CHICAGO - April 9, 2025 - First Analysis, a leading venture capital firm specializing in B2B technology investments, announced today the closing of its 14th fund, at $97 million in committed capital. First Analysis again committed substantial capital to its own fund, making it the largest investor in the new fund and underscoring its continued confidence in its distinctive investment approach.

"Fund XIV continues our longstanding commitment to supporting entrepreneur-driven, capital-efficient growth companies," said Managing Director Howard Smith. "By deeply engaging with a select number of innovative platforms, we can leverage our rigorous research and advisory capabilities to help companies achieve their growth objectives and guide them toward successful exits."

"Deep sector research is the foundation that underpins our strategy," said Managing Director Corey Greendale. "Publishing extensively on a select group of focus sectors allows us to establish thought leadership that uncovers sector trends and investment opportunities early and allows us to cultivate a targeted network of executives, other investors and strategic partners that drives opportunities for our funds and the entrepreneurs we work with."

"Everything we do is designed around serving the needs of entrepreneurs," said Managing Director Matt Nicklin. "We have built our entire approach to investing our funds and our advisory practice around ensuring that entrepreneurs are well-served, and their interests are treated with the highest priority."

First Analysis targets companies with annual recurring revenue between $1 million and $10 million, typically leading rounds or being a significant syndicate partner and investing $3-10 million in each company. The team focuses on B2B technology businesses in sectors where it has built deep expertise, including cybersecurity, e-commerce optimization, enterprise productivity, future of work, healthcare IT, infrastructure technology, Internet of Things, supply chain technology, and vertical SaaS.

The new fund has already invested in five promising companies:

• Applied StemCell provides pharma companies with cell and gene therapy solutions based on its proprietary gene editing and induced pluripotent stem cell technologies, which enable off-the-shelf allogenic cellular disease-modifying treatments that are a practical alternative to expensive patient-specific autologous treatments.
• Dina provides software to coordinate in-home care for seniors in the Medicare Advantage and managed Medicaid markets, addressing the shift toward home as nexus of care for seniors, the growing importance of supplemental benefits and services to plan members, and the demographics of an aging population.
• Kno2, a healthcare communications company, enables secure, efficient information exchange among patients, providers, payers and technology vendors.
• Stamus Networks provides network security detection and response software that gives customers greater context and detail behind flagged events, enabling faster, better remediation than competing solutions.
• Sware's software streamlines and automates FDA-mandated computer system validation for life science companies with an intuitive interface that mimics existing processes and partnerships with key software vendors to validate vendors' software updates prior to deployment at Sware clients.

About First Analysis

First Analysis is a leading venture capital investor focused on B2B technology businesses. We have one of the longest records in venture capital, having invested $841 million across multiple highly diversified funds over four decades. First Analysis invests mainly in North America with a focus on our sectors of expertise, including cybersecurity, e-commerce optimization, enterprise productivity, future of work, go-to-market tech, healthcare IT, infrastructure tech, Internet of Things, learning tech, pharma IT and vertical SaaS. We help established companies become profitable leaders in large markets, funding growth plans and working closely with management in areas including strategy, recruitment, sales and marketing, and corporate development. Our flexible approach targets investing $3-10 million as lead investor or as a syndicate partner bringing valuable perspective. For more information, visit www.firstanalysis.com.

For more information, please contact:

Corey Greendale
Managing Director
cgreendale@firstanalysis.com

Matthew Nicklin
Managing Director
mnicklin@firstanalysis.com

Howard Smith
Managing Director
hsmith@firstanalysis.com

Media contact:

David Leshuk
Managing Director
dleshuk@firstanalysis.com
312-258-7131

First Analysis
One South Wacker, Ste. 3900
Chicago, IL 60606
312-258-1400
www.firstanalysis.com