Lizzi Ackerman LaCasse

🧬 This week's Austin Bio & Health Roundup features nearly $200M in funding & new capital, M&A, more infrastructure coming, & hopefully an opening of the Texas Bio & Health IPO window🧬 💰 Funding Function Health has closed its Series A, securing $53M in total funding. Function’s platform offers 100+ tests for $499 per year, focusing on prevention and empowerment. The round was led by a16z Bio + Health and includes several celebrity investors. Congrats to Mark Hyman, MD, Pranitha Patil, Jonathan Swerdlin, Mike Nemke, Seth Weisfeld, and Dan Swerdlin. Sensi.AI raised a $31M Series B led by Insight Partners and Zeev Ventures to enhance its 24/7 monitoring technology for seniors and home care. Way to go Romi Gubes and the entire team! Ironspring Ventures raised $100M for their second fund, focusing on “manufacturing, construction, transportation, and energy.” Exciting times for Ty Findley, Adam Bridgman, Peter J. Holt, and the expanding Ironspring team! Now, why include this in a Bio & Health newsletter? I believe there will be a value migration from drugs, devices, and diagnostics to the bio innovation tech stack itself. One key area of that stack is biomanufacturing. As new modalities like cell and gene therapy rise, the challenge of scaling these therapies presents a significant opportunity for innovation. While as far as I know Ironspring hasn't invested in this subsector yet, I look forward to seeing what they do with Fund 2. 🤝 M&A and Partnerships Significo, a software development that builds healthcare apps and solutions, acquired Bunch, an AI leadership coach app. Congrats to Rick McCartney and team! 🚀Launches, Expansions, and Milestones BrainCheck, a cognitive assessment software platform, announced their adoption by the Physicians Hearing Network (PHN), bringing insights to 270 members across 12 states.  Keep up the momentum Kim Rodriguez and team! 🏗️ Infrastructure Texas State University is partnering with Concept Companies to build a life sciences incubator at their round rock campus. The incubator will have labs, offices, admin support, and collaboration spaces. The teams hope to complete construction by the end of 2025. DES Architects + Engineers opened a new office in Austin, aiming to bring their expertise to the city’s burgeoning life science market. Welcome Kevin D. Norman, Tracy Wong, and the rest of the DES team! 🚩 Texas Bio Triangle Fort Worth-based biopharma company Actuate Therapeutics, Inc. is preparing for an IPO, targeting a raise of about $50M. What’s Next? #AustinNext #LifeSciences #Healthcare #Biotechnology

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Create Health Ventures Launches Inaugural $21M Fund for Early-Stage Digital Health Startups  Create Health Ventures, a venture capital firm focused on early-stage digital health companies, has closed its debut fund, raising $21 million, surpassing its initial target. Launched in 2024, Create Health Ventures is based in Austin, TX, and Chicago, IL. The firm focuses on technologies that enhance healthcare access, improve patient experiences, and deliver value across payers, providers, and pharmaceutical companies. *Its primary focus includes:   1. Payer-Facing Technologies: Solutions that improve member experiences, enable seamless data and workflow integration, and scale technology across geographies.   2. Clinical Trial Enablement: Tools to help pharmaceutical companies recruit and retain participants for late-stage clinical trials as demand increases. *Founders and Approach:   Create Health Ventures was co-founded by Emma Cartmell and Amit Aysola, healthcare veterans with over 45 years of combined experience. They bring operational expertise, regulatory insight, and an extensive network to portfolio companies. The firm exclusively invests in startups led by healthcare industry founders, leveraging its unique value-added platform for scaling businesses.  *The platform includes: - Business development support   - Access to executive coaches   - Connections to healthcare leaders   - Cross-selling opportunities among portfolio companies  *Key Quotes by GPs:  - Emma Cartmell: “Founders from the healthcare industry understand the challenges and opportunities to improve patient outcomes. Supporting them is the most impactful way we can positively transform healthcare.”   - Amit Aysola: “Payers and pharmaceutical companies are driving demand for connected, scalable solutions, and we are investing in companies to meet these needs.”  *Investments and Impact:  The firm has made five investments so far and partners with foundations, impact investors, and strategic healthcare veterans to mentor portfolio companies.  *Portfolio CEO Feedback:   - Dr. Chip Grant (Watershed Health): “Create Health Ventures has been invaluable in scaling operations and fundraising.”   - Shara Cohen (Carallel): “They are the most collaborative and active investor team I’ve worked with.”   - Neil Batlivala (Pair Team): “They’ve helped us manage growth and reach underserved communities.” If you are experiencing difficulties in raising fresh capital and would require warm introductions to new LPs, contact G+QUANT     ▶ Please use G+QUANT's link for inquiries and fund decks, or send your inquiry directly to [email protected] #VentureCapital #DigitalHealth #HealthcareInnovation #Startups #ClinicalTrials #PatientCare #HealthTech #HealthEquity #CreateHealthVentures

