Raffi Holzer

I’m thrilled to be announcing that Notion Capital is leading the $15m Series A investment in Cogna today. In the industry, we like to think that software has been eating the world. But when you look at the data a better description would be more of a nibble. Depending on what source you look at the software industry represents between 5-8% of global GDP. Contrast that with the services industry that represents between 60-70% of GDP and worth around $25 trillion on a global basis. Most services have been out of reach for the software industry. They have either been too complex or too specialized for off the shelf software to access in any economically viable way. But that’s beginnning to change with GenAI leading to the emergence of ‘service as a software.’ Cogna is at the forefront of this opportunity - building precision software at scale and delivering huge productivity gains for traditional industries. We know Ben Peters & Lars Mennen well having backed their previous company Five AI that was acquired by Bosch in 2022. And we’re very excited to be backing them again together with Hoxton Ventures & Chalfen Ventures Read my full blog post on why we invested here. Radu Bozga Ben Peters Lars Mennen Bryan G. Mike Chalfen Hussein Kanji Kirsten Connell https://lnkd.in/eh8mhcJb

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👀 Looking at our recent investments at Draper Associates, here’s what standout founders nailed, making our decision to invest much easier (and faster): 💥 Visionary Tech with a Bold Vision – These founders are not here for incremental wins; they’re reimagining what’s possible in across tech - biotech, robotics, aerospace, and beyond. Their vision is big and audacious, tackling complex problems that demand breakthrough solutions, others have not been willing to try. 👊 Clear Passion & Purpose – The drive in these founders is undeniable. They’re committed to their mission with a depth of purpose that shapes every choice. One founder, for example, took two years completely off to learn and meet everyone in longevity biotech. This level of grit and dedication is rare but essential for the most impactful founders. 🌟 Assembling All-Star Teams – They bring together top-tier talent from diverse disciplines: experienced business leaders with successful exits or industry experience at top companies, technical co-founders with deep expertise, often PhDs or industry pioneers, and even published authors. It’s a complementary team, unified by a shared vision. They make the: "Why this team?" obvious - at a glance. 💻 Data-Driven to the Core – These founders present data insights that show why their approach is unique, especially against a competitive field of companies. This data is delivered with clarity and they make the complex simple. Many are published in top journals, adding depth and credibility to their approach, and reinforcing that they know their tech inside out. ⚡️ Memorable, Clear Vision – They don’t just pitch; they make the future feel tangible, with a vision that’s both compelling and concise. If I can relay their pitch in under 30 seconds to my team, they’ve killed it. 📣 Transparent & Proactive Communication – The best founders don’t wait for questions. They come prepared, often with a comprehensive FAQ doc, give timely updates to our questions, and are candid about challenges. This level of openness builds trust and strengthens our partnership. 💸 Milestone-Driven Funding Strategy – Each funding stage aligns clearly with already achieved or upcoming achievable milestones. They’ve mapped out a roadmap that minimizes risk at every step, giving us confidence in their journey. 💰 Revenue Milestones Along the Way – Even if it'll take a decade to hit revenue on their big vision, these founders find revenue generation stops along the way to profitability. They share a trajectory that connects early wins to revenue, showing how every step is a building block toward their bigger vision. Overall, the best founders are incredibly thoughtful, prepared, and fantastic verbal / written communicators. #founders #startups #fundraising #VC

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Day #4 of observations from attending Home Care 100 this month: There is a cambrian explosion of "AI scribe for OASIS docs in <15 min" startups currently underway in Home Health. A new one of these is launching every few months. I'm certain we'll see 2x AI scribe vendors at the next HC100 in January. And so, I listened for the overall positioning of these products by the vendor and buyer at Home Care 100. It sounded like this: HH CEO: “I need a solution to lower the caregiver burden of clinical documentation” HH Vendor: “I offer AI to reduce the burden of clinical documentation” This may sound like a "checkmate" match between what the CEO is saying, and what the vendor is offering. But it isn't. The CEO actually has a business model problem. They cannot afford to sufficiently pay for the time it takes for caregivers to complete clinical documentation. And so, they are stuck looking for solutions that minimize the cost of personal time on documentation that caregivers have to absorb. Solutions that offer AI and the promise of driving down this cost down for the caregiver are the start, but not the endgame. If I were not building Arya, and wanted to build a standout documentation product, I would build an "AI-powered clinical documentation agency", not an AI scribe. Here's what this AI-powered documentation agency would sound like: 1. We eliminate 90% of all clinical documentation at your company. We do it at 1/10th the cost of a traditional outsourced documentation shop 2. We do this by a human-in-the-loop AI solution, that allows our human documenters to work 10x faster than DIY 3. Under the hood, we integrate with *all* the best AI out there (incl. ChatGPT) in a SOC2+ HIPAA guaranteed environment. We decide the best AI+human workflow to use for each documentation on the fly. Regardless, you always pay a flat rate, and we absorb the risk or AI vs human effort 4. Your caregivers approve each human-in-the-loop documentation. We don't publish anything to the EHR till it's approved 5. We guarantee a <1% error/ change rate on our documentation from caregivers, or we offer some money back I did some back of the napkin math to see what the economics of an such an agency might look like. With the current math, the caregiver is still absorbing upwards of $10 worth of time per OASIS documentation. If an AI-powered agency drove this cost down to the single digits per doc, might HH agencies be able to work this into their financial model and take this off the caregiver's plate entirely? Here's hoping for a "we've got you covered on the documentation " caregiver benefit coming in the future. #homecare #homecareagencies #HC100 #homecare100 #homehealth

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If you work in tech transfer this is a good read-in on how our diligence tech can assess and evaluate assets with minimal inputs. The best way to learn more is to see it live! Reach out to me directly to learn more!

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#hiring If anyone knows an awesome engineer that would be interested in joining an emerging #AI company doing important work in #healthcare, please drop me a line! Andy AI is backed by General Catalyst, YCombinator, Greater Ventures, and others, and they’re looking to hire a full stack engineer (US based) who's excited about using AI to improve healthcare and reduce nurse burnout. Andy is AI software that automates clinical documentation for nurses who do home visits. A nurse makes an audio recording of the visit and Andy automatically generates a form that usually takes nurses 90 minutes to complete. Nurses love the product because it potentially saves them 15 hours of charting a week! The founders previously built healthcare AI at Google Health and Apple, and are now building their vision to transform home health. More about Andy AI: https://with-andy.com/ Nurses love it: https://lnkd.in/g9XqZrUq #GenAI #digitalhealth #hiring #engineers #healthtech

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Bridging the gap from lab to real-world market for transformative impact since 2015. Thrilled to announce that Breega led the €8.5M seed round of #deeptech Entalpic to power their mission of building an AI powerhouse for materials discovery. Why we invested 👇 ‣ Large scale problem with massive impact potential 85% of the world’s manufactured products rely on catalysts, essential for speeding up chemical reactions in industries like ammonia and cement production. Yet, decades-old catalysts are largely used because new ones are expensive, rare, and time-consuming to develop and test. ‣ DeepTech for Sustainability  Entalpic leverages the latest in AI technology, including LLMs, Active Learning and Graph Neural Networks for new material discovery focusing on critical processes such as electrochemistry and catalysis, Entalpic is developing solutions for energy storage, fertilizer production, and pollution control. Could be a game changer for decarbonization. ‣ They’re the A-team Bringing a powerhouse of expertise at the intersection of #AI, #machinelearning, and material science. Co-founded by Mathieu Galtier, Victor Schmidt, and Alexandre Duval, each founder brings exceptional academic and industry experience, from PhDs in machine learning to leadership roles at companies like Owkin and Amazon with endorsement from industry leaders: Yoshua Bengio, scientific director at Mila, world’s leading institute of ML for Climate change, Thomas Wolfe, CSO at Hugging Face…. to name only a few - Thrilled to welcome you in our trailblazing deeptech portfolio ! Kudos guys. 🙌 👉 https://entalpic.ai/

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On the surface, tech transfer operations (e.g. the process of transferring research and IP into commercialized opportunities) and early-stage startups may seem quite different. But when we at 9point8 Collective dug a little deeper, there was tons of overlap which speaks to the essence of zero-to-one development: 1️⃣ Innovation Focus: both tech transfer and early-stage startups aim to commercialize new technologies or solutions that can address real-world problems or create new opportunities. There is no blueprint to follow. 2️⃣ Intellectual Property: tech transfer ventures usually come with robust IP portfolios, including patents and trade secrets, and early-stage startups often focus on developing and protecting their IP to create a competitive advantage. Leverage IP as an asset is a key part of the strategy. 3️⃣ Market Potential: both tech transfer and early-stage startups target markets with high growth potential. They often aim to disrupt existing industries or create entirely new market segments, so targeting the right markets is essential. 4️⃣ Risk Profile: both types of ventures carry extreme risk and ambiguity due to the uncertainties associated with bringing new technologies or business models to market. With all this overlap, we innovated different versions of our diligence and assessment tool #VentureIQ to focus on tech transfer. Instead of a pitch deck as the raw inputs, we used patent filings instead. We wanted to see if our tech could generate credible insight on how raw technologies can be commercialized. The results have been pretty solid so far. From a single patent filing, we can extract technology readiness levels, target markets, competitors and benchmarks with similar technology, and even sources of public and private funding. From what our design partners have validated for us, these are monumental leaps in the development process -- saving thousands of dollars and weeks of time -- all done with #AI. Know of an interesting #techtransfer use case? Send me a DM so we can chat about it!

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Science-fiction is inherently speculative. Author George #Orwell of ‘#1984’ predicted concepts such as doublethink, little earbuds and society’s obsession with the black mirror screens that dominate our lives — and according to the BBC, novelist and short story author JG Ballard, of “High-Rise” and “Crash” fame, has predicted the current tool and cultural fixation of #GenerativeAI in the modern society — only he didn’t just speculate them within a story, he is actually one of the first use-cases of a generative AI used in a creative context — Ballard was so fascinated with the growing technological advancement of computers that he used one to compose poems, essentially the precursor to what we have now with ChatGPT. Today, the debate about the creative use of generative AI and its value on creative industries is an extremely fraught and controversial topic, but if controlled in a space that doesn’t replace human labor or try to equate itself to traditional art forms, it is interesting to see what computers can do and how they are creatively limited in comparison. Ballard’s two poems, The Yellow Back Novels and Machine Gun City are generated, and both include notes on how Ballard achieved producing them. Regardless of quality (Ballard himself probably wouldn’t describe these two poems as his best work), it is interesting to see primitive versions of the technology that we utilize on the daily today, and how these moral conversations that concern them would continuously evolve.

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🚀 𝗪𝗵𝗲𝗻 𝗦𝘂𝗰𝗰𝗲𝘀𝘀 𝗟𝗲𝘁𝘀 𝗬𝗼𝘂 𝗕𝗿𝗲𝗮𝗸 𝘁𝗵𝗲 𝗥𝘂𝗹𝗲𝘀 Remember Boardy , the AI Super Connector I mentioned? Their fundraising approach is as disruptive as their product. 💡 Founded by Andrew D'Souza and team (including Matt Stein, Shen Sivananthan, and the Boyed brothers), D'Souza was a cofounder of Clearco 🔑 Key points about Boardy's unconventional approach: 1. They're allowing the public to view their fundraising deck! 2. They're opening up their round to their early adopters. 3. Their deck is fun and irreverent 4. No revenue projections or traditional business model included But here's the kicker: They can do this because they're the exception, not the rule. 🏆 The Boardy team's track record: • Second-time founder • In a hot sector • Proven ability to build and scale • They've already closed $3M For most startups, this approach would be a non-starter. Typically, investors expect to see: • Clear Go-To-Market (GTM) strategy • Solid business model • Detailed financial projections But Boardy's past success gives them the luxury to focus purely on vision and problem-solving. And, tbh, we don't know what the deck that they shared in meetings looks like. 🤔 What This Means for Founders: Unless you're exceptional, you're not the exception. 1. For most, stick to the essentials: GTM, business model, financials 2. Track record matters: Past exits can change the game 3. Vision is powerful, but it usually needs to be backed by solid plans Boardy's approach is fascinating, but remember - they're the exception, not the rule. For most startups, a comprehensive, traditional deck is still the way to go. What do you think about this unconventional approach? Could it signal a shift in fundraising norms for serial entrepreneurs? #StartupFundraising #VentureCapital #BoardyAI #EntrepreneurshipLessons

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Let's talk for a minute about how Harbor compares to Nanit on pricing. Ultimately, Harbor comes with a 10" tablet and beats every other product on functionality many times over... but here are a few points on pricing. Nanit offers two tiers (as of spring 2024) at $120 or $300 per year PER CHILD. If you have two children in their premium tier you're looking at nearly TWO THOUSAND DOLLARS across two years! Harbor has one flat membership per household. For just one child, Harbor is just $33 more across two years than Nanit's camera, floor stand, and Memories plan. It comes with a dedicated 10" tablet and a level of reliability, security, and quality that no WiFi camera app based system can match.

