Capital (Subject to Due Diligence), Provided by German Investor Christopher Obereder to 3 Finalists; Startup to Watch Winner is Brainspark Games
VIENNA, Oct. 25, 2023 — Augmented World Expo (AWE), the leading series of worldwide events focused exclusively on the business of augmented reality (AR), virtual reality (VR) all known collectively as XR, today announced the finalists for the $200,000 XR Startup Pitch Contest for AWE Europe, plus the winner of the 2023 Auggie Award for EU Startup to Watch.
Capital for the winners of the XR Startup Pitch Contest was provided by acclaimed investor Christopher Obereder of Start-up-Chris Ventures out of Germany and California <https://www.start-up-chris.com/>.
The winning entries displayed the best criteria for market success, judged according to a complex series of metrics by an A-list team of judges from the VC and XR industries. The capital may be split or awarded solely to one or more of the finalists, pending final due diligence at the sole discretion of Start-up-Chris Ventures.
The winners selected are:
Brainspark Games – CEO: REEDAH EL-SAIE
Virtual Beings – CEO: WENDELIN REICH
ForwARd Games – CEO: TIM FRIEDLAND
The winner of the Auggie Award for EU Startup to Watch in 2023 is Brainspark Games.
“AWE is extremely proud to have partnered with Christopher Obereder in this first-of-its-kind pitch competition to find and fund the most promising new XR startups in Europe,” said AWE co-founder Ori Inbar. “150 different startups submitted to be judged as part of the competition, demonstrating the strong community of XR startups throughout the European ecosystem. AWE is honored to have played a leading role in facilitating the growth of XR outside of Silicon Valley and to play the role of advocate for the industry worldwide.”
AWE (Augmented World Expo) is the world’s leading AR+VR conference and expo with events in the USA, Asia, the Middle East, and Europe. AWE events consistently bring together a mix of CEOs, CTOs, designers, developers, creative agencies, futurists, analysts, investors and top press in a unique opportunity to learn, inspire, partner and experience firsthand one of the most exciting industries of our times.
All trademarks and registered trademarks previously cited are hereby recognized and acknowledged. For more information, please contact AWE PR Counsel Jonathan Hirshon at [email protected]
RESEARCH TRIANGLE PARK, N.C., Oct. 25, 2023 — Dental Innovation Alliance (DIA), a leading dental and healthcare investment firm, is delighted to announce its fourth strategic investment. The current investment is into Cloud Dentistry, a workforce management platform focused on the dental industry and poised to transform how practices manage their labor while unlocking new opportunities for dental professionals. This partnership marks a significant milestone in both companies’ efforts to transform the dental industry through innovative technology solutions.
Cloud Dentistry is a workforce management platform focused on the dental industry and poised to transform how practices manage their labor while unlocking new opportunities for dental professionals. By leading Cloud Dentistry’s Series B, DIA believes that Cloud Dentistry will transform the dental workforce landscape and become the new standard for workforce management used by dental practices. This partnership marks a significant milestone for both companies.
Cloud Dentistry has consistently demonstrated its commitment to simplifying the way dental professionals and support staff connect with practices. By leveraging a user-friendly platform and advanced algorithms, Cloud Dentistry has redefined the dental staffing experience, ensuring seamless matches between skilled professionals and dental practices. The unique platform unlocks fractional labor, expands and enhances workplace productivity, and boosts engagement among staff.
DIA is a first-of-its-kind venture firm at the forefront of fostering advancements in dental care and practice management. By leading Cloud Dentistry’s Series B, DIA believes that Cloud Dentistry will transform the dental workforce landscape and become the new standard for workforce management used by dental practices. By providing resources and support, DIA aims to bolster Cloud Dentistry’s expansion efforts and enhance the platform’s capabilities, ultimately benefiting dental professionals and practices across the country.
“We couldn’t be more excited to partner with Cloud Dentistry,” said Doug Brown, Managing Partner of DIA. “Their innovative approach to the dental workforce aligns perfectly with our vision for the future of dentistry and is a true win-win for both professionals and practices. This investment reflects our confidence in their team and their ability to continue transforming the industry.”
