SAN CARLOS, Calif., Oct. 15, 2024 — Beacon AI, a Silicon Valley-based aviation intelligence startup, announced it raised $15 million in Series A funding, led by Costanoa Ventures, with significant participation from Scout Ventures, joining numerous new and existing investors including Sam Altman, and JetBlue Ventures – raising the total venture funding to $20M.

Beacon is on a mission to put AI assistance in every professional flight deck to improve flight safety and efficiency for defense and commercial operators. Beacon is focused primarily on aircraft represented in the commercial market and their defense twins. The adaptable platform presents a `dual-use` opportunity by being able to serve both markets on similar aircraft. The Series A investment will allow Beacon to expand its team, deliver on existing DOD and commercial engagements, and accelerate the deployment of its flagship products: Murdock, an AI-powered pilot assistant akin to R2-D2 for pilots, and Lighthouse, its data platform and flight management system.

“From our start, we’ve had the goal of augmenting pilots with advanced technology that helps them perform their jobs more efficiently and safely,” said Matt Cox, CEO of Beacon AI. “Everyone in aviation is under pressure to improve safety, and planes’ flight decks and pilots remain underserved. We are building something I wish I had in my decade as a naval aviator and 20 years as a pilot.”

“There is no better team to bring AI into the flight deck for commercial and military pilots,” said Greg Sands, founder and Managing Partner of Costanoa Ventures. “They have already proven themselves in the most high-stakes cockpits in the world, which is why we’re excited to see their progress with commercial pilots.”

Beacon AI has gained significant traction with ten Department of Defense (DOD) contracts and agreements and is seeing rapidly growing commercial interest. The funding will support the company’s expansion to meet high demand and deploy its first product to customers. While slots for 2024 are currently full, the company is opening beta sign-ups for 2025.

“When we first met Beacon AI, what stood out the most was the team and how laser-focused they are on building for their customer.  Being led by a team of subject matter experts with countless flight hours in the cockpit allows for an unparalleled understanding of this dual-use technology, and their approach resonated with us. We are proud to be backing a top-tier entrepreneur, Matt Cox, and supporting the entire Beacon AI Team,” said Brad Harrison, founder and Managing Partner of Scout Ventures.

Beacon AI is currently hiring across all departments as it scales to bring its vision of safer, more efficient flight to the world.

About Beacon AI:
Beacon AI is a California-based aviation software technology company specializing in developing advanced AI systems to augment commercial and defense pilots. The company’s mission is to enhance the future of flight by making flight operations safer and more efficient. Beacon’s innovative solutions address the complex challenges faced by the aviation sector, backed by leading investors such as Costanoa Ventures, Scout Ventures, Sam Altman through Apollo Projects and Hydrazine Capital, and JetBlue Ventures, and guided by aviation industry advisors including Hon. Robert Sumwalt (former Chairman of the NTSB) and Ali Bahrami (former Associate Administrator of the FAA).

For more information, please visit https://beaconai.co/ contact [email protected], or follow us on LinkedIn.

About Costanoa Ventures:
Founded in 2012, Costanoa Ventures partners with builders as early as company formation, with a focus on B2B in applied AI, data & developer infrastructure, security, defense, and fintech. Costanoa is a long-term, boutique partner to entrepreneurs from the earliest stages of company building with expertise from its BuilderOps team. For more information, please visit www.costanoa.vc.

SOURCE Beacon AI Inc.

Series A Allocated for Accelerated Studio Growth & Creating Console/PC Quality RPGs on Mobile Devices for Western Audiences

SACRAMENTO, Calif., Oct. 15, 2024 — Azra Games, a Sacramento-based company founded in 2022 and dedicated to creating the next generation of mobile role-playing games (RPGs) with thrilling gameplay, visceral combat, and immersive storylines, is thrilled to announce the successful completion of its $42.7 million Series A round. The round was led by Pantera Capital (Franklin Bi), with participation from a16z crypto (Arianna Simpson), A16Z GAMES (Jonathan Lai), and NFX (Gigi Levy-Weiss). This brings Azra’s total funding to date to $68.3 million.

The funding will be instrumental in accelerating the growth of Azra Games and advancing its various projects that are currently in development, including its flagship ground-breaking game, currently code-named “Project Legends.” The funding underscores investors’ confidence in Azra Games’ vision and potential to revolutionize the mobile RPG genre across all platforms, paving the way for the future.

Azra Games was founded by veteran 0-to-1 game designer Mark Otero, known for Electronic Arts’ top-grossing Star Wars: Galaxy of Heroes (his 8th RPG), and backed by a talented team of seasoned experts. The vast potential of mobile RPGs delivers impressive margins and accounts for one-third of total mobile games revenue. These games have evolved through several generational cycles and are now poised for the most significant paradigm shift in their history. 

“We aim to define what I call the 4th generation of mobile RPGs. The first generation emerged with mobile app stores, characterized by text-based RPGs with 2D graphics constrained by limited memory and weak processors. The second generation saw enhancements in UI, richer icons, and auto battles with basic animations. The third capitalized on advanced smartphone technology, offering 3D graphics, interactive turn-based battles, and more sophisticated controls,” said Otero. “I believe the 4th generation of mobile RPGs is competing with PC and console RPGs, featuring open worlds, over-the-shoulder camera perspectives, real-time battles, and extended PvE campaigns. It signifies a significant paradigm shift in mobile gaming. With our expanding expert team and robust funding, we are excited to bring Western gamers true console/PC-quality PRG experiences on their mobile devices.”

In addition to mobile game projects, the $42.7 million funding will enable Azra Games to expand its global team and strategic initiatives including the growth of Azra Labs. Azra Labs is a small research and development team led by co-founder and CTO, Travis Boudreaux, in the application of artificial intelligence to accelerate the development of AAA mobile content at scale by industrializing the RPG development process. The studio is actively seeking world-class talent with an innovative spirit to transform the development and launch of mobile RPGs. Please visit https://azragames.com/careers/ to join the team.

“We’re thrilled to partner with Azra Games to build a new generation of RPGs, built on deep storytelling, mobile-native combat, and immersive economies. Mark is the rare entrepreneur who has successfully navigated multiple industry shifts and built billion-dollar franchises in gaming,” said Franklin Bi, General Partner at Pantera Capital. “Today, Mark is building a truly special team at Azra to define a new standard for mobile roleplaying games, open-world economies, and player empowerment. I can’t wait for the world to see what’s coming and officially join the Azra universe.”

“The team at Azra Games has the incredible opportunity and vision to trailblaze the fourth generation of mobile RPG games that combines the creativity of new gaming formats and experiences with the digital ownership of blockchain,” said Arianna Simpson, General Partner at a16z crypto. “Mark has an incredible ability to bring out the best in his team, and we can’t wait to see Azra’s vision come to life over the coming months.”

“We believe the Azra Games team has the unique ability to lead the charge into the next generation of mobile RPGs. Their artistic vision has excellent moment-to-moment gameplay, gripping narratives, immersive experiences, and compelling progression. Mark possesses the reality distortion field so rare amongst leaders, and we eagerly anticipate seeing Azra’s vision materialize over the next few years,” said Robin Guo, Partner at A16Z GAMES

Azra is poised to set new standards in the gaming industry by leveraging this significant investment to bring its groundbreaking ideas to life. Azra Games’ unwavering dedication to crafting unforgettable gaming experiences, which is at the heart of its ambitious plans for the future, will surely excite players worldwide.

For more information about Azra Games’ upcoming projects, please visit www.azragames.com.

About Azra Games
Azra Games is pioneering the fourth generation of RPGs with a focus on mobile. Based in Sacramento, CA, the studio was founded by former EA and BioWare executive Mark Otero, best known as the developer of the hit game Star Wars: Galaxy of Heroes.

SOURCE Azra Games

Investors in the upcycled cacao brand revolutionizing the cacao supply chain include Zintinus, The Hershey Company, Whole Foods Market, and other institutional investors with additional support from Celebrity Chef, Nick DiGiovanni, who joins as a Brand Ambassador

NEW YORK, Oct. 15, 2024 — Blue Stripes, the whole cacao brand on a mission to create a more ecologically and economically sustainable cocoa supply chain, closes their Series B round at $20 million led by Zintinus, The Hershey Company and Whole Foods Market, among others. Blue Stripes’ line of delicious, environmentally conscious, and nutrient dense products includes: Cacao Water, Whole Cacao Chocolate Bars, Whole Cacao Granola, Whole Cacao Trail Mix, Chocolate Covered Cacao Beans, and Dried Cacao Fruit. Blue Stripes’ innovative ingredient and production approach reduces cacao fruit waste, increases the value of the cacao fruit, and creates a meaningful income increase for cocoa farmers by utilizing 70% of the fruit that is typically thrown away in the traditional chocolate making process.

