Newark Venture Partners (NVP), a leading early-stage venture fund, announced the startups selected for its Fall 2019 NVP Labs accelerator program include BotMock, Brahmin Solutions, Galaxy.AI, MindRight Health, omniX, Speak2 Software and SpeechKit. This class of 7 Seed companies was chosen from a pool of over 2,600 startups, highlighting the programs momentum, as well as the City of Newark’s growing appeal to founders.
“These distinctive early-stage companies are joining a growing ecosystem in Newark powering the creation of wealth and jobs.” said Don Katz, Audible founder and CEO, and the founder of NVP. “This new class will have access to subject matter expertise from Audible and from our corporate partners to help them get to the next level. I’m excited for them to discover how energizing it is to be here.”
“Its very energizing and truly rewarding to see the the huge interest in the NVP Labs program. Founders are fighting for a spot because Newark is a place that naturally understands the startup mindset of grit, determination and hard work.” said Tom Wisniewski, Managing Partner at Newark Venture Partners. “With Audible as the ultimate example, we are creating a community that empowers founders, feeds on collaboration and inclusiveness, and craves disruptive solutions for old, outdated systems.”
The announcement follows a report from The Boyd Company, citing Newark as the city with the lowest operating cost for a representative corporate headquarters facility. The report, first released by the Newark Alliance, also points out that the benefits of a Newark location include access to a wide range of employees from diverse backgrounds, and a strong technological infrastructure, including one of the fastest urban data networks, at 10 gigabits-per-second. The city is one of the few nationally that is directly accessible through air, rail and water.
This is the accelerator’s 7th class and it includes two former Techstars companies, a Forbes 30 Under 30 awardee and a Newark-founded company. It also raises the number of companies in NVP’s portfolio to 73. Today, 28 of NVP’s portfolio companies maintain an operational presence in Newark, with 60 percent having raised follow on capital.
Selected companies are:
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BotMock: Chat and voice are rapidly becoming required methods of interaction. Botmock is a leading platform that enables cross-functional teams to collaborate, design and test conversational experiences. For clients from Delta to Nationwide, Botmock depoloys projects 5x faster and with improved results. Founded in Ottawa, Canada by Obaid Ahmed.
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Brahmin Solutions: Sales inventory management has become increasingly complex as sellers need to coordinate across various distribution channels: B2C e-commerce, Amazon/Walmart/etc. and wholesale. Brahmin Solutions is the only inventory management platform that allows for management across all channels. Current clients have reported a 35% increase in revenue and a 40% increase in operational efficiency. Brahmin’s superior product has grown 20% MoM via word of mouth alone and is now ready to scale. Founded in Stamford, Connecticut by Brahm Meka
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Galaxy.AI: Insurance carriers spend 12% of their revenue (policy premiums) in costs to process claims as they require manual vehicle inspections, amounting to an $80 billion problem globally. Galaxy.AI eliminates this cost with AI and computer vision technology that guides end-users to take the best quality images and provides instant analytics of the damage. Current pilot clients include Liberty Mutual Insurance and IAG where Galaxy.AI has proven to decrease loss adjustment expenses up to 70% and cut estimation time by half, improving customer satisfaction and saving $15M+ annually for its clients. Founded in Boston, Massachusetts by Jas Maggu.
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MindRight Health: Despite a roughly 2x increase in youth mental health issues over the past five years, there has been zero innovation to the in-person therapist model which carries a heavy stigma, in particular with communities of color. MindRight provides culturally responsive mental health coaching over text message, the highly-preferred method of communication for young people. Customers include AmeriHealth Caritas, one of the largest Medicaid insurers in the country looking to tackle social determinants of health within their youth population. Founded in Newark, NJ by Ashley Edwards.
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omniX: While there’s nearly a billion commercial cameras deployed worldwide, these video feeds are untapped in value. omniX uses machine learning and computer vision platform to analyze video feeds and deliver analytics and predictive insights with no integration required. With an initial focus on Logistics and Quick Service Retail, omniX has proven to improve conversion rates by up to 35% and optimize operations. Founded in New York, New York, by Anoop Kanthan and Muthla Al-Sayer
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Speak2: Senior Living is a $69 billion industry and is expected to grow to $80 billion by 2023. Speak2 modernizes the standard and inefficient push-button that is currently used by residents to signal facility nurses with voice software that routes a spoken request to the right support team member. It also allows for better resident communication, logs activity and syncs health requests with the EMR. Working with facilities across the US, Speak2 has proven to decrease staffing costs by 2x and increase pricing by resident fees by 10%. Founded in Holmdel, NJ by Matt Smith.
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SpeechKit: Over the past few years, driven by new technologies and the rise of podcasts, audio has become a priority for news publishers. SpeechKit allows publishers to automatically generate, distribute, track and monetize audio editions of their news. Utilizing the latest text-to-speech, combined with a news-customized NLP pipeline and integrations that fit naturally into newsroom workflows, the service is the only complete solution to audio news publishing. Live on 100+ news sites, serving millions of impressions per day, SpeechKit liberates news from the page for a generation on-the-go. Founded in London, U.K. by James MacLeod and Patrick O’Flaherty
Admission to the program includes an initial investment of $125,000, space within NVP’s co-working offices, housed in the same building as Audible and Rutgers Business School, as well as guidance from an in house growth team and robust mentorship network. The fund’s corporate partners, Audible (an Amazon Company), Dun & Bradstreet, Horizon Blue Cross Blue Shield, Panasonic Corporation of North America, Prudential Financial, RWJBarnabas, TD Bank through the TD Charitable Foundation, Fidelco Realty Group, and the New Jersey Economic Development Authority are especially engaged with NVP Labs companies, providing market-based insight, technology assistance, and high level networking opportunities. At the close of the 12-week program, NVP guarantees a minimum additional $100,000 follow on funding to participants in their next fundraising round, and potential to receive up to $1 million from its direct funding arm.
During the program, founders have access to the program’s full time Growth Director, a Sales Advisor, Marketing and PR professionals and a team of entry level sales development reps (BDRs) to assist in outbound prospecting. The program aims to guide the companies to achieve in-depth strategic plans and scalable marketing and sales operations. The NVP mission is to help innovative entrepreneurs build distinctive B2B tech companies while catalyzing the technology ecosystem in the City of Newark.
“We understand that one of the biggest hurdles for startups is finding and hiring talent,” said Allison Williams, Director of NVP Labs. “One of the things that makes NVP unique is that we provide experts that function as turnkey staff for each company. Once you are an NVP Labs company, not only do you have a group of mentors and coaches, but you have sales reps, PR and marketing staff, and finance support. This kind of execution support is unmatched by any other accelerator program.”
Newark Venture Partners was founded by Don Katz, Audible founder and CEO, to grow Newark as a hub for east coast technology and recast the city as a pioneering innovation zone and ultra-bandwidth tech center. With billions of dollars earmarked for construction projects, affordable housing, new retail development, and 21st century work spaces, Newark’s community of entrepreneurs and young talent is growing, as they look to reach New York City’s resources without its legendary cost of living and doing business.
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