Serra Capital Hosts 12th Annual Limited Partners Meeting

November 8, 2023 marked our 12th annual Serra Capital Limited Partners meeting. The meeting was held at a fabulous new location that was once a street trolley "barn" -- Carmon's in downtown Champaign. Serra enjoyed seeing dozens of Limited Partners in attendance in person (and we were pleased to accommodate those who couldn't attend by providing video downloads thereafter).

The agenda featured a high level view of the macroeconomy and "the state of venture capital", an update on all of the Serra funds, presentations from portfolio company CEOs Ian Wheal of Breedr and Andrew Uden of HerdDogg, a fireside chat with Chris Harbourt of Indigo Ag, and a panel discussion with Ian, Andrew and Chris. Thank you to our presenters for traveling from afar to join us for the meeting!

Bonsai Robotics Announces $10.5M Round

Bonsai Robotics, the company that is providing vision-based automation solutions to combat growers’ biggest challenge that is the labor crisis, announced in early October a $10.5 million seed round, led by Acre Venture Partners, with participation from Serra Ventures.

CEO Tyler Niday tells TechCrunch, “Robotics companies require more capital earlier in their lifecycle to come to market as we have product and a sales model that is more complex than the average SaaS company — we’ve observed many robotics companies fail from lack of capital early in their lifecycle and we’re determined to be here for the long run.”

To view the entire article, follow here.

Serra Company WebCareHealth Acquired by Coachcare

WebCareHealth, a Serra III (SBIC) Fund portfolio company has been acquired by CoachCare, a leading remote patient monitoring (RPM) and virtual health company. The acquisition represents CoachCare’s third acquisition in eight months.

Founded in 2013, WebCareHealth’s expertise will add unique at-home international normalized ratio (INR) blood testing and monitoring capabilities to CoachCare’s suite of RPM, chronic care management and other services.

One of the fastest growing digital health offerings, by 2027, worldwide RPM growth could rise from $53.6B to $175.2B - with factors like the growing older adult population and the monitoring of specialized medicine to patients in between physician office visits.

"This acquisition bodes well for the shareholders of WebCareHealth as CoachCare is growing rapidly in the very hot space of virtual health technology. We offer our congratulations to CEO Teresa Sieck and her team, and we look forward to CoachCare's success!", commented Tim Hoerr, Serra Ventures Managing Partner.

Serra Venture Partner Karin O’Connor Offers Insights to Inc Magazine

Karin O’Connor, a Venture Partner with Serra, was interviewed by Inc Magazine and quoted in a piece called “3 Companies on the Scrappy Tactics They Used to Scale Up.” She offers insights about scaling up startups and understanding the market.

O'Connor says: "You can waste a lot of money trying to grow in a market that you didn't want your product or doesn't understand it." Thus, try to test your business model "in low capital, low risk ways" before you try to grow, she adds.

Karin is also a clinical associate professor of strategy at Northwestern's Kellogg School of Management and an investor. She has been with Serra since 2017.

To view the full article, follow here.

IUNU Named 2023 AI-based AgTech Innovation of the Year

IUNU, a Serra Capital III SBIC and Serra Ag Tech Fund company, was recently named 2023 AI-based AgTech Innovation of the Year by AgTech Breakthrough Awards. The AgTech Breakthrough Awards recognize companies and solutions that demonstrate outstanding achievement and innovation in agriculture. IUNU's AI-driven solutions have redefined the landscape of CEA by enabling growers to optimize their cultivation processes with unmatched precision and efficiency. By utilizing advanced AI algorithms, IUNU's platform empowers farmers to monitor and manage critical vegetative growth metrics.

"We are honored to be recognized for our efforts in leveraging AI to drive innovation and create a more resilient and efficient food supply chain," said Adam Greenberg, CEO of IUNU.

To view the full article, follow here.

Three Serra Companies Featured on Inc 5000 List

Inc Magazine releases an annual list of the fastest growing companies in America, and the team at Serra was very pleased to have three companies represented on this years list. Inc says this about the list this year: “$358 billion in 2022 revenue. 1,187,266 jobs created. And 5,000 examples of how to scale your business. Nowhere else will you find a list of companies with a greater impact on the U.S. economy.”

Paystand, the B2B platform payments company, has been featured on this list for the past 5 years in a row! They came in at #882.

Evisort, the AI contracts company, came in at an impressive #178.

Colorfil (the product made by Serionix), the company that makes color-shifting air filters, came in at #752.

To view the full list, follow here.

Smart Apply Acquired by John Deere

The team at Serra is very pleased to announce the acquisition of Smart Apply, Inc., a precision spraying equipment company based in Indianapolis, by John Deere on July 14, 2023. The company experienced rapid growth in 2022 and 2023, primarily selling its unique chemical-saving technology through John Deere dealers. "We offer our hearty congratulations to the team at Smart Apply," said Tim Hoerr, Managing Partner of Serra. "The team made some pivotal moves in 2022 that conveyed to us they were locked into the right go-to-market approach. John Deere was a valuable partner on Smart Apply's journey as they recognized the unique value-add that Smart Apply brought to their dealers and end-users."

Smart Apply, Inc. developed the Smart Apply Intelligent Spray Control System™, an upgrade kit that can improve the precision and performance of virtually any air-blast sprayer used in orchard, vineyard, and tree nursery spraying applications. Smart Apply helps growers reduce chemical use, airborne drift, and run off, while optimizing high-value crop yields and meeting sustainability objectives.

Serra Capital Ag Tech Fund, LP invested in Smart Apply’s Series A investment round in August 2022 with a follow-up investment in December 2022. Jerry Johnson, CEO, commented, "Serra is an excellent business partner and well-respected in the VC community. Upon announcing their investment in Smart Apply, other investors joined and completed the round in one week. During our review of the 2023 business plan and seeing that cash was tight at the end of the first quarter, Serra volunteered to provide additional funding. We accepted the gracious offer and have been able to fund growth exceeding plan year to date. I couldn’t ask for a better partnership.”

Opendorse Makes Key Partnerships in Month of May

Opendorse, one of the largest NIL marketplaces catering to over 100,000 athletes nationwide, has joined with three major organizations in the month of May as it expands its footprint in unique NIL opportunities. Opendorse announced that it has partnered with Keller-Williams, Gold’s Gym, and Spyre Sports group, some of the most recognizable names in their industries.

Opendorse continues to expand into new schools and markets at an ever increasing pace. “This partnership is a great example of how impactful NIL can be for college athletes,” said Opendorse CEO Blake about Keller Williams. “Real estate careers and investment have been a popular path for athletes for years. Now, with help from Keller Williams and NIL Real Estate, athletes can get a jump on their future with support from the pros.”

Paystand CEO Named 2023 EY Bay Area Entrepreneur Of The Year Award Finalist

Jeremy Almond, CEO of Serra company Paystand, the leading blockchain-enabled B2B payment network, was named an Ernst and Young (EY) Entrepreneur of the Year 2023 Award Finalist. 37 years running, EY is one of the preeminent competitive business awards for transformative entrepreneurs and leaders of high-growth companies who are building a more equitable, sustainable and prosperous world for all.

"I'm proud of the progress we have made since our early days, with more than 600,000 businesses making payments over the Paystand Network," said Almond. "Paystand is driving forward innovation in the B2B payment sector, helping businesses scale without limits and contributing to a thriving economy designed to benefit all who participate within it. Being named an EY Finalist is a gratifying confirmation of the years of work."

Paystand is a Serra Capital II and Serra Capital II Follow-On-Fund company.

Mast Reforestation Has a Major Month in May

Mast Reforestation, formerly Droneseed, had an exciting month which began with the securement of its $15 million financing agreement with Carbon Streaming Corporation. The partnership will advance its post-wildfire reforestation projects throughout the American West. This first-of-its-kind project financing will cover the high upfront costs of reforestation projects, accelerating Mast's forest restoration work and enabling the company to serve more landowners affected by wildfires.

"This innovative project financing is a scalable model that will help us get more trees in the ground, accelerating reforestation efforts in areas devastated by the rise in forest fires amplified by climate change," said Mast CEO and Founder, Grant Canary. Mast Reforestation's Chief Revenue Officer, Woolsey McKernon, describing the selection process stated, "Carbon Streaming has a proven track record of supporting projects in the nature-based voluntary carbon markets. Given that and our shared vision for scaling reforestation and carbon removal solutions, we feel this partnership is an ideal match."

In other news, Mast Reforestation was named to CNBC’s Disruptor 50 List. CNBC highlights private companies that are chasing some of the market’s biggest opportunities, and growing despite a tough capital markets environment and slowing economy.

For more information on Mast Reforestation, follow here.

Karin O’Connor, Hypercell’s Bruno Jactel Represent Serra at Future-of-Food Event

The second annual Future of Food event was held in Chicago as part of the Chicago Venture Summit on May 4 and had strong representation from Team Serra. The event was a sold-out show with over 700 attendees.

Karin O’Connor, venture partner with Serra, was a spotlight speaker at the event. Bruno Jactel, the CEO of Hypercell Technologies, a Serra Ag Tech Fund company, also was a featured presenter. Also in attendance was Jack Marck, Managing Director of the Illinois Ag Tech Accelerator Powered by Serra Ventures, and Drew Beard, Associate with Serra Ventures.

In addition to the great team representation at the Future of Food, Serra proudly provided significant financial sponsorship. "This unique, high energy event showcased many of the exceptional companies and teams that comprise the Ag Tech and Agrifood ecosystem here in Illinois," commented Karin O'Connor. "We are privileged to participate and offer continued sponsorship of this conference."

For more on the story, follow here.

Cardea Bio Acquired by Paragraf

The Serra team is very pleased to announce the acquisition of portfolio company Cardea Bio on May 2, 2023.

In a first for the graphene electronics industry, leading integrated device manufacturer Paragraf is acquiring graphene biosensor market pioneer Cardea Bio to accelerate the mass production of a new generation of devices that will deliver real-time analysis in point-of-need tests in the agritech, healthcare and environmental monitoring spaces.

Cardea is a Serra Capital II and Serra Capital II Follow-On-Fund company, with an initial investment made in April of 2015.

“Joining Paragraf allows us to use the world’s only mass-produced, transfer-free monolayer graphene to manufacture the state-of-the art graphene-based biosensors developed by the Cardea team over the last ten years. We are looking forward to unlocking powerful synergistic effects to advance the broad and growing use of graphene biosensors for the benefit of both people and the planet” said Michael Heltzen, EVP of Strategy at Paragraf USA (former CEO and co-founder of Cardea Bio).

To view the full press release, follow here.

VeriSim Life Partners with Clarivate

VeriSIM Life, the leading artificial intelligence (AI)-enabled, unique R&D decisions de-risker for breakthrough drug development, this week announced a partnership with Clarivate, a global leader in connecting people and organizations to intelligence they can trust.

The partnership will improve pre-clinical success rates by leveraging VeriSim’s AI drug decision engine and R&D drug discovery intelligence platform from Clarivate. VeriSim is a Serra Capital III and Serra III SBIC company.

To view the full article, follow here.

Myagi Acquired by Rallyware

Serra is excited to announce the acquisition of Myagi, Inc. by Rallyware Q1 of 2023. Myagi is a Serra Capital III and Serra Capital III (SBIC) portfolio company, with the first investment made in October, 2018.

Rallyware has developed a unique software solution for measuring the performance of distributed workforces in retail environments. Myagi's software helps that same workforce be more productive by providing just-in-time training on specific products. The combination of the two companies creates a complete solution for retail companies to improve and measure their workforce across multiple locations.

Rob Schultz, Managing Partner at Serra, commented, "We are thrilled for Simon Turner, CEO, and his team as Myagi combines with Rallyware, a company backed by Peakstone Capital. This is a win for the customers of the combined entities, the employee teams and the investors. Serra is proud to have been one of the major investor-partners of Myagi in its journey."

To view the full press release, follow here.

Zerigo Health Launches Digital Platform for At-Home Treatment

Zerigo Health, a Serra Capital III portfolio company that has created an at-home smart light therapy solution, made a major announcement this week that it was launching the Zerigo 2.0 ecosystem - a digital platform that connects health care systems and patients to the management and phototherapy treatment of chronic skin conditions such as eczema and psoriasis.

“The American Academy of Dermatology has published guidelines that show phototherapy is safe and effective for psoriasis and eczema,” Frank D. D’Amelio, chief operating officer and interim CEO of Zerigo Health, told Healio. “However, it is really inconvenient for patients to come into the physician’s office two to three times a week for 12 weeks.

To view the full press release, follow here.

Announcing Elate’s Series A Round of Funding: Serving Strategy and Operations Leaders

Elate, a Serra Capital III SBIC portfolio company, has announced its $4.9M Series A funding round. The most recent round will help empower organizations to push forward their strategic planning, strategy, and dynamic planning efforts. Serra is a proud participant in the round.

To view the complete announcement, follow here.

Combyne Acquired by Bayer

Serra Ventures is pleased to announce that Serra Capital III company Combyne has been acquired by Bayer. The grain marketing app company has been acquired by Bayer Crop Science, joining Bayer’s suite of digital tools for farmers. Combyne was known as FarmLead until 2020, and will continue to operate at arms-length to Bayer’s broader business, while benefiting from added resources and association with a partner with a shared vision.

To view the complete article, follow here.

Previously Unachievable Drug Discovery Insights Created by Cardea Bio's BPU Platform

Cardea Bio, a Serra Capital II company, announced this week that it had reached a pivotal milestone, with its first external partner beginning the use of the BPU (Biosignal Processing Unit) platform. This platform is essential in the advancement of drug discovery research and will produce new and highly sought-after insights.

Cardea’s focus is creating products and applications that enable precision healthcare by improving diagnostic ease, speed, and cost. It is the first company to combine expertise in biology, nanotechnology, surface chemistry, engineering, and manufacturing to create practical and scaleable graphene biological field effect transistor (BioFET) products.

To view the complete article, follow here.

Serra Capital III SBIC Company Ryvit Acquired by Trimble

Ryvit, the integration Platform-as-a-Service provider for the construction industry, announced this week that it has been acquired by Trimble. Trimble is an industrial technology company transforming the way the world works by delivering solutions that enables customers to thrive. The acquisition will accelerate and expand Trimble’s connected construction workflows.

“Ryvit has been relentlessly focused on transforming the construction industry into a more productive and profitable industry powered by data,” said Tom Stemm, chief executive officer of Ryvit. "Over the past seven years, we’ve done this by building a platform that connects data between some of the industry’s largest technology providers to improve efficiency and streamline workflows for construction. Trimble is similarly focused on becoming an industry-leading open platform provider so this acquisition is a perfect match for both companies, who share a similar mission and vision for the industries we serve.”

Serra invested in Ryvit 2019.

Amazon Web Services picks Conservation Labs for placement in national city infrastructure accelerator for startups

Amazon Web Services Inc., a cloud computing platform subsidiary of Amazon.com Inc., has chosen Conservation Labs Inc. to be among nine startups across the country to participate in the AWS Sustainable Cities Accelerator for Infrastructure. This program will provide Conservations Labs with access to technical, business, and mentorship opportunities.

The Pittsburgh-based company offers a powerful water-saving solution, H2know, which translates the sound of water in standard building pipes into usable information like flow rate, classification of use and leak likelihood. With water the second largest energy expenditure in U.S. buildings, Conservation Labs' offering is resonating with major restaurant brands, commercial laundry entities, insurance companies and real estate developers.

Conservation Labs is a Serra Capital III SBIC portfolio company.