Blue Stripes was founded in 2018 by Oded Brenner, who also founded the global chocolate retail chain Max Brenner, and who has been referred to as a real life Willy Wonka. Oded and Co-Founder Aviv Schwietzer, are on a mission to revolutionize the chocolate industry with their innovative and sustainable whole cacao approach. The brand aims to create an entirely new category within the chocolate space by unlocking the untapped potential of the cacao superfruit (antioxidants, minerals, fiber, etc.)

“For the last two decades of my career I focused on showing people the whimsical and romantic side of chocolate,” says Blue Stripes Founder, Oded Brenner. “In this next chapter, I am on a mission to change what happens behind the scenes of the cacao industry – reducing the negative cacao industry impact on the environment, improving the economic value cacao farmers receive for their work, and sharing the incredible functional benefits that the cacao superfruit has with the world.”

The Series B capital raise’s lead investor, Zintinus, supports brands that develop innovative technologies in the food industry while adhering to a high standard of environmental responsibility, social equity, and strong governance practices. Zintinus’ investment support was bolstered with investment from The Hershey Company, one of the largest chocolate manufacturers in the world, Whole Foods Market, the leading natural and organic foods retailer, as well as additional investors including DMG Ventures, Hamilton Lane, and Praesidium. The investment proceeds will be used to continue to advance the company’s whole cacao process technologies, develop new products, increase distribution, and raise consumer awareness around the nutritional benefits of the cacao superfruit for the chocolate industry as a whole.

To uplift the brand’s mission to create a more sustainable future for the chocolate industry, Blue Stripes has appointed Nick DiGiovanni, celebrity chef, entertainer and digital megastar with over 33 million followers across YouTube, TikTok, and Instagram, as a Brand Ambassador. In this role, Nick will leverage his social platform to educate consumers about the cacao fruit including its various use cases and functional benefits.

“I’ve known Oded for many years and have always described him to others as the ‘modern day Willy Wonka,'” says Nick DiGiovanni. “Over the years I’ve learned so much about the cacao industry, so I’m excited to be a part of the Blue Stripes team to show the world that cacao is so much more than just chocolate.”

Blue Stripes is available nationally through their website (www.bluestripes.com), and with retailers including Whole Foods Market, Fresh Market, Sprouts, and Amazon, as well as in small premium grocers like Happier Grocery in NYC.

Media Contact:
Lia B
9498706667
[email protected]

SOURCE Blue Stripes

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Smith Point Capital leads financing to accelerate the adoption of groundbreaking Service Resolution Intelligence AI solution in a growing roster of Fortune 1000 companies

SAN JOSE, Calif., Oct. 15, 2024 — Neuron7.ai, the pioneer in Service Resolution Intelligence, today announced it has raised $44 million in Series B funding led by Smith Point Capital, the firm founded by former Salesforce Co-CEO Keith Block. Existing investors Nexus Venture Partners and Battery Ventures joined the oversubscribed funding round, bringing the total capital raised to date to more than $63 million.

Neuron7 resolves issues in complex service environments. In the last 12 months, it has increased annual recurring revenue (ARR) by 300% while adding top-tier enterprise customers from the medical device, high-tech device, and industrial equipment industries.

The new funding will accelerate Neuron7’s product innovation and enterprise-focused go-to-market growth initiatives. These will enable the delivery of sophisticated AI-powered use cases to resolve issues in complex service environments and support deeper integration into a host of CRM applications, chat, and other service workflows.

“Neuron7 is redefining service with AI that delivers fast, accurate resolutions at Fortune 1000 companies. Our Smart Resolution Hub is the future of service, bringing together knowledge from data and people to power better decisions and faster resolutions at every point of the service continuum,” said Neuron7.ai CEO and Co-Founder Niken Patel. “We are grateful for our investors’ support and thrilled to welcome Smith Point and the expertise of enterprise software stalwarts like Keith Block to the Neuron7 business. Their extensive industry experience validates our approach and will help propel us forward as we continue to address the toughest challenges in service and support.”

Charting a New Course with Service Resolution Intelligence

Neuron7 addresses the core challenge faced by complex service organizations: resolving customer issues is a struggle because knowledge is spread across vast data sources and in the minds of individuals. Compounding the issue, many service organizations are rapidly losing institutional knowledge as employees retire or change careers. The Service Council noted that workforce and talent shortages were the most significant external challenge impacting service, with more than 45% of front line agents stating that they did not plan to or were unsure about remaining in field service careers. These persistent challenges impede successful service delivery, increase costs, reduce uptime, and lead to lower overall customer satisfaction.