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Congrats to Eniac Ventures seeded Nirvana on their big A! 🚀 "Nirvana, a startup aiming to give health care providers and consumers the price of treatment before an appointment, raised $24.2 million in Series A funding, it tells Axios exclusively. Why it matters: The raise comes amid a push for greater transparency in health care bills, with one new government rule put into effect in 2021 and more being considered today. What they're saying: "In some weird behavioral way, people were used to the fact that you would sit in a waiting room for six hours and get the bill six weeks later," says Nirvana CPO Kelvin K Chan. "Looking back, that's incredibly strange and archaic, but I think that mentality is starting to shift." How it works: Embedded into health care providers' websites, the software reduces the chances that an insurance claim will be denied after the fact. It does so by using the patient's name, date of birth, and ZIP code to verify a consumer's coverage, Nirvana says. Traditionally, providers required the insurance ID card, which the company's executives say is susceptible to human error. Combining that with information from the provider about the consumer's condition, Nirvana offers an estimate of the appointment cost at the time of booking. Northzone led this round, joined by Inspired Capital, Eniac Ventures and Surface Ventures." Akshay Venkitasubramanian https://lnkd.in/ewznnP3y https://lnkd.in/ey4DPNBE

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Why I’m Betting Big on the Pet Care Industry 🐾 As a VC, I’ve long been a believer in the pet care and pet humanization space, and my conviction in this direction only grows stronger. For the next 10-15 years, I see tremendous potential in this industry, which aligns with a well-known saying that some of the most profitable businesses focus on babies, ladies, or daily necessities. These industries succeed because they capture fundamental needs and the deep willingness of parents to spend on their “babies.” With declining birth rates globally—especially in countries like Korea, which has the lowest birth rate in the world—we’re witnessing a societal shift. Love and resources once directed towards children are now being poured into pets. Soon, we could be looking at a world where 2 in every 5 adults identify as "PAWrents." This means spending that once went toward baby products is now shifting to pet products and services, from premium pet food to pet wellness and lifestyle. In fact: 🐶 The global pet care market is projected to reach $241 billion by 2026. 🐶 70% of U.S. households now own a pet, and similar trends are being seen worldwide. 🐶 In Korea alone, pet-related spending has surged, with an annual growth rate of 10%. Thoughts? #VC #startup #pet #pethumanisation #SEA

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The entrepreneurial journey is one of grit, passion, and unwavering belief. I'm truly excited about what Raj Shekhar Singh, Jyotika Gupta , and Sudarshan Ravi Jha are building with z21 Ventures. Their vision resonates deeply with me. As a founder, I know firsthand the rollercoaster of highs and lows that come with building something from the ground up. It's a path that tests you in ways you never imagined, but it's also incredibly rewarding. We've been fortunate to have exceptional investors like Sumir Chadha and WestBridge Capital in our corner. Their support went beyond just capital - they've stood by us through our triumphs and, more importantly, our setbacks. That kind of belief in your vision is invaluable. I'm hopeful and confident that Raj, Jyotika, and Sudarshan will create similar transformative experiences for a new generation of purposeful founders. They understand that true innovation often comes from those daring to challenge the status quo, those driven by a desire to make a real impact. To all the founders out there: Your journey may be hard, but it's worth it. Stay true to your purpose, embrace the challenges, and remember that your ideas have the power to make meaningful change in the world. With supporters like z21 Ventures backing you, there's no limit to what you can achieve. Let's build a future where innovation thrives and where purposeful entrepreneurship creates lasting positive change. The road ahead may be tough, but with determination and the right support, anything is possible.

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🧬 This week's Austin Bio & Health Roundup highlights new funding, intriguing data, and major commercial & scientific milestones 🧬 💰 Funding Hello Patient, building Gen-AI phone agents for healthcare providers, came out of stealth with a $6.3M seed raise. Congrats Alex Cohen! And it’s Austin funding Austin, with 8VC a key part of the round. Aspira Women's Health, focused on non-invasive AI-powered diagnostics, was awarded a $10M grant from ARPA-H to advance their blood test for endometriosis. Well done, Nicole Sandford, Sandy Milligan, MD JD & team. Maxwell Biosciences, a synthetic small molecule drug platform, received ~$3M from the Medical Technology Enterprise Consortium (MTEC) to find assets that will prevent wound infection on the battlefield. Fantastic work, Joshua McClure & team. Reminder: I don’t cover SEC filings. When the builders themselves announce, I’ll shout it from the rooftops! 📊 Data Clutch VC released its Texas Seed Funding Update (YTD Q3): YTD 387 seed rounds raised for a total $636M. Though deal counts are down QoQ, capital invested has trended upward, making this the highest quarter since Q1 2023. Health was the second largest sector with 27% of all capital raised so far this year, up from 16% during the same time frame last year. Great data & insights Rajiv Bala, Steve Coffey, and Caitlin McHugh. 🤝 M&A and Partnerships Lumos Pharma entered a merger agreement with Double Point Ventures, going private at a $38M valuation. 🚀 Launches, Expansions, Milestones, and Wins Oracle Health announced updates to its Data Intelligence platform, with enhancements to Clinical, Analytics, and Care Coordination products. 🤠 Texas Bio Triangle Houston-based Coya Therapeutics, Inc. shared positive results from a double-blind study of low-dose interleukin-2 (LD-IL-2) in Alzheimer’s, showing the therapy is safe and well tolerated with promising trends toward cognitive improvement. Amazing Howard Berman, PhD, Arun Swaminathan, and the rest of the team. Dallas-based Stone Mountain Ventures closed a $5M Fund II focused on health & AI. Fund I included Austin Bio & Health startups Legion Health and MDisrupt. Congratulations, John Diaz and keep looking at Austin for new opportunities! Quick Note: Some items this week actually happened last week, apologies if I missed them! Please tag or message me for future announcements so I can make sure to include them. What’s Next?

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This week Mikal Ventures brings you a 4-week breakdown of the US capital market with an emphasis on the Mikal verticals. Over the 4-week period ending July 8, 728 new companies were added, resulting in just under 96,400 companies included in the US Health Tech, Med Tech, Fin Tech, AI Tech, and Ed Tech verticals. AI Tech maintained its most active status, seeing the greatest percentage of growth in new companies, transactions and news articles. The US Fin Tech vertical led the way in SEC Filings. Mikal Ventures publishes these stats to provide a perspective on how the verticals and new startups move through time. We hope you find them informative and thought-provoking. VC Investors are always adjusting their "Play Book" with a variety of options for investing. Mikal Ventures is one of those alternatives, offering curated solutions to real world problems. Reach out if you have questions on how we can be of assistance and bookmark https://mikalventures.com/ for additional insights and information.

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Founders are like pets… sometimes you have to hide medicine in a piece of cheese to get them to take it. Here is the medicine we provide at Fletch: 💊 Focused positioning on one category or use case 💊 Headlines with clear capabilities 💊 Targeted differentiation arguments Here is the cheese founders love: (and how we hide the medicine in it) 🧀 Visionary multi-market, multi-audience messaging We’ll give them an additional use case section lower on the page — keeping the focused positioning on the first 5 scrolls. 🧀 Vague business outcomes (increase ROI, close deals, increase revenue) We’ll give them an outcome header at the bottom of the page — and have all the other headers be super clear capabilities. 🧀 Oversharing their 20+ features We’ll give them a feature grid section at the bottom of the page — and only highlight their differentiated features in the main sections. ——— Sadly, consultants and services businesses sometimes have a hard decision to make: 1 - Give customers what they need. OR 2 - Give customers what they want. We try to do both. 🙂