“Cloud Dentistry is honored to receive DIA’s fourth investment. For years, we’ve been searching for the right VC partner, and we can’t think of a better partner than DIA. With their industry expertise, connections, and access to capital, it’s a dream come true. With DIA’s support, we look forward to further improving the dental staffing process and empowering dental professionals and practices alike,” shares Trey Tepichin, Cloud Dentistry’s Co-Founder and CEO.
About Dental Innovation Alliance www.dialliance.com Dental Innovation Alliance (DIA) is a close group of dental industry executives that funds, advises and propels the success of early-stage companies building the future of dentistry through technology. Its investor base includes executives and experts from some of the largest and most innovative dental support organizations and other dental businesses. DIA has offices in New York, Nashville, and Research Triangle Park, NC.
Cris Neckar Joins as Venture Partner Focused on Information Security, Machine Learning and AI
KC Cramer Assumes Role as Vice President of Human Resources During Rapid Growth Phase
MENLO PARK, Calif., Oct. 25, 2023 — Two Bear Capital, the venture capital firm investing in disruptors in biotechnology, bioinformatics, healthcare IT, machine learning and AI, and information security, today announced the appointment of two key executives, both of which are a part of the venture capital firm’s expansion of its Silicon Valley office and operation nationwide.
Cris Neckar, Venture Partner, Two Bear Capital
KC Cramer, Vice President of Human Resources, Two Bear Capital
Cris Neckar, a seasoned veteran of the information security industry, joined Two Bear Capital as a Venture Partner and is focused on opportunities related to information security and machine learning and AI. His work includes both vetting new investments and supporting companies within the portfolio. KC Cramer has assumed the role of Vice President of Human Resources. KC is responsible for ensuring that Two Bear Capital has the human resources and expertise in place to scale alongside the opportunities the firm is facilitating in the marketplace through its investments in innovative startups.
“I am so pleased to announce these new executive appointments at Two Bear Capital,” said Two Bear General Partner J. Seth Strattan, PhD. “Cris Neckar brings a wealth of expertise in cybersecurity and technology to our investment team. His perspective adds power to our investment thesis in technologies that are changing whole industries today. KC Cramer is leading the critical growth of our team and sharing her valuable expertise with our expanding portfolio. I look forward to seeing all that Cris, KC and Two Bear Capital will accomplish together.”
Cris Neckar has over 17 years of experience in software engineering, penetration testing and digital forensics. Cris has held leadership roles at a variety of start-ups including co-founding Divergent Security, a top-tier offensive security assessment service provider. Cris was one of the original members of Google’s Chrome Security Team, managing the security of the Chrome web browser and developing state-of-the-art advancements in software security and end-user defense. Cris led the Application Security practice for Neohapsis. Cris discovered, and responsibly disclosed, critical vulnerabilities in software infrastructure ranging from Microsoft Windows to Cisco Webex, and has been instrumental in the investigations of both high-profile data breaches and nation-state intelligence campaigns.
KC Cramer has over 25 years of experience partnering with executives to build strategic teams in fast-paced and quickly growing organizations. KC is skilled in building scalable processes to support company goals while cultivating an outstanding culture and employee experience. Most recently, KC served as the Vice President of People at Flare, a software platform company for attorneys. Prior to this role, she was the Vice President of People at Puls, which was named as Forbes’ America’s Best Startup Employers 2020, Globes’ Most Promising Start-Up 2018 and LinkedIn’s Top Startups 2018. During her career, she also held positions at Sightglass, Humble Bundle, SysIQ, Metabiota and GT Nexus.
About Two Bear Capital Founded in 2019 by Mike Goguen, Two Bear Capital is a venture capital firm that invests in brilliant entrepreneurs who have breakthrough ideas. With its unique approach to venture capital, Two Bear Capital’s vision is to build an ecosystem of support, economic opportunity and innovation that brings the most meaningful ideas to market in the form of enduring high-impact businesses that benefit society as a whole, while delivering for investors. The firm primarily focuses on early founder-led companies with disruptive innovations in biotechnology, bioinformatics, healthcare IT, machine learning and AI, and information security. Two Bear Capital has offices in Menlo Park, San Diego, Boston and New York, with its home base in Whitefish, Montana. For more information visit: www.twobearcapital.com
Photo Caption & Credits: Cris Neckar, Venture Partner, Two Bear Capital. Courtesy of Two Bear Capital. KC Cramer, Vice President of Human Resources, Two Bear Capital. Courtesy of Two Bear Capital.
Healthcare experiences are often complex and impersonal, frustrating consumers and ultimately impacting long term health outcomes
Personalization can give consumers the information they need with relevant, appropriate actions that have a positive impact on clinical engagement
Personalized AI-based consumer experiences are all around us; however it’s complex and expensive to safely bring these experiences to healthcare today
RadiantGraph accelerates the ability to activate AI strategies and bring new ideas, experiments, and clinical interventions to consumers
SAN FRANCISCO, Oct. 25, 2023 — RadiantGraph, a platform using machine learning and artificial intelligence to drive consumer engagement for health plans, today announced its launch today after raising $5 million in Seed funding in a round led by True Ventures and XYZ Ventures, with participation from Remus Capital. This investment in RadiantGraph will be used to accelerate growth, which includes partnering with new healthcare organizations, and advancing their enterprise health and health plan product offerings.
Healthcare costs continue to rise, with a projected increase of 7% in 2024, but consumer engagement with healthcare is still low. Engagement is critical because it leads to better health outcomes and a better overall experience for consumers. One example where engagement is necessary is the management of chronic conditions, one of the largest drivers of healthcare cost and something that requires patient activation and collaboration to be successful. Missed opportunities like these leave health plans and healthcare companies scrambling to engage members and promote healthy behaviors.
RadiantGraph uses machine learning (ML) and artificial intelligence (AI) to translate data, including medical claims, medication history, and biometric data, to create tailored consumer healthcare experiences that reach consumers where they are. This results in more effective communication, higher patient satisfaction, and improved healthcare outcomes.
“We are firm believers in what the RadiantGraph team is building. Growth scale healthcare companies, as well as health plans, benefit from better population targeting that leverages data and AI,” said Yusuf Sherwani, Co-Founder and CEO of Pelago. “RadiantGraph is generating direct cost savings and ROI for Pelago; and they’re helping us bring new clinical growth and interventions to our members faster.”
Health plans, Providers, and Enterprise Health companies often lack the resources and expertise needed to deploy proprietary ML and AI models to reach their consumers effectively. Data science teams can spend 50-80% of their time ingesting, detangling, enriching, and managing incomplete healthcare data. RadiantGraph’s platform approach begins generating usable insights in weeks versus the years it would take a company to build a platform from the ground up. This can save companies millions in capital investment and critically accelerate timelines to deploy models and deliver outcomes. This type of personalized communication can reduce acquisition costs by up to 50% and increase revenue 5-15%.
“There are many platform approaches that aim to improve health outcomes but miss the mark when it comes to engaging directly with patients,” said Adam D’Augelli, partner at True Ventures. “RadiantGraph’s approach prompts companies to digest often overlooked data to empower patients. There’s a big opportunity to uplevel a patient’s role in their own care management, and that will result in not only better health outcomes but greater cost effectiveness in our healthcare system at large.”
The RadiantGraph team are pioneers in the field, with decades of experience in applying data science, AI, and ML to healthcare challenges. This arms them with an understanding of the difficulties that building a system from the ground up can bring. RadiantGraph allows customers to accelerate their offerings, while reducing risk and cost compared to building out and employing their own data science team.
“RadiantGraph addresses a problem I’ve worked to solve time and time again – companies building AI systems from the ground up in an effort to transform data into better consumer experiences. It’s simply inefficient,” said Anmol Madan, founder and CEO of RadiantGraph. “RadiantGraph can drive direct impact on outcomes and help healthcare companies apply AI to drive personalized experiences and keep up with the rapid evolution of AI technology underway. This removes the friction that healthcare companies experience when trying to engage with consumers; and outpaces in-house and third-party options.”
RadiantGraph helps healthcare companies effectively deploy AI models in order to attract and engage consumers, meet clinical needs, and drive personalized care. These models are integrating RadiantGraph seamlessly into their product and marketing, with the ability to discover new patterns to drive conversions. Growth-stage clients see positive results after only several months of using RadiantGraph, including a savings in direct technical development expense.
About RadiantGraph RadiantGraph is on a mission to make healthcare more accessible and easier for all of us as consumers. Our AI platform helps leading healthcare organizations build deeper and richer connections with their consumers, driving personalized engagement and clinical outcomes. Healthcare companies that leverage RadiantGraph are able to reduce data engineering spend while bringing in new ideas, experiments, and clinical interventions to consumers much faster.
About True Ventures Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early stage technology startups. With more than $3.8 billion under management, True provides seed and Series A financing to entrepreneurs in some of today’s fastest growing markets. The True team believes creativity flourishes when founders are supported fully and empowered to pursue brave ideas. To that end, the True Platform offers programs that inspire professional and personal growth. To date, True has helped more than 350 companies launch and scale their businesses, creating over 85,000 jobs worldwide. To learn more, visit www.trueventures.com.
About XYZ Venture Capital XYZ Venture Capital was founded in 2017 by Ross Fubini, focusing on early-stage enterprise, fintech, public sector, health, and climate technology. XYZ looks to back founders during formation who have uncovered a unique insight in their field and show immense velocity in execution. XYZ commits itself to working alongside founders as a thought partner to help unlock critical milestones like what to build and with whom, ascertain their initial customers and why, and connect them with the best people to raise subsequent funding to go faster.
LOS ANGELES, Oct. 25, 2023 — LegalMation, Inc., the market leader in Generative AI-driven solutions for high-volume litigation, today announced it has raised a $15 million Series A financing round led by the venture capital team at Aquiline Capital Partners LP, Aquiline Technology Growth (“Aquiline”), with continued participation from existing investors Motley Fool Ventures, REV Venture Partners, Key Venture Partners, Quick Set LLC, and Brentwood Investments.
LegalMation has experienced rapid growth in demand for its Generative AI litigation response platform that provides the insurance and legal industries with clear productivity and cost savings. LegalMation’s proprietary solutions enable legal professionals to respond to lawsuits, discovery requests, and related workflows using the client’s own historical response data. In 2023, LegalMation’s customers have already leveraged the platform to answer over 1.1 million discovery requests in over 30 state and federal jurisdictions.
Demand for LegalMation’s solutions has been boosted by labor shortages and inflationary pressures. For in-house counsel in particular, automating high-volume litigation and related tasks has become the number one solution to these challenges. Accordingly, insurance carriers and large enterprises have become LegalMation’s predominant client base as they seek to increase efficiency and find ways to scale at the organizational level as they find ways to apply Generative AI solutions to their operations.
Valued at over $200 billion, the LegalTech and InsurTech markets are increasingly expected to rely on AI and automation solutions in the coming years. LegalMation is well positioned to benefit as the litigation and insurance industries continue to transform. LegalMation has become the trusted partner to the nation’s top insurance carriers, large enterprises such as Walmart, and numerous law firms such as Sheppard Mullin, Ogletree Deakins, Fisher Phillips, Nelson Mullins, Baker Donelson, and Jackson Lewis.
With this new funding, LegalMation will deepen the functionality and breadth of its platform to support the growth of its rapidly evolving customer base. Additionally, the new funds will enable LegalMation to devote significant resources to build new end-to-end litigation workflow automation and analytic tools, all focused on the goal of resolving disputes faster, while improving accuracy, cost, and outcomes for its customers.
“We are thrilled to partner with Aquiline given their experience and ability to identify disruptive technology platforms across the insurance and legal ecosystems combined with an extensive network across both markets. We already had strong customer relationships with a few of Aquiline’s strategic carrier investors and we look forward to expanding LegalMation’s reach within these markets” said James M. Lee, LegalMation’s Co-Founder and Chief Executive Officer. “The need for AI automation tools to achieve financial goals has never been greater, especially with the macro-economic pressures falling on both large and small enterprises. This investment will allow LegalMation to accelerate its growth and realize our vision of becoming the most impactful technology partner to the insurance and legal industries.”
“The AI revolution has the potential to drive exponential productivity gains while allowing greater scalability. The legal and insurance industries are just beginning to adopt transformative technology solutions, having realized the potential to empower their highly skilled talent core” said Aquiline’s Dante La Ruffa, Principal. “Aquiline has a track record in scaling SaaS companies and has made multiple investments in the LegalTech industry across our family of funds. We are thrilled to partner with LegalMation and believe they are uniquely positioned to supercharge the litigation support process as we know it today.”
About LegalMation LegalMation is a SaaS technology company led by a group of experienced litigators and technology specialists, dedicated to revolutionizing the practice of law through artificial intelligence aimed at legal departments of large corporates, insurance carriers, and law firms. LegalMation’s ground-breaking generative AI platform dynamically produces fully formatted responsive pleadings, discovery requests and responses and other documents. The platform tailors the claims, allegations, and requests in the legal documents, incorporating jurisdictional requirements as well as the attorney’s own style, and response strategy. For more information, visit https://www.legalmation.com.
About Aquiline Technology Growth Aquiline Technology Growth (“ATG”) seeks to invest in early and growth-stage technology companies that are bringing innovation to the insurance and financial services ecosystems. ATG is managed by Aquiline Capital Partners LP, a private investment firm based in New York and London that invests across financial services and technology. The ATG team has experience in technology and financial services and is supported by its colleagues at Aquiline, strategic partners, and an active group of industry Executive Advisors. For more information on ATG, visit http://www.aquiline.com.
Landmark investment positions GOZEN to amplify its influence in next-gen materials
SAN FRANCISCO, Oct. 25, 2023 — GOZEN, the revolutionary biomaterials startup that is set to disrupt the fashion, automotive and home furnishings industries, has just announced $3.3 million in a seed funding round.
Courtesy of Gozen
Courtesy of Gozen
The funding comes from forward-thinking investors including Happiness Capital (lead investor), Accelr8, Astor Management, and SOSV who recognized GOZEN’s unique potential to transform the world of materials through biology. This investment will enable GOZEN to accelerate research, development, and scaling efforts for its breakthrough biomaterial, LUNAFORM™, and fuel the creation of new materials.
GOZEN is on a mission to replace traditional materials in the fashion and automotive industries by producing a range of high-performing vegan and plastic-free materials. In line with the rising ESG imperative, there is growing demand for sustainable alternatives.
LUNAFORM™, the company’s flagship biomaterial, is produced by microorganisms during a fermentation process and is distinctively free from both plastic and animal components. This innovative material was unveiled earlier this month during Paris Fashion Week at the Balenciaga Summer 24 show Paris Fashion Week. The partnership with Balenciaga culminated in the Balenciaga LUNAFORM™ Maxi Bathrobe Coat and marked the inaugural use of LUNAFORM™ in the fashion industry.
Unlike composite plant-based leathers that are assembled in layers, LUNAFORM™ is a singular, fully formed material, giving it a remarkable tensile strength and natural flexibility. Available in 13-square-foot sheets with customizable thickness and texture, LUNAFORM™ sets a new standard in design adaptability. Its manufacturing method is entirely vegan, non-GMO and avoids the use of harsh synthetic chemicals.
LUNAFORM™’s formation requires a nutrient-rich environment where microorganisms craft intricate, ultra-crystalline patterns. Following the introduction of natural agents, a three dimensional-material begins to form. Unlike composite plant-based leathers that are assembled in layers, LUNAFORM™ emerges as a singular, fully formed material, giving it a remarkable tensile strength and natural flexibility.
GOZEN’s material production process takes just 10 days and bypasses the need for tanning. With the recent investment, the startup is progressing with its plans to open a new facility in Turkey, aiming for an annual production capacity of over 1 million square feet.
“At GOZEN, we produce advanced biomaterials with the potential to unlock circular design. With this investment, we’ve shown that we have a path to delivering on that potential at scale,” says Ece Gozen, founder and CEO of GOZEN.
Po Bronson, Managing Director of SOSV’s IndieBio, was GOZEN’s first investor. “There is a lot of competition now in animal free leather. But I believed that GOZEN’s approach could surpass all others in both performance and economics, and we’ve already demonstrated this by launching our first commercial product – at Fashion Week, no less. We’ve accomplished in months what it’s taken others years to do.”
GOZEN promises to usher in a realm of fresh opportunities for consumers and businesses seeking to align their choices with environmental responsibility while still indulging in top-tier design aesthetics and quality. With the growing embrace of LUNAFORM™, there is a palpable anticipation that this trend will serve as a catalyst, encouraging other brands to adopt eco-conscious materials and practices. This ripple effect holds the potential to nurture a more sustainable and eco-friendly trajectory for the fashion industry at large as well as other industries.
About GOZEN: GOZEN is a biocreation startup founded by Ece Gozen. GOZEN’s mission is to reshape how we interact with the world around us, advocating for natural connection and a balance between creative expression and the sanctity of our planet. GOZEN’s process combines the harnessing of naturally occurring processes with cutting-edge technology. This transforms organic elements into applied innovation – like their debut material, LUNAFORM™. GOZEN is backed by Happiness Capital, Accelr8, Astor Management and SOSV.
Company will expand into additional hardware categories and aims to build the future of consumer electronics
SAN FRANCISCO, Oct. 25, 2023 — Opal Camera Inc. is excited to announce the completion of its Series A funding round, totalling $17 million. The round was led by Founders Fund, with continued participation from Kindred Ventures and other notable investors including renowned tech creators Marques Brownlee and Casey Neistat.
“We founded Opal under a simple principle – that the products you use the most often should be the best things you own,” said Veeraj Chugh, CEO and co-founder of Opal.
The company’s first product was the Opal C1 webcam, the first professional webcam with DSLR quality. The product was borne out of an insight that modern workers were spending more time on their webcams than on their phone.
Nearly 60,000 people were on the waitlist for the C1 after its launch in December 2021, and the camera quickly became a favorite among designers and creators. In the two years since launch, the company has focused on quality, rewriting the camera firmware, and releasing a new software app, the Opal Composer.
Expansion into new hardware categories
“The honest truth is that we started Opal because we thought the market for webcams desperately needed better hardware,” said Chugh. “What we realized is that you can bring a lot of people joy by giving them usable, beautiful devices.”
With this latest round of funding, Opal is broadening its vision to include new cameras, as well as branching into other aspects of consumer electronics, a category that has seen little progress over the past decade.
“This funding allows us to grow both the short and long-term visions of Opal,” said Stefan Sohlstrom, co-founder of Opal. “We’re excited to further grow our camera business, but we’re also posing ourselves a fundamental question: what does a modern consumer electronics company look like, and what would it build?”
Opal’s expansion into new product lines is centered around the theme that new technologies shouldn’t be constrained to old form factors.
“Phones were perfect for helping us take the internet anywhere,” said Chugh. “But now we’re at the tipping point of a lot of new technologies, where our relationship with devices and information is going to change in meaningful ways.”
Opal’s next products are being built for singular, specific experiences like learning, capturing memories, and having meaningful conversations. Modern tools are built to do everything, but in the process miss the nuance and charm of specialized devices that Opal thinks are needed.
“We want Opal to build these new devices that give us an intimate way to use modern technologies,” said Sohlstrom. “Sony did something similar in the 1980’s, building new devices that changed our lives. They started with humble transistor radios, and we started with webcams.”
New investors
Joining Founders Fund in the round are Kindred Ventures, Slack Fund, and Sam Hinkie’s Eighty-Seven Capital. A coterie of influential hardware storytellers like Marques Brownlee and Casey Neistat joined the round along with the founders of Airbnb, Instagram, Shopify, Twitch and YouTube.
Trae Stephens was the partner who led the investment for Founders Fund. “Sometimes you walk into an office, and on the tables you see stuff that looks like the future,” said Stephens. “The hard part is turning it into something real. I think Opal knows how. And they’re about to show you.”
Best-in-class team
Opal has recently attracted top talent from industry giants. David Kalinowski, one of the first engineers on Apple Vision Pro, joined Opal to lead hardware. Claudio Guglieri, who recently worked as Design Director at Microsoft, joined to lead design.
Additionally, Opal, having won design awards from AIGA, Red Dot and D&AD, is furthering its design prowess by bringing in celebrated Shinagawa-born industrial designer Akifusa “Aki” Nakazawa, who previously worked in the renowned Sharp Japan design team.
The company has raised $20m to-date from investors including Will Ahmed, Carmine Arabia, Hugo Barra, Max Branzburg, Leigh Marie Braswell, Joshua Browder, Adam Bry, Jeremy Cai, Oliver Cameron, Ilter Canberk, Liam Casey, Surojit Chatterjee, Emilie Choi, Larry Chu, Soleio Cuervo, Matthew Dellavedova, Charlie & Dixie D’Amelio, Sara Dietschy, Hong Feng, Joe Gebbia, Kevin Gibbon, Ros Gold-Onwude, Manik Gupta, Drew Hanlen, Chad Hurley, Lydia Jett, Mike Krieger, Michelle Kwon, Kirk Lacob, Sahil Lavingia, Kevin Lin, Tobias Lütke, Charley Ma, Trevor McFedries, Matt Mullenweg, Zaza Pachulia, Carl Pei, Ryan Petersen, Anthony Pompliano, Gokul Rajaram, Karri Saarinen, Tim Young, Ed Zitron, 444 Capital, Acrew Capital, Automattic, Coalition Operators, Cherubic Ventures, Seven Seven Six, Shrug Capital and WSGR.
Opal Camera Inc. For more information, visit opalcamera.com.
Company emerges from stealth with $14 million from Lightspeed Venture Partners and Menlo Ventures
SAN FRANCISCO, Oct. 25, 2023 — Today Eve officially launched the industry’s first personalized AI legal assistant fully trainable to suit the specific needs of a law practice. Powered by the latest large language models (LLMs) and pre-built legal “skills,” Eve automates away tasks such as document review, case analysis and legal research, enabling teams to focus on more strategic, high-value initiatives.
“The volume of data legal professionals are required to manually sift through has become unmanageable. Legal professionals often dedicate hours of their day sorting through documents and extracting relevant insights—Eve automates those processes end to end.” Jay Madheswaran, CEO and co-founder, Eve. “We’ve built the first engine that is able to reason, infer, and learn to truly work alongside lawyers.”
Meet the industry’s first customizable AI assistant for legal professionals
Eve is the first personalized AI assistant purpose-built with skills and knowledge specific to the legal profession. Eve is the only AI solution that can be used out-of-the box, and learns and increases value the more it becomes embedded in the firms’ day-to-day tasks and workflows. The solution comes pre-built with a “Skill Library”, a set of key legal skills designed to automate away low-value tasks for litigation, transactional law, and specific practice areas. Customers can also fine-tune and customize Eve for optimal performance in various practice areas and specialized use cases.
Eve helps law professionals:
Automate low-value tasks: Delegate routine and repetitive tasks to Eve to free up valuable time, creative and strategic resources.
Accelerate case resolution: Expedite case resolution, saving valuable time on preliminary steps, and delivering swift results.
Augment existing processes: Teach Eve to adopt custom processes, optimize task execution, and increase efficiency with the firm’s specific needs.
Already a number of prominent law firms, including Frontier Law Center are using Eve to transform their legal practice.
“With Eve, what would have been three days of work, we completed in 45 minutes, my clients couldn’t be happier,” Manny Starr, a managing partner at Frontier Law Center. “I am now able to close cases 5 times faster.”
Fueling the company’s launch is a $14 million seed funding round led by Lightspeed Venture Partners and Menlo Ventures.
“Eve is proof of the transformative impact AI is having on every industry,” said Ravi Mhatre, Partner, Lightspeed Venture Partners. “Law professionals don’t need another tool to add to the pile; they need technology that will serve as a true extension of their team. Jay and his team are the first to deliver an AI-native solution that can truly work and think like a lawyer. We’re thrilled to partner with them as they bring their platform to every law firm worldwide.”
“There are many AI solutions today that claim to automate away tedious tasks, but few can truly augment a workforce,” said Tim Tully, Partner, Menlo Ventures. “Eve not only serves as a force multiplier for law firms, it comes pre-built with industry knowledge and skills so lawyers can hit the ground running from Day One. We are beyond thrilled to partner with Jay and his co-founders as they help legal professionals accelerate their productivity.”
About Eve
Eve is the industry’s first customizable AI assistant for the legal profession. For more information visit www.eve.legal
DETROIT, Oct. 25, 2023 — As part of its unwavering commitment to enhancing multi-entity accounting efficiency, Gravity Software® is proud to introduce new AI technology to transform accounts payable processes. This transformative solution uses the Microsoft Cognitive Services AI engine to convert PDFs of vendor bills into Gravity Vouchers, significantly reducing the need for manual data entry or corrections.
Gravity Software’s Accounts Payable Automation with AI Technology
Accounts payable departments spend over one-third of their time on manual vendor bill data entry within their accounting systems, with additional valuable time allocated to obtaining management approvals for timely bill payments. By integrating Microsoft’s Power Automate workflow engine for approvals with its AI-driven data entry capabilities, Gravity substantially boosts the operational efficiency of accounts payable departments.
One of the standout features of Gravity’s enhanced solution is the provision of a dedicated email address for vendors to conveniently submit invoices. This not only simplifies the invoice submission process but also ensures a smooth and efficient transition to the Gravity Voucher system. Users can review and make any necessary adjustments to the extracted data, ensuring precision and accuracy at every step.
“This is a significant milestone in our mission to elevate financial operations for small to medium-sized businesses,” Gravity Software President and CEO John Silvani said. “Accounts payable is a predominantly manual and time-consuming process for many accounting teams, making it susceptible to human error. By harnessing Microsoft’s advanced AI capabilities, we take pride in offering a solution that not only enhances accuracy and efficiency but also drastically reduces manual intervention and the risk of human errors.”
Gravity’s Accounts Payable Automation with AI technology is set to deliver substantial cost savings and operational efficiencies for businesses of all sizes. With a simple click, Gravity’s system generates vouchers, automatically attaching the vendor’s PDF for quick and easy reference. This seamless integration ensures enhanced transparency and compliance throughout the entire AP process, enabling finance teams to prioritize strategic tasks and provide added value to their organizations.
Gravity users will experience unparalleled ease when handling invoices. The user-friendly interface allows finance teams to review and make any necessary adjustments to the extracted data, ensuring compliance and transparency in the AP process. With just a simple click, precise vouchers are generated, and the vendor’s original PDF invoice is automatically attached for reference.
Key benefits of Gravity’s Accounts Payable Automation with AI technology include:
Enhanced Accuracy – Microsoft’s Cognitive Services AI engine ensures remarkably accurate data extraction, reducing the risk of errors associated with manual data entry.
Cost-Effectiveness – By minimizing the need for manual data input or corrections, organizations can significantly reduce labor costs and enhance overall cost-effectiveness.
Efficiency – The streamlined process enables finance teams to process invoices swiftly, improving overall efficiency and freeing up time for more strategic tasks.
Transparency – Precise vouchers generated at the click of a button ensure transparency and compliance in the AP process
As a cloud-native accounting software built on the Microsoft Power Platform, Gravity remains at the forefront of technological innovation. Microsoft’s substantial investments in automation and AI, including the recent introductions of Power Virtual Agents and the AI Builder, empower Gravity users to be among the first to benefit from the latest features and automation solutions, enabling them to achieve greater efficiency while staying ahead of the competition.
Gravity’s Accounts Payable automation solution empowers finance teams to concentrate on strategic tasks and business growth initiatives while minimizing the risk of manual errors and ensuring compliance in their AP processes.
These new features are available immediately to Gravity Software users. Additional fees apply for AI-powered invoice processing.
About Gravity Software Gravity Software is the preferred accounting solution for mid-sized organizations with multiple locations or entities, including family offices, franchises, healthcare, investment, and hospitality companies. More than 3,200 companies in over 30 countries rely on Gravity to manage multi-entity accounting, including more than 350 family office companies. G2 has recognized Gravity as a high performer and a user-friendly solution for several consecutive years. It has also been named among the top 15 accounting software vendors by BusinessSoftware.com and a top accounting solution provider by CFO Tech Outlook.