“Neuron7 represents the next great leap forward for the service industry,” said Keith Block, CEO and Founder of Smith Point Capital. “We’ve had a front-row seat to the industry’s evolution over the last few decades and were immediately drawn to Niken’s vision to establish a service-focused, AI-driven intelligence layer. Neuron7 delivers industry-leading, domain-specific results to an impressive roster of customers and establishes impressive strategic partnerships with major cloud platforms – milestones rarely seen in a company at this stage. We are excited to partner with Neuron7 on its next chapter of growth.”

Today’s service organizations must support increasingly sophisticated technology – from wireless communications and point-of-sale systems to MRI machines and industrial machinery – for customers that cannot afford downtime when something goes wrong. Yet, the industry has seen little innovation, with many organizations still relying heavily on articles and manuals that are out of date and difficult to find and use effectively. Service Council research revealed that 86% of field service engineers noted their work requires greater technology knowledge, as a result of servicing more complex products, and 81% say they phone a friend when they’re stuck. Neuron7 solves these challenges by providing accurate resolutions to help customers improve first-time fix rate, parts prediction, next likely error prediction, and onboarding times, while capturing knowledge.

“NCR Atleos is responsible for maintaining over 600,000 ATMs across 60 countries in multiple languages, with a critical commitment to keeping our customers’ businesses running seamlessly,” said Bill Girzone, Senior Vice President, Global Field Services of NCR Atleos. “Neuron7’s solutions have been instrumental in transforming the quality of service we deliver to our global customers. With its AI-powered Service Resolution Intelligence deployed to more than 6,000 users worldwide, handling 1.4 million cases per year, we’ve been able to drive significant improvements in first-time resolve and resolution time.”

According to Gartner^®, global spending on AI software will grow to $297 billion by 2027, with customer service as one of the areas predicted to integrate AI tools. The goal of customer service is to resolve issues, cases, and incidents. Neuron7’s use cases are at the heart of service, with AI solutions that are able to perform on industry-specific, deep-domain data to provide fast, accurate resolutions at scale.

Neuron7 is 21% to 38% more accurate than industry-standard large language models (LLMs) and reduces hallucinations by more than 50% compared to industry standards. This accuracy is the key to delivering Service Resolution Intelligence, which is in production at Fortune 1000 customers, providing accurate resolution paths with turn-by-turn guidance that improve with usage.

“Neuron7 solutions support our strategy to empower service technicians to diagnose and repair more efficiently by leveraging service data, expert knowledge, and smart-instrument telemetry data,” said John Page, President of Global Services at Keysight. “By integrating the solutions into our service delivery platforms, we achieve daily efficiencies that enhance customer service, enabling our customers to innovate at speed and achieve sustained positive outcomes with Keysight products and solutions.”

About Neuron7.ai
Neuron7 is the pioneer in Service Resolution Intelligence, helping customers achieve 90% plus resolution accuracy faster by bringing together knowledge from vast data sources, people, and interactions into a Smart Resolution Hub. Neuron7 seamlessly integrates into your CRM or chat in partnership with Salesforce, ServiceNow, Microsoft, and SAP to provide answers in seconds and turn-by-turn guidance to resolve issues faster, the first time. Neuron7 solutions are purpose-built for complex service environments, including medical devices, high-tech, and industrial equipment. Neuron7 is backed by Smith Point Capital, Nexus Venture Partners, Battery Ventures, and ServiceNow Ventures. Learn more at www.neuron7.ai.

About Smith Point Capital
Smith Point Capital is redefining growth equity by integrating deep investment expertise with extensive operational experience. The firm was founded in 2022 to focus exclusively on investing in the next generation of enterprise software companies driving digital transformation. Smith Point’s operator-led approach combines hands-on operational support with strategic capital, empowering companies to accelerate growth and maximize market impact. Backed by a team with over 100 years of combined experience and more than 200 software transactions representing $10 billion in enterprise value, Smith Point partners with entrepreneurs to achieve exceptional financial and operational outcomes. For more information, visit www.smithpointcapital.com.

SOURCE Neuron7.ai

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“Michael’s experience in sophisticated corporate transactions and his hands-on, business-savvy approach aligns closely with our commitment to delivering high-quality and efficient legal counsel to our clients,” said Catherine Kemnitz, Managing Director of Axiom Advice & Counsel. “Our clients will immediately benefit from his ability to address both the daily legal needs of portfolio companies and the complex capital requirements of PE and VC sponsors, as his experience working hand-in-hand with companies and their investors enables him to effectively manage their interconnected legal and business challenges.”

With extensive experience in complex corporate transactions and corporate law matters across multiple industries, particularly PE- and VC-backed companies, Michael addresses the diverse legal challenges for businesses at various growth stages. His approach balances risk management with operational efficiency, enabling companies to navigate complex legal landscapes while maintaining transaction readiness.

“AA&C’s innovative approach to legal services aligns with my belief in providing clients with the legal counsel they need at an efficient rate structure,” said Michael. “This approach is particularly valuable for growing companies with diverse legal needs but limited internal resources. By combining deep industry knowledge with flexible service models, we can help these businesses navigate complex legal landscapes while optimizing their legal spend and focusing on growth and value creation.”

Michael holds a J.D., cum laude, from The University of Arizona James E. Rogers College of Law, where he received the CALI Award for Law, Entrepreneurship & Innovation and served as a teaching fellow for 1L contracts courses. He earned his B.A. in Psychology from Indiana University – Bloomington, graduating from the Hutton Honors College.

For more information or to talk to an Axiom Advice & Counsel (AA&C) representative, visit our website, and network with us on LinkedIn.

Related Axiom News

About Axiom Advice & Counsel

Located in Arizona, Axiom Advice & Counsel (AA&C) is setting a new standard for the modern law firm. From prioritizing clients and the lawyer experience, to finding the right legal talent for the right legal matter, AA&C’s approach to the law firm model provides clients with better value for every dollar spent on outside counsel. AA&C represents a diverse set of clients, ranging from growing mid-market businesses to global multinationals with large in-house teams. The firm focuses on corporate law including general counsel services, real estate, labor and employment, mergers and acquisitions, data privacy, intellectual property, and regulatory matters. For more information, please visit https://www.axiomadviceandcounsel.com.

About Axiom

Axiom is where high-caliber legal talent meets full-service law firm work. We invented the alternative legal services industry 24 years ago and now serve more than 1,500 legal departments globally, including 68% of the Fortune 100, with 95% client satisfaction. Axiom gives small, mid-market, and enterprise clients a single trusted provider who can deliver a full spectrum of legal solutions and services across more than a dozen practice areas and all major industries at rates up to 50% less than national law firms. To learn how Axiom can help your legal departments do more for less, visit axiomlaw.com.

SOURCE Axiom Advice & Counsel

LOS ANGELES, Oct. 15, 2024 — Ghost, the B2B marketplace connecting the world’s leading brands and retailers, today announced it has raised $40 million in Series C funding led by L Catterton, a leading global consumer-focused investment firm, with participation from existing investors including USV, Cathay Innovation, Equal Ventures, and Eniac.

Ghost’s tech-enabled marketplace provides a seamless digital experience to more than 6,000+ members on its platform, which include some of the world’s most iconic brands and category-leading retailers in apparel, footwear, beauty, home goods, and beyond. Its proprietary platform serves as a one-stop solution for brands, allowing them to enter into new channels and geographies by connecting them with a broad range of vetted buyers around the world who are seeking access to both surplus and wholesale inventory. As a trusted partner, Ghost ensures sellers can maintain brand control and integrity, while developing relationships with hard-to-reach global partners. Ghost provides efficiency and certainty in moving large volumes at higher recovery values.

Since completing its Series B funding round in August 2023, Ghost has significantly scaled its platform through investments in infrastructure, AI, and international expansion.

“We are highly focused on advancing our mission to be the most trusted inventory solution for the world’s best brands,” said Josh Kaplan, Co-CEO of Ghost. “Ghost has continued to grow and expand our focus to be the true partner of choice for leading brands and retailers looking for efficient inventory management and channel opportunities. This investment from L Catterton – a world-class partner with relationships with some of the most beloved consumer brands globally – will allow us to build on our momentum and capitalize on a number of compelling product and geographic expansion opportunities.”

“L Catterton’s global network and deep expertise in retail, technology, and sustainable growth will significantly support our efforts to innovate and continue growing the Ghost ecosystem as we solve some of the largest pain points for our members,” said Dee Murthy, Co-CEO of Ghost. “We are confident this partnership will allow us – and most importantly, our members – to unlock new opportunities while positioning Ghost for long-term success.”

“Ghost’s customers shared with us that they love the platform’s user-friendly interface, advanced matching technology, and ability to maintain brand control over where their products end up,” said Ian Friedman, Partner and Managing Director in L Catterton’s Growth Fund. “After seeing such demonstrable customer love for Ghost as a trusted partner and high dependence on the platform, we had a strong desire to partner with the Ghost team to solve the massive pain points facing companies in managing surplus inventory and see tremendous opportunity ahead for the business.”

About Ghost
Ghost is the world’s leading B2B platform for brands and retailers to buy and sell surplus and wholesale inventory. The members-only marketplace solves the frustrations that have held back brands for far too long. By combining user-friendly technology with industry data, Ghost is shaping the future of retail and offering an all-in-one solution for buying and selling goods effortlessly.

About L Catterton
L Catterton is a market-leading consumer-focused investment firm, managing approximately $35 billion of equity capital and three multi-product platforms: private equity, credit, and real estate. The firm’s funds have the ability to invest between $5 million and $5 billion, across the capital structure, in well-positioned consumer businesses. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton’s team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 275 investments in some of the world’s most iconic consumer brands. For more information about L Catterton, please visit lcatterton.com.

Contacts:

Ghost
Helen Joel
[email protected]

L Catterton
Julie Hamilton
[email protected] 
+1 203 742 5185

SOURCE L Catterton

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• Port empowers teams to fully own the development lifecycle by unifying software development tools and workflows in a central hub
• Company also secures GitHub as a customer, rolling out its offering to GitHub’s engineering team

TEL AVIV, Israel, Oct. 15, 2024 — Port, the leading internal developer portal, announced today $35 million in Series B funding, bringing its total funding to $58M to date. The round was led by Accel, with participation from Bessemer Venture Partners and existing investors, including Team8 and TLV Partners. The highly oversubscribed round comes on the heels of Port’s exceptional growth, with a 7x year-over-year increase in revenue. Port’s user base has expanded eightfold since its Series A funding just one year ago, with customers including leading brands like LG, British Telecom and GitHub, which recently selected Port as the internal developer portal for their engineering team. Additionally, Port announced the integration of LLMs into its platform, enabling organizations to enhance their developer experience with generative AI.

Modern software development has evolved dramatically, with the responsibilities of developers expanding far beyond writing code. They are now responsible for the delivery process of features, managing cloud resources, handling incidents and outages, as well as complying with the organization’s standards for security, quality, and compliance. This expanded responsibility, coupled with the intricacies of the modern development ecosystem, has created a chaotic situation where developers are constantly seeking guidance, creating tickets for tasks outside their core competencies, and relying heavily on tribal knowledge to navigate the landscape. This not only slows down development but also exacerbates quality, security, and compliance issues.

Port enables developers to handle the full scope of their expanded role by providing an internal developer portal that acts as a central work hub. The portal unifies all of the tools and workflows developers need to fully own the software development life cycle within an intuitive interface. The open platform is highly adaptable, integrating with the existing tech stack behind the scenes to create a standardized operating environment for R&D teams. The portal allows developers to perform complex tasks, like spinning up a new microservice, in just a few clicks with all best practices baked in. This approach not only enhances developer productivity but also ensures compliance with company policies.

“Development teams today are overwhelmed with responsibilities that extend far beyond writing code, leading to operational chaos and a degradation of standards,” said Zohar Einy, co-founder and CEO of Port. “Our mission is to empower teams to start left, ensuring that everything is secure, compliant, and high-quality by design. Port provides a dynamic, customizable platform that fits into each company’s DNA and evolves with their needs, enabling all stakeholders — from developers to security teams to leadership — to collaborate effectively and maintain organizational standards. Port empowers teams to be self-sufficient owners of the software they develop, restoring agility and driving significant business impact.”

Port is also announcing the integration of popular LLMs with its platform, allowing organizations to embed AI capabilities directly into their customized developer portals. The open nature of Port’s platform enables each organization to leverage AI models according to their needs. Popular uses include: investigating incidents using natural language search to quickly find root causes and relevant experts, automatically generating clear error messages from failed build logs, and recommending internal libraries and components to developers based on the feature or service they’re currently working on.

“We see the internal developer portal market as the next big must have in software development, with the potential to rival the impact of APM or Git providers,” said Matt Robinson, Partner at Accel. “Port has emerged as the #1 product in this space due to the platform being highly customizable while also maintaining agility and ease of use. Zohar and Yonatan’s dev-first approach sets them apart and their exceptional growth speaks volumes about the team’s product execution and market fit.”

