FINANCIAL MANAGEMENT,INVESTMENT MANAGEMENT
Awiros, Inflexor Ventures and Exfinity Venture Partners | September 15, 2022
National, Sep 14 2022: Tech-focused VC funds, Inflexor Ventures and Exfinity Venture Partners, led the Series A round in Awiros, a deep-tech start-up that develops an AI-based computer-vision platform primarily for video processing. The current round of funding also saw participation from VedaVC, leading family offices and UHNIs.
Awiros is bridging a key gap in the market through its offering, a marketplace of Video AI “Apps” that allows its customers to discover and adopt suitable technology solutions quickly. Enterprises have been actively deploying Video AI solutions across automation, safety and process monitoring where the market is projected to reach USD 27Bn by 2030, based on various research studies. Awiros is accelerating the adoption of this technology, where its average customer subscribes to more than 10 apps today, up from 4 in 2019. With several Fortune 500 customers and large-scale Video AI deployments across manufacturing, warehousing, data centres, critical infrastructure and public safety, Awiros is already one of the leading companies in this space in India.
In terms of technology, Awiros is a device-agnostic Operating System (OS) for easy development and delivery of Video AI applications. The OS eliminates the need for enterprise clients to upgrade, redesign, or reinstall new systems as the enterprise’s Video AI use cases increase. The platform also abstracts out all the tedious workflow around computer vision-based AI models and lets developers concentrate on building efficient models, resulting in faster development and deployment cycles for enterprise-grade applications. In the near future, Awiros aims to be the default platform for computer vision use-cases that would allow any developer to create and deploy computer vision applications in large-scale projects in a friction-less manner and create an ecosystem that allows the best apps to thrive, much like the app-stores for smartphones.
The company aims to utilize the funding towards product enhancement, building its developer community, and business growth in India and overseas markets. This funding round will allow Awiros in augmenting the India and US teams, both in technology and sales-related functions.
Awiros was founded in 2015 by Vikram Gupta and Yatin Kavishwar. Vikram is a computer engineering research expert with a PhD from Carnegie Mellon University. His key focus area during his PhD was to architect a middleware for multi-application embedded systems, which became the base and motivation for founding Awiros. Yatin is a seasoned enterprise business leader with experience in leading government, enterprise, defence and public sector sales across multiple stints at AppDynamics, Citrix, Cisco and IBM.
Vikram Gupta CEO & Co-Founder of Awiros said “Awiros is one of the fastest growing companies in the Video AI space in India and this funding round will help us build further momentum for global growth by increasing our market share, streamlining technical operations and investing in the R&D of existing and new product categories. By onboarding the seasoned deep-tech investors from Inflexor and Exfinity, Awiros will benefit heavily from their extensive experience in technology, international business and scalable GTM.”
Jatin Desai, Managing Partner at Inflexor Ventures added, “We are very excited to partner with Vikram, Yatin and the team at Awiros as they take their patented deeptech/AI-based Computer Vision operating system and app store to global markets and continue to grow in the domestic market. As cameras become even more ubiquitous globally there will be a huge addressable market for their products. Awiros investment fits very well with Inflexor’s deeptech/tech IP theme and backing solid founders in this space”.
Chinnu Senthilkumar, Managing Partner at Exfinity Venture Partners added, “In the backdrop of data explosion happening in the video domain, we are thrilled to join Awiros’ journey in building a unified video intelligence platform that derives actionable insights for its customers. Awiros’ approach is analogous to Android O/S which enables and empowers the customer to design and deploy AI-based solutions for their business needs quickly. Awiros has excellent business synergy with our portfolio company Kinara (erstwhile Deepvision) wherein they will be able to co-develop solutions in domains such as retail automation, smart buildings, Industry 4.0 etc. for Fortune 500 clients.”
