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Fuse Venture Partners Launches Fund to Back Innovative Founders in the…

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“Fuse is thrilled to provide this next generation of innovative Seattle companies with an equally innovative venture platform to grow with and support them for decades to come.” – Kellan Carter, General Partner, Fuse Venture Partners.

Fuse Venture Partners, founded by General Partners Kellan Carter and Cameron Borumand, launched today to invest in Seattle-based, Seed and Series A companies that are reinventing the modern economy with software.

Joining Fuse’s founding team is Venture Partner and Seattle Seahawks captain Bobby Wagner, as well as Senior Operating Partners John Connors and Satbir Khanuja. Nader Naini, Managing Partner at Frazier Healthcare Partners, and Gary Rieschel, Founding Managing Partner at Qiming Venture Partners, will be senior advisors to the fund.

“Home to two of the most impactful technology companies in the world, Microsoft and Amazon, Seattle sits at the epicenter of the innovation driving enterprises’ digital transformation efforts,” said Kellan Carter. “There’s a booming, untapped and thriving ecosystem of emerging entrepreneurs in the region. Fuse is thrilled to provide this next generation of innovative Seattle companies with an equally innovative venture platform to grow with and support them for decades to come.”

Kellan and Cameron both hail from Ignition Partners, a 20-year-old, early-stage enterprise software-focused venture capital firm. Ignition has been an early and significant backer of some of the largest outcomes in enterprise software including Docusign, Splunk, Cloudera, Heroku, Zenprise, Parse, Xamarin and Xensource. As the youngest partner at the firm, Kellan was responsible for backing several return-driving deals for its most recent fund, including Icertis, the leading enterprise contract management platform and Seattle unicorn. Cameron was promoted to Principal at Ignition after only two years, and as a University of Washington alum and the son of immigrant parents who built a life in Seattle from the ground up, his Pacific Northwest roots run deep.

Fuse’s partners include many current and former executives at the PNW’s top companies, including Microsoft, Amazon, Nike, Starbucks, Costco, T-Mobile, Avalara, Evergreen Gavekal, DocuSign and Smartsheet. “Our goal was to bring on partners who are committed to investing not just their capital but also their time and experience in helping our portfolio companies grow,” said Cameron Borumand. “It has been humbling and exciting to see the Seattle business community step up to support Fuse and this region in such a meaningful way.”

A dedicated team with unrivaled connections

Having been captain of the Seattle Seahawks for many years, Bobby Wagner is renowned both on and off the field for his tenacity and business acumen. His personal deal experience spans famously negotiating his own contract last year – making him one of the highest paid defensive players in the league – as well as investing in several early-stage companies. During the last three off-seasons, he worked closely with Kellan, Cameron, John and Satbir at Ignition.

“I have enjoyed these past three years getting to work with this high-energy team. Their hustle is unmatched, and their focus is always on the entrepreneur,” said Bobby Wagner. “We each bring a wide range of experience and vast networks of diverse, local connections that uniquely position us as the best partner for companies reimagining and reinventing how work is done – and we can’t wait to get started.”

As Operating Partners, John Connors and Satbir Khanuja will provide unique support to Fuse portfolio companies through their wide networks and business growth expertise. John brings a storied 30-year career in enterprise software, having served in roles such as Partner at Ignition, CFO, CIO and head of the Worldwide Enterprise Division at Microsoft and on the boards of Nike and Splunk. Satbir likewise spent seven years on the Amazon leadership team under Founder and CEO Jeff Bezos, and nine years as CEO of Ignition portfolio company, Datasphere Technologies.

“Having worked with the Fuse team while at Ignition, this is the beginning of something special for the Seattle software community,” said John Connors.

About Fuse Venture Partners

Fuse Venture Partners is an early-stage, venture capital fund investing in Seattle-based Seed and Series A companies that are reinventing the modern economy with software. Fuse Venture Partners is committed to supporting the next generation of B2B technology entrepreneurs building category-defining businesses of lasting value. Founding partners Kellan Carter and Cameron Borumand are joined by Venture Partner and Seattle Seahawks captain Bobby Wagner, as well as Senior Operating Partners John Connors and Satbir Khanuja. The strategic LP base includes current and former executives at the Pacific Northwest’s top companies, including Microsoft, Amazon, Nike, Starbucks, Costco, T-Mobile, Avalara, DocuSign, Smartsheet and many more. For more information about Fuse Venture Partners, please visit fusevp.com.

