Year: 2021

Michelle Davey’s pitch to Jordan Nof of Tusk Ventures about Wheel, a startup focused on providing a full suite of virtual care solutions to clinicians, was front-loaded with early metrics. It may not be standard practice to start with the numbers, especially early on, but she explained to us why she chose that strategy — and Nof told us why it worked.

Davey and Nof joined us on a recent episode of Extra Crunch Live and went into detail on why Tusk was eager to finance Wheel, walking us through the startup’s Series A pitch deck and sharing which slides and bits clinched the deal.

Extra Crunch Live is a weekly virtual event series meant to help founders build better venture-backed businesses. We sit down with investors and the founders they finance to hear what brought them together, what they saw in each other and how they work together moving forward. We also host the Extra Crunch Live Pitch-Off, where founders in the audience can pitch their startups to our outstanding speakers.

Extra Crunch Live is accessible to everyone live on Wednesdays at noon PDT, but the on-demand content is reserved exclusively for Extra Crunch members. You can check out the full ECL library here.

When to lead with traction

Davey emphasized the importance of not sticking to a rigid format for building a pitch deck. She said it’s important to instead focus on crafting your pitch around what makes you appealing and unique. That should be on the foreground and featured prominently.

For Wheel, that meant leading with traction, since the company had impressive uptake even early on. That remained true for their recent Series B raise, too.

Sequoia is one of the most prestigious and successful venture firms to ever exist. The firm’s portfolio includes Airbnb, 23andMe, Docker, Dropbox, Figma and GitHub — and that barely covers the first half of the alphabet. (The Sequoia website lists portfolio companies in alphabetical order.)

So it should go without saying that we are absolutely thrilled to have Sequoia partner Stephanie Zhan and Rec Room founder Nick Fajt join us on Extra Crunch Live in the coming weeks.

Rec Room is a Seattle-based startup that allows users to not only play games, but to build them collaboratively with their friends. The gaming world has seen a huge boost in the wake of the pandemic, and Rec Room is thinking way out in the future about what gaming looks like not only as a user, but as a creator.

The company has raised nearly $150 million, and Sequoia led Rec Room’s seed and Series A financing rounds.

Stephanie Zhan has been with Sequoia as part of the early-stage and seed investment team, with a portfolio that includes Sunday (outdoor home subscription service), Linear (issues tracking tool for modern developers) and Middesk (background checks for businesses). She has also helped lead investments in Graphcore (microprocessors for machine intelligence), Evervault (dev tools for data privacy) and Doppler (secrets management for developers).

Before joining Sequoia, Zhan held product roles at Google and Nest.

We’ll hear from this founder/investor duo about how they met, what made them choose each other and how they’ve worked together and tackled obstacles moving forward. REGISTER HERE FOR FREE!

Extra Crunch Live also features the ECL Pitch-off, where founders in the audience will have the opportunity to virtually raise their hand and pitch on our stage to our guests, who will give live feedback.

Anyone can attend Extra Crunch Live, but accessing the content on-demand is reserved exclusively for Extra Crunch members. And damn, the Extra Crunch library is quite a resource. If you’re not yet a member, what are you waiting for? Sign up here.

This episode of Extra Crunch Live, which goes down on August 18 at 3 pm ET/noon PT, is a can’t miss. See you there!

Velodyne Lidar, the sensor company that went public a year ago when it merged with special purpose acquisition company Graf Industrial Corp., reported its second quarter earnings Thursday, results that show a company spending more to find new customers for its products while grappling with an increasingly expensive internal drama.

Just a few weeks ago, Velodyne’s CEO Anand Gopalan resigned, taking $8 million in equity compensation with him, according to the company’s second-quarter report. At the time of Gopalan’s resignation, the company restated its business outlook for 2021 revenue, noting that its guidance of between $77 million and $94 million remained unchanged.

Earlier in the year, founder David Hall was removed as chairman of the board and his wife, Marta Thoma Hall, lost her role of chief marketing officer following an investigation by the board into the couple for “inappropriate behavior.” The legal fees involved in this debacle set the company back $1.4 million this quarter, and $3.7 million for the first half of 2021, according to Velodyne CFO Drew Hamer.

The board’s fight with the Halls has escalated. In a May letter, David Hall blamed the SPAC, specifically the SPAC-appointed members of the combined company’s board, for its poor financial performance, and called for the resignation of Gopalan and two board members.

