Invested in Nomic Bio’s oversubscribed $42 Million Series B round
Led PathPresenter’s $7.5M Series A financing
Participated in PL BioScience’s €7.8 Million Series A round
NEW YORK, Sept. 26, 2024 — AVANT BIO LLC, a pioneering growth equity firm, has announced Avant Bio Fund II LP’s participation in a series of key financing rounds, reinforcing its mission to support visionary companies developing today’s cutting-edge solutions for HealthTech, Life Sciences research, and drug development. Avant Bio Fund II LP’s participation in Nomic Bio’s Series B round and its leadership positions in growth financing rounds for PathPresenter and PL BioScience underscores AVANT BIO’s commitment to advancing companies in the biotech and life sciences sectors.
“AVANT BIO was created to partner with innovative companies and accelerate their growth to speed the introduction of the next generation of therapies. We are thrilled to announce the first portfolio companies shaping our firm and the future of the HealthTech, Life Sciences research, and drug development industries. These first investments are all revenue generating companies, demonstrating the innovation and value they bring to their customers,” stated Daniella Kranjac, Founding General Partner of AVANT BIO. “We thank our Limited Partners for their tremendous support and their confidence in our team and AVANT BIO’s mandate.”
Avant Bio Fund II LP invested in Nomic Bio’s latest Series B financing, an oversubscribed round that brings the company’s total funding to $60 million. Nomic Bio, known for its groundbreaking nELISA platform’s high-throughput capability, is positioned at the forefront of protein profiling services.
PathPresenter’s $7.5 million Series A funding round was led by Avant Bio Fund II LP. The round is expected to propel the adoption of PathPresenter’s vendor-agnostic pathology workflow solution to enhance preventative care and improve patient outcomes. PathPresenter has grown from a free online platform into the world’s largest digital pathology community, with over 50,000 users in 172 countries.
Avant Bio Fund II LP also joined PL BioScience’s €7.8 million Series A financing round to help accelerate the commercialization of their sustainable, non-animal-derived cell culture media business.
Reinhard Vogt, Partner of AVANT BIO, commented, “With the growing global demand for cell culture media, especially tailored for cell and gene therapies, AVANT BIO will leverage its decades of experience in pricing strategy, supply chain management, and global distribution to support PL BioScience in its growth.”
About AVANT BIO: AVANT BIO’s investment focus spans from early stage through late-stage rounds, fostering innovation and new growth in today’s developing companies. With a commitment to amplifying value and a forward-looking investment strategy, the firm is primed to unlock the full potential of the upcoming advancements in Life Sciences, TechBio, and HealthTech. AVANT BIO is led by Daniella Kranjac, a visionary woman and vanguard in the life sciences and investment landscapes.
For more information on AVANT BIO and its innovative investment initiatives, please visit www.avant.bio.
SOURCE AVANT BIO LLC
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NEW YORK, Sept. 26, 2024 — Welltory, the leading all-in-one personalized health and wellness app, is pleased to announce it has closed a $3 million credit line with Braavo Capital. The funding will empower Welltory to invest deeper into its strategic product and market growth to become the leader in the preventative and people-centric care categories.
Welltory already empowers people to understand their wellness data and make personalized, smarter choices for healthier living. With Braavo Capital’s support, Welltory can push the boundaries of science and technology even further, advancing its mission through new algorithms, AI innovations, and impactful research — all aimed at building an ecosystem that helps 100 million people measurably improve their health.
“We are thrilled to expand our partnership with Welltory as they continue their journey towards becoming a dominant force in the wellness space,” said Mark Loranger, CEO of Braavo Capital. “As a long-time financing partner since 2018, we have seen Welltory grow its subscription app business to over 10 million users and were eager to lead their latest round of funding. This $3 million commitment underscores our belief in the team and their vision.”
Welltory CEO Jane Smorodnikova reiterated the sentiment; “This funding from Braavo Capital is a crucial milestone in our growth strategy. With their support, we can amplify our efforts to bring cutting-edge wellness solutions to millions of users worldwide, making preventative and user-centric care accessible to all.”
About Braavo Capital
Established in 2015, Braavo Capital is the leading funding partner for the world’s most successful app businesses. Having facilitated over $1 billion in financing and supported over 8000 apps since inception, Braavo offers a range of financing products, from on-demand receivables financing to multi-million dollar bespoke credit facilities.
