myDigitalOffice Raises $4M in Series A Funding

myDigitalOffice, a Bethesda, MD-based hotel information management platform for sourcing, processing and storing hotel data in the cloud, secured $4m in Series A funding.

The round was led by Fintop Capital, joined by Capital Now and others. In conjunction with the funding, Joe Maxwell, Managing Partner of FINTOP, joined myDigitalOffice’s board.

The company intends to use the funds to further develop its cloud-based data visualization and digital document management products.

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Sponsor

myCareBase is a platform for seniors and their families to find, evaluate, hire and manage home support services, to improve the seniors’ ability to remain living safely in their current home for as long as possible. The caregiver marketplace currently offers candidates in Greater Toronto and Greater Vancouver.

To compliment this platform the company also offers an innovative care management app that centralizes communication and task management among family members and the caregiver, along with a Care Concierge service to help family members with administrative, navigational or organizational tasks.

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Founded in 2016 by Ali Moloo, myDigitalOffice provides an end-to-end information management platform for sourcing, processing and storing hospitality data in the cloud. The company’s SaaS solutions including cloud-based dashboards, document management software and integrated data feeds allow hotel owners, operators, franchisees and hospitality REITs to manage property and portfolio performance to reach greater levels of productivity, ensure regulatory compliance, and reduce environmental impact while optimizing profitability.

myDigitalOffice currently provides solutions to more than 2,000 hotels across the United States and Canada.

Source. FinSMEs, September 24, 2019

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Clumio raises $51M to bring enterprise backup into the 21st century

Creating backups for massive enterprise deployments may feel like a solved problem, but for the most part, we’re still talking about complex hardware and software setups. Clumio, which is coming out of stealth today, wants to modernize enterprise data protection by eliminating the on-premise hardware in favor of a flexible, SaaS-style cloud-based backup solution.

For the first time, Clumio also today announced that it has raised a total of $51 million in a Series A and B round since it was founded in 2017. The $11 million Series A round closed in October 2017 and the Series B round in November 2018, Clumio founder and CEO Poojan Kumar told me. Kumar’s previous company, storage startup PernixData, was acquired by Nutanix in 2016. It doesn’t look like the investors made their money back, though.

Clumio is backed by investors like Sutter Hill Ventures, which led the Series A, and Index Ventures, which drove the Series B together with Sutter Hill. Other individual investors include Mark Leslie, founder of Veritas Technologies, and John Thompson, chairman of the board at Microsoft .

“Enterprise workloads are being ‘SaaS-ified’ because IT can no longer afford the time, complexity and expense of building and managing heavy on-prem hardware and software solutions if they are to successfully deliver against their digital transformation initiatives,” said Kumar. “Unlike legacy backup vendors, Clumio SaaS is born in the cloud. We have leveraged the most secure and innovative cloud services available, now and in the future, within our service to ensure that we can meet customer requirements for backup, regardless of where the data is.”

In its current iteration, Clumio can be used to secure data from on-premise, VMware Cloud for AWS and native AWS service workloads. Given this list, it doesn’t come as a surprise that Clumio’s backend, too, makes extensive use of public cloud services.

The company says that it already has several customers, though it didn’t disclose any in today’s announcement.

Source. Techcrunch, Frederick Lardinois, August 14, 2019

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Lucidworks Nets $100M For AI-Powered Search

AI-powered search venture Lucidworks has raised $100 million from Francisco Partners and TPG Sixth Street Partners, the company announced today (first reported by Fortune’s Term Sheet).

The funding amounts to nearly as much (a combined $109 million) as the twelve-year-old company has raised since it was founded in 2007, according to Crunchbase data. Its last raise took place in May 2018 – a $50 million Series E led by Top Tier Capital Partners. So this round is precisely double its last raise.

In a press release, Lucidworks was clear about the fact that the latest financing was not a secondary or partial exit, noting that “no existing investors sold shares as part of this financing and all proceeds will be used to fund Lucidworks’ continued growth and expansion.”

Besides Top Tier, previous backers include Shasta Ventures and AllegisCyber.

The company’s AI-powered solutions aim to  “augment human intelligence by automating tedious, time-consuming tasks to provide richer insights and real-time recommendations.” Specifically, per its website, the company works to help enterprises “make their most valuable data work for their customers and employees.” Essentially what this means, according to CEO Will Hayes, is that Lucidworks has developed a search engine that gets deployed by companies either internally or on their website. For example, Lucidworks powers the search experience for large retailers such as REI to provide “a more personalized and productive” experience for a consumer, said Hayes.

In a blog, the CEO shared some impressive growth metrics, such as the fact that the company quadrupled its value in the past year, and that its flagship “Fusion” product doubled revenue year-over-year over the last three years. He also told me via phone this morning that they company’s headcount has grown from about 125 a year ago to close to 300 today. Lucidworks pivoted in 2014 to focus on its Fusion product, which has increasingly become more of a SaaS offering, but still has a legacy open-source business that supports existing customers.

On a combined basis, the company saw 70 percent ARR growth in 2018 compared to the year prior, according to Hayes. Moving forward, Lucidworks is particularly focused on a “go-to-market” strategy around its Fusion software and enhancing its AI and data science platform, he said.

Users of its “Fusion” product include AT&T, Honeywell, Morgan Stanley, Red Hat, Reddit, Staples, Uber, and the U.S. Census Bureau, among others (according to the company, 400 of the Fortune 1000 use the offering). Lucidworks has recently expanded into the Asia-Pacific region as well as in EMEA (Europe, the Middle East and Africa).

Source. Techcrunch, Mary Ann Azevedo, August 12, 2019

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Amperity Secures $50M in Series C Funding

Amperity, a Seattle, WA-based AI-powered Customer Data Management platform, raised a $50M Series C financing.

Backers included Tiger Global Management, Goldman Sachs, Declaration Partners, Madera Technology Partners, Madrona Venture Group, and Lee Fixel.

The company, which has now raised total funding to-date to $87m, intends to use the funds to accelerate new capabilities, as well as expand into new verticals including financial services, automotive, insurance, and healthcare, while continuing to grow within the retail, travel, and hospitality industries.

Led by Kabir Shahani, CEO and co-founder, Amperity leverages artificial intelligence to provide a Customer Data Management platform for companies to connect, identify, and understand their customers, improve marketing performance, accelerate accurate customer insights, and enable customer experiences.

The company serves brands such as Alaska Airlines, Starbucks, The Gap Inc, Moët Hennessy USA, Wynn Resorts, Kendra Scott, Lucky Brand, Planet Fitness, Seattle Sounders, Stanley, and many more.

Source. FinSMEs, Staff, July 15, 2019

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Diameter Health Announces $9.6 Million in Series A-1 Funding Round

Press Release

Strategic Investment Led by Optum Ventures Will Support Company Mission to Unlock Full Potential of Clinical Data

April 09, 2019 09:00 AM Eastern Daylight Time

FARMINGTON, Conn.--(BUSINESS WIRE)--Diameter Health, a market leader in clinical data integration, today announced a $9.6 million Series A-1 funding round. The investment is led by new investor Optum Ventures, the independent venture fund of Optum. Optum Ventures joins existing Diameter Health investors Activate Venture Partners, Connecticut Innovations, Excelerate Health Ventures and LRV Health.

“Our partnership with Optum Ventures will accelerate our ability to meet the industry demand for technology that makes clinical data actionable at scale.”

Diameter Health has developed a leading-edge technology that cleanses multisource clinical data with the focus toward actionable insight for health care organizations. The technology is certified by the National Committee for Quality Assurance (NCQA) and the Office of the National Coordinator for Healthcare IT (ONC). The new funding will support Diameter Health’s continued growth with additional development, cloud delivery and commercial resources.

“The volume of clinical data being exchanged has grown exponentially over the last decade, and players across the health care ecosystem are grappling with how to make this influx a useful and valuable asset,” said Eric Rosow, CEO of Diameter Health. “Our partnership with Optum Ventures will accelerate our ability to meet the industry demand for technology that makes clinical data actionable at scale.”

Tripp Peake, General Partner at LRV Health, an original venture investor in Diameter Health, said: “We are excited to have Optum Ventures as part of the Diameter Health team. We all know that access to clinical data has limited value if the data isn’t reliable. Diameter Health is capitalizing on the market need for clean, normalized, actionable data from disparate systems and sources. We believe that need will continue to grow as clinical data is increasingly leveraged throughout the health care system.”

About Diameter Health

Diameter Health enables clinical insight through the normalization, cleansing, deduplication and enrichment of clinical data from across the care continuum. This creates a single, unified source of longitudinal structured patient information for improved care and actionable analytics. The Diameter Health platform empowers organizations that depend on multi-source data streams, such as Health Information Exchanges (HIEs), Accountable Care Organizations (ACOs), health systems and health plans, to realize greater value from their data. For more information, visit the website www.diameterhealth.com or email us at info@diameterhealth.com.

About Optum Ventures

Optum Ventures is the independent venture fund of Optum, a leading information and technology-enabled health services business dedicated to helping make the health system work better for everyone. Optum Ventures invests in digital health companies that use data and insights to help improve consumers' access to health care services and how care is delivered and paid for, and that make the health care system more reliable and easier to navigate. For more information, visit www.optumventures.com.

Source. Company Press Release, April 9, 2019

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