Venture Notes - January 16, 2020

By Milt Capps

Published January 16, 2020

► PHAROS Capital Partners IV LP on Monday issued a filing for its $75MM fund. In October, we reported on their $250MM Fund IV-A filing. Previous coverage here.

► FINTECH: Memphis-based Bambu Systems (fka LAC Payment Systems), led by Founder, Chairman, CEO Douglas Quay, recently filed on a $50MM raise, showing $8.8MM in the till. Quay is a member of the Glankler Brown law firm. Bambu's COO is Stav Gil, a smart-banking entrepreneur, based in Pittsburgh.

► FINTECH: ALTO Solutions Inc., the Nashville startup led by Eric Satz with its Alto IRA solution branded ALTO, filed this week on a $3.5MM raise. This filing has Palo Alto-based Ammar Hanafi of Moment Ventures aboard. Based on earlier Crunchbase entries, this would seem to put Alto's total raise at nearly $13MM. Our earlier coverage of Saltvest here. We note that the company recently hired Jen Allen Kay, formerly of LaunchTN, as VP marketing.

► RELODE LLC, the Nashville startup backed by Frist Cressey VC, et al, recently filed on completion of a $5MM raise. The company is led by CEO Matt Tant and CTO Joe Christopher. Relode offers a "community-based online platform for healthcare professionals to easily match jobs and candidates. It allows healthcare professionals to refer friends or directly apply for great jobs and be rewarded."

► VIRTUOSO Surgical Inc., the Nashville firm created on work related to robotic surgical tools by Vanderbilt University and Medical Center collaborators, and which now makes surgical instrumentation and systems, made a number or recent filings, some related to an apparent $20MM Capital raise. They list among advisors attorneys with Waller Lansden (David Clay, et al), accountants Puryear & Noonan, and placement agents Strategic Capital Investments.

► STEVE BERNEMAN JD, CEO of Blueprint Holdings's Blueprint Title Company, reported raising nearly $8.5MM for the company that promises real-time delivery of documentation for title closings. The filing includes FCA Venture Partners' Andrew Bouldin, Blueprint GC Andrew Ross, attorney George Mudter, and COO John Shoaf. Berneman holds a JD and MBA from Vanderbilt University, and he was previously aboard Overdog, Plumgood Food, ProPlayerConnect, and the Vinson & Elkins law firm.

► JOSH TRANTUM PhD MBA, previously with Cumberland Emerging Technologies in Nashville, filed for a $1.5MM raise for Curex Life Science Fund LP. He created Curex Capital Advisors LLC about six months ago. Trantum earned his master's and doctorate in biomedical engineering in the VU School of Engineering, Vanderbilt University.

► KNOXVILLE-based Angel Capital Group CEO Eric Dobson says he and Charlotte-based Brian Doughty are framing-out what is projected over a period of years to become a $20MM fund focused on medical devices. He and Doughty are in advanced discussions with two near-term portfolio candidates. They are also finalizing membership of an advisory board for an initial key segment of the devices industry. Dobson acknowledged that ACG may evolve toward institutional venture investing, rather than focusing solely on angel investing. Dobson said it seems key dealflow markets will include Nashville, Louisville and Memphis.

► GENERAL GRAPHENE in Knoxville raised or accrued another $6MM, according to its latest filing. Its earlier $18M+ strategic raise was with an India-based firm, Graphite India as VNC reported.

► CHICAGO-based Waud CAPITAL has been active in Tennessee for years -- see our earlier report on Nashville-based Sphere Commerce, led by Andrew Rueff -- and now they're backing a team of software executives bent on developing businesses in the vertical software sector, with an initial $150MM commitment. Press release here.

► DATA: Nashville VC Claritas Capital was aboard the recently announced $18.5MM Series B round run by Cogitativo Inc., the Berkeley, Calif.-based company that describes itself as "the first-to-market data-science-as-a-service (DSaaS) company for healthcare service organizations." Wells Fargo Strategic Capital led the financing. Press release here.

► CURIE Co. Inc., a Chattanooga synthetic biotech that makes ingredients for consumer products, filed for a capital raise of $775K. CEO: Erika Milczek PhD. The enzyme engineering company seeks to replace banned chemicals in products "with 100% safe and sustainable ingredients."

► NASHVILLE'S myEyeris may soon further update its targeted $2.5MM raise, filed here in 3Q19. CEO: Andrew Barrow. CMO: Jeffrey Sonsino OD. They help eye patients and docs find each other, on short notice. See our earlier bulletin on the company here. The company's platform building eyecare practices and helps consumers get appointments more quickly. VNC.