Category: Austin (Page 98 of 317)

Fostering Austin’s Global Connections During Austin Startup Week

By LAURA LOREK
Publisher of Silicon Hills News

Fred Schmidt, international director of Capital Factory, at the first Austin Startup Week International Series of Events on Thursday.

Austin made a major push to cultivate relationships with other countries during the first International sessions at Austin Startup Week.

Representatives from Australia, Colombia, Mexico, Pakistan, Ireland and the European Union made presentations at Capital Factory on Thursday.

Capital Factory has had 20 international startups set up operations in Austin, said Fred Schmidt, director of international at Capital Factory. It has two startups from South Africa, a cohort of Pakistani entrepreneurs and its first company was Kahoot! from Norway.

“It continues to grow and everyone loves Austin,” Schmidt said.

A delegation from Angers, France is currently visiting Austin, Schmidt said. A delegation from Austin plans to go to France soon too to continue to cultivate Austin’s sister city relationship with Angers, he said. They have been sister cities since 2011.

The afternoon event during Austin Startup Week featured a series of 5-minute lightning talks from key people in Austin’s community and other countries focused on international outreach.

Austin has a great international reputation as a tech hub, said Adrian Farrell, consul general with the Consulate General of Ireland in Austin.

Ireland is in Austin to foster connections between technology companies that want to expand to the U.S. and U.S. companies that want to set up operations in Ireland, Farrell said. Dell, Dropbox and WPEngine all have operations in Ireland.

“There’s enormous potential for the future,” Farrell said.

GlobalAustin, founded in 1960 at the University of Texas at Austin to welcome international students, has broadened its mission to welcome all kinds of international groups to Austin, said Margie Kidd, its executive director. It’s part of the U.S. Department of State’s International Visitor Leadership Program. The organization hosts thousands of international visitors in Austin each year and sets up appointments with them to meet with key figures in the technology industry as well as other businesses, media and the University of Texas.

One of the keys to fostering greater ties between Austin and the world has been the South by Southwest Festival in March, said Grover Bynum, who supports the EU and other stakeholders investing in the Austin community. It showcases Austin to an international audience every year, he said.

The SXSW City Summit is headed up by Julie Yost. SXSW is a great place to share ideas, connect with one another and share culture, Yost said.

SXSW promotes a version of global diplomacy, said Peter Lewis, global head of sales and exhibitions at SXSW.

Technologies put people in contact with each other all over the world, Lewis said. But it’s the conversations people have one on one and face to face at SXSW that makes the magic happen, he said.

SXSW provides an environment where all kinds of international stakeholders can come together and have conversations outside the more formal context of Washington, D.C., said Jesse Spector, policy officer, Digital Economy and ICT with the EU Delegation to the United States.

This past March, the EU rented out the Palm Door on Sixth Street during SXSW to showcase a group of technology startups it brought over and to host meetings, film screenings, panel discussions and talks and other presentations. It will be doing an even bigger series of events next year at Palm Door on Sixth during SXSW opening weekend, she said.

The European Union is interested in what SXSW is doing in its SXSW City Summit, said Tim Rivera, a program officer with the EU Delegation to the United States.

“Cities are becoming important international actors themselves,” Rivera said. The EU has launched an International Urban Cooperation initiative and is deeply involved in the development of the Global Covenant of Mayors for Climate & Energy to engage with leaders in cities, particularly focused on climate and energy, he said.

“Mayors are really the CEOs of the world today,” Schmidt said.

Austin Mayor Steve Adler does a big job of keeping Austin on the global map, Schmidt said. He showed great leadership in pledging to support the Paris Climate accord after President Donald Trump signaled the U.S. would withdraw from the agreement. More than 350 mayors have signed the Climate Mayors agreement to stay with the Paris Climate accord and protect the world’s environment.

Kevin Koym, a founder of Tech Ranch, wants to drive impact innovation between Austin and its sister cities like Adelaide, Australia. Tech Ranch has worked with entrepreneurs from more than 42 countries.

“Entrepreneurs working together around the world are taking on intractable conditions and solving them with business solutions,” he said.

Kerry O’Connor, Chief Innovation Officer for the City of Austin, said she runs a startup within the city. She joined the Austin City government in 2014 and one of the first things she did was she worked with Koym and Tech Ranch to teach the city about the business model canvas. She wanted to know how to implement innovation within the city government.

Austin has committed to be more transparent, more open and more innovative and to focus on homelessness and solve that problem, O’Connor said. Another commitment is to make sure Austin is equitable and to build an equity tool to judge its budget by and to fix the inequities that the city started, O’Connor said.

“My job is to bring technology innovation into government but we cannot leave people behind,” she said. “I refuse, as Chief Innovation Officer, to say this is only about the bright shiny things. It’s actually about a lot of hard work to ensure that the tide raises all boats.”

One of the things the city is doing to engage the tech community and startups to help solve problems is a reverse pitch competition, O’Connor said. The government has access to all the problems and sometimes business doesn’t have access to the problems, she said.

To keep products out of the landfill, the City pitched all the stuff going into the landfills that could be recycled into other goods. The first year, an entrepreneur made granola bars from hops and grains from local breweries. The second year, a startup called Grub Tubs made compost from food scraps and it went on to win Austin’s WeWork Creator Awards competition.

“The idea that your government can’t be innovative is B.S.,” O’Connor said. “Your government is the platform for some companies of the future. Austin, Texas is where it’s going to happen and we’re doing it in partnership with cities around the world.”

AlertMedia Lands $8 Million in Funding

AlertMedia, a communication software provider, announced Wednesday that it has raised $8 million

Austin-based Next Coast Ventures led the Series B round with continued investment from ATX Seed Ventures. To date, the Austin-based company has raised more than $17 million from investors including Silverton Partners and angel investors.

AlertMedia plans to use the funds on product development and sales and marketing.

“Our explosive growth is evidence that our modern approach to critical communications is valued by organizations of all sizes across all industries,” Brian Cruver, chief executive officer of AlertMedia said in a news statement. “This funding allows us to continue expanding our product offering while growing our sales and customer success teams. We already have the best product and customer service in the industry, and we will continue to set new standards for how organizations can communicate effectively in critical and time-sensitive situations.”

AlertMedia provides big companies like DHL, AT&T, Greyhound and H-E-B with an emergy mass notification system. AlertMedia’s customers can send and receive critical communications via voice, app, email, text, Slack, social media and other channels with one mobile system.

“At a time when the news seems to be dominated by emergency after emergency, it’s becoming a necessity for corporations – of all sizes and across all industries – to have modern notification systems in place,” Mike Smerklo, co-founder and managing director of Next Coast Ventures, said in a news release. “We feel strongly that AlertMedia represents the future of emergency mass communication and has the right team in place to successfully scale this product.”

AlertMedia has customers in more than 80 countries. Companies are also using the company’s software for day-to-day business communication and operational activities such as scheduling, dispatching, and other coordination activities.

Content Creation for Entrepreneurs to Drive Engagement at Austin Startup Week #ASW2017

Photo licensed from iStockPhotos.com

By LAURA LOREK
Publisher of Silicon Hills News

At Galvanize this morning, I presented Content Creation for Entrepreneurs to Drive Engagement.

More than 180 people signed up for the presentation, which kicked off at 8 a.m. following last night’s Austin Technology Council’s Battle of the Bands. About half of those people showed up. And we had a great discussion.

At the presentation, we covered blogging, podcasting, photos and Instagram marketing, video and livestreaming along with distribution and hosting platforms.

The key to success with blogging or any other form of content creation is to create original content. It’s OK to aggregate content from others sites but make sure that when doing that you have something new to offer in way of commentary or curation.

The biggest reasons entrepreneurs should blog, podcast or create other content is to share their ideas, build a community and engage with an audience, get exposure for their business, become a subject matter expert and to express creativity.

If you missed the session, it’s not too late to snag a ticket to join us for ContentATX on Oct. 21st, Saturday, at Galvanize starting at 10 a.m. Tickets are available at Eventbrite.

Austin Startup Week Kicks Off #ASW2017

It’s the Seventh Annual Austin Startup Week.

Silicon Hills News started in September of 2011, the same month the first Austin Startup Week took place.