“Over the past decade, organizations have invested heavily in DevOps, automating processes and adopting best practices to drive agility,” said Amit Karp, Partner at Bessemer Venture Partners. “However, they haven’t reaped the full benefits due to the increased complexities introduced. Port has experienced a meteoric rise because it arrived at a key moment, serving as the missing piece that completes the DevOps puzzle. Customizable internal developer portals enable organizations to finally unlock the true promise of DevOps — improved DORA metrics, streamlined workflows, enhanced agility, adherence to standards, and empowered developers.”

About Port 

Port is the leading platform for creating internal developer portals, empowering all stakeholders in the software development lifecycle. Founded in 2022 by Zohar Einy and Yonatan Boguslavski, it emerged from the founders’ experience building an internal developer portal for Israel’s elite 8200 intelligence unit, which served over 2,000 developers. Now with 100 employees and tens of thousands of users, Port has rapidly become the de facto standard in the market, providing a central hub that unifies tools, knowledge, and workflows for developers, security teams, and leadership alike. The platform’s customizable interface enables seamless collaboration and ensures compliance with organizational standards, from setting up microservices to managing cloud resources and handling incidents. Port’s open platform integrates with existing tech stacks and incorporates AI capabilities, adapting to each company’s unique DNA. By streamlining processes and enhancing visibility, Port drives significant business impact, improves DORA metrics, and unlocks the true promise of DevOps for companies of all sizes. To learn more about Port’s internal developer portal platform, visit getport.io.

SOURCE Port

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Now supporting provider organizations that serve hundreds of thousands of patients nationwide, Parakeet expands with multiple new provider deals and with $3 million in seed funding led by Canvas Ventures.

SAN FRANCISCO, Oct. 15, 2024 — Parakeet Health, a generative AI company focused on improving patient engagement for healthcare providers, today announced the launch of its generative AI voice platform, which transforms how healthcare providers handle patient communication at scale. The company also secured $3 million in seed funding led by Canvas Ventures with participation from CoFound Partners, StoryHouse Ventures and several prominent individual investors, including former One Medical CEO Tom Lee, MD, and former Twitter CTO Adam Messinger.

Parakeet Health addresses common frustrations patients face when communicating with healthcare providers, a problem that disrupts the patient experience and can lead to revenue loss and staff burnout for provider organizations. The platform automates contact center tasks and other repetitive administrative duties using AI voice agents, available 24/7 and in multiple languages, to handle both outbound and inbound patient communications via calls and texts. Use cases include appointment scheduling, managing referrals, patient outreach (prescription status, labs, wellness visits, etc.), billing and payments and answering FAQs.

In just six months, Parakeet’s approach has already been proven to drive down patient acquisition costs by 2x (from $8.38 to $4.09), in addition to improving success rates. The platform also eliminates all missed calls, a key challenge that can hinder provider growth. The company’s strong early proof points have contributed to it signing several major customers, including virtual primary care provider Galileo, which operates 24/7 in all 50 states; virtual genetic counseling leader Genome Medical; and multi-site skin care provider Medical Dermatology and Cosmetic Surgery.

“Our practice has always embraced new technologies that allow us to be among the most innovative in the country, and the generative AI voice solutions from Parakeet represent the latest opportunity for us,” said Dr. Parinita Amin, CEO of Medical Dermatology & Cosmetic Surgery. “We plan to deploy the technology to automate an increasing number of administrative tasks, allowing our team to focus more on patient care. By streamlining calling workflows, we can provide a more efficient and seamless experience for our patients. This technology not only enhances the operational side of our practice but also ensures that patients receive the timely, personalized attention they deserve, ultimately improving the quality of care we deliver.”

Created by experienced leaders in healthcare delivery and AI, Parakeet’s founding team includes Co-founder and CEO Jung Park, who previously held executive positions at One Medical and Epocrates; Co-founder Eric Mao, who led product and engineering teams at Microsoft and Primer AI; and CTO Aaron Lee, who was an engineering team leader at Rippling and Twitter. Former Doximity CRO and One Medical SVP Paul Jorgensen currently serves as Strategic Advisor and also invested in the company. 

“We’ve all experienced long holds, after-hours frustrations, and waiting for call-backs when communicating with our doctors. Sadly, these experiences are more the norm and not the exception for patients, and while they may sound small, these everyday issues are far more damaging to healthcare practices than they seem, especially when every dollar counts,” said Park. “Our platform is built with deep knowledge of the healthcare system, giving providers an AI-powered voice agent that understands and supports their workflows and handles tasks that usually require entire teams.”

Most AI voice solutions currently used by healthcare providers to handle patient communication are based on rules and only handle specific tasks. However, Parakeet’s AI is powered by advanced large language models (LLMs), enabling it to manage a broad range of patient interactions while also seamlessly integrating with systems like EHRs, billing, VoIP, insurance claims and CRM tools.