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After the first deep dive discussion w/ founders I often hear a comment "I wish I had heard about this alternative [to all-in must-become-a-unicorn] way to build a startup earlier as I have wasted years in pursuing the wrong thing". Our mission is that no founder would ever need to say that again as it is such a waste. Us preaching the gospel 1:1 just doesn't scale, hence we use mass media to multiply our efforts - that's how Gorillacast came to be. The 1st episode is out, featuring yours truly. "How can you know what food you like unless you taste everything" said a chef. How can founders make informed choices about the best strategy for them to follow unless they know of all alternatives? This might not be of interest to you but pls spread the word so that the founders who should hear it can find it. I have a dream!

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This week Mikal Ventures brings you a 4-week breakdown of the US capital market with an emphasis on the Mikal verticals. Over the 4-week period ending June 10, just over 590 new companies were added, resulting in 95,661 companies included in the US Health Tech, Med Tech, Fin Tech, AI Tech, and Ed Tech verticals. AI Tech maintained its most active status, seeing the greatest percentage of growth in both new companies and transactions. The US Fin Tech vertical led the way in SEC Filings and news articles.  Mikal Ventures publishes these stats to provide a perspective on how the verticals and new startups move through time. We hope you find them informative and thought-provoking. VC Investors are always adjusting their "Play Book" with a variety of options for investing. Mikal Ventures is one of those alternatives, offering curated solutions to real world problems. Reach out if you have questions on how we can be of assistance and bookmark https://mikalventures.com/ for additional insights and information.

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Want to win over VCs? 🔑 Do your research, ask insightful questions, and be truly present. At the end of the day, it's about two humans connecting. Be genuine, be interested, be yourself. For other tips on nailing fundraising season, check out my YouTube channel and resources to help build your pitch here: https://lnkd.in/gSjeVJbV #VCTips #StartupAdvice #Entrepreneur #VentureCapital #Fundraising #FundraisingSeason

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Great points !! The dynamics of selling a SaaS business, especially to Private Equity (PE), can be complex and emotionally challenging. When considering this path, founders need to evaluate their role, ownership, and influence in the company post-sale. Here’s my take: 1️⃣ If you’re the **majority holder** and believe in the business’s future, continue as CEO to maintain influence and control over the direction. Retain enough "skin in the game" to drive results and keep a hand on the wheel. 2️⃣ If you’re a **minority holder**, with a new PE-appointed CEO, it may be wiser to take a substantial payout and invest in a new venture. In this situation, you often lose decision-making power, risking becoming a spectator in a company you helped build. 🔑 **What’s crucial?** If you still have meaningful equity, you should have a say in the direction. When you’re not in the driver’s seat, it’s often better to start fresh, investing your energy and passion into something new where you’re not just "cheering from the sidelines." Selling is a monumental decision; make sure it aligns with your values and vision for your future. #SaaSFounders #ExitStrategy #PrivateEquity #BusinessOwnership #EntrepreneurJourney #Leadership

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Can you navigate the highly regulated alcohol industry and still find scalable growth? Noah Sanborn Friedman shows how it’s done. Join me as he shares his top strategies on balancing regulatory challenges and market opportunities. Get the inside scoop on his dos and don’ts that can make or break your venture in the latest from #FundraisingDemsystfied

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California tax revenue from cannabis has declined each of the last two years from a peak of 2021. (Source:DCC) Where do we expect 2024 to finish? It sure seems to be a broken system, with very few profitable operators. The state is trying, and AB 2223 will be a pivotal moment for the industry. Many brands have given up, and are finding better margins and consumer access in hemp, that allow them to do basic things like make payroll. I voted in favor of prop 64. At the time, I had faith that the state supported profitable industry to boost the economy and provide jobs. I didn't believe they had altruistic motives to improve access to a beneficial plant. I didn't think the mismanagement would be so bad that the industry would already be in a decline 3 years into it. Question: How much tax revenue would we generate for the state if we had low-dose cannabis beverages accessible everywhere alcohol was? How much would we need to tax cannabis beverages to achieve their goal? Allowing adult beverage producers, distributors and retailers to freely sell low-dose cannabis beverages isn't competing for revenue from the dispensary channel. People buy beverages where they already are. Someone ordering a Coke at McDonalds or a Red Bull at a concert wasn't going to buy the same drinks at a grocery store later that day. Please tell me where I'm wrong, or your ideas to fix this decline -

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I just spoke with another founder about the advantages of raising a convertible note vs a traditional equity round. Here are a few thoughts: Pros of raising Convertible Notes: 1. Generally a faster vehicle to raise bridge capital—no complicated legal docs, less friction in negotiations, avoids disagreements between investors and founders on pricing the valuation of the company. 2. Investor friendly—treated like debt, so note holders are typically in a senior secured position; valuation caps, interest rates, and discounts ensure favorable terms for investors at a future qualified financing. 3. Provides growth capital to companies helping them achieve traction and growth milestones before pricing an equity round. Cons of raising Convertible Notes: 1. They can be quite dilutive when they convert IF the cap is meaningfully lower than the next equity valuation OR if the amount of the notes raised is a large portion in comparison to the next equity raise (i.e. $5M in notes that convert into a $10M Series A raise.) 2. Outstanding notes can add a layer of complexity when seeking traditional debt financing (i.e. Asset Backed Loans that require first lien on assets.) In a challenging fundraising environment, I'm a fan of convertible notes vs. traditional equity rounds. Curious to hear what others think.

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Paul Graham (co-founder of startup incubator Y Combinator)recently spoke about "founder mode" vs. “manager mode”.  As one of the co-founders of Recoup Beverage, I believe that in the early stages of building a company, founders need to understand every aspect of their business.  In many cases that means diving into the details and getting your hands dirty. Once you've built a solid foundation and a deep understanding of the concepts, then it's time to bring in great talent and share your vision with them.  But without that base, the concept of hire good people and give them room to do their job” can lead to major missteps. At the end of the day, it’s “your” company, and as the founder, it's critical to know enough about every part of it to ensure long-term success. Special thanks to our amazing co-packer and their entire team! #foundermode #startup #buildingyourdream #vision #hardwork #grit

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This week Mikal Ventures brings you a 4-week breakdown of the non-US capital market with an emphasis on the Mikal verticals. The 4-week period ending November 25 saw just over 1,300 new companies added, bringing the total to 112,141 companies included in the non-US Health Tech, Med Tech, AI Tech Fin Tech and Ed Tech verticals. Non-US AI Tech again saw the greatest percentage growth in new companies at 16%, vs. the vertical average of 12% for the period. Non-US HeathTech led the group in transactions. Non-US Med Tech led in SEC Filings and news articles.   Mikal Ventures publishes these stats on a rolling 4-week basis to provide a perspective on how the verticals and new startups move through time. We hope you find them informative and thought-provoking. VC Investors are always adjusting their "Play Book" with a variety of options for investing. Mikal Ventures is one of those alternatives, offering curated solutions to real world problems. Reach out if you have questions on how we can be of assistance and bookmark https://mikalventures.com/ for additional insights and information.

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This week Mikal Ventures brings you a 4-week breakdown of the US capital market with an emphasis on the Mikal verticals. Over the 4-week period ending August 19, about 960 new companies were added, resulting in just under 97,702 companies included in the US Health Tech, Med Tech, Fin Tech, AI Tech, and Ed Tech verticals. AI Tech maintained its most active status, seeing the greatest percentage of growth in both new companies and transactions. The US Fin Tech vertical led the way in SEC Filings and US Med Tech led in news articles. Mikal Ventures publishes these stats to provide a perspective on how the verticals and new startups move through time. We hope you find them informative and thought-provoking. VC Investors are always adjusting their "Play Book" with a variety of options for investing. Mikal Ventures is one of those alternatives, offering curated solutions to real world problems. Reach out if you have questions on how we can be of assistance and bookmark https://mikalventures.com/ for additional insights and information.

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The state of venture capital is wild right now. We are witnessing a surge of innovation across the spectrum: - Funds merging - VC doing PE - PE doing VC - Secondary funds - Buyout funds - Spin-out funds - Debt funds - Continuation funds - Infrastructure funds - GP turnover - Hard Tech surging - Family Office uptick

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