First Analysis
Venture capitalChicago · Series A–Late Stage · 23 people tracked
Also known as First Analysis (Cayman) · FIRST ANALYSIS CAPITAL MANAGEMENT LLC
Investment thesis
First Analysis centers its strategy on comprehensive research and deep sector insight, making selective venture capital investments in areas where its research provides differentiated understanding. As the largest investor in its own funds, the firm engages deeply with portfolio companies through hands-on board involvement, stakeholder alignment and a focus on building toward successful exits. It also runs a transaction advisory practice for entrepreneurs, and the two lines reinforce each other: investment insights inform advisory work while advisory market intelligence feeds back into investment decisions. The firm emphasizes B2B tech across sectors such as IoT software, healthcare IT, cybersecurity and life sciences technology.
Source: firm website, verified Aug 25, 2026.
Team · 23 people
from the firm's website
What they invest in
from 24 of 39 portfolio companiesSaaS ×14AI & Machine Learning ×11Healthtech ×9Digital Health ×4Enterprise Software ×4HR Tech ×4AdTech ×3Biotech ×3
HQs:United States×15
Investments · 39 tracked
founders shown can be your intro pathBy year:2026 · 12025 · 22024 · 22022 · 22020 · 12018 · 12015 · 211 dated
Dina operates a care coordination platform that connects patients, providers, technology and data to improve access to care and coordinate communication after hospital discharge.
AI & Machine LearningDigital HealthHealthtechSaaSChicago, US
Ashish Shah(Chief Executive Officer)David Coyle(Director)in
BoardSean Dowling(Director)in
Co-investorsFirst Trust Capital PartnersOsage Venture PartnersChicago VenturesMeridian Street Capital
Checkpoint Surgical develops intraoperative nerve stimulation devices, biomaterial implants, and surgical instruments for peripheral nerve and tendon surgery.
BiotechHealthtechMedical DevicesCleveland, US
Marilyn A. Eisele(Executive Officer)Kevin M. Scanlan(Executive Officer)Donald Hubbard(Executive Officer)Mark Stultz(Executive Officer)Leonard Cosentino(Executive Officer, Director)Geoffrey Thrope(Executive Officer, Director)
Board seatTracy Marshbanks· per SEC Form D
Co-investorsJumpstart VenturesMutual Capital PartnersNDIRC Capital
RejuvenAir, developed by CSA Medical, is a bronchoscopic cryosurgical device that sprays metered doses of liquid nitrogen to destroy damaged airway cells and treat the underlying cause of COPD with Chronic Bronchitis.
HealthtechMedical DevicesLutherville, US
Ellen Sheets(Executive Officer, Director)Ian J. Vawter(Executive Officer)Vincent Owens(Director)Richard Kent(Director)Thomas Snead(Director)Tara Butler, M.D.(Director)
Board seatTracy Marshbanks· per SEC Form D
Co-investorsAscension VenturesSV Health Investors
Cycle Labs offers Cycle®, an end-to-end test automation platform that uses a human-readable scripting language (CycleScript) to automate regression, volume, and load testing across enterprise supply chain systems such as ERP, Warehouse Management, and Order Management systems.
Developer ToolsEnterprise SoftwareLogistics & Supply ChainSaaSFleetwood, US
Joshua Owen(Executive Officer, Director, Promoter)
BoardTimothy McLoughlin(Director)inJeffrey Williams(Director)Evan Edwards(Director)Kevin Mosley(Director)
Board seatCorey Greendale· per SEC Form D
Co-investorsHigh Country Impact FundJurassic CapitalCofounders Capital
Chicago-based recruitment software company, founded in 2008 as Recsolu and rebranded to Yello in 2015.
Chicago, US
Daniel Bartfield(Executive Officer, Director)Jason Weingarten(Director)Bradley Davis(Executive Officer)
BoardPeter Arrowsmith(Director)inWalter Barandiaran(Director)
Board seatCorey Greendale· per SEC Form D · $5.8M raise · filed Jul 2025
Co-investorsJMI EquityThe Argentum Group
Leading CRO/CDMO specializing in cell and gene therapy with proprietary TARGATT genome editing and iPSC platform
BiotechMilpitas, US
Ruhong Jiang(Executive Officer, Director)Guoliang Yu(Director)
BoardZhenyu Xiao(Director)
CoolrAI is an AI-powered SaaS platform that analyzes cooler and freezer images to provide commercial intelligence for Food & Beverage brands and distributors.
AI & Machine LearningRetail TechSaaSChantilly, US
Durlabh Jain(Director)inDavid Gearhart(Director)Atul Jain(Director)Roy Mehta(Executive Officer, Director)
Co-investors2048 VenturesEntrepreneurs Roundtable Accelerator (ERA)Moneta VenturesRemarkable Ventures
Santee, US
Gary Alan Bellowe(Director)James Mooshi Gevarges(Executive Officer, Director)David Klein(Director)Charles Alvis Hamilton(Director)Harald Jaeger(Director)Sandip Patidar(Director)
Drive My Way is a recruiting platform that matches CDL truck drivers, including company drivers and owner operators, with truck driving jobs based on their professional qualifications and lifestyle preferences.
HR TechLogistics & Supply ChainMarketplacesCleveland, US
Mary Elizabeth Potratz(Executive Officer, Director)
Co-investorsInvestHER VenturesJumpstart Ventures
Orlando-based cybersecurity company that discovers, prioritizes and monitors supply chain and third-party cyber risk.
Gradient Cyber provides Managed Extended Detection and Response (MXDR) built for mid-market organizations, using its Quorum AI platform to run an 8-stage pipeline that normalizes, enriches, correlates, and responds to telemetry from endpoint, network, cloud, identity, and SaaS sources.
AI & Machine LearningCybersecuritySaaS
Insellerate is an enterprise CRM, customer experience, and AI platform for financial institutions, unifying customer, household, product, account, and conversation data into one configurable system.
AI & Machine LearningFintechSaaSSales Tech
Josh Friend(CEO & Founder)
Co-investorsThe Argentum GroupDecathlon Capital Partners
Integrated Home Care Services (IHCS) is a home care benefits manager that coordinates and delivers home-based care, managing administrative functions such as network development, credentialing, utilization management, and claims for health plans, managed care organizations, and providers.
Digital HealthHealthtech
Intelligent Locations builds INTRAX, a cloud-based real-time location system (RTLS) that tracks assets, patients, staff, and environmental conditions in hospitals, with AI-powered analytics and reporting.
AI & Machine LearningHealthtechIoTRaleigh, US
Bogdan Nedelcu(Executive Officer, Director)in
Co-investorsHealthX VenturesMarlin Equity Partners
Lender Price offers a cloud-native, AI-driven pricing platform for banks, credit unions, wholesale lenders, and mortgage servicers, including an enterprise product and pricing engine, broker/lender marketplaces, capital markets automation, and a non-QM pricing engine.
AI & Machine LearningFintechSaaS
Dawar Alimi(CEO)
Co-investorsThe Argentum Group
Medicinal Genomics develops qPCR and DNA sequencing tools for safety, pathogen and strain-identity testing of cannabis and natural products.
PCMI is a provider of cloud-based administration software for F&I products, warranties and service contracts.
Perceptyx offers an employee experience and survey platform that connects with HR systems, and its integration ecosystem links to a wide range of HRIS, payroll, applicant tracking, and identity management tools.
AI & Machine LearningEnterprise SoftwareFuture of WorkHR TechSaaS
John Borland(Founder)in
Co-investorsDelta-v CapitalInterlock PartnersTCV
SmartCommerce operates Click2Cart, a technology that turns product mentions across media and brand websites into one-click, direct-to-cart links routing high-intent shoppers to in-stock retailer carts.
AdTechE-commerceMarketing TechRetail TechAtlanta, US
Jennifer Silverberg(Founder & Chief Brand Officer)Gregory Taylor(Chief Executive Officer)Vadim Tarasov(Executive Officer, Director)
Co-investorsThe Argentum Group
Stamus Networks develops Clear NDR, a network detection and response system built on the Suricata open-source engine that converts network traffic into security insights for security operations teams.
AI & Machine LearningCybersecurityData & InfrastructureEnterprise SoftwareIndianapolis, US
Eric Leblond(Executive Officer, Director)Kenneth Gramley(Executive Officer, Director)Peter Manev(Co-founder)Éric Leblond(Co-founder & CTO)Ronda Schwartzkopf(Executive Officer, Director)Ken Gramley(CEO)
Co-investorsElevate VenturesNTV Prosperity
Sware offers the GxP Suite, a SaaS validation platform (Res_Q) that uses AI agents to manage software, plant/equipment, and medical device validation while maintaining audit readiness.
