Archive for the ‘Venture Capital’ Category

Income Geographic Distribution in California: Average income per filer by the Top-20 California Counties

Reporter: Aviva Lev-Ari, PhD, RN

The top-20 California counties with the most millionaires per square mile


#20: Yolo County: Average income per filer – $2.21M & Total Million $ Filers: 149

#20: Monterey County: Average income per filer – $2.43M & Total Million $ Filers: 429

#18:  Stanislaus County: Average income per filer – $2.35M & Total Million $ Filers: 287

#18:  San Joaquin County: Average income per filer – $2.21M & Total Million $ Filers: 300

#16:  Santa Barbara County: Average income per filer – $2.78M & Total Million $ Filers: 801

#16:  Pacer County: Average income per filer – $2.68M & Total Million $ Filers: 446

#14:  Sonoma County: Average income per filer – $2.64M & Total Million $ Filers: 577

#14:  Napa County: Average income per filer – $2.98M & Total Million $ Filers: 299

#12: Venture County: Average income per filer – $2.61M & Total Million $ Filers: 1,123

#12:  Sacramento County: Average income per filer – $2.34M & Total Million $ Filers: 559

#10:  Santa Cruz County: Average income per filer – $2.74M & Total Million $ Filers: 341

#9:  San Diego County: Average income per filer – $2.7M & Total Million $ Filers: 4,225

#8:  Contra Costa County: Average income per filer – $2.43M & Total Million $ Filers: 2,528

#7:  Alameda County: Average income per filer – $2.52M & Total Million $ Filers: 2,735

#6:  Los Angeles County: Average income per filer – $3.37M & Total Million $ Filers: 16, 507

#5:  Marin County: Average income per filer – $3.03M & Total Million $ Filers: 2,123

#4:  Santa Clara County: Average income per filer – $3.7M & Total Million $ Filers: 7,922

#3:  Orange County: Average income per filer – $3M & Total Million $ Filers: 5,971

#2:  San Mateo County: Average income per filer – $4.1M & Total Million $ Filers: 4,879

#1:  San Francisco County: Average income per filer – $3.5M & Total Million $ Filers: 4,954-Million $ filers per SQ Mile – 105.7





Read Full Post »

Institutional Capital Raised by Female Founders in 2016 – A Global Perspective vs the US Economy: Globally 1,272 in the United States 600

Reporter: Aviva Lev-Ari, PhD, RN


– See more at:



The Data Reflects Several Key Trends
Key Takeaways

Raising a Series A led by an institutional VC remains difficult, but female founders in NYC continued to be the most successful (compared to those in other cities) in 2016.
At 17%, the percentage of total A rounds led by female CEOs in 2016 represents the highest total percentage since Female Founders Fund started tracking the data in 2013.
In addition, New York saw a record number of Series B and C rounds led by female founders in 2016.
Female Founders Fund remains the most active institutional VC firm investing in early-stage female-led companies.
Funds that have traditionally been uninterested in e-commerce have renewed interest in the e-commerce sector following the Dollar Shave Club and Jet.com acquisitions by large strategic investors.

2016 Series A Rounds — NYC — Female CEO
Rockets of Awesome — $12.5 million — December — Rachel Blumenthal
Ellevest — $9.0 million — September — Sallie Krawcheck
CoheroHealth — $9.0 million — November — Melissa Manice
Away — $8.5 million — September — Steph Korey
Primary– $8.0 million — June — Galyn Bernard
goTenna — $7.5 million — March — Daniela Perdomo
LOLA — $7.0 million — December — Alex Friedman and Jordana Kier
Uncharted Play — $7.0 million — September — Jessica Matthews
Thrive Global — $7.0 million — August — Arianna Huffington
Everplans — $6.4 million — June — Abby Schneiderman
pymetrics — $6.1 million — February — Frida Polli
Sakara Life — $4.8 million — January — Whitney Tingle, Danielle DuBoise
Shoppable — $3.5 million — August — Heather Marie
MMLaFleur — Sarah LaFleur

