We are a software company that helps scientists generate insights that improve human health and our quality of life. Scientific research and clinical testing generate huge amounts of data that need to be collected, organized, and analyzed. We give scientists a cloud-based platform that helps them gather and analyze that data more efficiently to identify everything from new therapeutics to treat or cure disease, to new sources of renewable energy and improve food supply.
Laboratories are traditionally a place for instruments and research. How is technology now playing a role in the way labs and research are managed?
Today, scientific organizations are dealing with several significant changes, which we call the biopharma nexus of forces. For example, the growing use of next-generation sequencing technology to drive precision medicine and targeted therapeutics, or the increasing practice by large companies to use third-parties for their research and development.
Historically, many challenges were addressed with point products, but those products are not designed for the new research modalities and business models we see today. Fortunately platforms can be leveraged to provide a much more efficient and scalable approach. That’s what we’re doing in the scientific domain: leveraging lessons learned from other enterprise software verticals and companies – for example, pioneers like Salesforce.com – and bringing a platform-based model to the scientific community to help them navigate the changes they’re experiencing.
Core’s products apply to a diverse range of industries – from pharma to food to manufacturing. What challenges do these industries all have in common that you can address?
All those different industries rely on the same scientific principles, grounded in chemistry and biology. That is critically important. At an abstracted level, they all conduct research and development in similar ways: conducting experiments; generating samples; moving those samples through a workflow; and analyzing the results to inform decision-making.
Our platform is designed with that abstraction in mind, which gives us the flexibility to serve multiple markets.
You were recently acquired by Thermo Fisher Scientific. What drove the decision to sell?
Thermo Fisher Scientific is the world-leader in serving science, and they have relationships with just about every scientific organization in the world. The acquisition immediately expanded the ability for us to bring our platform to the market. More strategically, Thermo Fisher seized the opportunity to leverage our platform to help drive its strategy to become the leading digital science company in the world, and to dramatically increase automation, efficiency, and productivity for their clients. We’re incredibly excited to be helping craft and execute such an ambitious and important long-term strategy.
It’s also important that being part of such a large company increases our access to talent as we continue to grow our team, and provide greatly expanded career paths for our current team, which we’re very excited about.
You come from a corporate background, having previously worked at IBM in various roles spanning technology, finance, and strategy. How did you make the leap from a major multinational to a smaller, startup company?
In many ways, the change from a large multinational to a startup is less than one might expect. The principles about how to build a team, how to drive solid execution, and how to deliver financial results are very similar.
One big difference is not having all the big-company resources and infrastructure at your disposal. Similarly, it is important to embrace the challenges of wearing many hats, including constantly needing to learn new things, and coping with the extra stress of running a small business.
You ran for public office right out of undergraduate school. Are you still interested in public service? What do you think public office has in common with leading a company?
My interest in public service lies in my continuing belief that there’s a real need to reinvent how government operates and the role it can play in driving economic development and providing a safety net for people who are displaced by the rapid pace of change in our economy.
There are many more stakeholders and constraints to deal with in public service, but I think there are similarities, including the importance of being bold in setting your goals and strategy, challenging the status quo of how things are operating today, and inspiring people to help drive necessary changes.
If I weren’t a CEO I would be…
Involved in public service; likely not running for office again, but trying to help solve critical challenges we are facing, specifically in Connecticut. I love this state. I think it’s a fantastic place. But clearly, we have some challenges at the state level that would be fun to try to help solve.
What’s on your desk right now?
Very little. I believe less is more, so I keep a very clean desk. I have a MacBook, a cup of coffee, and my phone. That’s it.
What is your favorite source for news?
Recently, Twitter has become my favorite source for news. I think if you curate a good cross-section of people and publications, you can follow the twitter feed and stay abreast of what’s going on in the world, as well as other interesting reports and topics.
What’s a great piece of professional advice you’ve received?
Don’t be afraid to take big risks. I think entrepreneurs are the people who drive the bulk of the innovation and forward progress that we enjoy as a society, and it’s been a great experience being part of our Core journey with our cofounders, Anthony Uzzo and Jim Gregory, who quit their jobs started this company in a garage in back of the local Stop and Shop 13 years ago. Risk taking is central to our company’s success, and our success in society broadly.
What one piece of advice would you offer to an entrepreneur?
If I picked just one, it would be to be in touch with customers. If you understand your customers – what’s important to them; what their priorities are; and how you can best help address the pain points – that’s how you learn and improve and help build a successful business.
Here’s our view from the room where Oak HC/FT II happens:
A couple months ago, we began raising our second fund to further our efforts around partnering with promising tech-enabled Healthcare and FinTech companies. Today, we’re announcing the launch of this $600 million fund to continue supporting leading entrepreneurs with their attack on quality issues, inefficiencies, and poor customer experiences that persist across the multi-trillion-dollar Healthcare and Financial Services markets.
Instead of waiting for elected leaders in Washington to advance legislation around these two important sectors, we’re working with the most promising private enterprises to tackle the biggest issues head on –high drug costs, treating patients with complex medical conditions, modernizing payment systems and insurance frameworks, and reducing financial fraud/waste/abuse. Complexity is an understatement in Healthcare and FinTech, but challenge ignites the spark of so many opportunities. We’re confident our approach and the strategies of our companies will prevail regardless of political agenda or regulation.
When we founded Oak HC/FT three years ago, our mission was to build on our 15 years of experience and partner with world-class entrepreneurs using technology and data to tackle complex problems in Healthcare and Financial Services. That’s exactly what we achieved with our first fund, having backed leading companies like Aspire Health, Hometeam, and VillageMD that are improving medical care and reducing spending; Quartet Health, US HealthVest, and Axial that are better managing high-cost populations; Limeade, LDI, and Maestro Health that are improving health and spending for employers; Feedzai that uses machine-learning to reduce financial fraud; Poynt, Urjanet, and FastPay that are streamlining payment data and processing; and Trov and Insureon that are modernizing insurance delivery. With our second fund, we will continue searching across the United States and Europe to identify attractive opportunities that advance our mission in these sectors.
In addition to working with great entrepreneurs, we’ve also been fortunate to partner with talented colleagues. Since closing our first fund in 2014, we’ve assembled an amazing team of professionals to provide unparalleled support to our companies. In Healthcare, we added Dr. Zeke Emanuel, Nancy Brown, and Chris Price who all bring peerless industry expertise. That talent has been matched on our FinTech team with Anil Aggarwal, Jonathan Weiner, and Michael Heller. Add-in our long-time Technology Partner, David Black, and our next generation of professionals in Matt, Vig, Oivind, Jack, and Andy, and it’s tough for any entrepreneur to find a team better equipped to scale Healthcare and FinTech businesses and solve problems.
We are also fortunate to have assembled an exceptional group of investors – many long-time supporters of our strategy and a few new relationships that offer fresh perspectives and strategic insights.
In short, we’re bent on building strong teams and great companies. It is especially rewarding to see the businesses we’ve worked with in the past continue their growth – either as public companies or as innovation engines for larger companies, as evidenced by our recent exit, Core Informatics.
Creating Oak HC/FT and growing the firm has been an absolute blast. There is nothing better than waking up every morning to work with our unmatched team and exceptional entrepreneurs – all passionate about improving Healthcare and Financial Services. Building a portfolio and helping our companies and investors succeed will always be an adventure. We are excited to continue this journey, and we are grateful to our investors for their support with today’s Oak HC/FT II fund launch.
This originally appeared on NVCA’s website on March 8, 2017
MENLO PARK, CA – The National Venture Capital Association (NVCA) today honored leaders of the venture capital industry at the annual NVCA Leadership Gala for their significant contributions to advance innovation, strengthen the industry and promote entrepreneurship. In addition to the Lifetime Achievement in Venture Capital Award, Outstanding Service Award and American Spirit Award, NVCA added three new categories to the lineup this year, including the Rising Star Award, the Excellence in Healthcare Innovation Award and the Venture Firm of the Year Award.
The 2017 award recipients and winners include:
Lifetime Achievement in Venture Capital – Bill Draper, General Partner at Draper Richards
Outstanding Service Award – Ross Jaffe MD, Managing Director at Versant Ventures
American Spirit Award – Ray Leach, CEO at JumpStart Inc.
Rising Star Award – Kristina Shen, Vice President at Bessemer Venture Partners
Excellence in Healthcare Innovation – Annie Lamont, Managing Partner at Oak HC/FT
Venture Firm of the Year – Emergence Capital
About the Awards
Lifetime Achievement in Venture Capital Award
The Lifetime Achievement in Venture Capital Award was created to recognize venture professionals who have dedicated their professional lives to creating and building successful and highly competitive venture firms as well as portfolio companies that have made a significant contribution to the growth and success of the U.S. economy. Recipients of the Lifetime Achievement Award were instrumental in the formation and growth of the venture capital industry and have consistently set high performance standards for the entire industry.
Previous recipients: Chuck Newhall, Mike Moritz, Mark Heesen, Arthur Rock, Sam Colella, Felda Hardymon, James Blair, Brook Byers, Jean Deleage, Anthony Evnin, Grant Heidrich, Jim Swartz, Bill Hambrecht, Sandy Robertson, Thomas Weisel, Edward Glassmeyer, Peter Crisp, Henry McCance, Paul Wythes, Lionel Pincus, Pitch Johnson, Richard Kramlich, Stanley Golder, Burton McMurtry, Reid Dennis, Peter Brooke, Thomas Perkins, Stanley Golder and David Morgenthaler.
Outstanding Service Award
The Outstanding Service Award was created to recognize the exceptional service of an NVCA Director or NVCA member who has committed an extraordinary amount of time, resources and dedication to Association efforts that in turn benefits the entire venture industry. The dedication has raised the visibility of the industry to key legislators and regulators and helped to educate them regarding the pivotal role of venture capital to this economy.
Previous recipients: Diana Frazier, Josh Green, Kate Mitchell, Steve Frederick, Ted Schlein, Warburg Pincus, Jack Lasersohn, Sarah Reed, John Martinson, Robert Pavey, Rodney Goldstein, E. Roe Stamps, M. Kathleen Behrens, Steven Lazarus, Harry T. Rein, Patricia Cloherty, John Doerr and Christopher Brody.
American Spirit Award
The American Spirit Award was created to recognize NVCA members who have shown philanthropic leadership by applying business skills, knowledge, expertise and resources to make an outstanding contribution to society.
Previous recipients: Jeff Fagnan, Robin Richards Donohoe, William Sahlman, Peter Bancroft, Chuck Newhall, Joe Aragona, Ewing Marion Kauffman Foundation, John Doerr, Alan Patricof, William Bowes, Peter Wendell, Floyd Kvamme, William Draper III, Martin Koldyke and Gib Myers.
Rising Star Award
The Rising Star Award was created to recognize the next generation of venture capital professionals who are rising through ranks and establishing themselves as future standard bearers of the industry. Recipients of the award have demonstrated a mastery of venture capital investing gleaned through a relatively short amount of time in the industry and are widely recognized by their peers and others as emerging leaders of the venture capital industry.
Previous Recipients: NA
Excellence in Healthcare Innovation Award
For over three decades, venture capital has been at the forefront of some of the greatest advancements in medicine, pushing the boundaries of medical innovation and spurring the creation of the biotechnology and medical device industries. The Excellence in Healthcare Innovation Award was created to recognize those who have demonstrated a clear commitment to the advancement of healthcare innovation through their investment in and support of groundbreaking medical companies that are working on treatments and cures for the most deadly and costly diseases.
Venture Firm of the Year Award
The Venture Firm of the Year Award was created to recognize venture capital firms for their significant contributions to advance the entrepreneurial ecosystem and generate returns for their investors. Firms receiving the award are recognized for strong fund performance and high exit multiples for recent exits.
WALTHAM, Mass. & BRANFORD, Conn.–(BUSINESS WIRE)–Thermo Fisher Scientific Inc., the world leader in serving science, today announced that it has acquired Core Informatics, which provides a leading cloud-based platform supporting scientific data management. Core’s offerings will significantly enhance Thermo Fisher’s existing informatics solutions and complement its cloud platform, which supports the company’s genetic analysis, qPCR and proteomics systems.
Core’s capabilities include laboratory information management systems (LIMS), electronic laboratory notebook (ELN) technologies and scientific data management solutions (SDMS). The business also offers an Application Marketplace to speed deployment and increase value for customers across a broad range of industries and scientific workflows. Core Informatics’ state-of-the-art laboratory data-management solutions are used by leading biopharma, genomics and other scientific and industrial organizations.
“The scientific community is rapidly adopting cloud-based laboratory and scientific data management capabilities,” said Thomas Loewald, senior vice president and chief commercial officer, Thermo Fisher Scientific. “Integrating the leading technologies of Core Informatics is part of our strategy to set the standard for digital science solutions, from life sciences discovery to applied markets and manufacturing.”
“We are thrilled to join the Thermo Fisher Scientific team to help accelerate the future of the digital lab,” said Josh Geballe, chief executive officer, Core Informatics. “We are excited to become part of the world leader in serving science and look forward to the additional benefits this will bring to our innovative clients and amazing team.”
About Core Informatics
Core Informatics partners with customers in biopharma, genomics, and other industries to deliver lab informatics solutions to derive more value and insight from their scientific data. Core Informatics provides the scalable and extensible Platform for Science that enables customers to quickly and easily build workflows to meet their specific needs and add capabilities as they grow. Based in Branford, Connecticut, Core Informatics has been recognized numerous times as one of the fastest growing private companies in the United States and as one of Connecticut’s best places to work. For more information, please visit http://www.coreinformatics.com
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. is the world leader in serving science, with revenues of $18 billion and more than 55,000 employees globally. Our mission is to enable our customers to make the world healthier, cleaner and safer. We help our customers accelerate life sciences research, solve complex analytical challenges, improve patient diagnostics and increase laboratory productivity. Through our premier brands – Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific and Unity Lab Services – we offer an unmatched combination of innovative technologies, purchasing convenience and comprehensive support. For more information, please visit www.thermofisher.com.
Oak HC/FT investment to drive international expansion and launch of new data applications for financial services organizations
Urjanet, the world-wide leader for utility data, today announced $20 million of new funding in a Series C round led by Oak HC/FT. Urjanet offers a data-as-a-service (DaaS) solution that provides line-item detail of cost and usage information from approximately 4,000 utilities in 30 countries. The data that Urjanet accesses from electric, gas, telco, water, and waste providers enables SMEs and multinational companies to automate their accounting and bill processing, manage energy costs, comply with energy reporting regulations, and monitor sustainability.
The round of funding comes as government agencies, such as the CFPB, as well as private financial institutions have recently made steps to explore programs to incorporate alternative sources of consumer payment data, such as utilities and rent, to make credit and lending decisions. The funding will enable Urjanet to expand its global network of utility providers as well as launch new data applications in the financial services industry that focus on alternative credit scoring and identity verification.
“We are excited to advance our mission to equip companies with the data they need to manage billing and payments, energy consumption and utility costs, and achieve sustainability goals,” said Sanjoy Malik, CEO of Urjanet, commenting on the investment round. “Oak HC/FT’s financing will enable us to broaden our reach to the world’s largest corporations and utility providers, as well as accelerate our launch of new applications using utility data as an alternative source for credit scoring and identity verification.”
Patricia Kemp, general partner at Oak HC/FT, added, “Urjanet is tackling a critical concern for many companies: managing their complex utility expenses and billing data. We look forward to working with Sanjoy and the Urjanet team, as they roll out their data service to new customers, and expand their reach into adjacent markets and financial services.”
Oak HC/FT is the premier venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). Urjanet is the 16th investment by Oak HC/FT since launching the inaugural $500 million fund in June 2014. The fund and its investors contain deep domain experience and are uniquely positioned to provide entrepreneurs and companies with strategic counsel, board-level participation, and access to an extensive network of industry leaders. Ms. Kemp will join the board of Urjanet.
Urjanet is based in Atlanta and was founded at ATDC (Advanced Technology Development Center). The technology was developed at the Georgia Institute of Technology through a research and funding partnership with the National Science Foundation and the Georgia Research Alliance (GRA). Investors include Grotech Ventures, and Correlation Ventures, Imlay Investments, and the GRA.
Urjanet’s mission is to provide the world with easy access to automated utility data. Our cloud-based platform connects directly to utilities to seamlessly acquire and normalize disparate utility bill and interval data. The process data is delivered directly to industry-leading business applications.
Public and private organizations across the world use Urjanet data to achieve sustainability goals and reduce energy consumption and cost. Urjanet is rapidly becoming the global standard for utility data and powers applications from the leading energy and sustainability providers.
Urjanet is a privately-held company headquartered in Atlanta, Georgia. For more information, visit www.urjanet.com
ABOUT OAK HC/FT
Oak HC/FT (http://oakhcft.com) is the premier venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). We are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders.