Jesse Evans

🧬 This week's Austin Bio & Health Roundup covers new funding, insightful data, expanding footprints, local innovators' thoughts, recognitions, & booming developments across the Texas Bio Triangle. 🧬 💰 Funding Thoughtful AI has raised a $20M Series led by Drive Capital led by Nick Solaro. With that funding Thoughtful launched AI agents focused on claims processing, patient eligibility verification, and other healthcare back office functions. Congratulations to Alex Zekoff and the entire team! Drive Capital's investment in Thoughtful parallels their expansion into Austin putting feet on the ground with new Seed General Manager Anish Zuté. I expect we'll be hearing about more investments from them soon. Modicus Prime raised $3.5M to prevent drug product quality failures in biomanufacturing. A great example of Austin funding Austin as Silverton Partners led the round. Congrats to Taylor Chartier and team! A reminder: You may have seen some media covering SEC filings and trying to scoop startups on their funding announcements. I only announce funding when the companies do as I am not a “journalist” and I'm here to catalyze & support the builders 📊 Data Peter Walker released new Carta data breaking down the sector diversity of funding since 2022 in top. In Austin, Healthtech ranked number 3 at 13%, behind SaaS at 42% and Fintech at 13% (likely a decimal difference). Note that Carta breaks Bio & Health into three subcategories (Healthtech, Pharma/Biotech, and Med Device). Where would the sector rank when combined? Peter, any comment? 🚀 Launches, Expansions, and Milestones Neuralink, the brain computer interface company founded by Elon Musk, is expanding its presence in Texas with a new 100,000+ facility, further solidifying our region's position as a key neurotech hub. Given the recent news about the relocations of X to Austin and SpaceX to Starbase, Texas; might we see an even larger presence (maybe even HQ) for Neuralink in the future? 💡 Insights from Local Builders and Innovators Jaleh Daie, PhD shared her thoughts in SynBioBeta on building a durable bioeconomy and what it will take to get there. 🏆 Recognition Kerry Rupp, partner at True Wealth Ventures, has been appointed to the @Ascension Seton Foundation Board. Having VCs on the hospital boards (including the Foundation) will help further connect them to the innovation ecosystem. 🚩 Texas Bio Triangle Houston-based Octagos Health | The Future of Digital Health raised a $43 million Series B to advance AI-driven cardiac device monitoring. Congrats to Shanti Bansal, M.D. and the whole team! MD Anderson and Rice University are joining forces to launch a cancer bioengineering collaborative, focused on speeding up the movement of innovations from the lab to the market. What’s Next?

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Calling all #Founders: Venture Capital Association of Alberta (VCAA)’s Deal Flow Calls represent a great opportunity for #PreSeed to #SeriesA companies to gain exposure to some of the countries most active Venture Capital #investors. If your company is raising equity capital, I strongly encourage you to check out the link below!

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In the world of VC, people are everything! I sat down with the legendary Lily Lyman, General Partner at Underscore VC to talk about all things people. How do you pick the right founders? How do you find the right VCs to join your investment team? How do you choose the right business partners? Find out on episode 014 of New to Venture! Here are some key takeaways from our conversation: - “Choose the professor, not the class.” Surround yourself with great managers and people you are excited to learn from. - Attitude, Aptitude, Ability. In that order, focus on sharpening and displaying these attributes. - Prioritization of time is the most difficult aspect of being a VC. Say “yes” often enough to put yourself in the path of serendipity and luck, but also have a hypothesis on which people and which relationships may be the most valuable/helpful. Additionally, saying “no” and setting boundaries on your time commands respect. Listen on Spotify: https://lnkd.in/e27pmzvd Listen on Apple Podcasts: https://lnkd.in/eJR9teX3 #NewtoVenture #VentureCapital #Startups #VC #CEO #Business #Investing #recruiting #networking 

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Summary: This article discusses the challenges and opportunities facing emerging venture capital fund managers in the current market. Despite a decrease in the percentage of capital allocated to emerging managers, many are adapting and finding success through creative fundraising strategies and the support of communities like Raise Global. However, past success is not always a reliable indicator of future performance for these managers. Key takeaways: A decrease in available capital for emerging managers has resulted in a competitive landscape for fundraising. Some emerging managers have had to revise their fund targets and work with larger firms to secure deals. Communities like Raise Global have emerged to support and connect emerging managers with potential investors. Counter arguments: While some emerging managers have been successful, past performance is not always indicative of future success. The decrease in available capital could potentially hinder the growth and success of emerging managers. #venturecapital #vc #fundraising

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I recently sat down with Michael Batko, CEO at Startmate and Founder of Puddle Pod for Episode 11 of Insane Ambition. Startmate has invested in 230+ startups, much of it under Michael's leadership, and now has $3.5b in value across its portfolio companies. In this episode, we discussed: - Michael's journey from consulting, then living in the Amazon rainforest, to leading Australia's biggest startup accelerator - The future of Australia's startup ecosystem - The labour government's very stupid plan to make it harder for people to qualify as sophisticated investors (now thankfully shelved) - Startmate City! Startmate's plan to build Australia's first startup city. Probably the most ambitious idea I've ever heard from a startup accelerator. - The balance between visionary thinking and traditional startup advice (think Elon Musk's plan to colonise Mars, vs Y Combinator's problem/customer obsession) - "The Courage to Be Disliked", and its influence on Michael's approach to life and business. Links in the description below 👇

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🧬 This week's Austin Bio + Health Roundup highlights significant data trends, my stance on covering funding announcements, new partnerships, and action across the Texas Bio Triangle. 🧬 💰 Funding: The Way I Plan to Cover Funding Announcements You may have seen reports of a local Bio & Health startup’s funding round through an SEC report filing. While some outlets have covered this, my position is not to. I prefer to support our builders directly rather than trolling the filings for scoops. There is plenty of real investigative journalism that our city would be well served by if that is where they focused. Remember I am not a journalist and I am not the media. When the company is ready to announce their round officially, I’ll gladly shout it to the rooftops. 📊 Data Peter Walker at Carta reports that in 2017, Biopharma and Medical Devices captured just under 10% of all VC dollars. By 2023, this figure rose to 17.7%, and in Q1 2024, it reached 24%. The overarching tailwinds favor our sector and region with trends towards Bio & Health and the physical & digital intersection. Energy and hardware, two other sector blossoming in Central Texas, also saw similar share gains. 🤝 M&A and Partnerships Sensi.AI, a 24/7 senior care intelligence agent, is partnering with Caring Senior Service to deploy SensiAI’s platform in Caring’s 50 locations across the US. This partnership allows seniors a better opportunity to age gracefully in their homes. 🚩 Texas Bio Triangle BioMedSA is hosting an event called Women in Bioscience, Thursday June 20th. It’s designed to connect and empower women in the bioscience industry across Central Texas, and features Randi Brosterman Hutchens discussing "Building your Personal Board." Find the link to the event in the comments. Houston-based Lokum, a staffing solution to connect clinicians and clinical staff to health care facilities, has raised a $700K pre-seed round. Congrats Ayoade (Joy) Ademuyewo on the raise. What’s Next? #AustinNext #LifeSciences #Healthcare #Biotechnology

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PitchBook's latest #research on #EmergingManagers shows that #Emerging #Specialist #VC's outperform, accounting for 2X the excess #IRR of established #Generalists. Why? Fund Size + Focus. 💰 Fund Size: - Owning 10% of a $1B exit in a $25M Fund I delivers a 4X fund-level return with a single #investment. - The same exit for an established $1B #megafund would only return 10% of the fund. - #VC return distributions follow #PowerLaws. Having 30 #unicorns with a single fund (2-3 vintages) is unlikely. #Megafund #GPs really need multiple $5B-$10B #exits for 3X #MOIC returns and are increasingly turning to #fundoffund investing to generate #alpha at scale. 🎧 Focus: - #Specialization is an idea at least as old as Adam Smith and the Pin Factory. Context switching is exhausting and leads to underperformance. - Investor-Market Fit is as important as Founder-Market Fit, not least because of the role of #networks in #valueadd . - Great #VC investors combine hard-won #operating experience and deep #sector #expertise that drives persistent #outperformance -- not least because great #Founders know the difference and this drives #sourcing. https://lnkd.in/g4uH7hrC Vetted Capital #familyoffices #institutionalinvestors #investmentmanagers #alternatives #allocators #venturecapital #privateequity #PE #TVPI #DPI

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Cost-effective geothermal energy has the ability to fully transition and decarbonize our grids and industrial systems - in the near term! We believe the team and technology at XGS Energy will realize this vision and we couldn't be happier to be working with them on a geothermal-powered reality.

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Enjoyed this behind-the-scenes look at Venteur's seed round and remembering my chats with Stacy and Timothy. A few takeaways: 1. It was clear Stacy and Tim were ALL IN on making this happen. Their conviction about what the ICHRA market needs is unwavering. 2. A One-Month process for a sizable seed round might have looked easy...but know their traction was so good it couldn't be ignored. Even then, Stacy and Tim didn't stop raising until the money was in the bank 3. When you have strong historical traction, you've earned the credibility to pitch a strong forecast. This helps support the round size. If not, things can get out of whack. Bonus: My first few conversations with Stacy were 70% about family and growing up. 30% the business. Relationships help build conviction! Awesome to hear Jason peel back this story. Follow his podcast and other amazing resources for founders raising capital below.

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We took the pulse of emerging fund managers about what it's been like for them during these post-ZERP, venture-capital-winter years. #venturecapital #veteranventures

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Where are you stalling out your fundraising process? 1) The constant rejection? 2) Feedback that you need to be a better storyteller? 3) The "Ick" about asking for warm intros? 4) The neverending work on the deck? 5) Your fundraising has gone on for 6 months and isn't working? 6) You had a handshake deal with a VC for a term sheet...and then they ghosted you? I can help you cut out the noise, deal with the rejection and keep moving towards a positive result. Imagine what it will feel like after your last investor has wired...and you've got money to grow your team and crush your milestones? Book time with me if you want to close your round by September. https://lnkd.in/eKTy99bS

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21 Ways to Kill Your Company Day 9: Poor Fundraising Strategy This means two things - be realistic about the benchmarks you need to unlock your next raise and then raise enough money to hit those milestones. Be great (and realistic) with financial planning. Don't forget those extra five months you typically need to raise. #21waystokillyourcompany #fundraising #venturecapital

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Myself and Evan Schnidman will be re-running the first session in our AI Investing Masterclass Series next Thursday May 16th, with Danielle Patterson of Family Office List. Link to register is below in her post! (If you've already attended the first class, *Session 2: AI IP & Defensibility* will be announced soon!)

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Climate tech startups raised $8.1 billion in the first quarter, near record amounts of money that suggest 2023’s quiet close might have been more of a blip than the sign of a protracted downturn. A deeper look into the $8.1 billion raised in the first quarter shows that investors focused their attention on materials, including green steel and battery materials and minerals. #climatetech #climateVC #climate

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The Trade Desk: A VC's Perspective on Spotting a Unicorn In the world of venture capital, identifying the next "unicorn" is the holy grail. But how do you spot a potential game-changer in a crowded market? Key takeaways: * Don't be afraid to invest in unconventional ideas. * Trust your gut, but back it up with market knowledge. * Diversification is key to mitigating risk in early-stage investing. I recently had the privilege of speaking with Jerry Neumann, the VC who bet on Trade Desk before it became the ad-tech giant it is today. Jerry shared his insights on early-stage investing, emphasizing the importance of: 1. Market Expertise: Knowing the market inside-out allows you to assess a startup's potential and differentiate the innovators from the imitators. 2. Founder's Vision: A founder with deep market knowledge and a unique vision is more likely to navigate the challenges of a competitive landscape. 3. Portfolio Diversification: Investing in multiple promising companies mitigates risk and increases the chances of backing a winner. Jerry's investment in Trade Desk wasn't a sure thing. It was a bet on a founder with a bold vision in a crowded market. But his deep understanding of the ad tech landscape and belief in Jeff Green's approach ultimately paid off. This conversation is a must-listen for anyone interested in venture capital, startups, or the power of betting on the underdog. #venturecapital #startups #investing #tradeDesk #adtech #founder #underdog #innovation #successstory

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Court filings sound incredibly boring. Until they're not. Check out this Sequoia Capital investment memo for YouTube - one of their best IRR investments ever: YouTube's founders saw an opportunity in the rise of user-generated video content and broadband internet adoption. They built a community around connecting users to videos, users to users, and videos to videos. Innovative video encoding and serving technology kept costs low and adwords for youtube was revenue model. Sequoia proposed investing $5M for ~30% stake to help scale the team and technology The founders' vision and Sequoia's early backing helped YouTube rapidly become the leading destination for user videos, positioning it for the massive growth and $1.65B acquisition by Google just 1.5 years later. Perplexity is super helpful in unearthing gems like that - my favorite AI tool at the moment! #ai #investing #youtube

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Private equity firms are eager to supercharge portfolio companies with AI and mine productivity gains, which are as high as 30% among engineering teams. But introducing the tech to portfolio companies and getting them to actually use it are two different things. I spoke with Mark Benaquista, Jagjit Singh, and Alexander Sabel about THL Partners' approach to gaining AI traction with portfolio companies, only on Business Insider: https://lnkd.in/g3M5MZ7N

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That feeling when you watch the macro forces that undergird your Industrial Transformation & Supply Chain Technology investment thesis at ⁦‪REFASHIOND Ventures: The Industrial Transformation Fund unfolding every single day: Escalating Geopolitical Tensions; The Climate Crisis & Severe Weather; Consumer Behavior & Demographics. At most venture capital firms, Industrial Transformation & Supply Chain Technology is a tiny, emerging “area of interest” . . . At REFASHIOND Ventures, it’s our entire world. Join us. #IndustrialTransformation #SupplyChain #Innovation #Technology #Startups #VentureCapital

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Reality-check time: early-stage founders who are hoping to combine their startup work with a full-time job or postdoc, to be taken seriously, you and your team have to be all-in, full-time. It’s the only way to show the entrepreneurial grit that persuades investors. VCs absolutely want to partner and help you conquer the many challenges of building a startup. But here’s what we won’t do: assemble your core team for you. Finding the way to go full-time is a hurdle you must clear yourself. If you can’t do it, you can’t show potential partners like VCs that you’re invested in making this work. #entrepreneurship #startups #founders

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