About Inflexor Ventures
Inflexor Ventures is a sector-agnostic VC firm that invests in deep and emerging technology startups from Pre-Series A to Series B stages. The team at Inflexor Ventures brings decades of experience in fund management and investments, serial entrepreneurship and global technology and operational roles. Inflexor past investments include Atomberg, Playshifu, Kale Logistics, GramCover, SecureThings, Bellatrix, Vitra.ai, and recently exited Steradian. From their earlier fund Parampara, they had also invested in Entropik, CloudSEK, SCube, and SecurAx.
About Exfinity Venture Partners
Exfinity Venture Partners is an early-stage technology-focused fund investing in the domains of deep technology, SaaS and platforms. Exfinity’s core founding principles are to focus on B2B-sector investments with a practitioner-driven approach, and they are the pioneer fund in India in these aspects. Exfinity is uniquely positioned to enable the scaling of cross-border startups building world-class enterprise solutions for customers across the globe, and also facilitate growth stage investments for their portfolio companies. Their other investments include Pixis, Log 9 Materials, MoEngage, Kinara, Locus, Skit, Ati Motors, AiPalette, Credilio, Mad Street Den and CloudSEK.
Intrinio | September 16, 2022
Intrinio is proud to announce their partnership with CFRA, a leading provider of independent research and analysis.
Intrinio is pleased to undergo a new partnership with CFRA, an independent research firm that provides financial analysis and data for the global investment community. The partnership will allow Intrinio users to access CFRA’s rigorous standardization methodology, which has been used to provide industry-leading ETF expertise since 2002.
The new condensed version of their ETF endpoints will afford startups and individuals the opportunity to provide their users with increased insights and awareness of thousands of ETFs. A deep understanding of ETF structures and underlying methodologies ensures the robustness and integrity of the hundreds of ETF data points that power all of Intrinio’s ETF endpoints.
Intrinio is a top data provider that specializes in high-quality information and customer service. The company provides modern tools for financial technology platforms (companies whose business relies on the use of electronic transactions) as well as businesses who need real-time access to market data. One of Their most popular offerings is the extensive ETF data package the company provides.
To ensure that all of their users have access to the critical ETF data points they need Intrinio is also releasing a condensed version of their ETF endpoints. This version will afford startups and individuals the opportunity to provide their users with increased insights and awareness of thousands of ETFs.
About the Company:
Intrinio is a full-service financial data provider with a focus on serving the B2B market from startups to enterprise-level customers. Intrinio offers introductory price points and data subscription packages that scale, making it still affordable and accessible for developers and quants. If a customer visits the website, they can sign up, chat with the team, and get an account, API keys, and trial data within minutes. Intrinio offers trials, monthly and annual pricing, full customer support, and co-marketing.
FormFree | August 25, 2022
FormFree® today announced it has partnered with Take Three Technologies (Take3Tech) to make its AccountChek® automated asset, income, and employment verification solutions available within LoanMAPS™, an all-in-one loan origination platform that encompasses a loan origination system (LOS), point-of-sale system (POS), customer relationship management system (CRM), compliance monitoring and report generation.
The integration enables loan originators to text or email borrowers a request to electronically verify asset, income and employment data without leaving the LoanMAPS user experience. Once borrower permission is granted, AccountChek uses securely encrypted, direct-source data to automatically populate underwriter-friendly verification of asset (VOA) and verification of income/employment (VOIE) reports, which are made available within LoanMAPS.
"We are proud to introduce AccountChek as a LoanMAPS integration partner. Our partnership enables lenders to provide a streamlined verification experience while reducing loan processing and underwriting times as well as fraud risk, We look forward to helping lenders empower consumers with the speed and convenience of electronic data verification."
-Take3Tech CEO Anita Padilla-Fitzgerald
FormFree is on a mission to make it easy for mortgage lenders to assess borrowers' ability to pay mortgage loans using high-fidelity, direct-source consumer data, It is a pleasure to partner with Take3Tech to make the benefits of AccountChek available to more mortgage lenders and consumers,said FormFree CEO and Founder Brent Chandler.
Lenders interested in learning more about the Take3Tech and AccountChek integration should visit FormFree at booth #612 or set up a meeting with Take3Tech at the Mortgage Bankers Association (MBA) Technology Solutions Conference & Expo 2022 taking place April 11–14 at the Bellagio Hotel & Casino in Las Vegas.
