Stripe for ID verification: Investors bet on new Madrona Venture Labs accelerator startup Vouched

Stripe for ID verification: Investors bet on new Madrona Venture Labs accelerator startup Vouched

9:35am, 12th April, 2019
Vouched CEO John Baird. (Vouched Photo) , a Seattle startup using AI to verify people’s identities online, has joined the accelerator. The 3-month accelerator program in a bid by VC firm Madrona Venture Group to lure talent from tech giants. It is focused on established teams and offers startups coaching and connections to investors. Vouched uses AI to review documents in order to help companies verify the identity of its customers, clients and contractors. Those documents could be anything from passports and driver’s licenses to proofs of address and insurance. The idea is to turn a manual process requiring lots of time and staff into an automated one. “We’re working behind the scenes to verify people on sites you might use every day. You might have already used Vouched and don’t even know it,” Vouched CEO said in an email. Vouched has raised $700,000 to date. In addition to a $100,000 investment Madrona Venture Labs, Vouched’s other investors include Zulily co-founder , New Engen CEO , investor , Bulletproof 360 VP , Revolve CFO , and , CEO of EMEA at Footlocker. Baird said Vouched aims to do for ID verification what services like Stripe have done for online payments, with a focus on ease of use, affordability, accuracy and scale. Vouched is incorporated under the name Woolly Labs. Baird founded the company with , who serves as chief product and technology officer. is the startup’s head of AI research. “Increasingly, companies never meet their customers, clients, or even employees,” Baird said. “How do you know, for example, that a gig economy worker has the legally required credentials to work in their industry?” Baird declined to share the names of customers, but said that Vouched works with “companies in sectors such as the gig and sharing economy, telemedicine, transportation, and enterprise software.” This is the second company to join Madrona’s accelerator. The first was , a software startup that helps speed up clinical trials, which graduated in January and was a . The Madrona Venture Labs accelerator is currently . The program is run by managing directors and out of , the “founder center” that opened beneath Madrona Venture Group last year.
Madrona makes another healthcare bet, leads $5M round in clinical software startup Ovation.io

Madrona makes another healthcare bet, leads $5M round in clinical software startup Ovation.io

5:07am, 14th March, 2019
From left to right: Madrona’s S. “Soma” Somasegar, Ted Kummert and Chris Picardo; Ovation’s Barry Wark (seated) and Winston Brasor (standing). (Madrona Photo) , which makes cloud-based software for medical testing labs, has raised a $5 million round led by Seattle-based Madrona Venture Group. Fellow Seattle firm also participated, along with Borealis Ventures, Nat Turner, Zach Weinberg, and David Shaw. Ovation, based in Boston, is focused on helping labs — in particular, those that do genomics and molecular testing — manage their data and run their business. The startup’s platform helps with things like tracking samples, integrating with health records systems and managing client relationships and revenue cycles. Ovation was founded by Barry Wark and Winston Brasor with the idea that existing laboratory software needed a cloud-era makeover. Wark launched the company shortly after receiving his doctorate in neurobiology and behavior from the University of Washington. “Genomics and molecular testing labs have complex workflows that require new functionality that can only come from a modern SaaS and cloud-based solution,” S. “Soma” Somasegar, managing director at Madrona Venture Group, said in a statement. “At the same time, these labs have clinical and genomic data that is being under-utilized to provide improved patient outcomes.” “Barry, Winston, and the team have built an easy to use and rapidly deployable system for one of the most vibrant areas of precision medicine diagnostics and we are excited to help them grow their team and presence in the market,” he added. Madrona has shown a growing appetite for health tech with three recent investments in the arena, including: , which makes AI assistant for physicians; , a personalized population health company led by Concur co-founder Rajeev Singh; Envisagenics, a startup that’s developing RNA therapeutics. While Madrona doesn’t plan to greatly expand investments in this area, the VC firm said it sees room for innovation when combining the cloud, data analytics, and the large amount of data being produced by life sciences companies.