During a call with investors Thursday, Hamer also said general and administrative expenses are expected to increase by about 35% in 2021 due to increased public company and legal expenses, meaning the struggle is not over. From the first quarter to the second, there was already a 21% increase, from $17 million to $20.6 million.

The “general and administrative expenses” category falls under the company’s broader operating expenses, which were $84.8 million this quarter, about double last quarter’s spend. 

Rising legal costs at the company are only part of its accelerating cost profile. The company is also investing heavily in growth, namely in sales and marketing.

A large majority of operating expenses were spent on sales and marketing. Velodyne spent $47.2 million in the second quarter, which is up massively from $7.1 million in the first quarter.

On average, companies spend about 11.3% of their total revenue on marketing budgets, according to a 2020 CMO survey, though that is a broad metric. It’s important to note that the full impact of sales and marketing spend is never fully realized in the quarter in which that capital is put to work. In other words, we don’t know if Velodyne’s expanded Q2 sales and marketing spend has brought in more business.

The company’s revenue eased between the first and second quarters, falling from $17.7 million to $13.6 million. For a company investing so heavily in sales to see revenue decline is not encouraging, even if the bulk of results stemming from Q2 spend may not show up until the company’s third-quarter earnings report.

Velodyne is betting that its efforts will lead to accelerating sales in coming quarters. 

The company said it expects to make an additional $46 to $62 million revenue in the second half of the year due to an increase in demand for lidar products. While Q2’s total revenue was actually less than Q1’s, the company’s product-based revenue rose around 30%, which Hamer attributed to “renewed demand for lidar sensors from customers with delayed purchases due to the uncertainty caused by the COVID-19 pandemic.”

“Our pipeline continues to grow,” said Hamer. “We had 213 projects on August 1, up from 198 projects at May 1…Included in the signed and awarded pipeline are new ADAS multiyear agreements, which we expect will begin to ramp starting in 2026.”

Hamer estimated that through 2025, Velodyne has the opportunity for more than $1 billion in revenue from signed and awarded projects, plus a pipeline of projects that are not yet signed and awarded that could bring the company to $4.5 billion in potential revenue. 

At the end of April, Velodyne was selected by EV company Faraday Future as an exclusive lidar supplier for its flagship luxury electric car FF 91, which is due to be launched next year. Faraday’s cars would use the Velarray H800 lidar sensors to power their autonomous driving system. 

Velodyne has some other existing partnerships, but it faces steep competition in the automotive space.

Luminar, for example, has deals with major OEMs like Volvo and Toyota, and it recently bought one of its chip suppliers so that it wouldn’t have to be held up like everyone else in the industry, including Velodyne, by the semiconductor shortage. Hesai is also seeing some traction with customers like Lyft, Nuro, Bosch, Navya and Chinese robotaxi operators Baidu, WeRide and AutoX. 

Velodyne, which has long been the dominant supplier in the industry, has lost some customers more recently.

For instance, Ford, which had originally backed Velodyne, divested its stake in the company and placed its bets on Argo AI, which is supplying the automaker with its the autonomous vehicle technology. Argo had upped its game by drastically improving its in-house lidar sensor, meaning it would no longer need to rely on Velodyne. That had a ripple effect and impacted Veoneer, which had partnered with Velodyne to produce the lidar for Ford.

If your work life — or your life’s work — revolves around the tech startup world, there’s no more important place to be on September 21-23 than TechCrunch Disrupt 2021. And for just a few more hours, you can snag a pass to this be-all-and-end-all tech startup conference for less than $99.

In other words, peeps, it’s now-o’clock. Buy your pass before the early-bird price ends tonight at 11:59 pm (PT).

We can’t possibly detail all of the Disrupt presentations, speakers, events and opportunities waiting for you in one post — believe me, we’ve tried. So, let’s focus on just one aspect of Disrupt 2021 you won’t want to miss. The breakout sessions.

You’ll find a diverse array of these sessions scattered throughout all three days. We’ll highlight a few here, and be sure to check out all of them in the Disrupt 2021 agenda.

Startup Pitch Feedback Sessions: You’ll find 10 of these scheduled over three days. Make time to watch and learn as all the startups exhibiting in Startup Alley pitch and hear feedback from TC staff. You’re sure to pick up tips to improve your own pitch.