About 90% of patients still use the phone to schedule appointments, especially older adults. However, managing calls is a costly and time-consuming challenge for providers, contributing to patient churn, revenue loss and staff burnout and turnover. Staffing issues remain a significant concern for U.S. medical practices, with 58% naming it as their biggest challenge last year.

“AI-generated voice is the next frontier in healthcare, but not all teams are up to the task of building it,” said Canvas Ventures Partner Rebecca Lynn. “Drawing from his work across One Medical, Epocrates and PE-backed multi-site specialty practices, Parakeet’s CEO Jung Park is uniquely well-versed in what actually matters to providers to help them run a more efficient practice, and ultimately grow their businesses. I’m very excited about what is in store for the Parakeet team—and the industry as a whole—as we see the power of voice take hold.”

Parakeet aims to expand by targeting health systems, multi-site medical practices and large senior primary care providers offered by Medicare Advantage plans. The company plans to use its seed funding to grow its team and further develop its technology.

About Parakeet Health

Parakeet Health is a healthcare AI company developing voice agents to transform patient engagement, reduce administrative burdens and drive higher revenue for providers. Its platform, powered by advanced LLM technology, supports various patient-experience use cases by managing both inbound and outbound communications at scale. Founded by an experienced team of healthcare and technology leaders from some of the most innovative companies, Parakeet is backed by Canvas Ventures, CoFound Partners, StoryHouse Ventures and many notable individual investors. Visit www.parakeethealth.com for more information.

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GRAND JUNCTION, Colo., Oct. 15, 2024 — Pinpoint Search Group, a leading cybersecurity recruitment firm in the U.S., has released the findings of its Q3 2024 cybersecurity funding report. The report shows a decline in both the number of transactions and the total funding raised compared to Q3 2023. The findings also suggest that venture capital funding for cybersecurity vendors is stabilizing.

In Q3 2024, Pinpoint Search Group’s research team recorded 86 transactions in the cybersecurity vendor space, totaling $2.15 billion across 73 funding rounds and 13 M&A events. This represents approximately an 18 percent decrease in transaction volume from 89 in Q3 2023 and a five percent decrease in fundraising from the previous year’s $2.3 billion.

Despite the year-over-year decline in the number of transactions and total funding raised in Q3 2024, venture capital funding for cybersecurity vendors seems to be stabilizing following the highs of 2021 and the slowdown in 2022. Over the past nine quarters, vendors have consistently raised between two and three billion dollars, reflecting a more steady and sustainable funding trend.

“During the funding peaks of 2021 and 2022, many in the industry wondered when the other shoe would drop,” said Mark Sasson, founder and managing partner of Pinpoint Search Group. “The funding levels at the time seemed unsustainable and potentially harmful to the industry’s long-term health. Now, after the slowdown, we’ve seen a return to stability over the past nine quarters, in contrast to the volatile swings experienced during 2021 through mid-2022. This trend is a positive sign for founders and industry professionals, offering a more sustainable outlook for cybersecurity funding.”

The demand for cybersecurity innovation continues to rise, with substantial year-over-year funding directed toward early-stage vendors. In Q3 2024, this trend held steady, as 59 percent of all venture capital investments were allocated to Seed and Series-A startups, representing the majority of funding rounds recorded for the quarter.

During the same period, late-stage funding rounds (Growth Funding and Series C, D) accounted for 13.5 percent of the total funding volume. Despite the lower volume, these late-stage rounds represented a significant 60 percent of the total funding dollars raised during the quarter, highlighting the continued importance of larger investments in mature companies.

A full copy of Pinpoint Search Group’s Q3 2024 report on cybersecurity funding can be found here. 

About Pinpoint Search Group
Pinpoint Search Group is a leading cybersecurity recruitment firm and specializes in filling vice president, director, and senior individual talent. Pinpoint’s collective experience recruiting hundreds of candidates in all segments of cybersecurity provides the company with the credibility to communicate with, qualify, and place professionals in today’s most competitive area of technology. Pinpoint also produces Cybersecurity M&A and Vendor Funding Reports highlighting M&As and funding in the cybersecurity space monthly, quarterly, and annually.

Media Contact:
Christopher Joseph (CJ) Arlotta
CJ Media Solutions, LLC for Pinpoint Search Group
C: 631-572-3019
[email protected]

SOURCE Pinpoint Search Group

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