About Welltory
Welltory is the tech company behind the leading all-in-one wellness app, consistently ranked in the Top 50 Grossing Health & Fitness apps and featured 20 times by the App Store. With a focus on preventative, people-centered care, Welltory is revolutionizing wellness by delivering accessible, data-driven health solutions to millions worldwide. Over 65% of Welltory Premium members report better sleep, lower stress, and improved physical activity.
SOURCE Welltory; Braavo Capital
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SEOUL, South Korea, Sept. 25, 2024 — Mediwhale, the AI-powered health diagnostics company, announced $12 million series A2 investments. This funding leverages the momentum of their technological advancements and rapid adoption of its innovative biomarker for preventing cardiovascular disease in general hospitals and clinics.
The financing round was led by Korea Development Bank (KDB), with participation from Woori Venture Partners, IMM Investment, Mirae Asset Securities, and other investors. This investment involves both the issuance of new shares and secondary sales.
Mediwhale initially raised $2 million in Series Pre-A funding in 2021, followed by $9 million in Series A funding in 2023. The recent Series A2 investment of $12million further strengthens the company’s growth trajectory.
Mediwhale is setting a new standard of care for the early prevention of cardiovascular disease using AI-powered retina scans. The company’s flagship product, Reti-CVD, is an AI diagnostic solution that autonomously assesses future cardiovascular disease risk using an eye scan. It is a simple, radiation-free test that provides highly accurate results equivalent to the coronary artery calcium score derived from a cardiac CT scan in predicting cardiovascular risk. Since June 2023, Reti-CVD has been approved for private reimbursement in Korea and has been utilized in over 7,200 cases across 57 medical institutions as of August 2024.
With this new capital, Mediwhale will continue to enhance AI algorithms, achieve U.S. FDA approval for Reti-CVD, expand its global footprint, and develop new products to predict chronic kidney disease risk.
“Mediwhale is the first company in the world to develop and commercialize medical AI that can predict cardiovascular disease risk through a simple eye exam. The company demonstrates significant differentiation in both business performance and technological innovation. We have decided to invest actively, confident that Mediwhale will make history in AI-driven prediction of cardiovascular and metabolic diseases both domestically and globally,” said Korea Development Bank.
Kevin Choi, CEO of Mediwhale, added, “I believe that our successful fundraising, even in a frozen capital market, is largely due to our excellent technology. With our pioneering technology, developed and commercialized as a world first, we aim to lead the global market in cardiovascular and metabolic disease management. We are determined to secure FDA De Novo approval by 2025, with plans to launch our product in the United States shortly thereafter. Additionally, to maintain a competitive edge, we will significantly enhance our AI performance and expand our product pipeline to include chronic kidney disease prediction.”
About Mediwhale
Mediwhale is the AI-powered health diagnostics company that uses non-invasive retina scans to help prevent heart and kidney diseases. Mediwhale’s solution uses deep learning algorithms to detect future disease risks even before symptoms appear. Mediwhale has been dedicated to making preventative care more affordable, accessible, safe, and convenient since being founded in 2016 in South Korea.
SOURCE Mediwhale
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The vehicle also has an option for up to an additional $25 Million, raising the total to $75 Million.
NEW YORK, Sept. 25, 2024 — A. Walker & Co., (AWC) a minority-owned and operated, institutionally-backed investment manager, is proud to announce that its inaugural vehicle, AWC Real Estate Opportunity Partners I, LP (“REOP I”) has a total capital commitment of up to $75 Million. The vehicle has deployed $20.4 million into multiple transactions located in California, Illinois, Georgia, Maryland, and Texas. REOP I has a total of 2,450 units acquired or under development, with $352 Million valued in underlying assets and development pipeline.
AWC remains committed to its original mission, which was to provide unique capital solutions for the development and preservation of affordable housing solutions. The firm remains steadfast in supporting diverse and emerging operators and developers, as well as the communities they serve. The firm often collaborates with co-investment partners who have similar interests to deliver both financial and community support. The firm seeks to foster sustainable and inclusive growth across the industry.