You Complete Me: In the age of the composable ecosystems, we’re all partners now – from frenemies to pure collaborations. So why is now the right time to invite friends and challengers to the table? The truth is we have to build for an unknown future, with a shared strategy and value outcome. Join us to discover five ways to encourage more symbiotic relationships in the platform economy. Presented by Elliott Limb, chief customer officer at Mambu.

Hacking U.S. Healthcare: Few things conjure more negative emotions than navigating medical billing; Americans urgently need solutions that prioritize their needs, decrease costs and elevate the patient journey so they can focus on getting care. Digital innovation can provide exceptional patient experiences that remove friction for payers, providers and consumers. Hear how Cedar, a digital-health unicorn, engineered a consumer-first digital platform that’s revolutionizing the financial experience for the entire healthcare industry. Presented by Cedar.

Taking Care of the Next Generation: KiwiCo empowers kids to explore, create and learn with hands-on kits. Mirvie provides a personalized window into pregnancy for early detection and intervention. Grove is committed to a plastic-free future with its line of eco-friendly beauty, home and lifestyle products. Hear from the exceptional leaders of these three companies about their mission to create a better world now and for future generations, building movements and communities, and the milestones in getting to escape velocity. Presented by Mayfield.

TechCrunch Disrupt 2021 is where you need to be on September 21-23. Why not be there for less than $100? Buy an early-bird pass before the deal expires tonight at 11:59 pm (PT).

Is your company interested in sponsoring or exhibiting at Disrupt 2021? Contact our sponsorship sales team by filling out this form.

High quality UX for websites and apps is no longer a nice-to-have, it’s a must-have if a company is to succeed. But scaling the impact of UX teams is not simple, and in recent years teams have turned to what’s know as DesignOps platforms to help them.

Now, a new startup hopes to become a key DesignOps platform for UX teams, and has raised money to help it, in turn, scale-up.

zeroheight has now raised a $10 million Series A funding round led by Tribe Capital, with participation from Adobe, Y Combinator, FundersClub, and Expa, as well as angel investors including Tom Preston-Werner (co-founder of GitHub), Bradley Horrowitz (VP Product at Google), Irene Au (built and ran UX design for Google) and Nick Caldwell (VP Engineering at Twitter).

London-based zeroheight will now expand to the San Francisco/Bay Area, and grow the team across the board. Its focus so far has been on UX documentation but it will now also explore other areas such as closing the gap between design and development.

Co-founder Jerome de Lafargue said: “zeroheight does for UX what DevOps platforms like GitHub do for building and shipping code, providing a central place to document and manage UX components, coupled with design APIs that allow teams to skip the design hand-off stage entirely and speed up the UX delivery process.”

He said the company addresses the scaling problem for UX teams: “Problems have emerged because UX teams have grown dramatically in the past few years, because UX is now so important for most companies to just compete. And so because of this you now need centralization, you need components that are reusable so that teams can be efficient and not lose quality as it keeps shipping.”

zeroheight counts several Fortune 500 companies like Adobe and United Airlines as customers among its 1,300+ customer base.

Hippo began to trade earlier this week after completing its SPAC combination. The home-focused U.S. neoinsurance provider initially stuck close to its $10 per-share pre-combination price before plummeting yesterday during regular trading.

But Hippo’s declines don’t appear to be of its own doing. Lemonade, another U.S. neoinsurance player — albeit one more focused on rental coverage — posted slightly better-than-expected Q2 results earlier in the week. After its report, Lemonade’s value dropped sharply, and it appears it dragged Hippo down with it.

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The trading volatility is interesting on its own, but what matters more is that the drop in the value of several neoinsurance companies is part of a larger trend. This week’s declines are not incredibly surprising — the market has negatively repriced tech-enabled insurance providers in recent quarters, which can be an uncomfortable situation for a category that previously basked in warm attention from public investors.

At this juncture, we’d typically riff on the new values of public neoinsurance companies and use that data to work our way into a guess concerning what the price declines might mean for related startups. Taking public-market data and using it to better understand private markets is pretty much the national pastime of this column.

Not today. Instead, we’re going to look into an interesting dynamic among neoinsurance companies that may matter a bit more for our comprehension of the private markets. Namely that the players in the space that we can name and track are generally cash-rich and market-sentiment poor.

