Most popular posts
- What makes great boards great
- The fate of control
- March Madness and the availability heuristic
- When business promotes honesty
- Due diligence: mine, yours, and ours
- Alligator Alley and the Flagler (?!) Dolphins
- Untangling skill and luck in sports
- The Southeastern Growth Corridors
- Dead cats and iterative collaboration
- Empirical evidence: power corrupts?
- A startup culture poses unique ethical challenges
- Warren Buffett and after-tax returns
- Is the secret to national prosperity large corporations or start-ups?
- This is the disclosure gap worrying the SEC?
- "We challenged the dogma, and it was incorrect"
- Our column in the Tampa Bay Business Journal
- Our letter in the Wall Street Journal
Other sites we recommend
Yearly Archives: 2020
BPV is proud to report that four of our portfolio companies have been named to the Inc. 5000 list of the fastest growing private companies in America: a comparative online car insurance platform and three B2B SaaS businesses.
Congratulations to Austin’s The Zebra (1st year), Dallas’ Spotio (2nd year in a row), Louisville’s SkuVault (4th year in a row) and Orlando’s PowerDMS (10th year in a row). We’re thrilled to be partnered with these great entrepreneurs!
By: Haley Cawthon
Source: Louisville Business First
Andy Eastes, co-founder and CEO of SkuVault, poses for a portrait at the company’s East Louisville office.
Some people in the startup world call it the hustle. Others call it the grind.
No matter what you call it, Andy Eastes has been doing it since middle school.
Like many kids his age, Eastes started mowing lawns to make a few extra bucks. But what he really loved was selling odds and ends on e-Bay.
“I’d look at estate sales, yard sales, police auctions, my friends’ parents’ garages, attics and basements — whatever random things I could find,” he said.
Eastes was usually working a part-time job, too. At 14, he got his first job as a busboy for Mazzoni’s Oyster Café (where Queen of Sheba is now) on Taylorsville Road — being so young that he had to get his parents to sign a paper for him.
That unwavering work ethic stuck with Eastes, which ultimately led him to bootstrap his own business venture while still in college. Years later, that business, SkuVault, has become one of Louisville’s fastest-growing companies with nearly $6 million in revenue in 2018.
Eastes went to the University of Louisville’s Speed School for industrial engineering, a major he thought he’d be interested in because it combined business and engineering.
“I was not as math and science-y as I thought I was — it was a different level of math I guess — but I did it,” he said.
Well, he almost did it. Halfway through his senior year, Eastes dropped out. But we’re getting ahead of ourselves.
During his time at the Speed School, Eastes said he interned at a copper bar fabrication plant in rural Kentucky.
“That was my first understanding of these large companies that were paying millions of dollars for software systems that didn’t work for them,” he said. “They were using some big Oracle-based system and their salespeople put orders in it, but they had built a patchwork of other systems in Microsoft Access to run their day-to-day operations.”
As a solution to the that issue, Eastes built his first inventory system at age 21.
“As it turns out, they were late on all of their orders because they didn’t track their inventory, so they didn’t know what to buy and didn’t have the metal they needed when it came time to build the orders,” Eastes said. “Pretty simple problem, really, just track what you have and you can order more.”
In 2010, Eastes’s junior year of college, one of his friends asked him to help find an inventory-management system for their growing e-commerce business. He searched for a solution for two or three months but couldn’t find one.
So he built one, in partnership with Slav Ivanyuk. They didn’t know it at the time, but they ended up building the first version of SkuVault in a year and a half and ended up selling it to another company in Ontario, California.
“We thought, ‘Hey, why did we have to build this? There must be a hole in the market,’” Eastes said.
Eastes and Ivanyuk created a web-based version of their platform and launched it in late 2012, founding SkuVault in the process.
All the while, Eastes was still trying to finish school. He said he realized he needed to 100% commit to school or his business and ultimately decided to drop out.
“My thought process was, ‘I can always go back to school, but this opportunity is now; it probably won’t be here in a year,’” he said.
To fund the business, the duo did small, one-off development projects and Eastes ended up with a bunch of credit card debt. It was hard, but necessary, to build the system when it needed to be built — meaning, before someone else recognized the opportunity.
PowerChord, Inc. Promotes William “Bill” Volmuth to Company CEO
On the heels of milestone announcements including a rebrand and new SaaS platform features, PowerChord promotes company President to CEO
PowerChord , a leading SaaS solution company connecting brands to local customers, today announces William “Bill” Volmuth’s promotion from president to CEO. Volmuth joined PowerChord as president in July 2019 and has propelled the company’s vision and mission forward over the last year, most recently leading a company-wide rebrand.
Volmuth is a veteran business and technology expert with more than 25 years of experience driving growth at software, engineering, and cybersecurity organizations across North America, Europe and Asia. As CEO, he will continue to focus on continuing PowerChord’s forward momentum in driving local lead generation for global brands via the company’s proprietary SaaS platform, coupled with digital marketing services to drive lead generation and content distribution.
“Leading PowerChord’s innovative and driven team for the last year has been one of the greatest privileges of my career. Together, we’ve taken the company’s platform and services to the next level, both by further optimizing local lead generation for our customers, and enhancing our platform reporting and visibility. I’m humbled and excited to take on the role of CEO and continue the momentum we have built together,” said Volmuth.
Earlier this month, PowerChord announced updates to its SaaS platform including the pilot of new visualization for the Command Center, availability in five languages: English, Spanish, German, French and Italian, a new library of website design components optimized for lead generation, and an integration with Zapier to open the door to thousands of third-party software integrations a customer might need, such as integrating the platform with a brand’s CRM.
“As President, Bill has been instrumental in aligning the strategic and operational needs for our future growth. His ability to build teams and empower them to collaborate and innovate at a high level is evidenced in the strong momentum seen within our PowerChord Platform. Decisiveness, empowerment and vision are critical in today’s marketing and technology space and with Bill taking on the new role of CEO, he brings a refreshing mix of all these attributes and more to PowerChord’s future,” said Patrick Schunk, PowerChord’s Founder and Chairman of the Board.
“We are thrilled at Bill’s promotion from President to CEO of PowerChord,” commented Ballast Point Ventures’ Robert Faber. Faber continued, “We have admired Bill’s technology and management acumen for a number of years, and we are excited that he will be leading one of Tampa Bay’s most promising technology companies.”
PowerChord currently has several positions open in St. Petersburg. For more information about the company and joining the team, visit www.powerchord.com .
PowerChord makes it easy for brands distributing high-consideration products through independent dealers to remain competitive in an evolving digital landscape through local lead generation campaigns that are scalable and consistent across the brand. PowerChord’s proven SaaS platform and omnichannel digital marketing solutions help brands and local retailers reach more people online and follow the sales journey to convert them into customers. Analytics and insights provide transparency brands have never had before to increase local sales opportunities online through local dealer networks.
Founded in 2001, PowerChord’s customers and campaigns span 28 countries and the platform powers more than 15,000 local retailer website experiences worldwide. For more information, visit www.powerchord.com .
TissueTech, Inc. Announces One-Year Follow-up Study Results – Cryopreserved Umbilical Cord allograft TTAX01
SOURCE Amniox Medical, Inc.
MIAMI, June 1, 2020 /PRNewswire/ — Amniox Medical Inc. (Amniox), a TissueTech, Inc. company and pioneer in the clinical application of human birth tissue-based products, announced today the results from the one-year follow-up study to their Phase 2 open label, multicenter pilot study of Cryopreserved Umbilical Cord allograft TTAX01. The objectives of the study were to examine the safety and efficacy of TTAX01, plus standard of care, in achieving complete wound closure of complex non-healing Diabetic Foot Ulcers (DFUs) with evidence of exposed bone, tendon, muscle and/or joint capsule and clinical suspicion of osteomyelitis. Results of this one-year study are published in the peer-reviewed journal Wound Repair and Regeneration.
The follow-up study indicates that TTAX01 is a promising adjunct therapy for the management of complex, non-healing DFUs complicated by osteomyelitis.1 The results of this one-year follow-up study with TTAX01 demonstrate an overall 86.2% wound closure rate and are comparable to previously reported results using the commercially available Cryopreserved Umbilical Cord NEOX® in a retrospective study.2 In that study by Caputo, 26 of 33 (79%) of the wounds achieved complete wound closure in 16 ±9.3 (range: 4–44) weeks with 1.2 ± 0.4 NEOX applications. The average wound size was 16 ± 18 cm.
“Although there have been numerous other studies published on the management of DFUs, the majority of these studies have been with less severe and more superficial Wagner Grades 1 and 2 DFUs – where there is no infection and little or no exposure of muscle, fascia, joint capsule, or bone. More severe and higher-grade Wagner 3 and 4 DFUs presenting with exposed bone and the presence of osteomyelitis are usually excluded in clinical trials as they are the most challenging wounds to manage,” said William A. Marston, MD, Vascular Surgeon at University of North Carolina at Chapel Hill and lead investigator for the Phase 2 trial. “We’ve chosen to go after the most severe DFUs to address a critical, unmet clinical need with the goal of identifying a successful treatment option to help this diabetic population exhibiting high morbidity and mortality. We are looking forward to the Phase 3 trials to be initiated soon, which will provide an opportunity to confirm these results in larger pivotal trials.”
There were 29 patients who participated in this follow-up study conducted at 11 U.S. healthcare facilities. An independent medical reviewer evaluated images to confirm each DFU closure as assessed by the principal investigator. Trial results showed that only an average of 1.5 applications were necessary to facilitate complete wound closure in 25 of the 29 total patients.
“The results of this Phase 2 study show not only higher than standard of care healing rates, but also fewer applications than studies using other amniotic membrane and similar wound care products for less severe wounds, which is ideal in today’s COVID-19 environment where we are doing all we can to reduce these high-risk patients’ exposure to a virus that could have dire consequences for their health,” said Amy Tseng, President and Chief Executive Officer of TissueTech. “I truly believe our strong scientific research background, combined with our willingness to look for clinical solutions for unmet needs in hard-to-heal patients is what distinctly differentiates TissueTech from other companies. The findings in the Phase 2 trial related to less frequent applications and persistent wound closure are of particular importance right now and offer new hope for a future treatment option in this vulnerable population where we see many wound care centers leveraging less frequent patient visits to the clinic to reduce risk as a result of the COVID-19 health crisis.”
About Amniox Medical, Inc.
Amniox Medical, Inc., a TissueTech, Inc. company, is a leader in the clinical application of human birth tissue-based products (amniotic membrane & umbilical cord) processed using TissueTech’s proprietary CRYOTEK® cryopreservation technology. Established in 2011, Amniox serves an unmet need for better surgical and therapeutic outcomes for chronic and complex wounds, orthopedics, sports medicine, spine, urology, gynecology, plastics, and general surgery. Connect with Amniox on our Website, Facebook, LinkedIn and Twitter.
About TissueTech, Inc.
TissueTech, Inc., the parent company of Amniox Medical, Inc. and Bio-Tissue, Inc., is a scientific and market leader in the field of regenerative medicine. TissueTech manufactures a broad range of ocular, surgical, wound care, and soft tissue products that are marketed under these subsidiaries. Since the company’s inception, clinicians have performed more than 500,000 human implants of the company’s products and published more than 360 peer-reviewed studies supporting its platform technology. TissueTech is committed to an unwavering culture of integrity that places our patients’ safety and clinical outcomes above all else. Learn more at https://tissuetech.com/.
- Marston, W. A., Lantis, J. C., Wu, S. C., Nouvong, A., Lee, T. D., McCoy, N. D., et al. (2019). An open-label trial of cryopreserved human umbilical cord in the treatment of complex diabetic foot ulcers complicated by osteomyelitis. Wound Repair Regen. 27, 680–686. doi: 10.1111/wrr.127542.
- Caputo, W. J., Vaquero, C., Monterosa, A., Monterosa, P., Johnson, E., Beggs, D., et al. (2016). A retrospective study of cryopreserved umbilical cord as an adjunctive therapy to promote the healing of chronic, complex foot ulcers with underlying osteomyelitis. Wound Repair Regen. Off. Publ. Wound Heal. Soc. Eur. Tissue Repair Soc. 24, 885–893.doi: 10.1111/wrr.12456
Source: CISION PRWeb
Orlando-based SaaS company ranks as one of the highest-scoring businesses, with standout employee engagement
PowerDMS was selected from thousands of companies for the prestigious award. The list is the result of a wide-ranging and comprehensive measurement of private American companies that have created exceptional workplaces through vibrant cultures, deep employee engagement, and stellar benefits.
“We’re incredibly honored to be recognized by Inc. as a Best Workplace for 2020,” said David DiGiacomo, CEO of PowerDMS. “We have built an organization that is committed to relationships, to growing each other and the communities we serve. Even during these difficult societal times, we have leaned on the backbone of our culture – trust, integrity, and accountability – to help each other and our business continue to thrive.”
Collecting data from more than 3,000 submissions, Inc. singled out 395 finalists for this year’s list. Each nominated company took part in an employee survey, conducted by Quantum Workplace, on topics including trust, management effectiveness, perks, and confidence in the future. Inc. gathered, analyzed, and audited the data. Then it ranked all the employers using a composite score of survey results. This year, 73.5 percent of surveyed employees were engaged by their work.
The strongest engagement scores came from companies that prioritize the most human elements of work. These companies are leading the way in employee recognition, performance management, and diversity.
“Building a great corporate culture comes only from strong leadership,” says Inc. magazine editor-in-chief Scott Omelianuk. “The companies on Inc.’s Best Workplaces list are setting an example that the whole country can learn from, especially now, when company culture is more important to the workforce than ever.”
To learn more about PowerDMS, go to http://www.powerdms.com.
Founded in 2001, PowerDMS offers a cloud-based policy, compliance, accreditation management solution that helps organizations reduce risk and liability, protect reputation, increase efficiency, and save lives. The company provides software tools to organize and manage an organization’s critical documents and industry accreditation standards, and allows for training and testing of employees. PowerDMS serves customers in the private sector, public safety, government, and healthcare and has achieved significant organic growth in these markets. To learn more, go to http://www.powerdms.com.
About Inc. Media
The world’s most trusted business-media brand, Inc. offers entrepreneurs the knowledge, tools, connections, and community to build great companies. Its award-winning multiplatform content reaches more than 50 million people each month across a variety of channels including websites, newsletters, social media, podcasts, and print. Its prestigious Inc. 5000 list, produced every year since 1982, analyzes company data to recognize the fastest-growing privately held businesses in the United States. The global recognition that comes with inclusion in the 5000 gives the founders of the best businesses an opportunity to engage with an exclusive community of their peers, and the credibility that helps them drive sales and recruit talent. The associated Inc. 5000 Conference is part of a highly acclaimed portfolio of bespoke events produced by Inc. For more information, visit http://www.inc.com.
About Quantum Workplace
Quantum Workplace, based in Omaha, Nebraska, is an HR technology company that serves organizations through employee-engagement surveys, action-planning tools, exit surveys, peer-to-peer recognition, performance evaluations, goal tracking, and leadership assessment. For more information, visit QuantumWorkplace.com.
March 5, 2020 – Mailprotector, a Greenville, SC-based cybersecurity company, raised $5 million in growth equity funding from Ballast Point Ventures. The channel-centric company will use that capital to accelerate product development, grow sales and marketing efforts, and expand services to its strong and growing network of Managed Service Providers (MSPs). As part of the expansion, the company plans to add more than 30 positions across all departments at its Greenville, SC headquarters and other locations around the country.
The company has over a decade of experience providing highly available and highly secure email solutions to organizations around the world. As a cloud-based email security, compliance, encryption, and hosting platform, Mailprotector’s solution is engineered from the ground up with partners’ management needs as a top priority. Mailprotector puts a premium on user experience and security with its advanced product stack, including CloudFilter, SafeSend, SecureStore, XtraMail, CloudMail, Exchange+, and Bracket. The company’s patent-pending flagship email encryption product, Bracket, is as simple to use as it is secure.
“Mailprotector is dedicated to empowering our channel partners with highly valued services and profitable recurring revenue streams,” said David Setzer, Mailprotector founder & CEO. “We know that email is still the prime vector for cyber-attacks, especially financially crippling ransomware and phishing threats. This investment means we can supercharge the development of our world-class cybersecurity protection tools for our partners and their clients, giving them an even stronger first line of defense against cyber threats and user error,” Setzer added. “We were thrilled to find in Ballast Point a firm that aligns with our channel partner commitment and one who respects our stewardship responsibilities in those relationships.”
“We are excited to partner with David, CTO Ben Hathaway, and the entire Mailprotector team to drive continued email security leadership and technology innovation,” said Robert Faber, Partner at Ballast Point Ventures, who will join Mailprotector’s Board of Directors. “BPV has a long history of supporting high-growth software companies throughout the Southeast, and we have been impressed with David and his team as they have built industry-leading email security tools with limited outside capital investment.”
Mailprotector empowers its users with a portfolio of cloud-based email security, management, and hosting services sold exclusively through the channel to businesses, government, and non-profits around the world. Products include inbound and outbound email security, email continuity, email archiving, email encryption, and business-class hosted email solutions. More information is available at www.mailprotector.com.
About Ballast Point Ventures
Ballast Point Ventures, headquartered in Tampa, Florida, is a later-stage venture capital and growth equity fund founded in 2002 to provide expansion capital for rapidly growing, privately-owned companies, with a particular emphasis on companies located in Florida, the Southeast, and Texas. The BPV partners have more than 80 years of combined experience investing in and building high-growth companies in the firm’s target industries, including software, technology-enabled business services, and healthcare. Ballast Point Ventures has $360 million under management across three Funds and seeks to make initial equity investments ranging in size from $4 million to $10 million. For additional information, visit www.ballastpointventures.com.
Source: Intelligent Retinal Imaging Systems (IRIS)
PENSACOLA, Fla., Jan. 29, 2020 /PRNewswire/ — Intelligent Retinal Imaging Systems (IRIS), the industry leader in telemedicine solutions for diabetic retinal evaluation, was announced as a grantee for the Microsoft AI for Health Initiative. AI for Health, Microsoft’s newest initiative under their AI for Good program, will encompass a $40 million, 5-year program that will leverage AI to empower organizations like IRIS, and other companies in the realm of improving health.
“It has always troubled me when patients would come into my practice with severe late-stage eye damage and I couldn’t do anything to save their eyesight,” said Dr. Sunil Gupta, Retinal Surgeon and Founder at IRIS. “The opportunity to work with some of the most talented people in the world at Microsoft means that together we will generate new ideas and insights that will ultimately improve access to care, improve our ability to find and treat retinal disease earlier, all the while allowing us to more successfully save eyesight.” CEO of IRIS, Steve Martin added, “We are honored to have been chosen to partner with Microsoft through this great initiative. The exciting part about this opportunity is working with Microsoft to explore new technologies that will accelerate the development of AI solutions at IRIS to save people’s vision.”
Diabetic retinopathy is a leading cause of blindness across the world and 463 million people are currently at risk. Early detection and effective treatment can reduce the risk of blindness up to 95%. Microsoft’s collaboration with research and the development of an AI solution will empower IRIS to bring retinal evaluations to underserved populations across the globe in an effort to end preventable blindness. Through the AI for Health initiative, efforts will center on three key areas: Quest for Discovery, Global Health Insights, and Health Equity.
IRIS is one of six initial grantees for the AI for Health initiative and is honored to be recognized with organizations like BRAC, Fred Hutchinson Cancer Research Center, Novartis Foundation, PATH, and Seattle Children’s Research Institute. Each organization will work with Microsoft to use AI to decipher tough issues like discovering the cause of SIDS, eliminating leprosy, and building an ecosystem that allows safe and secure sharing of biomedical data.
The mission of the AI for Good program is to solve humanitarian issues and create a more sustainable and accessible world; this mission, combined with IRIS’ mission to eliminate preventable blindness shows a direct alignment and clearly demonstrates why this partnership will generate good for people.
About Intelligent Retinal Imaging Systems
Intelligent Retinal Imaging Systems (IRIS) is a Pensacola, Fla.-based company founded in 2011, with a vision to end preventable blindness through the development and deployment of retinal diagnostic services. The company’s IRIS solution includes an FDA Class II cleared medical device that has improved quality, expanded access and reduced costs for diabetic retinopathy exams across the U.S. For additional information visit our website: www.retinalscreenings.com
Microsoft (@microsoft) is the leading platform and productivity company for the mobile-first, cloud-first world, and its mission is to empower every person and every organization on the planet to achieve more.
Carterra® Closes Financing Round for Continued Growth of the LSA™ Platform for Next Generation Antibody Discovery
Salt Lake City, Utah, USA. Carterra® Inc., the world leader in high-throughput antibody screening and characterization, has closed a $6M round of financing led by Ballast Point Ventures with participation from current investor, Telegraph Hill Partners. The additional funding will support the continued adoption of the innovative Carterra LSA™ high-throughput Surface Plasmon Resonance (HT-SPR) antibody screening platform and the development of new products and applications.
The Carterra LSA revolutionizes the drug discovery process by enabling higher information content assays earlier in the discovery process¬¬—during antibody screening. The LSA can measure binding kinetics and affinities of hundreds of interactions in parallel and perform comprehensive epitope binning experiments on up to 384 antibodies simultaneously. By conducting detailed antibody characterization during screening, the Carterra LSA increases the efficiency and productivity of lead selection and reduces costs during drug discovery and development.
“Carterra’s proprietary technology addresses a key objective of the pharmaceutical industry by helping to minimize the time it takes to develop new therapeutics,” said Matt Rice, Partner at Ballast Point Ventures. “We’re excited to provide resources and guidance as Carterra continues its growth.”
Carterra has seen rapid uptake of its LSA platform among large pharmaceutical companies, biotechs, contract research organizations, and academic labs since its launch in late 2018. “We are honored to work with Ballast Point Ventures and Telegraph Hill Partners in our mission to help scientists push the boundaries of scientific discovery.” said Carterra CEO, Josh Eckman. “Researchers are seeing how the Carterra LSA can significantly shorten the lead selection timeline and provide insights that were not previously possible.”
About Carterra, Inc.
Carterra® is the leading provider of high throughput technologies designed to accelerate and improve the discovery of novel therapeutic candidates. Carterra’s LSA™ instrument, software, and consumables for monoclonal antibody (mAb) characterization deliver up to 100 times the throughput of existing platforms in 10% of the time while using only 1% of the sample required by other systems. The LSA combines patented microfluidics technology with real-time high throughput Surface Plasmon Resonance (HT-SPR) and industry-leading data analysis and visualization software to revolutionize mAb screening. Carterra, Inc. is based in Salt Lake City Utah, and has Customer Experience Centers in Dublin, California, Andover, Massachusetts and Munich, Germany. For additional information, please visit www.carterra-bio.com.
About Ballast Point Ventures
Ballast Point Ventures, headquartered in Tampa, Florida, is a later-stage venture capital and growth equity fund founded in 2002 to provide expansion capital for rapidly growing, privately owned companies in the healthcare, software and technology-enabled business services industries. For more information, please visit www.ballastpointventures.com.
About Telegraph Hill Partners
Telegraph Hill Partners, founded in 2001 and based in San Francisco and San Diego, CA, invests in innovative commercial stage life science, medical technology and healthcare companies. For more information please visit www.telegraphhillpartners.com.
January 9, 2020 – SPOTIO, a Dallas-based software company providing cloud-based sales acceleration and performance management solutions for field sales personnel, is pleased to announce a $4.5 million Series A investment from Ballast Point Ventures. The platform’s robust, mobile-first feature set enables sales teams to manage sales territories, execute face-to-face meetings, and optimize the sales pipeline and performance across the outside sales organization. SPOTIO will use the investment to accelerate development of its technology pipeline, add to its sales team, and intensify its marketing efforts.
“Built with the field sales representative and manager in mind, SPOTIO’s platform delivers a comprehensive mobile solution tailored towards providing actionable leads for outside sales reps in the field and unparalleled insight for managers back at the office. We provide both business-to-business outside sales personnel and residential sales teams the tools they need to execute and manage their outside sales activities,” said SPOTIO Founder and Chief Executive Officer, Trey Gibson.
“We are excited to bring an institutional investor into our company and are eager to get to work with Ballast Point Ventures. We look forward to this next leg of the journey and to continue to deliver a comprehensive solution to our many customers.”
“As BPV has gotten to know Trey over the last couple of years, we have been very impressed with the growth and success SPOTIO has been able to achieve with minimal outside investment. Given our focus on partnering with rapidly growing private companies with great management teams in the Southeast and Texas, SPOTIO is a great fit for us,” said Ballast Point Ventures’ Sean Barkman, who will join the SPOTIO Board of Directors.
“We are excited to partner with the entire SPOTIO team to drive continued growth and solidify the platform’s position as the leading outside sales enablement software.”
“We are excited to have another investment in the Dallas area,” continued Robert Faber, who will serve as a Board Observer at SPOTIO. “Trey is exactly the kind of entrepreneur that we want to work with, and we are excited about partnering with him after building a relationship with him for the last several years.”
SPOTIO is a mobile-first solution for outside sales teams to eliminate guesswork, and focus on the highest impact activity. The platform provides managers with real-time visibility into their team’s activities for improved sales development. Sales reps receive access to the mobile application with targeted prospect data, historical knowledge of each account, and document management functionality. Thousands of customers rely on SPOTIO to accelerate growth with their sales teams. SPOTIO is a privately held company based in Dallas, Texas.
For additional information, visit www.spotio.com.
About Ballast Point Ventures
Ballast Point Ventures, headquartered in Tampa, Florida, is a later-stage venture capital and growth equity fund founded in 2002 to provide expansion capital for rapidly growing, privately owned companies, with a particular emphasis on companies located in Florida, the Southeast and Texas. The BPV partners have more than 80 years of combined experience investing in and building high-growth companies in several industries, including software, technology-enabled business services, and healthcare. Ballast Point Ventures has $360 million under management across three Funds and seeks to make initial equity investments ranging in size from $4 million to $10 million.
For additional information, visit www.ballastpointventures.com.
Abacode, a Fast-Growing Cybersecurity & Compliance Firm, Announces $4.85 Million Investment Led by Ballast Point
TAMPA, Fla., January 9, 2020 – Abacode, Inc., a Cybersecurity and Compliance services firm based in Tampa, FL, is excited to announce a $4.85 million Series A growth equity investment led by Ballast Point Ventures. Abacode will leverage the investment to scale its sales, security operations center and project execution teams, broaden its marketing efforts, and further enhance its technology-enabled service offering.
Abacode, a Managed Security Services Provider (“MSSP”), is a five-year-old company that is transforming the way businesses implement cybersecurity and compliance programs throughout the U.S. and abroad. Abacode has specific expertise in proactively monitoring, detecting, and responding to cyber threats in real-time through the Company’s 24/7 Security Operations Center. Abacode also provides a suite of Governance, Risk, and Compliance (“GRC”) Readiness services helping companies prepare for third-party audits and certifications. Among its many other professional services, the Company has a premier vulnerability assessment package along with digital forensic teams to assist companies in case of a suspected incident or breach. Abacode works with organizations ranging in size from mid-market businesses to publicly traded global enterprises.
CEO and Co-Founder Mike Ferris commented, “We are extremely excited to partner with Ballast Point Ventures as we continue our focus on building a world-class MSSP and invest heavily in scaling our service offerings. BPV was the right partner at the right time. Our visions are perfectly aligned in order to add unique value to our clients and partners alike.”
Current and emerging compliance mandates are forcing companies to take a different approach to how they manage internal data risk and cybersecurity needs going forward. This reality, combined with the flood of new technology products in the marketplace, has added additional complexity and confusion and is one of the primary reasons organizations are working with Abacode. “It’s very fulfilling to see so many market-leading companies reach out to us to help them consolidate their cybersecurity programs under one roof. Cybersecurity and compliance isn’t just a component of what we do, it’s our sole focus. We not only help drive enterprise strategy but also deliver and implement the most appropriate services and solutions. This is very unique in the market and the real value is providing client leadership a way to finally make holistic business-driven decisions instead of tactical product-driven decisions,” said Ferris.
“The Abacode team has made great progress growing its customer base, service offering, and organization during the Company’s short history,” said Ballast Point Ventures’ Sean Barkman, who will join the Abacode Board of Directors. “This is an exciting opportunity for BPV to partner with an impressive management team we have known for a few years now who are building a leading compliance-oriented cybersecurity business in a dynamic industry segment,” Sean also commented.
Abacode is a Managed Security Services Provider (MSSP). The Company addresses client risk from a business strategy first and cyber technologies second (product agnostic) standpoint. This methodology ensures that technical and non-technical leadership teams are able to make unbiased business decisions that positively impact the entire organization. Abacode has become one of the fastest-growing MSSPs by empowering companies to have a Cyber Capability Maturity Model (CCMM) and consolidate all cybersecurity & compliance initiatives under one roof. Abacode has offices in the Americas and Europe. Learn more at https://abacode.com, https://www.linkedin.com/company/abacode-llc or email@example.com.
About Ballast Point Ventures
Ballast Point Ventures, headquartered in Tampa, Florida, is a later-stage venture capital and growth equity fund founded in 2002 to provide expansion capital for rapidly growing, privately-owned companies, with a particular emphasis on companies located in Florida, the Southeast and Texas. The BPV partners have more than 80 years of combined experience investing in and building high-growth companies in several industries, including software, technology-enabled business services, and healthcare. Ballast Point Ventures has $360 million under management across three Funds and seeks to make initial equity investments ranging in size from $4 million to $10 million. For additional information, visit www.ballastpointventures.com.