Media Contact

Katy Hoeper

katy.hoeper@walkersands.com

C: 317-726-7858

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Source: https://www.prweb.com/releases/fuse_venture_partners_launches_fund_to_back_innovative_founders_in_the_pacific_northwest/prweb17285847.htm

AI

Serenade snags $2.1M seed round to turn speech into code

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Several years ago Serenade co-founder Matt Wiethoff was a developer at Quora when he was diagnosed with a severe repetitive stress injury to his hand and couldn’t code. He and co-founder Tommy MacWilliam decided to use AI to create a tool that let him speak the code instead, and Serenade was born.

Today, the company announced a $2.1 million seed investment led by Amplify Partners and Neo. While it was at it, the startup also announced the first commercial version of the product, Serenade Pro.

“Serenade is an app that you’ll download onto your computer. It will plug into your existing editors like Visual Studio Code or IntelliJ, and then allows you to speak your code,” co-founder MacWilliam told me. At that point the startup’s AI engine takes over and translates what you say into syntactically correct code.

He says that while there are a bunch of generalized speech-to-text engines out there, they hadn’t been able to find anything that was tuned specifically for the requirements of someone entering code. While it may seem that this would have a pretty narrow market focus, the co-founders see this use case as simply a starting point with developers using this kind of technology even when not injured.

“Our vision is that this is just the future of programming. With machine learning, coding becomes faster and easier than ever before, and our AI eliminates a lot of the rote mechanical parts of programming. So rather than needing to remember keyboard shortcuts or syntax details of a language, you can just focus on expressing your idea naturally, and then our machine learning takes care of translating that into actual code for you,” MacWilliam explained.

The startup has five employees today, but has plans to build the company to 15-20 in the next year fueled by the introduction of the commercial product and the new funding. As they build the company, MacWilliam says being diverse is a big part of that.

“Our diversity strategy ranges throughout the process. I think it starts at the top of the funnel. We need to make sure that we’re going out and reaching great people — there are great people everywhere and it’s on us to find them and convince them why working at Serenade would be great,” he said. They are working with a variety of sources to find a diverse group of candidates that stretches beyond their own personal network, then looking at how they interview and judge candidates’ skill sets with the goal of building a more diverse employee base.

The company sees itself as a way to move beyond the keyboard to speaking your code, and it intends to use this money to continue building the product, while building a community of dedicated users. “We’ll be thinking about how we can showcase the value of coding by voice, how we can put together demos and build a community of product champions showing that [it’s faster to code using your voice],” he said.

Source: https://techcrunch.com/2020/11/23/serenade-snags-2-1m-seed-round-to-turn-speech-into-code/

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Why is GoCardless COO Carlos Gonzalez-Cadenas pivoting to become a full-time VC?

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Index Ventures, a London- and San Francisco-headquartered venture capital firm that primarily invests in Europe and the U.S., recently announced its latest partner. Carlos Gonzalez-Cadenas, currently COO of London-based fintech GoCardless and previously the chief product officer of Skyscanner, will join Index in January.

Gonzalez-Cadenas is a seasoned entrepreneur and operator, but has also become a prolific angel investor in the U.K. and Europe over the last three years, making more than 50 angel investments in total. Well-regarded by founders and co-investors, his transition to a full-time role in venture capital feels like quite a natural one.

Earlier this week, TechCrunch caught up with Gonzalez-Cadenas over Zoom to learn more about his new role at Index and how he intends to source deals and support founders. Index’s latest hire also shared his insights on Europe’s venture market, describing this era as the “best moment in entrepreneurship in Europe.”

TechCrunch: Let me start by asking, why do you want to become a VC? You’re obviously a well-established entrepreneur and operator, are you sure venture capital is the career for you?

Carlos Gonzalez-Cadenas: I’ve been an angel investor for the last three years and this is something that has basically grown for me quite organically. I started doing just a handful and seeing if this is something I like and over time it has grown quite a lot and so has the number of entrepreneurs I’m partnered with. And this is something I’ve been increasingly more excited to do. So it has grown organically and something that emotionally has been getting closer and closer as time has passed.

And the things I like more specifically are: One, I’m quite a curious person, and for me, investing gives you the possibility of learning a lot about different sectors, about different entrepreneurs, different ways of building businesses, and that is something that I enjoy a lot.

The second bit is that I care a lot about helping entrepreneurs, especially the next generation of entrepreneurs, build great businesses in Europe. I’ve been very lucky, in the past, to learn from great people, like Gareth [Williams, Skyscanner co-founder] and Hiroki [Takeuchi. CEO at GoCardless], in my journey. I feel a duty of helping the next generation of entrepreneurs and sharing all the things that I’ve learnt. I care a lot about setting up founders as much as possible for success and sharing all those experiences I’ve learned [from].

These are the key two motivations that have led me to decide that it would be a great time now to move to the investing side.

How have you managed your deal flow while having a full-time job and where is that deal flow coming from?

It is typically coming in three buckets. A part of it is coming from my entrepreneur and operator network. So there are entrepreneurs and operators I know that are referring other entrepreneurs to me. Another bucket is other investors that I typically co-invest with. Another bucket is venture capitalists. I basically tend to invest quite a lot with VCs and in some cases they are referring deals to me.

In terms of managing it alongside GoCardless, it takes quite a lot of effort. It requires a lot of dedication and time invested during evenings and weekends.

The good thing is that my network typically tends to send me quite highly curated deals so essentially the deal flow I have luckily tends to be quite high quality, which makes things a bit more manageable. But don’t get me wrong, it still takes quite a lot of effort even if the deal flow is relatively high quality.

Presumably you haven’t been able to be all that hands-on as an angel investor, so how are you going to make that transition and what is it that you think you bring with the operational side to venture?

The way I think about this is, the entrepreneurs I typically invest in and their companies tend to be quite capable in their day-to-day perspective. Where they tend to find more value in interactions with me is what I call the “moments of truth.” Those key decisions, those key points in the journey where essentially it can influence the trajectory of the business in a fundamental way. It could be things like, I am fundraising and I don’t know how to position the business. Or I’m thinking about my strategy for the next 18 months and I will basically welcome an experienced person giving me a qualified opinion.

Or I have a big people problem and I don’t know how to solve that problem and I need that third person who has been in my shoes before. Or it could be that I’m thinking about how to organize my team as I move from startup to scale-up and I need help from someone who has scaled teams before. Or could be that I’m hiring three executives and I don’t know what a great CMO looks like. It’s those high-impact, high-leverage questions that the entrepreneurs tend to find helpful engaging with me, as opposed to very detailed day-to-day things that most of the entrepreneurs I work with tend to be quite capable of doing. And so far that model is working. The other thing is that the model is quite scalable because you are engaging 2-3 times per year but those times are high quality and highly impactful for the entrepreneur.

I typically also tend to have pretty regular and frequent communication with entrepreneurs on Slack. It’s more like quick questions that can be solved, and I tend to get quite a lot of that. So I think it’s that bimodel approach of high-frequency questions that we can solve by asynchronous means or high-impact moments a few times per year where, essentially, we need to sit down and we need to think together deeply about the problem.

And I tend to do nothing in the middle, where essentially, it’s stuff that is not so impactful but takes a huge amount of time for everyone, that doesn’t tend to be the most effective way of helping entrepreneurs. Obviously, I’m guided by what entrepreneurs want from perspective, so I’m always training the models in response to what they need.

Source: https://techcrunch.com/2020/11/20/carlos-gonzalez-cadenas-interview/

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Portugal’s Faber reaches $24.3M for its second fund aimed at data-driven startups from Iberia

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Portuguese VC Faber has hit the first close of its Faber Tech II fund at €20.5 million ($24.3 million). The fund will focus on early-stage data-driven startups starting from Southern Europe and the Iberian peninsula, with the aim of reaching a final close of €30 million in the coming months. The new fund targets pre-series A and early-stage startups in Artificial Intelligence, Machine Learning and Data Science.

The fund is backed by European Investment Fund (EIF) and the local Financial Development Institution (IFD), with a joint commitment of €15 million (backed by the Investment Plan for Europe – the Juncker Plan and through the Portugal Tech program), alongside other private institutional and individual investors.

Alexandre Barbosa, Faber’s Managing Partner, said “The success of the first close of our new fund allows us to foresee a growth in the demand for this type of investment, as we believe digital transformation through Intelligence Artificial, Machine Learning and data science are increasingly relevant for companies and their businesses, and we think Southern Europe will be the launchpad of a growing number.”

Faber has already ‘warehoused’ three initial investments. It co-financed a 15.6 million euros Series A for SWORD Health – portuguese startup that created the first digital physiotherapy system combining artificial intelligence and clinical teams. It led the pre-seed round of YData, a startup with a data-centric development platform that provides data science professionals tools to deal with accessing high-quality and meaningful data while protecting its privacy. It also co-financed the pre-seed round of Emotai, a neuroscience-powered analytics and performance-boosting platform for virtual sports.

Faber was a first local investor in the first wave of Portugal’s most promising startups, such as Seedrs (co-founded by Carlos Silva, one f Faber’s Partners) which recently announced its merger with CrowdCube); Unbabel; Codacy and Hole19, among others.

Faber’s main focus is deep-tech and data science startups and as such it’s assembled around 20 experts, researchers, Data Scientists, CTO’s, Founders, AI and Machine Learning professors, as part of its investment strategy.

In particular, it’s created the new role of Professor-in-residence, the first of whom is renowned professor Mário Figueiredo from Lisbon’s leading tech university Instituto Superior Técnico. His interests include signal processing, machine learning, AI and optimization, being a highly cited researcher in these fields.

Speaking to TechCrunch in an interview Barbosa added: “We’ve seen first-time, but also second and third-time entrepreneurs coming over to Lisbon, Porto, Barcelona, Valencia, Madrid and experimenting with their next startup and considering starting-up from Iberia in the first place. But also successful entrepreneurs considering extending their engineering teams to Portugal and building engineering hubs in Portugal or Spain.”

“We’ve been historically countercyclical, so we found that startups came to, and appears in Iberia back in 2012 / 2013. This time around mid-2020, we’re very bullish on what’s we can do for the entrepreneurial engine of the economy. We see a lot happening – especially around our thesis – which is basically the data stack, all things data AI-driven, machine learning, data science, and we see that as a very relevant core. A lot of the transformation and digitization is happening right now, so we see a lot of promising stuff going on and a lot of promising talent establishing and setting up companies in Portugal and Spain – so that’s why we think this story is relevant for Europe as a whole.”

Source: https://techcrunch.com/2020/11/19/portugals-faber-reaches-24-3m-for-its-second-fund-aimed-at-data-driven-startups-from-iberia/

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Which emerging technologies are enterprise companies getting serious about in 2020?

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Startups need to live in the future. They create roadmaps, build products and continually upgrade them with an eye on next year — or even a few years out.

Big companies, often the target customers for startups, live in a much more near-term world. They buy technologies that can solve problems they know about today, rather than those they may face a couple bends down the road. In other words, they’re driving a Dodge, and most tech entrepreneurs are driving a DeLorean equipped with a flux-capacitor.

That situation can lead to a huge waste of time for startups that want to sell to enterprise customers: a business development black hole. Startups are talking about technology shifts and customer demands that the executives inside the large company — even if they have “innovation,” “IT,” or “emerging technology” in their titles — just don’t see as an urgent priority yet, or can’t sell to their colleagues.

How do you avoid the aforementioned black hole? Some recent research that my company, Innovation Leader, conducted in collaboration with KPMG LLP, suggests a constructive approach.

Rather than asking large companies about which technologies they were experimenting with, we created four buckets, based on what you might call “commitment level.” (Our survey had 211 respondents, 62% of them in North America and 59% at companies with greater than $1 billion in annual revenue.) We asked survey respondents to assess a list of 16 technologies, from advanced analytics to quantum computing, and put each one into one of these four buckets. We conducted the survey at the tail end of Q3 2020.

Respondents in the first group were “not exploring or investing” — in other words, “we don’t care about this right now.” The top technology there was quantum computing.

Bucket #2 was the second-lowest commitment level: “learning and exploring.” At this stage, a startup gets to educate its prospective corporate customer about an emerging technology — but nabbing a purchase commitment is still quite a few exits down the highway. It can be constructive to begin building relationships when a company is at this stage, but your sales staff shouldn’t start calculating their commissions just yet.

Here are the top five things that fell into the “learning and exploring” cohort, in ranked order:

  1. Blockchain.
  2. Augmented reality/mixed reality.
  3. Virtual reality.
  4. AI/machine learning.
  5. Wearable devices.

Technologies in the third group, “investing or piloting,” may represent the sweet spot for startups. At this stage, the corporate customer has already discovered some internal problem or use case that the technology might address. They may have shaken loose some early funding. They may have departments internally, or test sites externally, where they know they can conduct pilots. Often, they’re assessing what established tech vendors like Microsoft, Oracle and Cisco can provide — and they may find their solutions wanting.

Here’s what our survey respondents put into the “investing or piloting” bucket, in ranked order:

  1. Advanced analytics.
  2. AI/machine learning.
  3. Collaboration tools and software.
  4. Cloud infrastructure and services.
  5. Internet of things/new sensors.

By the time a technology is placed into the fourth category, which we dubbed “in-market or accelerating investment,” it may be too late for a startup to find a foothold. There’s already a clear understanding of at least some of the use cases or problems that need solving, and return-on-investment metrics have been established. But some providers have already been chosen, based on successful pilots and you may need to dislodge someone that the enterprise is already working with. It can happen, but the headwinds are strong.

Here’s what the survey respondents placed into the “in-market or accelerating investment” bucket, in ranked order:

Source: https://techcrunch.com/2020/11/13/which-emerging-technologies-are-enterprise-companies-getting-serious-about-in-2020/

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