REOP I primarily focuses on small- and middle-market multifamily transactions, typically with affordable housing components, and deploys capital as a co-general partner, a limited partner, preferred equity investor, and/or mezzanine lender. The vehicle provides certainty to development partners through well-structured capital, including tax-advantaged structures.
“While we’ve been working through a challenging and turbulent economic environment,” said Austin Walker, CEO and Managing Principal, “we continue to see significant pipeline activity from our network. With our additional capital commitments, we look forward to deploying additional value-add investments and counsel into this unique market. We remain committed to supporting diverse developers, delivering value to long-term investors, and to leveraging public-private partnerships to help diverse entrepreneurs develop additional affordable housing units across the country.”
In its Q2 2024 Investor Letter, AWC reaffirmed its commitment to collaborating with the development community and mission-aligned capital partners to expand its portfolio of multifamily properties, which includes a particular focus in the South and Midwest. The firm seeks to deploy capital into investments that take full advantage of both public and private incentive programs for the development of multifamily housing in the United States. It also announced the addition of Emily Tavis, SVP of Operations and Compliance.
About A. Walker & Co. Founded in 2022, A. Walker & Co. is a minority-led investment manager with a passion for strong partnerships with emerging and diverse multifamily operators, as well as for the preservation of affordable housing in historically significant communities and neighborhoods nationwide. They are headquartered in New York, NY.
NOTICES
Not an Offer or Solicitation This press release has been prepared and is being furnished solely for informational purposes, and the views and statements expressed herein are those solely of A. Walker & Co. In particular, this press release is not, and is not intended to be, an offer to sell, or a solicitation of an offer to purchase, any securities or any other interest in A. Walker & Co., REOP I, or in any fund, account, or other investment product or assets managed by A. Walker & Co., or to offer any services. Any such offering and sale would be made only on the basis of certain transaction documents and, as the case may be, a final private placement memorandum and related governing and subscription documents (together, “transaction documents”) pertaining to such offering and sale and is qualified in all respects and in its entirety by any such final transaction documents.
Valuation The current values set forth herein include unrealized investments and are based on AWC’s estimates of fair value of such investments, and they have not been audited or independently verified by any third party. In many circumstances, a different valuation methodology would result in a different valuation and, in certain circumstances, this difference could be material. An estimate of fair value depends on subjective inputs and assumptions. Although AWC believes its fair value methodologies are appropriate, ultimate realization of the value of an asset depends to a great extent on economic and other conditions beyond the control of AWC. Actual realized returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale or repayment, all of which may differ from the assumptions and circumstances on which the valuations used in the performance data contained herein are based. Accordingly, due to various risks, uncertainties and changes beyond the control of AWC, the actual realized returns on these unrealized investments may differ materially from the returns indicated herein and there can be no assurance that these values will ultimately be realized upon disposition of investments.
Forward-Looking Statements Certain information contained herein constitutes “forward‐looking statements,” which can be identified by use of forward‐looking terminology such as “may,” “will,” “should,” “expect,” “attempt,” “anticipate,” “project,” “estimate,” “intend,” “seek,” “target,” “continue,” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Due to the various risks and uncertainties, actual events or results in the actual performance of investments may differ materially from those reflected or contemplated in such forward‐looking statements.
SOURCE A. Walker & Co.
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Biohacking Legend Dave Asprey and Solidcore Founder Anne Mahlum join investor team as company unveils new cutting-edge Artificial Intelligence
DALLAS, Sept. 25, 2024 — OxeFit, leaders of AI-driven health and fitness experiences, today announced Dave Asprey and Anne Mahlum as investors in the company’s latest $17.5M round of funding, bringing the total to over $70M, to date. With continued interest from entrepreneur and professional athlete investors, the new funds will be used to further deliver on OxeFit’s commitment to bring state-of-the-art Artificial Intelligence (AI) to its health and fitness experiences.
Anne and Dave join a deep bench of notable investors who have turned to OxeFit to achieve their own personal health and fitness goals, including soccer legend Harry Kane, pro golfer Dustin Johnson and NFL quarterback Dak Prescott.
Anchored by products (XP1 and XS1) that enable an ecosystem of deep data, the OxeFit experience includes the most technologically-advanced platforms, innovative health and wellness programs, gamification, and a robust content library that allows anyone to live healthier.
“Technology has unleashed an incredible amount of data that we can use to better ourselves mentally and physically. OxeFit’s XP1 and XS1 cracked the code on delivering the tools you need to do exactly what your body needs to become healthier and more powerful, in very little time. It’s so much more than just a gym,” said entrepreneur, author and recognized “father of biohacking,” Dave Asprey. “That’s why I’m thrilled to have added OxeFit to over 30 locations of Upgrade Labs, and I’m even more thrilled to join the OxeFit team. Together, we will transform the way we workout and live healthier, longer lives with science!”
“I look at a lot of investments and OxeFit won this category for me with a product that is head and shoulders above the competition and a talented team who knows how to execute.” said Solidcore founder Anne Mahlum. “I am incredibly excited to be part of this company that is changing the future of fitness with personalized data to help people achieve their health and wellness goals.”
The OxeFit Experience with AI AI is playing a pivotal role in the future of fitness. OxeFit’s core technology (hardware and software) integrates AI, robotics, movement and performance tracking, advanced coaching and analytics, all driven by unparalleled data science to connect, collaborate, and ultimately transform the health of individuals.
Starting today and rolling out in the coming months, key AI features include:
Personalized Training Programs – The AI Virtual Trainer will create programs based not only on a user’s personal goals, but update them in real time based on how the user is training. Using AI models that are based on optimized results driven methodology, the training data is constantly monitored and evaluated by OxeFit’s software to deliver the user the perfect workout.
Health Snapshots and Tracking – The suite of assessments and data tracking use AI models to provide analysis and insights into a user’s health and wellness status and progress. The tracking will be able to detect possible injuries before they happen or determine when post-injury rehabilitation is complete.
Digital Training Assistant – The AI-based assistant is integrated into the product platforms and in the app, from helping users discover new OxeFit content to building an “exercise playlist” based on goals and interests. While training, the assistant will provide feedback on movements and form to maximize the results of each session. If a user has questions about their numbers, the assistant can be used to help them better understand what their data means.
AI Gaming for OxePlay – Only OxeFit has highly dynamic interactive fitness gaming. When a game is initiated, bot players – powered by AI – will play alongside the human. This way, there will always be someone to compete with regardless of game preference and skill level. Bot intelligence includes human-like strategies and the ability to chat with users during play.
“OxeFit’s XP1 and XS1 are the only products to fully integrate a user’s data from cardio, strength, balance and gaming – allowing it to be analyzed holistically – a key differentiator in providing our users with an AI-driven training experience and the personalized insights that map to their goals and abilities,” said Rab Shanableh, CEO of OxeFit. “Dave and Anne have long pioneered a data-driven approach to healthier living, and we could not be more excited to bring their expertise to OxeFit as we continue to deliver on our mission.”
About OxeFit OxeFit is a digital fitness and technology company that produces the XP1 and XS1, first-of-their-kind strength training systems, revolutionizing the world of connected fitness through advanced robotics and artificial intelligence. By harnessing data-driven workout programs, the XP1 and XS1’s computer-controlled weight loads allow for variable resistance training while state-of-the-art technologies capture data and monitor form to identify weaknesses and potential for injury. Included in the OxeFit ecosystem is a library of engaging content, which seeks to bring a new element of connectivity to the fitness community. OxeFit is headquartered in Plano, Texas. For more information, visit oxefit.com.
SOURCE OxeFit
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Leader of “skinification” of hair care continues to invest in product innovation, retail, and expanding its network of dermatology partners
NEW YORK, Sept. 25, 2024 — SEEN, the award-winning haircare brand developed by Harvard-trained Dermatologist Dr. Iris Rubin, has closed a $9 million Series A funding. This investment will accelerate SEEN’s growth as the premier science-backed, clinically-proven beauty brand, which sits at the intersection of multiple billion-dollar markets, including haircare, sensitive skin, acne, eczema, dry scalp, and hair thinning.
DERMATOLOGIST-DEVELOPED HAIR CARE BRAND SEEN CLOSES $9 MILLION SERIES A
The round was fully subscribed, including a strong uptake from existing and new strategic investors. Participants include Mitch Rales, Co-Founder of Danaher Corporation; Somerville SPV, led by acclaimed investor Feroz Dewan; Sator Grove Holdings, a permanent capital investor; and George Mrkonic, a Board Director of Ulta Beauty, Inc. SEEN also received early funding support from renowned Harvard dermatologists and scientists, including Dr. Rox Anderson at Harvard/Massachusetts General Hospital.
