IVP

Our partner Yuri Lee joined Grace Gong’s show, where they discussed how AI is leveling up both the business and creative sides of gaming + the massive opportunity for AI to transform health. She even previews a new market report on health AI before it is published next week. Tune in! 🎧

While the last decade saw Vertical SaaS companies like Shopify, Toast, and Procore Technologies revolutionize industries with deep, customer-centric solutions, the rise of Vertical AI is pushing the boundaries even further. Imagine transforming cost structures, automating complex processes and driving new revenue streams. We've been talking to decision-makers across industries and the consensus is clear: Vertical AI is a powerful engine for efficiency, growth and customer satisfaction. From manufacturing to insurance, companies are harnessing AI to save time, reduce costs, and even improve the customer experience. Here’s a look at some of the sectors where Vertical AI is making waves and the companies leading the charge. Link in comments. Thanks to Karthik Ramakrishnan and Cynthia Kuo for sharing their insights.

Today, I’m excited to share that Glean has raised over $260M in new funding at a $4.6B valuation co-led by Altimeter and DST Global, as well as launched exciting new product capabilities that together will enable Glean’s Work AI platform to expand its reach and deliver everyday AI for everyone at work. I’ve said this before: the AI transformation we’re in the midst of today promises to be as big or bigger than the internet, mobile, and cloud transformations we’ve seen over the last century. I’ve heard from many leaders that navigating this transformation ultimately comes down to the people – driving AI transformation in a company requires getting employees to embrace AI. After all, it’s AI-centric employees who ultimately create AI-centric companies. Our mission at Glean is to expand human potential to do extraordinary work. We believe that every employee, in every role, in every company, can leverage AI daily to exponentially increase their impact. To make AI work at work, it needs to connect and deeply understand all the data, people, processes, and context specific to your work. It also needs to be intuitive enough for everyone to use, yet powerful enough to do real work. And of course, it needs to be secure and trustworthy enough to be relied upon at work. This is exactly what we’re building at Glean: Work AI for all. So how are we doing that? We’ve helped some of the world’s largest enterprises quickly and securely bring AI into their organizations, and now Glean is introducing next-generation prompting with a set of advanced prompting capabilities that expand the use of Glean’s Work AI platform to new users, use cases, and surfaces: 🚀 Advanced prompts to automate complex, multi-step workflows 🛠️ Prompt builder to create, edit, test, and save prompts with ease 📚 Prompt library to share and discover the most helpful prompts for your daily work 🤝 Glean Assist for Zendesk and Salesforce Service Cloud, bringing native Glean experiences into the apps where you work Today’s news of new funding and expanded capabilities for our Work AI platform (as well as a fresh new look for the brand) is a leap forward in turning this vision into reality. I can’t express enough how grateful I am for everyone who has supported us at Glean — our customers, partners, investors, community, and team. Thank you to all of our new and existing supporters in this round:  Apoorv A., Altimeter Capital Brad Gerstner, Altimeter Capital Rahul Mehta, DST Global Michael Robinson, Craft Ventures Rajeev Dham, Sapphire Ventures Brett Rochkind, SoftBank Group Corp. Andrew Zloto, SoftBank Group Corp. David Schneider, Coatue Lucas Swisher, Coatue Quentin Clark, General Catalyst Tengbo Li, ICONIQ Growth Matthew Jacobson, ICONIQ Growth Somesh Dash, IVP Mamoon Hamid, Kleiner Perkins Ravi Mhatre, Lightspeed Sonya Huang, Sequoia Capital https://bit.ly/4gmYtzB #WorkAIForAll

Hey New York! 🍎 Eric Liaw and Cack Wilhelm will be in town this week at the Primary Venture Partners Summit. Catch Cack on stage with Perplexity founder Johnny Ho, where they’ll dig into how Perplexity manages rapid execution with a lean team, balances technical complexity with user simplicity, and navigates growth without relying on traditional annual plans. See you there. https://lnkd.in/gE5bJDDe

🎉 TIME has just named Shivdev Rao, our CEO & Founder, in the TIME100 AI list. This recognition is a testament to Shiv’s incredible vision, his deep passion for bringing meaning to every healthcare conversation, and for changing the lives of millions in healthcare with AI. This is just the beginning of our journey. Read more: https://lnkd.in/e2UfTb9r #TIME100AI

Congrats to Anish Dhar, Ganesh Datta, and the entire team at Cortex. I join you in celebrating the day-in, day-out hard work that has gotten you here. Read below for Anish's perspective on how the IDP category has become fully enterprise-ready. Welcome Eric Anderson & Maggie Basta! cc Shravan N.

Congrats to Cribl on yet another milestone, an oversubscribed Series E, fueling their leadership as the Data Engine for IT and Security. Cribl’s best-in-class metrics across growth (163% CAGR), retention (130% NDR), and expansion (a 300% increase in customers purchasing multiple products LTM) look familiar to a notable few other IVP companies at this scale - Datadog, CrowdStrike and HashiCorp. Most companies can’t maintain these metrics at scale. This led me to reflect on why Cribl is different? How is it that Clint Sharp and team have gotten us here? Strong, Cohesive Leadership: Cribl’s tight-knit "eStaff" is a united force, capable of finishing one another's sentences. This cohesion and trust has allowed them to face opportunities and challenges as one entity. Zachary Johnson, Abby Strong, Farrah Bui, Lisa Nielsen, and Matthew Kelly (h/t to Matt Bauer) Operational wizardry: Companies get tripped up as they grow at scale, inadvertently adding friction intra- and inter-team. Cribl built a solid, centralized operations function that keeps the engine humming and ensures the org can morph as the priorities evolve (e.g. single-product --> multi-product.) Farrah Bui   Vision meets action: The Cribl founders Clint Sharp, Ledion Bitincka, and Dritan Bitincka wrote a document at the outset (~2018) outlining their product strategy and the sequence of events; to say it was prescient is an understatement. Not enough just to write it, they have brought it to life one quarter at a time. Congrats to Clint and the entire Cribl team!

I’m so excited to share that Cribl has closed an oversubscribed $319M Series E round at a new $3.5B valuation, up 40% from our Series D just two years ago. The round was led by GV (Google Ventures) in one of their largest ever investments, with participation from GIC, CapitalG, IVP, and CRV. But that’s not all. GV partner and former GitLab CRO Michael McBride is joining our board of directors. This is an incredible milestone for us and it goes to show that solving real problems for real users works really well! Since day 1, Cribl was built to help you unlock the value of all your IT and security data. We’re taking a different approach to data management, with vendor-agnostic products that resolve the tension between data growth (28% CAGR and growing!) and budget growth while giving you choice, control, and flexibility. We’re here for the critically important but often underserved IT and security practitioners who keep businesses running. And we’ll continue to innovate to meet your needs. Thank you to our customers, partners, investors, and all of the amazing goats who have supported and trusted us during this journey. Here’s to more incredible moments as we continue to succeed together! Read more about the announcement in my blog post: https://lnkd.in/gK_yv3cp

🎉 Abridge is now available to clinicians across Kaiser Permanente. Throughout my medical career, Kaiser Permanente has been a leader in delivering high-quality care at scale—supporting 12.5M patients across the country today. Over the last year, we’ve worked together to scale our deployment, continually assessing quality with a scientific lens and leveraging our measured benchmarks across specialty, care setting, and spoken language. It’s an incredible privilege to deploy our solution across Kaiser Permanente—enabling clinicians to streamline their workflows and ultimately improve the patient experience.

Tom Loverro and our longtime LP Dana Johns joined Jason and David's Liquidity podcast, where they swapped notes on building a diversified portfolio ($97B to support 800,000 retirees!), why the IPO window is still cracked open and why strategy MUST dictate fund size (and not vice versa!). It's a treat to go behind the scenes with this group of seasoned investors and capital allocators.