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Looking beyond #VC funding for your #startup? Aakash Shah of Wyndly (YC W21) reveals how he built a multi-million dollar #healthtech company using creative capital strategies. Learn how he leveraged Y Combinator's network and alternative funding methods to revolutionize allergy treatment. In case you missed it, you can watch the #FundraisingDemystified #podcast here: https://lnkd.in/eZT63YS4

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Apply now to get a coveted spot for the Venture Lane B2B Pitch Night Event! 🚀 🥇 On November 19th, Venture Lane | Startup Hub is hosting our exclusive Pitch Night 👉 - a rare opportunity for Boston's B2B tech founders to tune their pitch and get in front of awesome mentors, investors, and industry leaders. ⏰ Apply by November 1st to secure your spot! 📲 Find the application link in the comments below. #B2BTech #Startups #Fundraising #BostonStartups #PitchNight #VentureLaneStudio

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📈 Curious about the startup scene in Massachusetts? Explore our detailed funding list featuring startup names, HQ locations, and investor info. Perfect for investors and entrepreneurs alike! Check it out: https://lnkd.in/dAp3xj-Q #startup #startups #venturecapital #funding #vc #managementconsulting

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Today, I’m incredibly proud to announce a major milestone for PayZen: we’ve just closed a $232 million Series B round in equity and debt, led by New Enterprise Associates (NEA). This round includes $32 million in equity and a new $200 million credit warehouse from Viola Credit and a syndicate of insurance companies. I’m thrilled to welcome Mohamad Makhzoumi, NEA’s Co-CEO, as a PayZen board member! Partnering with the right investor at each stage of our company’s growth is both an art and a science (with a bit of luck thrown in). We were fortunate to find strong alignment with the NEA team in terms of business philosophy, mission, market, and strategy. With their extensive experience and stellar track record, I look forward to collaborating with the NEA team as we guide PayZen into the future. This funding will enable us to continue leveraging our AI-powered platform to tackle healthcare affordability. Our proprietary AI/ML models and seamless EMR/EHR integration simplify patient payments for health systems while making it easier for millions of patients to access and afford the care they need. We’re committed to driving innovation in the Revenue Cycle Management market and are excited to expand our affordable, customized healthcare payment options to even more Americans. This partnership with NEA brings back memories. Twenty-five years ago, I fondly recall pitching Webex Communications to NEA alongside my then CEO and mentor, Subrah. That investment certainly worked out for everyone! Time seems to fly, but it’s comforting to know that some things remain constant. I want to thank all the investors and individuals that supported us along the way (Viola Ventures, Omry Ben David, SignalFire, Chris Scoggins, 7wireVentures, Lee Shapiro, Alyssa Jaffee, Ido Vigdor). Mostly, I want to thank my team for raising the bar every day, creating magic and making all of this possible. #healthcare, #fintech, #affordability, #RCM,

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Can poop save the planet? 🤔 Well, in Silicon Valley, it's not just a punchline—it's a multimillion-dollar climate solution. Big players are teaming up with startup Vaulted Deep, paying $58.3 million, to pump organic waste underground. The deal was brokered by Frontier Climate, a coalition launched in 2022 by Stripe, Alphabet, Meta, Shopify, and McKinsey Sustainability. But why are tech giants getting their hands dirty with sewage and manure? Vaulted Deep's technology, rooted in decades-old methods used for oil and gas fracking cleanup, gives them an edge. But instead of sludge, they're tackling carbon-rich waste, aiming to sequester CO2 underground. They plan to sequester 152,480 tons of carbon dioxide by 2027 as part of the deal (That equates to 36,000 gas cars off the road for a year). Is this greenwashing, or a silver bullet? Critics warn of cost, the need for rigorous carbon accounting, and potential environmental trade-offs - i.e. emission prevention versus carbon removal. #decarbonization

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Crucial differences between Private Equity investment vs Venture Capital investment. This will help entrepreneurs at growth stage make the right choices when approaching financiers!

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Great presentation and if you are doing #startup then for sure this is a great 30,000 ft overview. I built an entire Start Up educational online course that is an super in depth version of this with 100 videos, 100 worksheets which will take you from A-Z in building MedTech Startup. You can try the first 5 lessons for free here -- https://lnkd.in/dtv6dbRX It's ideal for first time founders, founders that are struggling, people needing to raise money, investors that want to know how the sausage should be made, board members joining startups, clinicians with an idea and anyone at an Incubator to supplement their knowledge. #education #startup #medtech

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