2016 Series A Rounds — Bay Area — Female CEO

Cortexyme — $15.0 million — January — Casey Lynch
FOVE — $11.0 million — March — Yuka Kojima
Front — $10.0 million — May — Mathilde Collin
REBBL — $10.0 million — December — Sheryl O’Loughlin
Nima — $9.2 million — May — Shireen Yates
Rocksbox — $8.7 million — March — Meaghan Rose
LaunchDarkly — $8.7 million — December — Edith Harbaugh
Modsy — $8.0 million — February — Shanna Tellerman
ThirdLove — $8.0 million — February — Heidi Zak
Node — $7.5 million — June — Falon Fatemi
Shippo — $7.0 million — September — Laura Behrens Wu
Mobilize — $6.5 million — September — Sharon Savariego
Neurotrack — $6.5 million — January — Elli Kaplan
Sourcery — $5.0 million — September — Na’ama Moran
Luka — $4.4 million — April — Eugenia Kuyda
SupportPay — $4.1 million — December — Sheri Atwood
Zybooks — $4.0 million — February — Smita Bakshi
Schoola — $3.6 million — May — Stacey Boyd

– See more at:




Series A Rounds in 2016

Our 2016 analysis began with an overall review of Series A rounds globally, nationally and regionally.

2017 Research Graph 1

Series A Rounds Raised Globally, Nationally and Regionally in 2016

Series A Rounds in 2016:




2016 Series A Rounds in 2016:

Globally: 1,272
United States: 600
Bay Area: 187
NYC: 84
Boston: 31
Los Angeles: 38
Seattle: 26
Austin: 7
Washington D.C.: 17

2015 Series A Rounds in 2015:

Globally: 1,164

United States: 664

Bay Area: 205

NYC: 96

Boston: 50

Los Angeles: 40

Seattle: 25

Austin: 22

Washington D.C.: 17

– See more at:


The total number of Series A rounds in the U.S. decreased by 10% in 2016. Of the seven regions that we track in the U.S., Seattle is the only region that experienced an increase in the number of Series A raises in 2016, at 4%.

While overall Series A activity declined slightly in Los Angeles, there were two large Series A raises for female-led businesses — (i) HopSkipDrive, led by CEO Joanna McFarland, which raised $10.2 million in January 2016 from Upfront Ventures and FirstMark Capital; and (ii) Hutch, led by CEO Beatrice Fischel-Bock, which raised $5 million in July 2016 from Founders Fund. Los Angeles remains among the most female entrepreneur-friendly cities in the U.S.


VC’s investing in female-led companies in 2016.

Female Founders Fund remained the most active investor, participating in 3 of the 14 — or 21% — of all female-led A rounds in NYC. – See more at: http://femalefoundersfund.com/2016-review-of-female-founders-raising-institutional-capital/#sthash.Pcuj7rVB.dpuf

– See more at:


Read Full Post »

On Investment Platforms for Private Funds and Investment Platforms for Private Placements – SEC Update

Reporter: Aviva Lev-Ari, PhD, RN


SEC Update

In the last few years, we have seen a number of important developments in the securities laws related to finders and broker-dealer registration requirements. Below we provide an overview of the broker-dealer registration requirement as it relates to finders who assist in matching issuers with investors or buyers and the latest developments in this area.


The distinction between being classified as a finder and a broker-dealer can have significant consequences. An unregistered broker-dealer may face sanctions from the Securities and Exchange Commission (SEC), and it may be unable to enforce payment for its services. In addition, transactions involving an unregistered broker-dealer may create a right of rescission in favor of the investors, allowing the investors the right to require the issuer to return the money invested. One example of the consequences of an unregistered broker-dealer occurred in the Ranieri Partners SEC enforcement action. In that action the SEC brought charges against a private-equity firm, its managing director, and a consultant because of the consultant’s failure to register as a broker-dealer. The SEC’s order found that the private equity firm paid transaction-based fees to a consultant, who was not registered as a broker-dealer, for soliciting investors for private fund investments.1

The federal securities laws do not specifically define the term “finder” or outline what finders can do. Instead, finders must avoid being deemed a broker or dealer under the federal securities laws unless they register as such with the SEC and the Financial Industry Regulatory Authority (FINRA). A broker is defined as “any person engaged in the business of effecting transactions in securities for the accounts of others.”2 A dealer is defined as a person that is “engaged in the business of buying and selling securities … for such person’s own account,” but excludes a person that buys and sells securities for its own account, but not as part of a regular business.3Because the broker definition is the one that finders have the most trouble with, this discussion is focused on what activities may cause a finder to fall within the definition of a broker required to register with the SEC and FINRA.

