LOS ANGELES, CA, Spring Labs has raised $23 million in Series A funding led by GreatPoint Ventures.
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Spring Labs, the company developing the Spring Protocol — a blockchain-based platform designed to transform how information and data are shared globally — today announced that the company has raised $23 million in Series A funding. The round was led by GreatPoint Ventures with significant participation from existing investors, including August Capital, as well as General Motors Ventures, the corporate venture capital arm of General Motors, RRE Ventures, Galaxy Digital, Multicoin Capital, The Pritzker Group, and CardWorks.”We’re pleased to announce our Series A with strong participation from existing and new strategic investors, enabling us to accelerate the development of new products as well as the Spring Protocol itself,” said Adam Jiwan, CEO and Co-Founder of Spring Labs. “Additionally, we’re excited to expand our relationship with GM Financial, which has demonstrated its commitment to innovation and collaboration over the past year, playing an active role in the evaluation of products and use cases on the Spring Protocol.”
Via the GM Ventures investment, GM Financial joins more than 20 other leading financial services institutions in co-developing the first applications to be built on the Spring Protocol – all part of the company’s continued effort to better serve and protect customers and dealers.
As other forms of credit mature and evolve, such as the adoption of chip-enabled credit cards, auto financing fraud has become a path of less resistance, having increased by a rate of nearly 5x from 2011 to 2018. Fraud-related losses in auto-lending cost the industry between four and six billion dollars per year, with a large portion of that fraud resulting from the abundance of synthetic identities, a form of fraud wherein identity thieves establish credit accounts using a mix of genuine and fake customer information, such as a real customer’s name, but a fake address.
As a result, the first products being built on the blockchain-based Spring Protocol are Spring Verify for enhanced identity verification, Spring Defense for fraud monitoring and mitigation, and Spring Protect for loan stacking prevention. These products are designed to improve customer on-boarding processes by reducing costs while improving data availability, security and granularity. The products will deliver valuable anonymous data to lenders in a variety of verticals, including unsecured consumer lending, small business lending, credit card issuance, secured auto lending, and more.
“GM financial is excited to deepen its relationship with Spring Labs, and we look forward to the launch of the Spring products as we believe they have the potential to better protect our customers from fraudulent activity,” said Mike Kanarios, Chief Strategy Officer at GM Financial.
In addition to significant product, technology, and partnership traction, Spring Labs has continued to grow its team including two notable recent additions. Joel Eckhause, former CRO and COO of Renew Financial has been appointed as the company’s first Chief Operating Officer. In addition, David Kravitz, a former long-time cybersecurity advisor with the NSA, has joined the company as Director of Research.
Following its investment, GreatPoint Ventures Founder and Managing Partner Andrew Perlman will join the company’s Board of Directors.
“Spring Labs has assembled a world class team and developed highly innovative technology that has the potential to transform how information is shared not only within financial services but also in a host of other industries,” said Perlman. “We have observed the company’s development since inception and are thrilled to lead this investment round.”
For more information, visit SpringLabs.com.
About Spring Labs
Spring Labs (Springcoin Inc.) is a technology company building the Spring Protocol, a blockchain-based network that enables network participants to exchange valuable information without sharing underlying source data. The initial use case for the Spring Protocol will facilitate the exchange of identity, fraud, and risk information among financial institutions to create a more efficient, transparent, and secure ecosystem for consumer financial data than the one that exists today. Spring Labs was founded in 2017 and has offices in Chicago & Los Angeles. To learn more, visit SpringLabs.com.
Intel Capital today announced an investment of $117 million in 14 startups doing things like making AI inference faster, helping manufacturers deploy AI systems, building semiconductors, and creating disruptive tech beyond AI in health care and communications.
The companies hail from China, Canada, Israel, the United Kingdom, and the United States.
An Intel Capital spokesperson declined to share specific amounts invested in each startup. Intel Capital routinely invests between $300 million and $500 million annually in startups creating unique, forward-thinking, or disruptive solutions.
Other AI startups that received backing today include:
Cloudpick, based in Shanghai, which uses deep learning and computer vision for ecommerce solutions.
Medical Informatics, based in Houston, which uses machine learning and data to bring predictive insights to patient care.
Zhuhai Eeasy Technology, based in Zhuhai, China, which makes AI systems for media-related use cases for deployment on the edge, such as video encoding and image processing.
While the majority of the 14 companies being supported by Intel Capital are creating products and services related to artificial intelligence, other companies are in different fields, such as Polystream, which delivers 3D applications for video games in the cloud; Pixeom, which helps clients manage large-scale hybrid cloud and edge computing; and Tibit Communications, which makes a device to improve Ethernet internet connections.
