A Recap of 2019
Sierra Ventures Year in Review
2019 was a big year for Sierra Ventures with the raise of our 12th Fund ($215M). We made 8 exciting new investments in Sierra XI and are looking forward to investing out of Sierra XII in the coming year. Follow us on LinkedIn and Twitter for updates as they happen throughout the year.
The Sierra Ventures Portfolio had two Exits in 2019. Bitfusion, a company that builds virtual remote attached GPUs, FPGAs and ASICs for any AI application, was acquired by VMware in August 2019. In December 2019, Shape Security, a Cyber Security company, announced that they were being acquired by F5 Networks for $1B.
2019 saw investments in both core and emerging sectors of our investment thesis including AI, Marketplaces, Cloud, and emerging technologies like Quantum Computing and 3D Printing. We were excited to welcome the following companies and entrepreneurs into the Sierra Ventures family:
- Astronomer, a company making it easy to run production-grade Airflow deployments, raised a Series Seed led by Sierra Ventures with Bain Capital Ventures, Refinery Ventures, Frontline Capital Ventures, CincyTech, Wireframe Ventures, and Grand Ventures participating.
- Interplay Learning, a company building online training catalogs for skilled trades using virtual reality and 3D simulations, raised Series A led by S3 Ventures with Sierra Ventures participating.
- Paro, a network of top-tier freelance financial professionals, raised a Series A led by Sierra Ventures with Revolution Ventures participating.
- Q-CTRL, a quantum computing startup solving hardware error and instability, raised a Series A led by Square Peg Capital with Sierra Ventures, CSIRO Innovation Fund, Pearl Anchor Limited, and Vivaldi International participating.
- Text IQ, a leading provider of AI solutions for identifying sensitive information for disclosure in legal and regulatory proceedings, raised a Series A led by FirstMark Capital with Sierra Ventures participating.
- Companies still in Stealth:
- A startup that provides a SaaS enterprise-grade solution for container management using open source Kubernetes.
- A 3D printing company opening up new commercial and industrial applications.
- A company building AI-Powered Finance Teams for startups.
The companies in our Portfolio continue to grow and raise additional financing from top investors. A few companies that raised notable funding include:
- Deep Lens, a digital pathology startup particularly focused on cancer trials, raised a Series A led by Northpond Ventures with Sierra Ventures, Rev1 Ventures, and Tamarind-Hill Partners participating.
- Drop, a personalized mobile rewards platform raised a Series B led by HOF Capital with Sierra Ventures, New Enterprise Associates (NEA), White Star Capital, and Royal Bank of Canada participating.
- Sikka Software, a company providing Business Intelligence Software for the healthcare and small business communities, raised a Series D.
- Zaloni, a data lake company that provides enterprise data lake management solutions, raised a Series A led by Sierra Ventures with Stonehenge Growth Equity and Baird Venture Partners participating.
- Zimperium, a company shaping the future of mobile security, raised a Series E led by Warburg Pincus with Sierra Ventures, Telstra Ventures, and Samsung Ventures participating.
CXO Advisory Board
Our 14th Annual CXO Summit was a success with speakers from Tesla, Nutanix, Livongo, Zoom, and VMware on topics including Edge Computing and IoT, Future of Work, developments in Digital Health, timing to mass adoption of Quantum Computing and more. The 2020 Sierra Ventures CXO Summit will be held on Thursday, October 22nd, 2020.
We added new members to the CXO Advisory Board from Delta Airlines, GAP, Glassdoor, Hewlett Packard Enterprise, Kaiser Permanente, La-Z-Boy, McKesson, Medidata, National Grid, RingCentral, Sempra Energy, Silicon Valley Bank, Warner Bros., Warner Music Group, WeWork, Williams-Sonoma, and Zoom Communications. Welcome, all!
Sierra Ventures News and Insights
The Sierra Ventures team shared insights with publications like Forbes, VentureBeat, and HR Tech and also talked about the top B2B IT Infrastructure Trends impacting the Enterprise. Check out the top articles and blog posts from 2019:
Top B2B IT Infrastructure Trends impacting the Enterprise
- Privacy Operations Infrastructure (PrivOps)
- Kubernetes Management
- API Security
- Developer Led B2Bi Infrastructure (3rd-Gen Data Flow/ Integration Tools)
- Intelligent Enterprise Applications
- Customer Interaction on a Global Scale
Articles and Features
- Preparing for 2020 – Tips for Entrepreneurs from the Sierra Ventures Team
- The convergence of 5G and AI: A venture capitalist’s view (Ben Yu featured in VentureBeat)
- NVCA Member Spotlight: Sierra Ventures (Ben Yu featured by the NVCA)
- As Sierra Ventures Announces 12th Fund, MD Mark Fernandes Offers A Look Inside The Firm (Mark Fernandes featured in Forbes)
- The ABCDs of Security: An Investor Perspective (Mark Fernandes featured in Enterprise Security Magazine)
- The “Experience” Economy: HR’s need for rapid evolution (Tim Guleri featured in HR Tech)
- Narrowing AI: A Useful Context for AI Innovation, Opportunity, and Investment (Tim Guleri featured in Xconomy)
We are looking forward to another great year in 2020 and more opportunities to partner with talented entrepreneurs, investors, and industry leaders from around the globe!
In case you missed it, check out our Recap of 2018.