Back then, the event was much smaller and the tech community in Austin was a whole lot smaller too.

Austin Startup Week is still led by the two founders, Jacqueline Hughes and Joshua Baer. This year, South by Southwest is sponsoring the week-long list of activities.

On Monday, the Austin Technology Council’s Battle of the Bands takes place at Mohawk. The bands include “Indeed’s “The Snowmen,” Visa’s “Rumor Whiskey,” Aktary Tech’s “Touring Machine,” RetailMeNot’s “The Wailsharks,” Shipstation’s “The Ship Kickers,” and ClearBlade’s “bird,” and “Golden Solid.” HEADLINER: Derrick Davis.”

Also on Monday, Capital Factory, Baer is hosting The State of Texas Entrepreneurship at 5 p.m. with tech leaders from all over the state.

On Tuesday, Silicon Hills News is hosting Content Creation for Entrepreneurs to Drive Engagement at 8 a.m. at Galvanize.

At noon on Tuesday, the Central Texas Angel Network is hosting an entrepreneurial workshop at Galvanize focused on early stage and angel investing.

On Wednesday, Damon Clinkscales is hosting Austin Open Coffee at Atlassian starting at 9 a.m. until 10:30 a.m. but it looks like the event is full. Gotta sign up early for these popular events.

If you missed Damon at Open Coffee, you can catch him Wednesday evening at 6 p.m. at Capital Factory interviewing Bob Metcalfe, professor of innovation at the University of Texas at Austin, inventor of Ethernet, co-founder of 3Com, publisher, pundit, venture capitalist and more at Startup Grind Austin.

This year, Austin Startup Week has an international panel which kicks off Thursday at 3 p.m. at Capital Factory.

And the famous Austin Startup Crawl starts at 5 p.m. on Thursday.

See the full schedule here. Registration is required. Tickets are free but organizers are also collecting donations this year and if you’d like to support DivInc, an accelerator that promotes diversity in Austin, all donations will be given to support that organization.

Trashbots Aims to Bring Inexpensive Robotics Kits to Students

Paul Austin, Rohit and Sidharth Srinivasan. co-founders of Trashbots

By LAURA LOREK
Publisher of Silicon Hills News

In remote and impoverished areas of the world, teaching children science, technology, engineering, and math, or STEM skills can involve a lot of expensive resources.

It requires computers, labs, buildings, high-speed Internet, power supplies, and pricey robotics kits with trained instructors.

That’s a problem Rohit and Sidharth Srinivasan saw first-hand during four trips to three Indian orphanages from 2013 to 2016 to teach kids STEM skills. They went on the trips with the Austin-based Miracle Foundation, a nonprofit organization that supports orphans worldwide.

And Paul Austin, ex-chief architect of National Instruments, witnessed the same thing during visits to orphanages in Africa and India from 2011 to 2016.
From teaching in India, Rohit Srinivasan and his brother learned that the kids there were very smart, but they completely lacked in creativity and problem-solving skills.

Also, the current STEM programs weren’t easy to replicate.

“We needed a way to go about scaling STEM programs for kids,” Rohit Srinivasan said.

Teaching STEM skills to kids is a problem even in the U.S. at schools with very tight budgets, he said.

Teachers need to find ways to teach robotics easily and affordably in the U.S. and worldwide, said Austin. During his 28-year career at National Instruments, Austin helped create the Lego Mindstorms NXT and EV3, programmable robotics kits used in classrooms today.

In Austin, the Srinivasan brothers joined forces with Paul Austin to found Trashhbots in spring of 2016 to create robotics kits and a curriculum that costs around $80 per kit and can be controlled through Bluetooth technology with a smartphone or tablet. They partnered with the Miracle Foundation, Science in a Suitcase and a board design shop called TenX to bring the project to life.

Trashbots requires minimal infrastructure, Rohit Srinivasan said.

There’s no need for web, cellular data, PCs or AC power supply, he said. Trashbots’ kits run on rechargeable batteries.

Trashbots did an initial test of its kits in India but officially did a much bigger launch at South by Southwest EDU in Austin in March of 2017. At that event, Trashbots won the student pitch competition and had a booth at the Expo where they received feedback from a lot of teachers.

In April, Trashbots was selected to joinTarmac Texas, a nine-month-long startup accelerator backed by 3M and CALSO and based at Galvanize. They have office space at Galvanize and they regularly meet with mentors and attend sessions to learn about building out their business.

Trashbots is far less expensive than pre-existing STEM and robotics kits and is easier to use than do it yourself kits, Rohit Srinivasan said.

“The do it yourself kits are lower cost but require a huge amount of work to go in and teach how to use the technologies,” Sidharth Srinivasan said.

Trashbots’ kit components include the Trashbot brain, software, components, curriculum, and trash or items sourced from the local environment such as water bottles, rubber bands, sticks, tape, PVC pipes and more, said Sidharth Srinivasan.

Most current day kits, a student is confined to using the pieces within the kit, Sidharth Srinivasan said.

“It’s using what you have to make something new,” Sidharth Srinivasan said. “True engineering is not going to Amazon and buying what products you need to make something. It’s using products around you to make the best solution possible. That is the core of problem-solving.”

Paul Austin and Sidharth Srinivasan wrote the program that runs the motor or brain of the Trashbots system and Rohit Srinivasan developed the hardware. The curriculum is geared for K-12 students with simple programs for the younger students and more complex tasks and programming for the older students.

In the school system, there hasn’t been a vertical understanding of how to teach technology like there has been for music, Austin said.

And even the programs that exist are lacking in creativity skills, Rohit Srinivasan said. Westlake High School in Austin, where Rohit is a Senior and Sidharth is a Sophomore, offers numerous computer programming classes since Freshman year.

“So many kids are memorizing basic facts and they are not learning the problem solving and creativity techniques which are required for true engineering or to be good at programming,” Sidharth Srinivasan said.

Other key advantages for Trashbots is the kits are highly scalable, Rohit Srinivasan said.

“From kindergarten to 12th grade, students can do such a variety of things with one kit, which is not possible with a lot of other technical material out there,” Rohit said.

“At the same time, it allows them to hone in on their creativity and problem-solving skills because of the way our curriculum is focused.”
Trashbots’ target market is upper elementary through middle school, moving into high school – that’s where the most impact can be made moving forward, Rohit Srinivasan said.

“We want to do for robotics what the calculator did for math,” said Paul Austin.

“We’re teaching this with an iterative engineering process: think, build, test and repeat the same sequence till you get to your goal,” Rohit Srinivasan said. “What’s so powerful about this is you can teach kids this is not just for engineering but relevant if you’re an artist or a CEO of a massive Fortune 500 company. Everyone uses these processes. So, you are so much more successful if you think about something then you go build it and then you test it and then you think about how it can be improved. That simple three-step process is so successful and that is at the core of the teaching principle behind Trashbots.”

This process helps kids develop other skills too like team building, risk-taking and develop their self-esteem, Sidharth Srinivasan said.

This year, Trashbots has conducted a lot of camps to roll out its technology to students, Rohit Srinivasan said. It held a camp in Reynosa, Mexico and other camps at multiple Elementary and Middle schools in Austin.

In August, Trashbots traveled to Peru at the invitation of the Ministry of Education that oversees 13,000 schools to Cañete, Peru, a rural community 100 miles south of Lima. They taught more than 100 students there with the Trashbots kits.

Trashbots also participated in iPadPalooza and ISTE, a technology education conference in San Antonio with 5,000 teachers. The Micro:bit Educational Foundation invited Trashbots to be one of the launch partners there. They got non-binding orders from 50 school districts from U.S., Canada, and Australia for 500 kits already, Sidharth Srinivasan said.

“Now we’re working with a manufacturer and design team in India,” Rohit Srinivasan said.

Trashbots is moving into production with design and manufacturing partners in India to manufacture the first kits. Trashbots plans its initial delivery later this year, said Austin. The nonprofit organization is also in the process of exploring a transition to become a Public Benefit Corporation.

“We have all these people clamoring for our products and they want stuff and we just have to be able to go scale our delivery capabilities,” Rohit Srinivasan said.

Stephanie Breedlove, Co-founder of Care.com Homepay, Provides Entrepreneurial Advice on the Ideas to Invoices Podcast

Stephanie Breedlove, co-founder of Care.com Homepay is now an angel investor with the Central Texas Angel Network and an author of “All In: How Women Entrepreneurs Can Think Bigger, Build Sustainable Businesses, and Change the World.”

Stephanie Breedlove founded Breedlove & Associates in 1992.

She built the nanny payroll company into a multi-million-dollar business with more than 10,000 active clients.

In 2012, Care.com acquired her company for $55 million and it became Care.com Homepay, according to an article in Forbes.

Today, Breedlove is an angel investor with the Central Texas Angel Network and an author of “All In: How Women Entrepreneurs Can Think Bigger, Build Sustainable Businesses, and Change the World,” published in 2017.

In this episode of Ideas to Invoices, Breedlove recounts her entrepreneurial journey and lessons along the way. She launched her company, Breedlove & Associates, a payroll and tax business for parents to pay their nannies while working at Accenture in Denver.

“My very first entrepreneurial venture was Breedlove & Associates,” Breedlove said.

Her dad worked at a corporation for the first 20 years of his career, but in his 40s he left that world and bought a small business. He was her entrepreneurial role model.

When Breedlove started her business, the funding ecosystem didn’t look like it does now. Breedlove and her husband, Bill, didn’t have enough equity in their home to qualify for a commercial loan. They couldn’t beg their parents to invest, Breedlove said. So, they started running projections to see if they could self-fund and they found they had about two and a half years of runway to do the business.

Growth is much slower with self-funding, Breedlove said. She also didn’t quit her day job until the business had proven itself.

Breedlove tested the idea with a minimal viable product and worked to service clients in the evenings and on the weekends, she said. At about two years, the business had grown to the point where she needed to either shut it down or take it national, she said.

Once she launched, Breedlove went without a paycheck for 15 months. She then started taking $1,000 a month for the next 12 months. When money was tight and the business struggled, Breedlove persevered because she loved what she was doing and she believed in the business.

“I had absolute blind optimism in the idea,” Breedlove said.

Breedlove also had a detailed 10-page business plan that became benchmarks for the long-term success of the business.

“Planning is never overrated,” she said.

When Breedlove & Associates hit $300,000 in revenue, Bill, Breedlove’s husband joined the business full time as a co-founder. He quit his corporate job and they both worked full time on the business.

“We love being business partners,” Breedlove said. “And I think one of the main reasons it works is that his talents are opposite of mine. And I think a lot of cofounders make that mistake and they look for people who see, not only the world through the same lens as them strategically, but have the same talents because birds of feathers flock together and it feels good. But I think where you have opposite there is comfortable conflict that is created and that’s where the best ideas are born. And that’s how it was for us and that’s why it was successful for us.”

In the world of the gig economy and mobile economy and people can work anywhere, moving from the home office to a real office was essential, Breedlove said.

“We felt like having an office would allow us to come together more effectively as a team,” Breedlove said.

Culture and employee development are critical for success, said Breedlove.

In the early days, hiring employees is extremely important, Breedlove said.

“Those first employees are critical,” she said.

One of the first ten hires Breedlove made has been with the company for 13 years and she was selected as Breedlove’s successor when she left the company.

The $1 million mark in annual revenue was important but success was defined by continual growth and providing great service, Breedlove said. The company crossed the $1 million mark after five years.

“And I have to admit once we crossed the $1 million mark, the march to $5 million and then $10 million and then beyond $10 million actually became easier,” Breedlove said.

For more on Breedlove’s interview, listen to the entire podcast. And please subscribe, rate and review Ideas to Invoices on iTunes.

Ericsson Opens a 5G Design Center in Austin and is Hiring 80 Employees

Sinisa Krajnovic, head of development unit networks at Ericsson.

By LAURA LOREK
Publisher of Silicon Hills News

Ericsson announced Thursday plans to open a design center in Austin with 80 employees by next June.

The center is focused on microelectronics and creating products for the 5G telecommunications marketplace.

“This R&D center will be one of our key centers when it comes to 5G ASIC development,” said Sinisa Krajnovic, head of development unit networks at Ericsson.

It’s Ericsson’s third global design center. The telecommunications giant, which has its North American headquarters based in Plano, Texas, also has a design center at its global headquarters in Stockholm, Sweden and in China.

This center will work closely with those other teams, but after a worldwide search, Ericsson selected Austin because of the telecommunications and semiconductor talent here and the city’s technology ecosystem, Krajnovic said.

The Austin team will be developing the core microelectronics for Ericsson’s 5G next-generation products.

“They are truly the brain for our mobile infrastructure,” Krajnovic said.

The Austin ASIC Design Center is open now and recruitments are ongoing, Krajnovic said.

ASIC stands for Application Specific Integrated Circuit. Such microelectronics are at the core of all Ericsson Radio Systems and can be seen as processors that are specially made for the computation needs of mobile infrastructure. Ericsson’s processors are 100 times faster and more cost-efficient than general off the shelf processors, Krajnovic said. It’s a key competitive advantage to have application specific processors, he said.

Ericsson is hiring experienced ASIC developers and architects, Krajnovic said.

“They have to have the right competence and experience,” he said. “We are not looking for beginners in this space.”

Ericsson is accelerating its “speed into this 5G journey,” Krajnovic said. “We’ve done a quite thorough analysis of the whole world and after this analysis, it all points towards Austin.”

“There are few reasons for that,” Krajnovic said. “Austin is one of the largest and fastest growing and strongest tech ecosystems, particularly in this domain. Austin is the place to be. It is the place where all the ecosystem is being developed.”

Austin has the top experts in this ASIC domain. Austin is also home to a lot of Ericsson’s suppliers and partners.

“The Silicon, microelectronics domains, are very heavily present in Austin,” Krajnovic said. “We believe this is a great place to be.”

Ericsson has about 15 employees in Austin currently working on customer-specific projects, but this will be the company’s first major site in Austin.
Krajnovic said Ericsson is confident they will find the workers they need in Austin.

“This is super cool work,” he said. “They are going to work in the forefront of the 5G technologies.”

Ericsson plans its first commercial 5G product coming out in 2019 and for deployment that year, Krajnovic said.

“Those teams in Austin will be a very important part of that journey,” he said.

Ericsson has temporary offices for the design center while it’s looking for a permanent site near Austin’s other processor manufacturers, Krajnovic said. It will be working closing with the major Silicon fab houses in Austin, he said.

For more information on the jobs, go to the Ericsson career site and search for Austin.

Adam Salamon with Next Coast Ventures, Discusses his Entrepreneurial Journey with Perk on the Ideas to Invoices Podcast

Adam Salamon, Entrepreneur in Residence at New Coast Ventures , courtesy photo

By LAURA LOREK
Publisher of Silicon Hills News

Adam Salamon is the first Entrepreneur in Residence at Next Coast Ventures, an Austin-based venture capital firm.

Salamon most recently served as co-founder and chief operating officer of Perk Inc., a rewards and engagement platform that went public on the Toronto Stock Exchange. RhythmOne PLC acquired Perk earlier this year.

RhythmOne PLC acquired Perk earlier this year for more than $40 million in a stock deal.

In this episode of Ideas to Invoices, Salamon talks about how Perk, which spun out of Jutera Labs in 2011, initially built a web-based browser that rewarded users with Perk points. Consumers could then redeem those perk points for gift cards and other items.

But Salamon and his co-founder Roj Niyogi, quickly learned that there were too many hurdles to getting consumers to switch their Internet browsers. So, they pivoted and created a mobile-based rewards app that rewarded people with Perk points for watching videos, playing games and doing other tasks. They built up their user base to more than one million users. They targeted people who wanted to save money.

Perk also raised $60,000 in a seed stage investment initially from an Austin angel investor. They later raised $1 million from a family office in the Bay area of California. With that money, they ran the business for three years from 2011 to 2014 before seeking an additional $2 million. At that point, they brought on Ted Hastings as CEO, based in Waterloo, Canada. Under his guidance, the company went public on the Toronto stock exchange. It then completed a series of acquisition of other rewards-based companies. At the end of last year, RythmOne PLC and Perk struck a deal for RhythmOne to acquire the company for more than $40 million in an all stock deal.

At the time of sale, Perk had a dozen employees in Austin and 15 employees in an office in India.

Iris Plans Lands $5.1 Million to Take the Pain out of Managing Long-Term Illness

Andrew Chen, Dr. Stephen Bekanich and Steve Wardle, co-founders of Iris Plans


By LAURA LOREK
Publisher with Silicon Hills News

For Dr. Stephen Bekanich, treating long-term illnesses early on with advance care planning is a personal mission.

Dr. Bekanich’s grandmother had metastatic breast cancer and his grandfather had dementia.

“Even as a physician I felt ill prepared to be able to take them through this,” Dr. Bekanich said.

Their illnesses prompted Dr. Bekanich to switch his medical practice to become one of the nation’s experts on palliative care, an approach to improve the lives of patients and families suffering from long-term illnesses by creating a plan early on to deal with the treatment of physical problems like pain and emotional distress. He saw a huge shortage of palliative care doctors nationwide and some patients didn’t have access to a program because of geography.

At his children’s school, Dr. Bekanich met Andrew Chen, who at the time was senior director of product management at Spredfast, and previously principal product manager with BazaarVoice. Together, they founded a predecessor company to Iris Plans, with the idea of offering advanced care planning to people with serious medical conditions through video.

For the first 10 months, Dr. Bekanich and Chen bootstrapped the previous company and then Lee Walker, former president of Dell and a mentor of Dr. Bekanich, asked them to pitch to a group of investors. Steve Wardle, who previously worked as regional CEO for the Grameen Foundation, a microfinance nonprofit organization, in Africa, was in the audience that day. He also has a background in commercial and investment banking.

“At the end, Steve said the idea is great, but the business model needs some work. Let’s see if we can shore that up a little bit,” Dr. Bekanich said. The three decided to re-form the company and create Iris Plans, with Wardle joining as co-founder and Chief Executive Officer. The three founders have been together working on Iris Plans since 2015.

Iris Plans on Wednesday announced it has raised $5.1 million in venture capital led by New York City-based Activate Venture Partners, and Austin-based LiveOak Venture Partners. Other investors include Oakland-based impact investor Better Ventures.

Iris Plans has gotten a lot of customers since its launch. Initially, the company went directly to the consumer. Now it delivers its service through partnerships with large national healthcare providers and health insurance companies who cover 100 percent of the cost for their members. Its customers include Humana and Brookdale Senior Living Inc., the largest assisted living provider in the country.

Iris Plans offers Advanced Care Planning services to patients and their caregivers through interactive online tools and live video conference sessions with specialized care facilitators. It then documents detailed medical directives for patients to help them receive future care in-line with their preferences.

“We want to make this effortless for patients and families,” Dr. Bekanich said. “We’re dealing with a population that is very vulnerable. They are going through significant stressors. They don’t want razzle-dazzle and all kinds of bells and whistles. They want their connections to the healthcare system to be as simple and effortless as possible.”

Iris Plans currently has nine full-time employees and 15 part-time workers. It expects to add five full-time employees and 10 part-time employees by the end of the year. The company, based in 3,000 square feet at 2121 E. Sixth Street, has room to grow.

Iris Plans can also save up to 25 percent on healthcare costs, Wardle said.

“If you look at the U.S. compared to other countries, we spend two and a half times more than the average, per person, on healthcare and our outcomes are towards the bottom,” he said. “In short, we’re getting a bad value right now. And there are complex reasons for that.”

“In general, there is an opportunity for our healthcare system to deliver much better value to people,” he said.

Sixty percent of personal bankruptcies are driven by medical costs that are just out of control, Wardle said. There’s a lot of room to help in that, he said.

Iris Plans is aimed at improving quality of care, improving the experience and lowering the out of pocket costs for the patients, Wardle said.

The number one reason LiveOak Venture Partners invested in Iris Plans is the impressive team to go tackle this market opportunity, said Krishna Srinivasan, general partner at LiveOak Venture Partners.

It’s a huge market opportunity and Iris Plans has already gotten huge traction, Srinivasan said.

“We all have loved ones, we all see the importance of this category called advanced care planning, there is plenty of evidence right now about the importance of this both from a cost and as well as from patient wellbeing and families wellbeing perspective. There is just a real need for advanced care planning – this is something we are convinced about,” Srinivasan said.

This is LiveOak Venture Partners’ third healthcare investment and its 20th portfolio company. It has also invested in NarrativeDX and Digital Pharmacist, both based in Austin.

The need for advanced care planning is seen across all populations whether it’s Medicare, Medicaid or the commercial healthcare system, Dr. Bekanich said.

“These serious illnesses that we’re tackling they are on the rise concurrently with the aging population that we have,” he said. “So, we are looking at heart disease, COPD, emphysema, stroke, late-stage cancer, cirrhosis of the liver, end-stage kidney failure or kidney disease – we don’t have cures for those things. They are illnesses that people live with for a prolonged period – years, sometimes decades.”

There is $210 billion spent every year on unnecessary care, Wardle said.

“A lot of that is spent on the population that has a serious chronic illness,” he said. “Ultimately, that leads to a bad experience for them. It leads to high out of pocket costs for them. It leads to a lot of stress on the family. And not necessarily the right trade-offs people think they are getting. That population is set to double and triple in the coming years. We have a rapidly aging population. And as people are getting older in the U.S., they are experiencing these kinds of conditions.”

There are a lot of barriers preventing doctors from doing advanced care planning, Wardle said.

“And the physicians want it,” Dr. Bekanich said. “They feel like it’s important like it’s necessary. We even have feelings of guilt or shame when we don’t have the discussions. But it’s almost impossible for physicians to do this with any kind of consistency or scale because of conversations are filled with conflict and they are very unpredictable in terms or how long they are going to last. They are time intensive. They are very emotional. So if you are having a bunch of these it’s easy to feel burnt out or spent. And we don’t teach people how to have these conversations.”

“That’s not part of what we learn in medical school. We learn to be great technicians, and surgeons, and diagnosticians and so forth, when a lot of the problems in this serious illness population could be handled much better with a conservation than an order for a new test or procedure.”

“For Iris Plans, because it’s technology enabled, it allows people to do this off-hours, after work, on the weekend, whatever is convenient. We can serve them virtually” Chen said.

TrustRadius Raises $5.5 Million in Venture Capital

Vinay Bhagat, founder and CEO of TrustRadius, courtesy photo.

TrustRadius, founded in 2012, announced Wednesday it has raised $5.5 million in additional funding for its technology review platform.

The Austin-based company reported LiveOak Venture Partners led the Series B round with participation from existing investor Mayfield. To date, TrustRadius has raised $13 million.

In addition to the funding, the company added Bill Macaitis, former chief marketing officer at Slack and Zendesk and senior vice president at Salesforce, as a board advisor.

“The B2B buyer’s journey has changed, and authentic user insights are now a critical component of the technology purchasing process,” Venu Shamapant, General Partner at LiveOak Venture Partners, said in a news release. “TrustRadius has succeeded in building a trusted resource for buyers as well as a powerful platform for vendors to leverage their customer’s voice in marketing, sales, product strategy and more. Given their strong execution and innovative approach, LiveOak is thrilled to partner with TrustRadius to accelerate their growth and redefine how B2B vendors use customer reviews.”

With the funding, TrustRadius plans to invest in product development and marketing and also hire new employees.

“While buyers are conducting more independent research than ever before, marketing and sales engagement remains a critical influence in considered B2B purchases,” Vinay Bhagat, founder and CEO of TrustRadius, said in a news release. “Vendors that proactively use the voice of their customers are seeing tremendous results across their funnel, from increasing lead conversion to closing deals faster. Our unique strategy centers around driving the highest-quality customer content via in-depth reviews, and empowering vendors to effectively use that content in their own channels, as well as ensuring buyers can easily access the trusted insights they seek.”

TrustRadius works with more than 100 technology brands including AlienVault, Marketo, TrendKit, Qubit, IBM, Oracle and TIBCO.

« Older posts Newer posts »

© 2025 SiliconHills

Theme by Anders NorenUp ↑