The news was shared today at Intel Capital’s Global Summit, a gathering for venture capitalists and entrepreneurs now in its 19th year, which is taking place this week in Phoenix, Arizona.
Intel also announced today at Global Summit an investment in hbcu.vc, a nonprofit organization that helps students from historically black colleges and universities, as well as Hispanic students, learn more about venture capital and entrepreneurship.
Madison, Wisconsin-based Propeller Health, formerly known as Asthmapolis, has raised $14.5 million in a round of funding led by Safeguard Scientifics with participation from return backer The Social+Capital Partnership. Propeller has also hired Practice Fusionâ€™s Chris Hogg as its first COO, and heâ€™ll head up the companyâ€™s new San Francisco office.
The smart inhaler companyâ€™s devices and companion apps offer geographic mapping of inhaler use and asthma triggers as well as adherence tracking and early warning alerts for COPD patients.
â€œThe funding supports the mission we are already on: to bring sensors to the full variety of the inhaled medications that are used for chronic respiratory disease,â€ Propeller Health CEO David Van Sickle told MobiHealthNews in an interview. â€œWe are already well down that pathâ€¦ but the respiratory pipeline is fairly active. We are seeing new medications, therapies, and form factors.â€
In May Propeller received FDA clearance for its COPD offering. The new platform aims to help users prevent so-called â€œasthma attacksâ€ or similar lung inflammation symptoms caused by COPD. The Propeller Metered-Dose Inhaler measures a patientâ€™s use of their rescue inhaler. That data is automatically compared to a patientâ€™s baseline and to general clinical guidelines, and the app can alert care teams if an attack seems likely.
â€œIn addition software development, as we take on more COPD programs, we have a broad spectrum of demographics that we have to cover with our products and services,â€ Van Sickle said. â€œSo we are building out teams to support the usability and experience of not only kids with respiratory disease but elderly folks with respiratory disease, caregivers, new enterprise teams for care managers which are on their own evolving with the times and new healthcare arrangements.â€
Propeller is also using some of the funds to build out its client services teams and sales staff, which has been relatively small to date, Van Sickle said.
One of the companyâ€™s recently announced customers was an accountable care organization partly owned by Propeller partner Dignity Health: Arizona Care Network, an ACO formed by Dignity Health and Tenetâ€™s Abrazo Health, recently announced that it would offer its chronic obstructive pulmonary disease (COPD) patients the FDA-cleared, wireless-enabled inhaler and companion program developed by Propeller. The deal marked the first ACO deal for Propeller and one of the few publicly disclosed mobile health customer wins involving an ACO.
â€œWe are [seeing interest from other ACOs] but it depends a lot on what type of ACO, right?â€ Van Sickle said. â€œ[It depends on] how far they are along in their own life course and whether they have developed a budget for innovations investment yet. For a while there was just a lot of groundwork that needed to be laid down to make those kinds of investments. Now we are seeing that change a bit.â€
Propeller is seeing a lot of interest in COPD programs, Van Sickle said, partly driven by the market forces in healthcare incentivizing providers to reduce readmissions for COPD patients in particular.
Propellerâ€™s new Chief Operating Officer â€” the companyâ€™s first ever COO â€” was Practice Fusionâ€™s Associate Vice President of Data Sciences. Hogg joined Practice Fusion in early 2013 after the company acquired his consumer-facing startup 100Plus, which was incubated at Practice Fusion and partially funded by Practice Fusion CEO Ryan Howard, but otherwise a separate business pre-acquisition.
â€œChris brings first and foremost a really interesting mix of skills and experience â€” both the academic experience heâ€™s had and the commercial experience in pharma, data analytics, and fielding a digital health company,â€ Van Sickle said. â€œFor me [Chris’ hire] echoes and foreshadows a shift in digital health toward the therapeutic approach and how we need to build digital health interventions that â€” hopefully â€” have a real focus on delivering improvement and outcome and less on engagement for its own sake. Chris has lived and practiced a lot of what we are trying to do and he has the operating mojo that we want to bring to this company. Heâ€™s a great fit and weâ€™re really excited to have him.â€
Comedian Jim Carey narrates this beautiful sequence of Life. I was moved and only wish that all people across our planet could join in a ocean of consciousness for good and peace. Joined in thought and goodwill to extinguish all hate and evil. Joined together to pervade our societies with a blanket of honor, respect, peace and love.