“This marks another transformative milestone for SEEN,” said Dr. Iris Rubin, Co-Founder of SEEN. “A majority of adults in the U.S. have self-described sensitive skin and over 100 million people in the U.S. suffer from acne, eczema, dry scalp, and hair shedding, which can be exacerbated by irritating, allergenic, and/or pore-clogging ingredients in hair products. Our mission is to help people feel confident being seen by providing them salon-quality hair formulations clinically proven to also be skin friendly.”
“Our Series A funding will allow us to focus on innovation, further scale our professional sampling to 10,000 dermatology practices in 2025, and expand our retail footprint,” said Greg Maged, Co-Founder of SEEN. “We’ve had 100% compounded annual growth since our launch and consistently exceed Ulta’s sales projections for the brand.”
Pioneering the “skinification” of hair care, SEEN is bridging the gap between luxury haircare and skincare. The brand’s success stems from Dr. Rubin’s groundbreaking insight that hair products can clog pores and irritate the skin, causing acne, eczema, and other issues. After struggling for years with breakouts, Dr. Rubin identified her haircare products as the cause. Following four years of development, SEEN launched in 2019 with three core hair products and has since grown into a complete line of haircare and styling products.
“I am delighted to become an investor in SEEN and believe they are setting a new standard for performance hair care,” said investor George Mrkonic, who currently serves on the Board of Ulta Beauty, Inc. “SEEN is applying skin science to haircare, which is exactly the kind of category-defining innovation that gets Ulta excited.”
“When we invest in a brand, we look for companies with large market potential, strong margins, and a platform that creates unique consumer benefits. We also want to invest in leadership that is smart, agile, and driven by a passion for excellence,” says Mitch Rales, SEEN investor. “SEEN embodies all these qualities.”
Widely embraced in the dermatology community, SEEN applies rigorous skin science and testing to its formulations. SEEN’s Epidermal Rebalancing Technology uses efficacious skin-friendly ingredients to develop hair and body products that deliver stronger, smoother, healthier hair and healthy-looking skin. SEEN has been issued five patents, over 7,000 5-star reviews, and over a dozen beauty awards, and holds the National Eczema Association’s Seal of Acceptance for its fragrance-free line. SEEN is available nationwide at HelloSeen.com, ULTA, Amazon, Dermstore, and SkinStore.
About SEEN Harvard-trained Dermatologist Dr. Iris Rubin created SEEN after repeatedly breaking out from hair products. A scientist at heart, she knew there had to be a better way to deliver beautiful hair while respecting the skin. Prior to launching SEEN, Dr. Iris Rubin was Medical Director of the Dermatologic and Vascular Laser Surgery Program at Children’s National Medical Center in Washington DC and Maryland, where she treated children with disfiguring vascular birthmarks and scars. SEEN provides financial support to laser clinics in Armenia and Vietnam, which treat children with disfiguring birthmarks and scars. SEEN is proud to be clean, vegan, cruelty-free, and formulated without clogging oils, silicones, phthalates, parabens, dyes, gluten, or formaldehyde-releasing preservatives.
NEW YORK, Sept. 25, 2024 — Quilvest Capital Partners (“Quilvest”), a dedicated global mid and lower mid-market alternatives investment manager with over $7bn in AUM and a century-long, seven-generation family shareholder heritage, today announces its exit from Metro Franchising (“Metro” or the “Company”), in a transaction with Beach Point Capital Management LP.
Metro is one of the largest franchisees in the Dunkin’ system and the largest Dunkin’ franchisee in the New York City metro region, with 105 units today. Dunkin’ is a leading global franchise in the quick service restaurant (“QSR”) segment, offering coffee, donuts, baked goods, and other snacks.
Under Quilvest’s sponsorship, Metro grew from 44 units at entry to 105 today through seven acquisitions and 23 de novo unit openings, more than doubling its footprint across the New York City metro region and Long Island.
Quilvest supported Metro’s corporate infrastructure build-out by investing in human capital, financial, and IT systems, enabling the Company to scale successfully. Additionally, Quilvest established a professional board by appointing independent members with strong expertise in the QSR sector to support management with growth initiatives.
Metro’s sponsorship by Quilvest was driven by the firm’s industry mapping, alignment with the management team, and ability to leverage its sector expertise to deliver improved performance and growth from high-potential businesses.
Jared Nagae, Managing Director at Quilvest Capital Partners, said: “We are delighted by Metro’s transformation and growth under our sponsorship. This investment is a strong example of Quilvest’s strategy of identifying high-potential businesses, partnering with exceptional management teams, and driving value through strategic initiatives, such as unit growth through both de novo builds and acquisitions. We are confident that Metro is well positioned for continued growth and are excited to continue to see it prosper.”
Stuart Cohen, CEO of Metro, said: “Quilvest has been a tremendous partner for Metro. Together, we have grown the business substantially and have set the Company up to continue to flourish, in our next chapter.”
Kroll Investment Banking acted as the financial adviser, and Greenberg Traurig, P.A. acted as the legal adviser to the Company and Quilvest.
About Quilvest Capital Partners
Quilvest Capital Partners is a leading global investment firm focused exclusively on the mid-market. We operate four investment strategies: Buyout, Primaries, Co-Investments and Secondaries, Private Credit and Real Estate.
As one of the earliest pioneers in the alternative investment industry, we pride ourselves on our rich and extensive history, with decades of experience deploying capital across multiple business cycles and environments. We are trusted to manage over $7bn AUM for a prestigious base of global investors, including leading pension plans, sovereign wealth funds, insurance companies, and family offices. Our heritage dates back more than a century to 1917, managing the wealth of our founding shareholder, the Bemberg family, which we continue to do today.
With six offices worldwide, our team is focused on identifying the global trends and themes underpinning each investment strategy. We overlay this thematic approach with an extensive global network of highly valued relationships, enabling us to identify and invest in the best opportunities for our investors and partners.
Quilvest Capital Partners is committed to the highest standards of excellence. We offer best-in-class infrastructure and the professionalism of a leading global investment firm while retaining the deeply personal, entrepreneurial, nimble approach routed in our origins.
Funding round led by Warburg Pincus with participation from SoftBank Vision Fund 2
SAN JOSE, Calif., Sept. 25, 2024 — Whatfix, a global leader among digital adoption platforms (DAPs), today announced it has secured $125 Million in a Series E funding round, led by Warburg Pincus with participation from existing investor SoftBank Vision Fund 2. The company is raising the new round at a significant premium, reinforcing its dominance as the leader in Digital Adoption Platforms (DAPs) and expanding into DAP adjacent offerings.
The investment will enable Whatfix to expand its category leadership and enhance its integrated product suite through organic growth and strategic acquisitions. The company also aims to expand its market presence in the US, EMEA, and APAC regions to strengthen its footprint in the global public sector.
Since its funding round in 2021, Whatfix has achieved remarkable growth, solidifying its position as a leader in the newly established DAP category. The company serves a marquee global clientele, including Arrow Electronics, Schneider Electric, and Avnet, along with partners like Microsoft, Salesforce, Infosys, and Accenture, who trust Whatfix to accelerate ROI on their technology investments. Supporting 80+ Fortune 500 companies, Whatfix registered top-decile performance with a 4.5X increase in annual recurring revenue (ARR) since its 2021 round, with new products contributing 15% of revenue.
Pioneering the concept of “Userization,” Whatfix shifts responsibility to technology, ensuring it adapts to users, not the other way around. By integrating GenAI throughout its product suite, offering digital adoption, product analytics, and application simulation, Whatfix accelerates this user-first approach, building an experience layer across the enterprise software stack. This empowers enterprises to maximize technology ROI while allowing employees to build greater efficiency.
“Enterprises are grappling with the complexities of digital transformation and the ever-increasing pressure to deliver exceptional user experiences,” said Khadim Batti, CEO and co-founder of Whatfix. “Whatfix’s innovation is evident through the launch of four new products since 2021, securing five US patents with 18 more in the pipeline. This investment will add more fuel to the tank, accelerating a new era of innovation for our industry, bolstering the unparalleled value we bring to our customers, and reshaping the future of software adoption.”
As per Gartner’s 2023 Market Guide, 70% of organizations are projected to use DAPs by 2025, highlighting the critical role digital adoption platforms play in driving enterprise success. Leading this transformation, Whatfix has been the top DAP on Deloitte Tech Fast 500™ for three consecutive years and is the only DAP vendor to receive Customer’s Choice in the Gartner Peer Insights 2024 Voice of Customers for DAP report. Additionally, Whatfix is consistently recognized as a market leader in DAP reports from Gartner, Forrester, IDC, and the Everest Group.
“As organizations rapidly adopt an evolving array of AI-enabled technologies, Digital Adoption Platforms (DAPs) have become essential for successfully navigating digital transformation,” said Amy Loomis, Research Vice President, Future of Work at IDC. “DAPs provide valuable insights, empower users to be more agile, and drive significant business outcomes by accelerating application adoption and optimizing workflows. DAPs will evolve to address a broader range of enterprise needs, including AI-specific challenges, solidifying their role as a preferred approach to maximizing software ROI. By 2027, IDC predicts that 80% of G1000 organizations will rely on DAPs to mitigate technical skills shortages.”
Narendra Ostawal, Managing Director, Head of India Private Equity, Warburg Pincus, said, “Whatfix’s unique digital adoption platform is revolutionizing how organizations implement digital transformation programs, create outstanding user experiences, and empower users to fully leverage software functionalities and enhance productivity. As a partner of choice for top global enterprises across industries, we believe Whatfix has immense potential to capitalize on the tailwinds and solidify its position in the high-growth DAP market. We are delighted to partner with the Whatfix team led by Khadim and Vara, as they steer the company towards its vision and goal.”
Narendra Rathi, Investment Director, from SoftBank Investment Advisers, added, “Since our initial investment in 2021, we are pleased to see Whatfix’s strong growth and sustained innovation. Their role in the digital transformation journeys of Fortune 500 companies is a testament to their customer focus. We are excited to continue backing Khadim and Vara as they enter their next phase of growth.”
“From day one, Whatfix has truly put us, the customer, first,” said Jochen Heidner, Project Manager of Purchasing Systems at Mercedes-Benz and Whatfix customer for the CERTUS CC project. “Their digital adoption platform (DAP) has been instrumental in the CERTUS digital transformation journey, simplifying complex processes and empowering our teams to achieve more. What’s truly remarkable is their exceptional customer support—they’ve been helpful, and genuinely nice and supportive every step of the way.”
Adam P. Burden, Global Innovation Lead from Accenture LLP, said, “Software is more user-centric than ever, and Whatfix is at the forefront of this innovation in user enablement. With Whatfix, you can tailor applications to each user’s workflow, optimize efficiency and create great outcomes. By using Whatfix’s AI-powered product suite—including application simulation, analytics, and digital adoption—our clients can better leverage both their existing and new technology investments. With the capabilities of Whatfix, we’re able to build products where the software serves the user, not the other way around. We look forward to our continued success together.”
Whatfix has been contributing to the industry by developing over 4,100 DAP experts since 2021 and remains committed to cultivating more in the years to come.
About Whatfix Whatfix is advancing the “userization” of application technology, by empowering companies to maximize the ROI of digital investments across the application lifecycle. Powered by GenAI, Whatfix’s product suite includes a digital adoption platform, simulated application environments for hands-on training, and no-code application analytics. Whatfix enables organizations to drive user productivity, ensure process compliance, and improve user experience of internal and customer-facing applications. With seven offices across the US, India, UK, Germany, Singapore, and Australia, Whatfix supports 700+ enterprises, including 80+ Fortune 500s like Shell, Microsoft, Schneider Electric, UPS Supply Chain Solutions, and Genuine Parts Company. Backed by investors such as Warburg Pincus, Softbank Vision Fund 2, Dragoneer, Peak XV Partners, Eight Roads, and Cisco Investments, software clicks with Whatfix. For more information, visit the Whatfix website.
About Warburg Pincus Warburg Pincus LLC is a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 225 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Since its founding in 1966, Warburg Pincus has invested more than $117 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information please visit www.warburgpincus.com.
Lundgren brings decades of experience building and advising cybersecurity companies to the firm’s growing portfolio of startups and scale-ups
BURLINGAME, Calif., Sept. 25, 2024 — Ten Eleven Ventures, the original venture capital firm dedicated to global, stage-agnostic cybersecurity investing, today announced that security industry leader Scott Lundgren has joined the firm as Operating Partner and CTO. In this new role, Scott will work with Ten Eleven portfolio companies to chart technical vision, collaborate with CISOs, launch new products, and navigate other strategic initiatives.
Scott Lundgren, Operating Partner and CTO, Ten Eleven Ventures
Lundgren brings twenty years of deep technical and cybersecurity product experience to the firm. Notably, he was a founding team member and CTO of Carbon Black, where he was part of the company’s growth from startup to IPO and later acquisition by VMware. At Carbon Black, Lundgren held technical roles of all types, including Chief Architect, SVP of Engineering, and SVP of Product Management, leading teams working on product design, roadmaps, coding and review, and R&D strategy. He oversaw the growth of the business from $0 to over $400M in ARR, and from zero to over 1,600 employees. Before Carbon Black, Lundgren worked in offensive and defensive security roles supporting Microsoft, the United States Air Force, and national intelligence operations. He has many years of experience as a threat hunter, performing operations and building capabilities to look for sophisticated, embedded attackers across worldwide networks. Lundgren also currently sits on the board of Ten Eleven’s portfolio company NetSPI.
“We’ve always admired Scott as an action-oriented operator, humble and compassionate leader, and visionary in our industry,” said Mark Hatfield, co-founder and General Partner at Ten Eleven Ventures. “His wealth of experience will enhance the strategic support and practical guidance we provide to our portfolio companies. Scott is a pleasure to work with and someone we deeply respect. We’re excited about his insights in identifying new investment opportunities and thrilled to work with him on how we can best support innovative cybersecurity founders.”
Lundgren shared his enthusiasm for the partnership: “Joining Ten Eleven Ventures is an exciting opportunity to contribute to the success of the next generation of cybersecurity founders. During my eleven years at Carbon Black, I learned a tremendous amount about building and delivering products, leading technical teams, and working with security buyers at large organizations. I also gained a first-hand understanding of the incredible amount of effort and energy needed to build something impactful. As a part of the Ten Eleven team, I can use what I’ve learned to support and empower cybersecurity founders so that they can create products that truly make a difference in the world. Ten Eleven is a firm with deep cybersecurity expertise, a focus on technically superior products, and a genuine commitment to supporting companies through every stage of their growth. I’m excited to be part of a team that truly understands and fosters success in this critical field.”
News of Lundgren joining the firm follows the appointment of several new members to the Ten Eleven team. Sid Subramanian, formerly of OpenView, has joined the Boston office as an Associate, and Hattie Egan-Young, formerly of Insight Partners, recently joined the firm as Senior Director of Marketing.
The firm has also made Strategic Advisory Board member Grace Cassy, co-founder of the cybersecurity investment firm CyLon and member of the UK government’s Strategic Defence Review team, Executive Chair of their Security Trust and Resilience (STAR) leaders network. The network offers opportunities for security professionals to build their knowledge and careers, connecting them with innovators and exploring current issues in technology, geopolitics, and global markets.
Alex Doll, co-founder of the firm and Managing Partner, noted, “Ten Eleven continues to grow by adding talented individuals we know will help us find and support the next generation of leading cybersecurity entrepreneurs. Empathy for the entrepreneurial journey plus deep industry knowledge in our specialized and highly technical industry continues to be the formula for building a world-class cybersecurity venture capital firm. We are grateful to have the opportunity to do this work, and look forward to our next chapter ahead.”
About Ten Eleven Ventures Ten Eleven Ventures is the original cybersecurity-focused, global, and stage agnostic investment firm. The firm finds, invests, and helps grow top cybersecurity companies addressing critical digital security needs, tapping its team, network, and experience to help build successful businesses. Since its founding, Ten Eleven Ventures has raised over $US 1 billion and made over 50 cybersecurity investments worldwide, including KnowBe4, Darktrace, Axis Security, Twistlock, Verodin, Cylance, and Ping Identity. For more information, please visit 1011vc.com.