Public markets are cutting the value of neoinsurance stocks, but the companies behind the valuation declines are rather wealthy. This makes their enterprise values smaller than you might guess from a quick glance at their market cap figures. But do Lemonade or Hippo really care if the stock market decides from one quarter to the next that their businesses are worth plus or minus 10%? Do they have enough cash to pursue their long-term visions, regardless?

Let’s unpack all the numbers, discuss an interview The Exchange held with Hippo CEO Assaf Wand earlier in the week and consider what Lemonade had to say during its earnings call.

As startups in Africa continue to grow and raise money at a ridiculous pace, so too will their cap tables expand. Most African startups’ bulk of VC money is from foreign investors, making it imperative for African startups to incorporate abroad, especially in the U.S.

The processes for incorporation are quite complicated, and even though most founders still get the hang of it, they risk the chance of messing up their cap tables. For instance, some Nigerian startups are guilty of issuing preferred shares in naira and then canceling to issue dollar-denominated SAFEs when they get incorporated in the U.S.

Raise, a startup building Africa’s Carta is tackling these challenges and has received backing from 500 Startups to scale its technology.

In 2019, Marvin Coleby, Tina Nyamache and Eugene Mutai set out to create a blockchain solution that would make it easier for people to buy and sell shares in pre-IPO companies in Africa. After running several iterations, they found out that most companies still struggled with the concept of equity and liquidity. They spent money managing corporate structures for holding companies in Delaware, Canada, and Europe but maintained paper-based subsidiaries across Africa.

According to Coleby, most of the equity across Africa is still stored, tracked and updated using paper certificates, manual processes and fragmented government databases. This raises transaction costs to manage subsidiaries and issue employee stock options. It also inflates costs to enter and exit positions in private and public companies.

So they started Raise to help startups, investors, employees, and law firms manage deals, cap tables and corporate compliance. 

On the platform, Raise customers can also automate due diligence, set valuations, track employee stock vesting and make routine documentation for licenses and government documents in Nigeria and Kenya. 

When Raise launched in 2019, it was in private beta and was backed by Binance Labs, the sole investor in its pre-seed round. Since proceeding to a public beta in 2020, Raise has onboarded customers like Anjarwalla & Khanna, Africa’s largest law firm; startups Bamboo, Workpay and Mono; and VC firms like Microtraction and Chrysalis Capital.

But the long-term problem Raise is trying to solve is liquidity, Coleby tells TechCrunch on a call.

“Everything we do is to find a way to make it easier for founders, customers, employees, investors to get liquidity from investing in companies,” he said. “Companies are raising money, people are investing, and employees are getting stock options. However, there are only one or two exits now and then. That’s because we build with the Silicon Valley model where we have to grow, scale until we get some big exit. From our perspective, liquidity doesn’t have to be that way. It can be small little pieces of liquidity that employees and investors get over time.”

By that measure, Africa’s capital markets for private and public companies are painfully illiquid. It takes several months or years to buy or sell equity, and, according to Raise, over $1 trillion of stock in Africa is “illiquid, paper-based and priced in inflationary currencies.”

Nigerian stock trading platforms like Chaka, Bamboo and Trove help Nigerians create liquidity for assets locally and internationally. However, Raise aims to build the platform behind them to streamline more asset classes and investment opportunities.

While that’s still in the works, Raise organizes ownership data for African companies and makes them accessible. It’s a similar play to what Carta, a $3 billion company offering cap table software, does for U.S. companies.

Over time, onboarding cap tables and equity data will also open up use cases for Carta to become a blockchain-based digital asset platform. The plan is to become more like Africa’s Nasdaq for private companies as it hopes to sell indexes, ETFs, futures, and assets for them. Coleby says in that way, Raise will become an equity engine for processing Africa’s hundreds of billion dollars of trade and securities volume.

Coleby says the number of companies going live is increasing 60% month-on-month. The platform manages about 200 cap tables with assets worth more than $400 million. The next phase of growth, according to Coleby, will be onboarding Series A and growth-stage companies onto the platform.

The company is active in Nigeria and Kenya. Coleby says a seed round is in the works to continue growing deeper into those markets and experiment with funding and liquidity operations across the African VC space.

Next, Raise is building a marketplace that continues connecting and educating investors, employees, and founders in one platform with their law firms to use trusted and verified data to do deals and issue stock options to employees.

Foldables! Two, probably! Those are your headliners. Samsung tipped its hand with the event invite, which features a pair of geometrical objects that pretty clearly represent the new Galaxy Z Fold and Galaxy Z Flip.

The other headliner is what we won’t be seeing at the event (Deadliner? Endliner?). The company already confirmed via corporate blog that we won’t be seeing the next version of the Galaxy Note next week. That’s a big break from the device’s long-standing annual refresh cycle.

We still don’t know if this is the end-end of the line for the phablet. Samsung told TechCrunch, “We will not be launching new Galaxy Note devices in 2021. Instead, Samsung plans to continue to expand the Note experience and bring many of its popular productivity and creativity features, including the S Pen, across our Galaxy ecosystem. We will share more details on our future portfolio once we are ready to announce.”

Rumors surfaced prior to this revelation that the company may have been forced to put the device on hold, as global supply chain issues continue to hamstring manufacturers. There’s also an argument to be made, however, that Samsung has gradually made the Note redundant over the past several Galaxy S updates.

It seems telling that the company referred to a forthcoming “flagship” in its official Unpacked copy. With the Note out of the picture and the Galaxy S about six months out from a refresh, this appears to refer to the Galaxy Fold gaining the (admittedly ceremonial) title. Whether that means two or three flagships in the company’s Armada remains to be seen.

What we do know, however, is that — like the Galaxy S before it — at least one of the forthcoming foldables will be blurring that Note line.

“I hope you’ll join us as we debut our next Galaxy Z family and share some foldable surprises — including the first-ever S Pen designed specifically for foldable phones,” the company’s president and head of Mobile Communications Business, TM Roh wrote. The executive also promised “even more refined style, armed with more durable, stronger material” on the new Galaxy Z Flip.

Previous — and subsequent — leaks have given us good looks at both the Galaxy Z Flip 3 and Galaxy Z Fold 3. Hell, it wouldn’t be a Samsung event if pretty much everything didn’t leak out prior to the event.

A series of tweets from EVLeaks has given us nearly every angle of the upcoming foldable smartphones, along with (European) prices that put the Fold and Flip starting at €1,899 and €1,099, respectively. Both mark a sizable decrease from the previous generation. That’s nice — if not entirely surprising. Samsung’s plan all along has clearly been a prolonged drop in pricing as foldable technology scaled. We’re still a long ways away from cheap here, but perhaps nudging our way toward the realm of possibility for more users.

Other leaked details for the Fold/Flip include a 7.6/6.7-inch internal display, a Snapdragon 888 processor (both) and 12MP triple/dual cameras, respectively. Interestingly, water resistance is also reportedly on board here.

With a year of virtual events under its belt, the company seems to have a better idea of pacing. Samsung — along with many other companies in the space — took liberties when events went more from in-person to online, meting out announcements event by event. Thankfully, next week’s Unpacked is a much bigger, self-contained event.

The other expected highlights are both wearables. First is the long-awaited fruits of the partnership between Samsung and Google that was announced at I/O. We didn’t get a lot of info at the time, beyond the fact that it will potentially be a boon for users and developers, with the ability to jointly create apps for both the beleaguered Wear OS and Samsung’s custom brand of Tizen.

“Samsung and Google have a long history of collaboration, and whenever we’ve worked together, the experience for our consumers has been dramatically better for everyone,” Google SVP Sameer Samat said at a June follow-up to the I/O news. “That certainly holds true for this new, unified platform, which will be rolling out for the first time on Samsung’s new Galaxy Watch. In collaboration with Samsung, we’re thrilled to bring longer battery life, faster performance and a wide range of apps, including many from Google to a whole new wearable experience.”

The company held an (admittedly disappointing) event at MWC focused on the forthcoming watch. There was, however, one key thing missing: the watch. Based on pure speculation, I’d suggest that the wearable just didn’t come together on the timeline Samsung was expecting, but the company went ahead and did a virtual presser at the (mostly virtual) trade show.

The company did, however, announced One UI Watch — a wearable version of its streamlined OS interface. Samsung notes in a press release:

One UI Watch together with the new unified platform will create an entirely new Galaxy Watch experience. As part of the new experience, once you install watch-compatible apps on your smartphone, they will be swiftly downloaded onto your smartwatch. If you’ve customized your clock app on your phone to show the time in different cities around the globe, this will be automatically reflected on your watch as well. And if you block calls and messages from your watch, they will now be blocked on your smartphone, too.

Leaks have also revealed the Galaxy Watch 4 and Galaxy Watch 4 Classic models along with (again) European pricing. They’re reportedly set to start at €279 and €379, respectively, with each featuring multiple sizing options. That last bit was always a sticking point for me with Samsung watches, which have traditionally been fairly massive, knocking out a good number of potential buyers in the process.

The last big piece of the puzzle are the Galaxy Buds 2. The latest upgrade to the company’s entry-level buds are said to be gaining active noise canceling.

Will there be surprises once things kick off at 7AM PT/10AM ET on August 11? Little, ones, probably. These leaks have a tendency to capture things in broad strokes but miss some of the key nuances in the process. And while the company is more than a little familiar with pre-show leaks, it’s still managed to surprise us in the past.

SpaceX has achieved another major milestone in its Starship fully reusable launch system: It stacked the Starship spacecraft itself on top of a prototype of its Super Heavy booster, which itself is loaded up with a full complement of 29 Raptor rocket engines, and the Starship on top has six itself. The stacked spacecraft now represents the tallest assembled rocket ever developed in history.

This stacking, which happened at SpaceX’s development site in south Texas, is a significant development because it’s the first time the two elements of the full Starship system have been united as one. This is the configuration that will be used for launching the next Starship prototype on its test mission that will hopefully achieve orbit.

Taken together, the massive combined launch system reaches nearly 400 feet tall (around 390 feet, to be more precise), and combined with the orbital launch stand on which it rests, the whole thing is about 475 feet high, which is taller than the Great Pyramid of Giza.

The stacking itself is impressive, but don’t expect it to last: The likely next step is for the two halves of the launch system to be separated again, with both undergoing more work, analysis and testing ahead of a reassembly in preparation for the actual eventual orbital launch test.

As for when the orbital launch test will actually take place, it’s not currently clear. The disassembly, testing and reassembly will take some time, but the company is definitely still aiming to make that happen before end of year.

Stream above from NASASpaceflight.

Less than a year after its $3 million seed round, Verifiable snapped up another $17 million for its healthcare provider credentialing API toolkit.

The Austin-based company’s technology creates an infrastructure for healthcare provider data management that puts providers at the center. Verifiable founder Nick Macario told TechCrunch that data fuels critical operations across health systems and insurance carriers, like contracting, credentialing, enrollment, claims and directories. All of this is being done manually now, and often inaccurately, which is leading to billions of dollars of annual waste.

Verifiable’s infrastructure manages healthcare providers and automates the verification of provider data, enabling automation of business processes like credentialing, payer enrollment and network management for virtual healthcare platforms, health systems and insurance payers. It is able to reduce credentialing turnaround times by over 70%, Macario said.

Insurance payers is the newest part of the company’s expansion that includes verifying provider directories. For example, the information that pops up when someone performs an in-network search on their healthcare plan’s website to find a certain provider in their area.

The Altman brothers led the $17 million Series A round and was joined by David Sacks/Craft Ventures and a group of individual investors including Flexport’s Ryan Petersen, Rippling’s Parker Conrad, Front’s Mathilde Collin, Syapse’s Jonathan Hirsch, Todd Goldberg and Rahul Vohra. Tiger Global and existing investors also participated in the round.

Macario was also planning to raise another round of funding, but he said the combination of an inflection point with the product and Jack Altman’s continued investment interest made it a good time to start scaling the team.

Altman said the general space of healthcare technology has potential. It is also a topic near to him — his wife is a nurse. He was speaking to her about what Verifiable was working on, and she told him that there are still teams of people doing this.

“So much data is flowing through, and because healthcare is such a massive part of the country’s GDP, there is so much potential that can be unlocked,” Altman added. “I love Verifiable’s positioning around the provider. They are the people between the healthcare system and the patient, so to have access to their data, patients can form a relationship with them, which is a powerful position.”

In addition to expanding into insurance payers, Macario intends to use the new funding to double his team of 26 employees by the end of the year. The company has openings for engineers, operations and go-to-market talent.

Verifiable works with companies like Lyra Health, Talkspace, Modern Health, Headway, Wheel, Quartet Health, Forward and provider networks to automate credentialing, compliance processes and provider operations.

“We have seen significant growth from customers and users over the past year,” Macario said. “We are making hundreds of thousands of unique verifications and will continue to double down on providers, use cases and insurance providers.”