AI & Machine LearningHealthtechSaaSChelsea, US
Bryan Ennis(Co-Founder & Chief Quality Officer)inELLEN REILLY(Executive Officer, Director)BRYAN ENNIS(Executive Officer, Director)Ellen Reilly(Chief Executive Officer)inTheresa Pauzer(Chief People Officer)inEvan Raggi(Chief Commercial Officer)in
Co-investorsInsight PartnersJumpstart CapitalNew Stack VenturesLRVHealth
SynergySuite provides an AI-powered back-of-house management platform for multi-unit and franchised restaurant chains.
Benefits self-enrollment and call center technology company; combined with Selerix.
Tracer is a data intelligence platform that consolidates business data sources and enriches them with business context.
Transformative Pharmaceutical Solutions (TPS) provides technology-enabled clinical trial monitoring and site management services.
Healthcare sector company that identified a partner with First Analysis's advisory support.
VIDA Diagnostics develops AI-powered lung CT imaging software and analysis services for pulmonary disease diagnosis and treatment planning.
ViralGains is an advertising platform that collects zero-party consumer data by gathering real-time feedback within ads, using it to build more personalized ad experiences.
AdTechData & InfrastructureMarketing TechSaaSBoston, US
Dan Levin(President, COO, and Co-Founder)inKate Willett(Executive Officer, Director)Tod Loofbourrow(Chairman and CEO)Cindy Brown(CRO)Safaa Lafnoune(VP of Product)Brian Mulderrig(Chief Commercial Officer)
Co-investors500 GlobalBantam GroupLaunchCapitalMontage CapitalOrigin VenturesPallasite Ventures+4 more
ViralGains is a Boston-based advertising technology company using interactive ads and surveys to collect zero-party data for brands.
Co-investorsRuna Capital
Simplifies candidate sourcing and outreach through crowdsourcing and advanced AI to help recruiters build diverse candidate pipelines
Joss Leufrancois(Founder)in
Co-investorsData Point CapitalDubai Angel InvestorsNewfund CapitalUrban InnovationEmergence Capital PartnersHinge Capital+3 more
Sausalito-based employee engagement software that crowdsourced and prioritized workforce feedback; acquired by Perceptyx in 2021.
Sausalito, US
Jeff Snipes(Director)Michael Papay(Executive Officer, Director)
BoardJoe Abrams(Director)Ignace Goethals(Director)
Co-investorsFundersClub
Yello provides a campus and early-talent recruiting platform with an AI agent that automates event building, candidate sourcing, and interview scheduling.
AI & Machine LearningHR TechSaaS
Jason Weingarten(Co-founder)Dan Bartfield(Co-founder)
Co-investorsJMI EquityMultiplier CapitalThe Argentum Group
Yunu offers a clinical trial imaging platform that harmonizes imaging workflows, data, and compliance from initial scan through trial submission, cutting turnaround times and reducing manual work.
AI & Machine LearningBiotechHealthtechMedical DevicesSaaS
Jeffrey Sorenson(Chief Executive Officer)Gael Kuhn(Chief Technology Officer)Dr. Gordon Harris(Chief Science Officer)Lindsay Fleming(Chief Marketing Officer)Patrick McNamara(Chief Commercial Officer)in
Co-investorsSpring Mountain Capital
Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.
Portfolio news
latest coverage across their companiesCycle Labs · cyclelabs.io · Dec 2, 2025
Intelligent Locations · firstanalysis.com · Oct 15, 2025
Gradient Cyber · gradientcyber.com · Apr 25, 2025
Yunu · trial.medpath.com · Apr 17, 2025
Frequently asked questions
- How many investments has First Analysis made?
- First Analysis has 32 tracked investments, including 2 dated in the last 24 months.
- What stage does First Analysis invest at?
- First Analysis invests at the Series A, Series B, Growth, Late Stage stages.
- What sectors does First Analysis focus on?
- First Analysis focuses on Biotech, Cybersecurity, Data & Infrastructure, E-commerce, EdTech, Enterprise Software, Future of Work, Healthtech, IoT, Logistics & Supply Chain, Medical Devices, SaaS, Sales Tech.
- Where is First Analysis located?
- First Analysis is headquartered in Chicago, US.
- Does First Analysis lead rounds?
- Yes, First Analysis leads investment rounds.
- Who does First Analysis co-invest with?
- First Analysis most often shares deals with Jumpstart Ventures, The Argentum Group, Insight Partners, among 26 tracked co-investors.
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