  • M&A Brokers
  • FINRA Guidance
  • Investment Platforms for Private Placements
  • Investment Platforms for Private Funds
  • Crowdfunding
  • Potential Regulatory Action

A determination of whether an intermediary is acting as a finder or an unregistered broker-dealer is a very fact-specific analysis and can often be very complex. Unfortunately for unwary entrepreneurs, company executives, and equity fund sponsors, frequently a third party assisting with capital-raising will be acting as a broker-dealer, not a finder, and therefore should not be engaged unless properly registered. It is likely that we will see further clarification or new rules from regulators in the future; regardless, it is important to always carefully consider the involvement of finders or broker-dealers in any capital-raising endeavor.

If you have any questions regarding the use of finders, or capital raising in general, please contact the Venable lawyer with whom you work, one of the authors of this article, or a member of our Corporate Finance and Securities Group.


Read Full Post »

2017 Top 50 in Digital Health by Rock Health

Reporter: Aviva Lev-Ari, PhD, RN


We found the following to be very interesting:


Most Prolific Corporate VC

UPMC Enterprises

UPMC Enterprises, the commercialization arm of UPMC, is shaping the future of health care through innovation. Focused on generating impactful technology solutions, they invest in key focus areas: clinical tools, population health, consumer-centric health care, and business services and infrastructure. As the most active corporate venture investor of the year in digital health, UPMC contributed to several funding rounds including investments in Health Catalyst and Lantern.

Most Prolific VC

Khosla Ventures

Khosla Ventures helps entrepreneurs with large problems that are amenable to technology solutions. A longtime tech and healthcare investor, Khosla Ventures participated in five digital health deals this year, including Neurotrack and Color Genomics.

Best Performing IPO

Evolent Health

Evolent Health partners with health systems to accelerate their transformation to value-based care. By integrating the people, processes, and technology needed to drive clinical and financial growth, Evolent has found the secret to success—it is one of the digital health stocks with the biggest returns YTD, up 114% since the start of the year.

Crowdfunding Hero

BSX Technologies: LVL

LVL is the first wearable hydration monitor that gives users the complete picture of their health by also tracking activity, sleep, mood, and heart rate. Their wildly successful Kickstarter campaignresulted in over $1.1 million pledged of their $50,000 goal, and backers will soon be able to measure their hydration in real time. Fewer than 200 crowd funding campaigns have ever raised over $1 million.



Read Full Post »

We’re seeing an acceleration of M&A activity and a growing IPO pipeline through the end of 2016, but the bar remains high.


Reporter: Aviva Lev-Ari, PhD, RN


Here’s what one top VC firm predicts will happen to tech startups in 2017

Accel is an early & growth-stage venture capital firm and is known for its investments in Facebook, Slack, and Dropbox. This is the firm’s annual presentation on what the tech environment is like for founders today and what will happen in 2017, republished with permission.

  1. It’s an incredible time to be a technology entrepreneur.
  2. A rising “new guard” are officially the most valuable companies in the world: Apple, Alphabet/Google, Microsoft, Amazon, Facebook.
  3. But of course, it’s important to stay disciplined.
  4. We’re seeing an acceleration of M&A activity and a growing IPO pipeline through the end of 2016, but the bar remains high.


*In order as of 11/22/16:

  • Apple — $596B
  • Alphabet/Google — $551B
  • Microsoft — $478B
  • Amazon — $372B
  • Facebook — $348B

**Bloomberg dug into the numbers here too.




Read Full Post »

Business Forward Roundtable with John Podesta: Economic Growth and Opportunity

Reporter: Stephen J. Williams, Ph.D.

July 26, 2016 (Philadelphia, PA)

A Round Table and Q&A with the Entrepreneur Group Business Forward and John Podesta,Chairman and Founder of Center for American Progress on Policy, Economic Growth and Opportunity


With the help of more than 50 of the world’s most respected companies, Business Forward is making it easier for tens of thousands of business leaders from across America to advise Washington on how to create jobs and accelerate our economy. Business Forward is active in over 100 cities and works with more than 450 senior Administration officials, Members of Congress, mayors, and governors.

Business leaders who have participated in our briefings have seen their suggestions implemented in the Affordable Care Act, the Jobs Act, three trade agreements, and every one of the President’s budgets. Many have also shared their recommendations with their representatives in Congress and through op-eds and interviews with local media. Ninety-eight out of 100 business leaders who have participated in a Business Forward briefing would be interested in participating in another one.

Member Companies

Many of America’s largest and most respected firms – from America’s software, telecommunications, media, hospitality, financial services, manufacturing, apparel, defense and pharmaceutical industries – have already joined Business Forward.

Members include Aetna, American Airlines, AT&T, Comcast, Cheniere Energy, Deloitte, Dow, eBay Inc., Fidelity Investments, Facebook, Ford, Google, Intuit, Lockheed Martin, Microsoft, the National Restaurant Association, Pacific Gas & Electric, POET, Pricewaterhouse Cooper, Qualcomm, SAS, T-Mobile, Time Warner, Time Warner Cable, Verizon, Viacom, Visa, and Walmart.

These corporations work with Business Forward to identify, recruit and brief small business owners, venture capitalists and entrepreneurs of all kinds who are looking for a meaningful way to participate in policy debates.

John Podesta on Economic Policy, Equality and Growth

John Podesta delivered opening remarks at the launch event for the Washington Center for Equitable Growth on November 15, 2013.

Recommendations to Advance Progressive Change

Business Forward Round Table on Economic Strategy and Opportunity Agenda with John Podesta: Policy

John Padesta (JP): We have had an economic bounce back from the recession however it is agreed that wages need to go up in US.  The goal of policy is to return to a more equitable time such as during the 90’s.  The Hillary Clinton campaign is actively reaching out to find out what is happening on all levels of the economy: from small startups to international trade and workers views.

JP: There are five main areas the Clinton campaign is focusing on with regard to economic growth policy

  1.  jobs, investment, create context to spur private-public partnership investments
  2. skills training – human capital
  3. invest in places left behind: promise zones
  4. sustainable growth: allowing workers to share in productivity gains by tax reform, profit sharing
  5. family policy – says they will define this policy later in the week

JP: want to get entrepreneurs more involved with policy decision.  Clear directive from Hillary is that policy requires input from ALL stakeholders in economy in all sectors

There may be a focus on paid leave

Question from audience:  What about the crisis in rural health.

Definitely a problem Ann O’Leary will be heading up the health policy for Clinton campaign



Read Full Post »

The 16th annual EmTech MIT – A Place of Inspiration, October 18-20, 2016, Cambridge, MA

MIT Media Lab
Building E14
75 Amherst Street

(Corner of Ames and Amherst)
Cambridge, MA 02139

Conference Location: Entire 6th floor of Building E14

EmTech MIT Brings The Award-Winning Journalism of MIT Technology Review To Life

The 16th annual EmTech MIT gathers preeminent thought leaders, researchers and business leaders to examine the most significant themes in emerging technologies, including:

– Rethinking Energy

– Virtual Reality, Augmented Life

– Artificial intelligence

– Global Connectivity

– Engineering a Healthy Planet

– Spotlight talks on the 10 Breakthrough Technologies

– Celebration of the 2016 Innovators Under 35


Leaders in Pharmaceutical Business Intelligence (LPBI) Group, Boston


will cover in REAL TIME

The 16th annual EmTech MIT – A Place of Inspiration, October 18-20, 2016, Cambridge, MA


In attendance, streaming LIVE using Social Media

Aviva Lev-Ari, PhD, RN





 All Speakers



Featured Speakers


  • Nora

    Gabilan Assistant Professor, University of Southern California

    2016 Innovator Under 35

  • Amir

    Prize Lead, X Prize

    Incentivizing Innovative Approaches & Collaboration in A.I.

  • Muyinatu

    Assistant Professor, Johns Hopkins University

    2016 Innovator Under 35

  • Brian

    Executive Editor, MIT Technology Review

  • Nessan

    Chief Executive Officer, President and Founder, Intellia Therapeutics

    The Potential for Genome Editing Technology to Transform Medicine

  • Dinesh

    Postdoctoral Associate, MIT CSAIL

    2016 Innovator Under 35

  • Heather

    CEO & Founder, Dot Laboratories

    2016 Innovator Under 35

  • Elizabeth

    Chief Operating Officer, MIT Technology Review

  • Qing

    Research Staff Member, IBM T.J. Watson Research Center

    2016 Innovator Under 35

  • Jagdish

    Director, Clinical Innovations, InnAccel

    2016 Innovator Under 35

  • David

    Assistant Professor of Molecular and Cellular Biology and of Computer Science, Harvard University

    Building Computer Vision Systems Inspired by the Brain

  • Tom

    President’s Distinguished Professor of Information Technology & Management, Babson College

    Presented by RAGE Frameworks

  • Stefano

    CEO, Automobili Lamborghini

    Presented by the Italian Trade Agency

  • Kevin

    Assistant Professor, MIT Media Lab

    The Technology Driving Gene Drives

  • Vivian

    Assistant Professor, University of Minnesota

    2016 Innovator Under 35

  • Wei

    Postdoctoral Fellow, University of California, Berkeley

    2016 Innovator Under 35

  • Dileep

    Cofounder, Vicarious

    Artificial Intelligence At Work

  • Shyam

    Assistant Professor, University of Washington

    10 Breakthrough Technologies of 2016: Power from the Air

  • Meron

    CEO, Meta

    2016 Innovator Under 35

  • Jiawei

    Cofounder, Ling Robotics

    2016 Innovator Under 35

  • Rachel

    Managing Director, 1776

    Incubating Technical Solutions with Global Impact

  • Alex

    Member of Research Staff, PARC

    2016 Innovator Under 35

  • Katherine

    Cofounder, President and Chief Scientific Officer, Spark Therapeutics

    Gene Therapy: A New Era of Medicine

  • Christine

    CEO, Imprint Energy, Inc.

    2016 Innovator Under 35

  • Ehsan

    Assistant Professor, University of Rochester

    2016 Innovator Under 35

  • Solomon

    Chancellor’s Associate Professor of Public Policy, University of California, Berkeley

    Addressing the Effects of Climate Change

  • Karl

    CEO and Cofounder, nuTonomy

    Intelligent Machines: Autonomous Cars

  • Sangbae

    Associate Professor of Mechanical Engineering, MIT

    Robots at Work

  • Samay

    Chief Executive Officer, GreyOrange

    2016 Innovator Under 35

  • Kendra

    CTO, Opus 12

    2016 Innovator Under 35

  • Maithilee

    Assistant Professor, Vanderbilt University

    2016 Innovator Under 35

  • Stephanie

    Founder & CEO, Blendoor

    2016 Innovator Under 35

  • Desmond

    Assistant Professor, Singapore University of Technology and Design

    2016 Innovator Under 35

  • Evan

    Instructor, Harvard Medical School

    2016 Innovator Under 35

  • Yael

    Engineering Director, Facebook Connectivity Lab

    Expanding the Global Impact of Internet Connectivity

  • Vikram

    SVP, Artificial Intelligence Solutions, RAGE Frameworks

    Presented by RAGE Frameworks

  • Marcela

    Director of Cellular Immunotherapy, Massachusetts General Hospital Cancer Center

    The Promise of Cancer Immunotherapy

  • Pranav

    Global Vice President of Research, Samsung

    Envisioning What’s Next for Virtual Reality

  • Jason

    Editor in Chief and Publisher, MIT Technology Review

  • Ramesh

    Director, MIT Media Lab Camera Culture Group

    Presented by Lemelson-MIT

  • Alberto Maria

    Board Member & Past President, Federmacchine

    Presented by the Italian Trade Agency

  • Don

    Professor, Materials Science & Engineering, MIT

    Providing Power for a Growing Global Population

  • Ruslan

    Associate Professor, Carnegie Mellon University

    The Promise and Limitations of Machine Learning

  • Kelly

    Assistant Professor, University of Southern California

    2016 Innovator Under 35

  • Michele

    President, Italian Trade Agency

    Presented by the Italian Trade Agency

  • Stefanie

    Assistant Professor, Computer Science, Brown University

    10 Breakthrough Technologies of 2016: Robots That Teach Each Other

  • Ronaldo

    CEO, Hand Talk

    2016 Innovator Under 35

  • Sonia

    PhD Student, Prion Scientist, Broad Institute

    2016 Innovator Under 35

  • Cyrus
    Vance Jr.

    Manhattan District Attorney, Manhattan District Attorney’s Office

    Security & Privacy in the Connected Era

  • Oriol

    Research Scientist, Google DeepMind

    2016 Innovator Under 35

  • Aleksandra

    Assistant Professor, University of Pennsylvania

    2016 Innovator Under 35

  • Padmasree

    CEO, NextEV

    Imagining Clean, Connected Transportation

  • Jean

    Assistant Professor, Carnegie Mellon University

    2016 Innovator Under 35

  • Yihui

    Associate Professor, Tsinghua University

    2016 Innovator Under 35

  • Jia

    Professor, Nanjing University

    2016 Innovator Under 35


Read Full Post »

Older Posts »