As the industry's go-to provider for direct-source VOA and VOI/E data, FormFree helps lenders understand credit risk like never before. Our patented AccountChek® and Passport® products open doors to more inclusive credit decisioning by revealing each customer's true ability to pay (ATP®). We have completed over $3 trillion in loan verifications that help lenders lower operating costs while improving the borrower experience.
About Take Three Technologies:
Take Three Technologies developed LoanMAPS, a cloud-based and fully-integrated loan origination platform. With LoanMAPS, you can replace your current LOS, CRM, POS, and Report Generator with one easy-to-use solution that covers of all of your mortgage banking technology needs. From client management and origination to processing and closing, LoanMAPS is here for you with easy implementation and training at your fingertips. Reduce your cost to close and increase your productivity with LoanMAPS today.
Avalara | August 09, 2022
Avalara, Inc., a leading provider of tax compliance automation for businesses of all sizes, today announced it has entered into a definitive agreement to be acquired by Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data, and technology-enabled businesses, in partnership with institutional co-investors.
Under the terms of the agreement, Vista will acquire all outstanding shares of Avalara common stock for $93.50 per share in an all-cash transaction valued at $8.4 billion, inclusive of Avalara’s net debt. The per share purchase price represents a premium of 27 percent over the Company’s closing share price as of July 6, 2022, the last trading day prior to media reports regarding a potential transaction.
Founded in 2004, Avalara’s success is built up on an extensive partner network; large tax content data and repository to help customers stay up to date on dynamic tax rules and regulations; and its cloud-native, end-to-end multi-product tax compliance portfolio. In partnering with Vista, Avalara will look to build on its successful platform by refining its go-to-market strategy, expanding its international workforce, streamlining its systems architecture, and continuing to pursue value-accretive M&A opportunities.
"For nearly two decades, Avalara has ambitiously pursued its vision to automate global compliance, making tax less taxing for businesses and governments around the world. As a leader in this category, we believe our continued investment in innovation and experience is exciting for our customers, partners, and employees. We are pleased to partner with Vista and will benefit from their expertise in enterprise software as we build and improve upon our cloud compliance platform.”
- Scott McFarlane, co-founder and CEO of Avalara
Vista has built a reputation as a preferred partner for founder-led, next-generation software companies, We look forward to working with Scott and the entire Avalara team to advance their vision and continue delivering innovative solutions to customers,said Monti Saroya, Co-Head of Vista’s Flagship Fund and Senior Managing Director.
Avalara is a mission-critical platform serving customers in a variety of end-markets, including retail, manufacturing, hospitality, and software, Avalara’s solutions, its commitment to product innovation, and its network of extensive partner integrations, resellers, and accountants make it a true leader in the space,said Adrian Alonso, Managing Director at Vista.
The transaction, which was unanimously approved by the Avalara Board of Directors, is expected to close in the second half of 2022, subject to customary closing conditions, including approval by Avalara shareholders and receipt of regulatory approval. Closing of the transaction is not subject to a financing condition.
Upon completion of the transaction, Avalara’s shares will no longer trade on the New York Stock Exchange, and Avalara will become a private company. The company will continue to operate under the Avalara name and brand.
Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Avalara, and Simpson Thacher & Bartlett LLP and Perkins Coie LLP are acting as legal counsel.
Kirkland & Ellis LLP is acting as legal counsel for Vista.
Avalara helps businesses of all sizes get tax compliance right. In partnership with leading ERP, accounting, ecommerce, and other financial management system providers, Avalara delivers cloud-based compliance solutions for various transaction taxes, including sales and use, VAT, GST, excise, communications, lodging, and other indirect tax types. Headquartered in Seattle, Avalara has offices across the U.S. and around the world in Brazil, Europe, and India. More information at avalara.com.
About Vista Equity Partners
Vista is a leading global investment firm with $96 billion in assets under management as of March 31, 2022. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista's investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity.