Fundraising Fox
First Analysis
Venture capitalChicago · Series A–Late Stage · 24 people tracked
Also known as FIRST ANALYSIS CAPITAL MANAGEMENT LLC
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Investment thesis
First Analysis pairs deep proprietary research with venture capital investing and advisory services to back emerging growth companies in technology and healthcare. Its research franchises span cybersecurity, e-commerce optimization, enterprise productivity, future of work, go-to-market technology, healthcare IT, infrastructure technology, Internet of Things, learning technology, pharma IT, supply chain and vertical SaaS. The firm works with entrepreneurs as both investor and advisor on growth transactions, emphasizing sectors where its analysts have established thought leadership. It believes combining rigorous research with strategic investment and advisory support unlocks opportunities and drives value creation for partners and portfolio companies.
Source: firm website, verified Sep 29, 2026.
Team · 24 people
from the firm's website & public directories
Founder mafia
2 people who came through First Analysis went on to found or lead other companies.
What they invest in
from 31 of 50 portfolio companiesSaaS ×20AI & Machine Learning ×17Enterprise Software ×12Healthtech ×11Data & Infrastructure ×5Digital Health ×5Fintech ×5Medical Devices ×5
HQs:United States×30
Who they back
founder profiles across 10 portfolio companiesFounding team size:solo founder×72 founders×3
Investments · 50 tracked
founders shown can be your intro pathBy year:2026 · 12025 · 22024 · 32023 · 12022 · 32021 · 32020 · 22019 · 12018 · 22017 · 42015 · 22013 · 226 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)inDavid 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)inMark Stultz(Executive Officer)
BoardGeoffrey B. Thrope(Executive Officer, Director)in
Board seatTracy Marshbanks· per SEC Form D
Co-investorsJumpstart VenturesMutual Capital PartnersNDIRC CapitalRiver Cities 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)inIan J. Vawter(Executive Officer)Steven Schaefer(Executive Officer)inWilliam Floyd(Executive Officer, Director)inVincent Owens(Director)Richard Kent(Director)
Board seatTracy Marshbanks· per SEC Form D
Co-investorsAscension VenturesNew Markets Venture PartnersSV Health InvestorsBlue Heron CapitalTVM Capital Life Science
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)in
Board seatCorey Greendale· per SEC Form D
Co-investorsHigh Country Impact FundJurassic CapitalCofounders Capital
VIDA provides AI-powered imaging biomarkers and clinical trial imaging services, using its VIDA Intelligence Platform to collect and analyze imaging data across respiratory, cardiovascular, oncology, and other therapeutic areas.
AI & Machine LearningHealthtechMedical DevicesCoralville, US
Susan A. Wood(Executive Officer, Director)inSusan Wood(Chief Executive Officer)inSandra Stapleton(Chief Operating Officer)inTodd Johnson(Chief Technology Officer)inLars Nordenmark(Chief Scientific Officer)in
BoardRobert Bozeman(Director)
Board seatTracy Marshbanks· per SEC Form D
Co-investorsRittenhouse VenturesBlue Heron CapitalChartline Capital PartnersNext Level Ventures
Applied StemCell is a genome engineering platform company that develops proprietary technologies and iPSC expertise to enable safe, scalable integration of large DNA payloads into the mammalian genome for gene and cell-based medicine.
BiotechDeep TechMedical DevicesMilpitas, US
Dolores Baksh(Chief Executive Officer)inRuhong 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
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
EdgeIQ provides an orchestration platform for connected products, managing device, connectivity, and data operations through automated workflows.
Data & InfrastructureDeveloper ToolsEnterprise SoftwareIoTSaaS
Co-investorsKoa LabsMathers Associates
Equality Asset Management (EAM) is a Boston-based growth-oriented private equity firm that invests in lower mid-market software and software-enabled services companies, typically deploying $25M to $150M of equity per portfolio company.
Enterprise SoftwareFintechSaaSBoston, US
Jeff Del Papa(Co-Founder & Managing Partner)inTom Roberts(Co-Founder & Managing Partner)in
Co-investorsEquality Asset Management
Gradient Cyber provides Managed Extended Detection and Response (MXDR) services combining proprietary XDR technology, 24/7 security operations, and expert analysts for mid-market organizations.
AI & Machine LearningCloud ComputingCybersecurityEnterprise SoftwareSaaS
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)in
Co-investorsThe Argentum GroupDecathlon Capital Partners
IHCS provides home care services to health plans, providers, and patients.
Digital HealthEnterprise SoftwareHealthtechFlorida, US
Josh Holmes(SVP of Business Development)in
BoardJorge(Chairman)
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
Kno2 provides healthcare IT and document management solutions focused on enabling secure patient information exchange and interoperability across healthcare organizations.
Data & InfrastructureDigital HealthEnterprise SoftwareHealthtechSaaS
Jon Elwell(Chief Executive Officer)in
BoardEzra Mehlman(Board Member)Jeffrey Stolte(Board Member)Michael Kluger(Board Member)Mark McAdoo(Board Member)
Lender Price provides cloud-based mortgage origination software that enables lenders to manage pricing, loan processing, and integration with industry systems.
AI & Machine LearningCloud ComputingFintechSaaS
Dawar Alimi(CEO)
Co-investorsThe Argentum Group
PCMI provides AI-powered software that automates the administration of F&I products, warranties, and service contracts for TPAs, OEMs, and automotive dealers worldwide.
AI & Machine LearningEnterprise SoftwareInsurTechSaaS
Co-investorsEquality Asset ManagementThoma Bravo
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
River Technologies builds custom software from scratch for financial firms, including global investment banks, hedge funds, alternative asset managers, and sovereign wealth funds.
AI & Machine LearningEnterprise SoftwareFintechNew York City, US
Co-investorsAlso CapitalFounders FundPetraTimeless Partners VenturesBain CapitalGreat Hill Partners
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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)inGregory Taylor(Chief Executive Officer)inVadim Tarasov(Executive Officer, Director)in
Co-investorsICU VenturesThe Argentum GroupMathers AssociatesValor Ventures
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
Peter Manev(Co-founder)inÉric Leblond(Co-founder & CTO)inRonda Schwartzkopf(Executive Officer, Director)Ken Gramley(CEO)in
BoardNick Mirchef(Director)Howard Smith(Director)in
Co-investorsElevate VenturesNTV Prosperity
Cleveland, US
Adam Roth(Executive Officer, Director)inJohn Dearborn(Executive Officer)inSteve Kosko(Executive Officer)inScott Weiss(Executive Officer)inCamille Beatty Falor(Executive Officer)in
BoardHal Shelton(Director)
Co-investorsSaaS CapitaliSelect Fund
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(Chief Executive Officer)inTheresa Pauzer(Chief People Officer)inEvan Raggi(Chief Commercial Officer)in
BoardKOSAL KEO(Director)WILLIAM R. COWEN(Director)in
Co-investorsInsight PartnersJumpstart CapitalNew Stack VenturesSimplex VenturesLRVHealth
TPN.health provides a platform for behavioral health professionals to access premium continuing education, connect with verified peers across all disciplines, and participate in clinical matching and care navigation services across all 50 U.S. states.
Digital HealthHealthtechMental HealthSaaSLouisiana, US
Trevor Colhoun(Chief Executive Officer)in
Co-investorsAccomplice
Upfront develops healthcare solutions that activate patients and improve clinical, financial, and operational outcomes for providers.
AI & Machine LearningDigital HealthHealthtechSaaSChicago, US
Ben Albert(CEO and co-founder)inCarrie Kozlowski(COO and co-founder)in
BoardSid Chambless(Director)Robert Coppedge(Director)inMichael Tudeen(Director)
Co-investorsBaird CapitalHyde Park Venture PartnersEcho Health VenturesFirst Trust Capital PartnersLRVHealthMartin Ventures
Upfront provides data infrastructure and tools to connect childcare providers, families, and policymakers with accurate, real-time information about early childhood education programs.
AI & Machine LearningData & InfrastructureEdTechFintechGovTechSaaSNew York City, US
Dana Levin-Robinson(CEO)inShefali Shah(Executive Officer, Director, Promoter)
Co-investorsTechstars
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)inJay Singh(Executive Officer, Director)Kate Willett(Executive Officer, Director)Tod Loofbourrow(Chairman and CEO)inCindy Brown(CRO)inSafaa Lafnoune(VP of Product)in
Co-investors500 GlobalBantam GroupGolden SeedsLaunchCapitalMontage CapitalOrigin Ventures+6 more
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+4 more
VisiQuate provides analytics and automation software powered by its AI engine "Ana," offering predictive analytics, AI agents, and automated workflows.
AI & Machine LearningEnterprise SoftwareSaaSSanta Rosa, US
Brian Robertson(Executive Officer, Director)inRich Waller(Executive Officer, Director)inJim Kolmansberger(Executive Officer, Director)Sven Zabka(Executive Officer)inRaymond Hsu(Executive Officer)in
BoardHoward Smith(Director)in
Co-investorsAccel-KKRLevel EquitySixth Street
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-investorsFundersClubHemisphere Ventures LLCSaaS Capital
Wimba is a provider of collaborative and voice-based communication software for colleges, universities and other education providers.
Co-investorsABS VenturesGefinor CapitalThe Argentum Group
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)inDan Bartfield(Co-founder)in
Co-investorsJMI EquityMultiplier CapitalThe Argentum GroupQ Capital Partners
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)inGael Kuhn(Chief Technology Officer)inDr. Gordon Harris(Chief Science Officer)Lindsay Fleming(Chief Marketing Officer)inPatrick McNamara(Chief Commercial Officer)in
Co-investorsSpring Mountain Capital
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
RecsoluApixioBlue MedoraChrome River TechnologiesCurrent WaysFortress Information SecurityMedicinal GenomicsNimbeLinkPharmacy Quality SolutionsSynergySuiteTBXTracerTransformative Pharmaceutical Solutions
Portfolio news
latest coverage across their companiesCycle Labs · cyclelabs.io · Dec 2, 2025
Gradient Cyber · gradientcyber.com · Apr 25, 2025
Yunu · finance.yahoo.com · Apr 16, 2025
Frequently asked questions
- How many investments has First Analysis made?
- First Analysis has 50 tracked investments, 7 of which have exited, including 3 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 is First Analysis's typical check size?
- First Analysis typically writes checks of $3M – $10M.
- 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 39 tracked co-investors.
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