Startup

This Week’s Top Seed Companies to Watch — DashBird, Count, Inkblot, MindsDB, Cloosiv

A weekly newsletter highlighting the top seed companies that have announced or raised a seed round within the past week.

There are over 1,000 companies that raise seed or angel financing each quarter in the United States. This weekly post provides a glimpse into how we think about tracking new investment opportunities.

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Happy Monday!

Verizon has found an agreement to purchase video conferencing system BlueJeans for just under $500M. Blue Jeans was founded in 2009 and raised its first-round from Accel and Northwest Venture Partners. The company raised over $175M until exit with NEA being the lead investor across multiple rounds.

Onfido raises $100M Series D led by TPG to solve the digital identification problem. The company has now taken on over $200M in venture funding with its first funding round being led by Wellington Partners back in 2015.

Here are my top seed investments from the last week:

DashBird

EVA Growth Index:

Product:
Serverless monitoring platform for cloud-based software applications to detect and fix problems in real-time

Investors:
Paladin Capital, Passion Capital, Icebreaker VC

Total Raised:
$2.9M

Business Model:
Pay-per-use subscription costing $4 per resource plus $4 for every GB of logs ingested

Comparables:
DataDog, Graphana

X-Factors:
1. Integration happens without prior code-changes to existing Lambdas

2. Already have a decent amount of adoption with 7,000 AWS customers using it currently

Thoughts:
It is still not easy to monitor applications when they are running across hundreds if not thousands of cloud resources. DashBird helps DevOps engineers pinpoint and fix problems with ease.

Count

EVA Growth Index:

Product:
Digital notebook focused on data aggregation and visualization

Investors:
LocalGlobe, Global Founders Capital

Total Raised:
$2.4M

Business Model:
SaaS subscription charging $5 per seat per month plus $95 per 10 GB stored per month

Comparables:
Domo, Tonkean, plus many others

X-Factors:
1. End to end solution from aggregation to presentation

2. UI that enables database-backed charting

Thoughts:
Essentially a notion-like experience but focused on data visualization. All you need to is pump your data into their data warehouse and then you can start slicing and dicing the data as needed. Big market. Room for new entrants.

Inkblot

EVA Growth Index:

Product:
Virtual mental health counseling platform

Investors:
Techstars Toronto

Total Raised:
$1.81M

Business Model:
SaaS subscription charged to practitioners

Comparables:
Talkspace meets TheraPlatform

X-Factors:
1. Enabling consumers to get mental health counseling from the comfort of their homes

2. Focusing on building virtual collaboration products for the mental health services vendors

Thoughts:
Large growing market with no real winner at this point. I like that they are heavily focused on building a great supply experience.

MindsDB

EVA Growth Index:
No external sources indicating growth

Product:
MindsDB is a free, open-source autoML framework to streamline the use of neural networks

Investors:
OpenOceanY-CombinatorBerkeley Skydeck

Total Raised:
$4.2M

Business Model:
Free to date

Comparables:
TensorFlow, PyTorch

X-Factors:
1. Democratizing the implementation of ML models with existing use cases: churn reduction, credit scoring, direct marketing, employee retention, plus many others

2. Large growing group of supporters across financial services, insurance, consumer internet, research, and education

Thoughts:
This is a business I hate not having taken a look at it. Large adoption already there across 10K developers on the project and over 200K installs.

Cloosiv

EVA Growth Index:
No external sources indicating growth

Product:
Software platform that enables coffee shops’ customers to order ahead via their smartphones in a Starbucks App like experience

Investors:
2BF Venture Partners, Y-Combinator, The North Highland Company

Total Raised:
$1.1M

Business Model:
Have a take-rate on payments processed through the platform

Comparables:
BeansUp

X-Factors:
1. No one likes waiting in long coffee shop lines, Cloosiv bridges this

2. Massive, fragmented and under-digitized population of coffee shops

3. POS agnostic

Thoughts:
Large market opportunity where it makes sense for a horizontal order ahead like experience for consumers. Network effects as you scale the business. Already in many markets around the country.

Have you recently raised a Seed round? Do you think your start-up could be of interest to e.ventures? Provide us your information here to be potentially included next week.

See last weeks Seeds to Track >> here

What is the EVA Growth Index?
The EVA Growth index is a composite of third-party data sources around a company’s website traffic. The vertical green lines in the charts represent a point in time where the company raised outside capital
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