPs in just months by utilizing a unique combination of human understanding, generative biology and chemistry, machine learning, and proprietary big data infrastructure.

“We are grateful to have the support of prominent investors as we set new expectations for the speed, accuracy and cost-effectiveness of drug discovery and development,” said Cony D’Cruz, CEO of Superluminal Medicines. “Our deep understanding of biology and our ability to employ the technology and tools necessary to effectively explore and manipulate that biology are critical differentiators that we believe will ultimately enable us to develop therapeutics.”

“The speed at which Superluminal has gone from prediction to structure validation and first biological hits is unprecedented,” said Andrew Levin, MD, PhD, Partner and Managing Director at RA Capital Management. “Superluminal’s ingenuity in combining biology, chemistry and technology holds immense potential to accelerate drug discovery and increase the probability of success in small molecule drug development. We are excited to support the Superluminal team as it advances its differentiated approach toward lead program candidate selection.”

GPCRs are a large family of integral membrane proteins that act as key regulators of cellular signaling. Out of 850 GPCRs, 70% are undrugged and only 138 have experimental active-state protein structures.

“The decision to focus on GPCRs was driven by our desire to study proteins in their natural state. Our approach allows us to interrogate proteins in a dynamic sense, exploring the multitude of conformations a protein can adopt,” said Mr. D’Cruz. “By understanding and leveraging these dynamic properties, we can intervene in a positive manner within the natural context of the cell and the body.”

World-Class Team
Superluminal is building a world-class team comprised of experienced biologists, chemists, drug developers and AI/ML experts. The company’s leadership includes: Cony D’Cruz, Co-Founder & CEO; Ajay Yekkirala, Co-Founder & SVP, Head of Discovery; Yang-Ming Zhu, SVP, Head of Engineering; Yamina A. Berchiche, Senior Director, Biology; Marek Orzechowski, Director, Computational Chemistry; and Murco Ringnalda, SVP, Head of Operations.

The company’s board of directors offers a wealth of industry expertise to guide Superluminal. The board includes: Andrew Levin, MD, PhD, Partner and Managing Director at RA Capital Management; Dylan Morris, Managing Director at Insight Partners; and Cony D’Cruz, Chief Executive Officer of Superluminal Medicines.

About Superluminal Medicines Inc.
Superluminal Medicines is a generative biology and chemistry company developing a differentiated pipeline and revolutionizing the speed and accuracy of how medicine is created. The company’s platform creates candidate-ready compounds with unprecedented speed using a comprehensive combination of deep biology and chemistry expertise, machine learning, and proprietary big data infrastructure. The predict-design-test architecture accurately models protein shapes and designs highly selective compounds to target the precise structural change for therapeutic effect. Its discovery engine is powered by an industry-leading, pharmacokinetic and toxicology in silico prediction capability. With a lead program candidate expected in the near term, the company’s proprietary pipeline validates its platform with initial programs focused on high-value GPCR targets. Based in Boston, the company is backed by a strong network of investors including RA Capital, Insight Partners, NVIDIA and Gaingels. For more, visit www.superluminalrx.com.

About RA Capital Management
RA Capital Management is a multi-stage investment manager dedicated to evidence-based investing in public and private healthcare and life science companies that are developing drugs, medical devices, and diagnostics. The flexibility of its strategy allows RA Capital to provide seed funding to startups and to lead private, IPO, and follow-on financings for its portfolio companies, allowing management teams to drive value creation from inception through commercialization. For more information, please visit www.racap.com.

About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of December 31, 2022, the firm has over $75B in regulatory assets under management. Insight Partners has invested in more than 750 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with right-sized, right-time practical, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit www.insightpartners.com.

IVIX Closes $12.5 Million Series A Funding Round Led by Insight Partners, Accelerating Growth and Helping Combat Financial Crimes

IVIX raised a $12.5M Series A round led by Insight Partners with participation from Team8, Citi Ventures, and Cardumen Capital.
IVIX’s innovative AI-powered technology helps tax authorities in the U.S., Europe and Asia identify large-scale tax evasion, money laundering and other financial crimes.
This investment will support IVIX in increasing its R&D team and global expansion plans.

NEW YORK, Aug. 7, 2023 /PRNewswire/ — Today, IVIX, the first AI-powered platform designed to help governments address pervasive financial crimes and tax evasion at scale, announced the successful closing of a $12.5M Series A funding round led by Insight Partners with participation from Team8, Citi Ventures and Cardumen Capital. This investment comes after significant growth and customer acquisition and will position IVIX to accelerate its research and development capabilities — expanding its capacity to help more governments identify financial crimes and close the tax gap.

Every year, at least $20 trillion in global business activity goes unreported to tax authorities. In the United States, the toll of that underreporting is estimated to total $1 trillion in annual tax loss. And the gap is growing – in both traditional cash-based industries such as construction and new ways such as crypto and e-commerce. The cost of the shadow economy is real: it limits the ability of governments to provide public services such as healthcare, education and infrastructure.

IVIX offers a solution to this multi-trillion-dollar problem. The company’s innovative technology leverages publicly available data to equip tax authorities with the information they need to do their job more accurately and efficiently in today’s environment. With adoption by multiple tax authorities, IVIX’s AI-powered solution provides its government customers insight into the shadow economy so they can address tax evasion at scale.

IVIX is currently used by major government agencies around the world, including the U.S. Internal Revenue Service’s Criminal Investigation Division and multiple states’ tax authorities in the US. The company has attracted top talent and expertise, including former IRS Chief of Criminal Investigation John D. (Don) Fort as Chief Business Officer and former IRS commissioner Fred Goldberg as a member of IVIX’s advisory board. The company was founded in 2020 by CEO Matan Fattal and CPO Doron Passov, both with experience in elite intelligence units.

Matan Fattal, CEO and co-founder of IVIX, said: “IVIX has already helped cities, states and countries around the world recover billions in lost revenue and we’re excited about continuing our expansion with this new investment. We’re proud to give governments the tools they need to gain visibility into the shadow economy and our Series A success is a testament to both our history of success and potential for growth. We’re excited for this next phase of our business and look forward to helping more customers level the playing field.”

Hagi Schwartz, Managing Director at Insight Partners, said: “IVIX’s AI-powered platform is a game changer for government agencies combatting financial crimes. The platform’s level of sophistication and adoption by tax authorities globally is impressive, and has the potential to enable governments to provide better services to its citizens. We at Insight are thrilled to support IVIX as they continue to scale their important work.”

Sarit Firon, Managing Partner at Team8, said: “As the lead investor in previous funding rounds, Team8 was an early believer in IVIX’s mission to illuminate the shadow economy. The IVIX platform, powered by AI and other data-driven tech, has significantly reduced tax evasion and fraud in multiple tax jurisdictions worldwide. We warmly welcome new investor Insight Partners into the fold, and look forward to helping IVIX roll out their solution to a rapidly growing base of global tax authorities.”

Cardumen Capital Co-Founder and General Partner Gonzalo Martínez De Azagra said: “As IVIX’s first institutional investor, we are excited to continue supporting the company. Their vision of employing leading-edge AI to detect fraud in an increasingly digitized economy convinced us then and convinces us even more now.”

About IVIX

IVIX’s innovative platform helps tax authorities in the U.S., Europe and Asia identify large-scale tax evasion, money laundering and other financial crimes. Powered by artificial intelligence and machine learning, IVIX gathers and enriches publicly available business activity data to accurately identify businesses, their revenue, and taxpayer entities. For more information visit: https://www.ivix.ai/.

About Insight Partners

Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of December 31, 2022, the firm has over $75B in regulatory assets under management. Insight Partners has invested in more than 750 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with right-sized, right-time practical, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.

Behind the Investment – Haus

Most ads aren’t reaching your attention by happenstance, as anyone who has ever seen an ad for a product they were just talking about knows. For this, we can thank the innocuously-named cookie, a small text file that holds the memory of a user and their past actions, including visited webpages, location settings, and log-in information. Invented by Netscape way back in 1992, cookies have quickly become the backbone of how marketers get the right ads in front of the right people at the right time to maximize conversion.

Over the past few years, regulations such as GDPR in the EU and CCPA in the US have called for greater stringency around consumer data protection and privacy, leading to a deprecation of cookies and user tracking. The web now faces a similar fate. Safari and Firefox have already blocked all third-party cookies, and Google has announced plans to disable cookies on Chrome by 2024. Marketers are now being confronted with a new reality, where the data they have relied on for decades in deploying trillions of dollars is rapidly going extinct.

This paradigm shift around cookies, coupled with an increased emphasis on sustainable growth, has placed greater scrutiny on spend allocation, with fundamental questions on how best to do that left unanswered:

How incrementally impactful is each channel in my mix?
At what spend level do we reach diminishing returns?
Is there incremental value in retargeting?
Are discounts and promotional offers truly ROI-positive?
Which customers need a discount to purchase incrementally?

Marketers are facing more pressure than ever to quantify and “prove” the answers to these fundamental questions. As investors, we at Insight see this firsthand. Insight’s D2C and marketplace businesses are keenly focused on these questions at both operational and board reporting levels. We’ve seen that traditional quantification involves a combination of CDP analytics, Google / Facebook ad-platform native analytics, and revenue attribution through cookie-proxies such as pixels. Yet, these methods are hard to maintain, produce “black box” results, and are becoming much less effective in this new post-cookie world.

To compensate, many consumer brands either rely on sizable internal data teams or pay high prices for outsourced marketing analytics services. These methods have largely proven to be static and expensive guesswork. With millions of dollars of spend on the line, brands are struggling to find the right solution to this extremely complex and challenging problem. We’ve taken part in countless boardroom conversations where this issue has been very high priority.

Enter Haus – a category-creating experimentation platform that democratizes frontier scientific methods and empowers marketers to understand the value of their spend. Instead of relying on cookies to target individual users, Haus configures experiments with the statistical tools and controls that enable marketers to model out the “incrementality curve” of their spend in any permutation of channel and geography – i.e., how much each incremental dollar will generate in returns. Armed with this data, executives can answer key business questions and make informed investment decisions.

When we first heard this pitch, we had our fair share of skepticism that Haus had cracked the code on privacy-centric experimentation. Through the lens of our D2C investments, it was obvious to us that this could be the “holy grail” of growth analytics. Even so, our skepticism led us to ask if it was even possible to productize such complex methods and models absent significant services and dedicated data and engineering resources. This skepticism was quickly assuaged after diligence. We and some of our D2C portfolio companies received compelling demos and we conducted a deep technology diligence which demonstrated the platform’s extensibility and team’s domain knowledge. We also spoke to many Haus customers who saw the value and felt the platform to be a true product. We learned Haus had indeed achieved what previously seemed impossible: a self-serve platform that doesn’t require an army of data scientists to run.

The immediate and striking customer results speak for themselves. Within two days, one DTC portfolio company identified a strategy change that led to a 2% lift in customer retention, while another saved tens of millions of dollars in non-incremental investments, increased activations (their key business metric) by 11%, and fundamentally changed the organization’s culture around using experimentation to answer key questions. We introduced a number of our own portfolio CMOs to Haus, and the reaction was generally along the lines of “I didn’t know this was possible” and “when can I get started?”

The right team to chart a new path

Haus CEO Zach Epstein is clearly the right person to build a massive company in this space. While at Google, Zach saw the urgent market need for a productized privacy safe experimentation infrastructure. Along with a world class team of economists and data scientists who worked on this problem from big tech organizations, Zach has built the market-leading platform that will reinvent ad spend allocation forever.

With a shared vision of bringing verifiable and measurable visibility into marketing spend, Insight is thrilled to be leading Haus’ $17M Series A with participation from Baseline Ventures, Haystack Ventures, Upside Partnership and Mantis Venture Capital.

If you are an executive looking to understand your marketing spend, be sure to check out Haus.

AWARD: GrowthCap Top Women Leaders in Growth Investing 2023

Insight Partners Managing Directors Rebecca Liu-Doyle and Dionne Chingkoe have been named to GrowthCap’s list of the Top Women Leaders in Growth Investing of 2023.*

Read the article and complete list of winners on the GrowthCap website here.

* The award referenced herein is the opinion of the party conferring the award and not of Insight Partners. GrowthCap, LLC (“GrowthCap”), an independent third party that is not affiliated with Insight, issued the award. The time period upon which the award was based was 7/2022 – 6/2023. The award was given on 7/6/2023. Insight submitted a nomination on behalf of certain of its personnel. After being notified by GrowthCap of the selection of certain of its personnel for the award, Insight paid a fee to secure award receipt. In general, the receipt of compensation influences, and is likely to present a potential material conflict of interest, relating to any granted award. GrowthCap’s recognition is not indicative of Insight’s future performance and was not based on evaluations of clients or investors of Insight. There can be no assurance that other providers or surveys would reach the same conclusion as the foregoing.

Tractable AI raises $65M in Series E funding led by SoftBank Vision Fund 2 – investment to power next-generation AI for instant visual assessments within the automotive and property ecosystems

Tractable raises $65M Series E round led by SoftBank Vision Fund 2, with participation from existing investors Insight Partners and Georgian
Tractable’s AI automates the insurance claims and damage assessment process, enabling real-time condition assessment and accurate repair estimates based on images captured via smartphone
Working with leading P&C insurers, automotive and property companies, this investment will accelerate Tractable’s expansion across the auto and property ecosystems to apply AI to cars and homes that need to be repaired, protected, recycled or sold

NEW YORK, July 18, 2023 /PRNewswire/ — Tractable, a leader in artificial intelligence (AI) using computer vision to assess the condition of cars and homes, today announces a $65M Series E investment led by SoftBank Vision Fund 2. Existing investors Insight Partners and Georgian participated in the round. As part of the transaction, Nahoko Hoshino, Investment Director for SoftBank Investment Advisers will join the Tractable board.

Today’s investment represents the latest milestone in Tractable’s growth journey. The company recently brought on Venkat Sathyamurthy as Chief Product Officer (formerly head of platform at Adobe), Mohan Mahadevan as Chief Science Officer (formerly computer vision lead at Amazon) and Andrew Shimek as President to oversee global operations and sales. Tractable will use the new funds to accelerate its research and development capabilities, creating new features that power the end-user experience to provide instant, comprehensive and integrated vehicle assessments.

Despite significant growth forecasted for the global insurance market, which is anticipated to generate $4.3 trillion in premiums by 2040¹, the insurance claims process remains largely manual, time-consuming and costly for both insurers and policyholders. To mitigate these challenges so claims are settled with higher accuracy and greater efficiency, Tractable is digitizing the full claims journey through visual AI assessment.

Trained on millions of data points, Tractable’s AI reviews user-submitted photos of cars and homes captured via smartphone and recommends decisions based on damage severity. Any time a driver needs the condition of their vehicle appraised, Tractable’s AI provides a frictionless process that’s up to 10x faster. The company also uses its AI solutions in the auto collision sector to accelerate repairs and salvage vehicle parts for reuse and resale.

Last year, Tractable expanded the application of its technology to assess the condition of homes to accelerate recovery after property damage occurs.

Since its Series D funding round in July 2021, Tractable has continued to grow its product offerings and secure global industry-leading customers, working with top P&C insurers, including American Family Insurance and Aviva, as well as leading automotive companies in recycling, repair and retail. The company now processes more than $7 billion in annualized auto and home repairs and acquisitions, more than doubling the volume of claims processed by Tractable compared to one year ago.

Alex Dalyac, CEO and co-founder of Tractable, said: “Tractable’s AI has helped millions recover faster from accidents and natural disasters. In SoftBank we have a partner who understands the full application set of our technology at a granular level, combined deep networks within the insurtech, automotive and property sectors. I’m excited by what we can achieve in redefining trust and transparency to support people in managing the life cycles of their cars and homes.”

Nahoko Hoshino, Investment Director, for SoftBank Investment Advisers, said: “We are excited to work with Alex, Razvan and team, who have been the forerunners of applying AI computer vision to bring efficiency into the insurance claims management process via applying AI computer vision. As strong believers in AI technology, we see huge potential for the technology to scale globally, embedding AI adoption into other verticals through exploring new use cases. Tractable already has strong traction in auto, whereas property is the exciting new opportunity that is ripe for disruption.”

About Tractable

Tractable is an Applied AI company that uses the speed and accuracy of artificial intelligence to visually assess cars and homes. Our solutions aim to help people work faster and smarter, while reducing friction and waste – better for businesses and the planet.

Trained on millions of data points, Tractable’s AI-powered solutions process more than $7 billion in vehicle repairs and purchases annually, and connect everyone involved in insurance, repairs, and sales of cars and properties.

Founded in 2014, Tractable is the AI tool of choice for over 20 world-leading insurance and automotive companies, including over 10 of the Fortune Global 500. Backed by SoftBank, Insight Partners and other top-tier investors, our world-class research and engineering team is based in London, with offices across North America, Asia and Europe.

To learn more about Tractable and schedule an AI demo, visit tractable.ai
You can also follow us on LinkedIn and Twitter.

About Insight Partners

About Georgian

Georgian invests in high-growth B2B software companies that are harnessing the power of data in a trustworthy way and aim to use AI to drive value. Our technology platform seeks to identify and accelerate leading growth-stage software companies. We believe that a digital approach can provide a better experience of growth capital to software company CEOs and institutional investors. Based in Toronto, Georgian’s team brings together investors with machine learning professionals, software entrepreneurs and experienced operators. Founded in 2008, Georgian has US$6.3B AUM, as of December 31, 2022, and has made 67 investments with 26 exits across 8 funds. Visit www.georgian.io

¹ https://www.swissre.com/institute/research/sigma-research/sigma-2021-04/sigma4-in-5-charts.html

SOURCE Tractable

Flagship Raises $5 Million in Seed Funding Led by Insight Partners to Transform Retail Inventory Decisions through AI-Powered Predictive Intelligence

NEW YORK, July 11, 2023 /PRNewswire/ — Flagship, a revolutionary retail inventory planning platform, announced today that it has raised $5 million in seed funding led by global software investor Insight Partners. Dream Ventures, Essential Capital, Klemhurst, Future Archives, AUFI Ventures, and the Kleiner Perkins Scout Fund participated in the round along with several strategic angel investors. This investment underscores Flagship’s commitment to deliver pioneering, customer-focused, data-driven solutions to the retail sector. Flagship will use the funds to further accelerate their first product – an inventory cloud solution – and grow its customer base.

Utilizing advanced machine learning and AI models, Flagship provides predictive intelligence that retailers can use to optimize their inventory decisions. Flagship’s solution blends customer-level product feature-level data, allowing for more accurate demand prediction and smarter inventory management. Early customers include Athletic Propulsion Labs (APL), State & Liberty, Cariuma, Ministry of Supply, Public Rec, and more.

Adam & Ryan Goldston, Co-Founders of APL, the second largest independently owned athletic footwear brand in the world, remarked: “What sets Flagship apart is its dynamic and adaptable nature. The platform is an entire ecosystem that sheds light on the predictive reasoning behind inventory decisions, and then it allows us to manipulate inputs to change outputs. It doesn’t just tell us what inventory to stock; it shows us where we should be placing our bets.”

Flagship’s unique platform solves one of the most pressing issues in the retail industry — poor and unsophisticated inventory planning that costs brands and retailers millions each year. The company’s AI and machine learning-based platform has already shown promise in backtesting, with findings suggesting that improved inventory decisions could save brands in their target market between $40,000 to $150,000 per item from premature sell-outs alone.

“Understanding customer needs to inform inventory decision making is a universal desire for all brands. AI can help achieve this by bringing forward remarkable insights that support inventory optimization,” said Jeff Horing, Co-Founder and Managing Director at Insight Partners. “With its innovative inventory product, Flagship is uniquely positioned to empower retail brands to harness these capabilities at an unprecedented scale. Insight is thrilled to support Justin and the Flagship team, and we look forward to future applications that support business-wide decision making.”

Justin Abrams, Co-Founder and CEO of Flagship, said, “We are thrilled to partner with Insight Partners as we transform Flagship’s vision from blueprint to breakthrough. This funding enables us to bring on board the brightest minds in data science and engineering, in order to deliver an exceptional product experience with outsized ROI for our customers.” Haftan Eckholdt, Flagship’s Chief Technology Officer added: “Having built data science capabilities at Amazon, AIG, and Albertson’s, I’ve seen firsthand the transformative power of AI and machine learning on a company’s top-line and bottom-line revenue. I am excited to be leading the technology team at Flagship, where data science isn’t a function, it’s the business model.”

About Flagship
Flagship is a cutting-edge retail inventory planning platform that leverages advanced AI and machine learning models to provide predictive analytics for inventory decisions. By integrating multiple data streams and applying proprietary algorithms, Flagship helps brands and retailers optimize their inventory assortment, minimizing overstock and reducing lost sales due to understock. For more information on Flagship, visit flagshiprtl.com.

SOURCE Flagship