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Keynote Panel AI from Investment perspective

Sudip Chakrabarti
Venture Investor at Madrona
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About speakers

Sudip Chakrabarti
Venture Investor at Madrona
Ian Foley
Venture Partner at Level Ventures
Anupam Rastogi
Partner at Emergent Ventures
Vik Sasi
Partner at Dreamers VC
Dennis Liu
Investor at Ford

Early-stage venture investor investing in Enterprise and Infrastructure Software companies in Seattle, Bay Area and Boston. Past experience includes co-founding two technology startups and operating roles in public software companies.

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Ian has founded or lead sales in four startups focused on big data, machine learning and ad technology resulting in 3x M&A and 1x IPO.

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Anupam is a Partner at Emergent Ventures and focuses on seed and early-stage investments in transformative startups in the AI, Data, Cloud and Smart Mobility spaces.Anupam has led or played a substantive role in over 15 successful technology investments globally, ranging from early to expansion stage, and several large exits. Prior to Emergent, Anupam founded NX Partners to help high-potential SaaS companies accelerate growth rates and outcomes and worked closely with half a dozen startups across the enterprise landscape. Previously, Anupam held investing roles of increasing responsibility at NGP Capital, a global venture firm with $1.2B+ AUM. At NGP Capital, Anupam led the Intelligent Enterprise investing team, identifying and investing in companies at the intersection of data, IoT and machine intelligence. Earlier, he helped drive the firm’s smart mobility and logistics investment practice.Prior to his investing career, Anupam spent several years in the mobile, enterprise and data analytics spaces, bringing to market four new products, setting up a big data analytics stack in a Fortune 100 environment, and authoring five international patents and publications. Anupam holds Computer Science degrees from IIT Delhi and UT Austin, an MBA from The Wharton School, and studied Technology Commercialization at MIT.

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Vik Sasi is a Partner at Dreamers VC having previously been on the investment team at AmFam Ventures. He began his career as an Analyst at the Clinton Foundation and thereafter, as a Strategic Advisor to the Haitian Ministry of Health; he also completed additional stints in investment banking at Morgan Stanley and venture capital at Healthbox. Vik is a former state chess champion, FAA Private Pilot and speaks Spanish, French and Haitian Creole. He holds a BA in Biology from Washington University in St. Louis and an MBA from the University of Chicago Booth School of Business.

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Dennis Liu looks after Global Strategy & Business Development for Ford’s Research & Innovation Center, Palo Alto. He heads Ford’s Silicon Valley corporate development efforts managing investment activity and relationships with VCs, Corporate Innovation / CVC outfits, and the greater startup ecosystem.

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Everyone welcome to the keno panel My Name is Earl Phillip. I'll be the moderator here into this is a panel on current or on investing from a Rai from an investment perspective. We've got her to a great group of panelist here to provide a variety of different perspectives around. I'm investing in the AI space. I'm across different Industries across different strategies. And I think we're going to try to get through a couple of key areas through this panel kind of starting out with just current investment areas that were

looking at amongst us caps in the eye that we see where there could be more investment and then kind of closing out the session with just predictions around the future of AI until before diving into topics for just going to go do introductions and I'll kick it off on my side and then pass along to our Fair. Pamela are my fellow panelists are I'm so glad my Name is Earl Philip. I'm currently a principal at Providence Ventures, which is the Venture fund for Providence st. Joseph Health the large West Coast Health System. I'm are fun to say corporate strategic Venture funds to invest

with returns in mind as well as from a strategic perspective. Is that every company we look at investing has value out to Providence rlp as well as potential for return. I was one of the first tires on the team. So I joined back in 2015 when we launched our first find them stayed on as we launched our second Fund in 2019 had a chance to work on probably 16 or so out of our total 19 investments in some capacity over the last six years in terms of just the AI World in general are fun has invested in several

companies, which have an AI banned. I'll mention to them before passing along. I'm frother instructions. And so one of them is Gauss surgical which is medical device company that's focused on computer vision. I'm an enabling that within the operating room theater. I'm in another one. I'd mention is pro tennis which essentially helps monitor misuse of patient data through monitoring activity, utilizing a guy to identify Bad actors in both of these companies have had some significant success out in the market utilizing a I am building an Roi value for health

system clients. So without a pass it over to sudeep to connect with introduction on himself. Hey, thanks and have you wanted this is so deep. We are not respond based in Seattle. We invest primarily on the west coast. We have two investment strategies today on one is either and cities are focused. And then the other one is more cities BNC focused. We have been around 20 plus years. We are investing on a Ford van 700 billion dollars each time. We have $10 and then percent of $4 on Enterprise 30%.

I was a spectacular failure second time worked out much better and then I'm taking some of this. I invest in Enterprise B2B all the way from application-layer down 10% sure stuck in the past. I have invested in companies like several s.com helped you stream Leo exabeam, and then I was in involved in companies like they are the moments get up madrone. I work with about seven companies and then we have a very heavy focus on artificial intelligence, but what we call more specifically as intelligent applications driven business applications,

but happy to be here. Thanks for inviting me. Either one of my background as an entrepreneur. I was supposed to be golden nugget found it all had a sale. So. That would three we end up being a quad one with the public my lost company, which is a cloud by IP from I end up and build out a bunch of fun with a different Focus their other than focus on Audi Stage Company as we focus on emoji Manchester. We help Emoji mind is basically raise funds for that rode a bunch of fun. So in the AI space but so prior to that. I was kind of work I'm doing I have

a deep experience in the AI space to the company's. I founded in AI in fintech. Is it on identify magic managers who have befallen pretty well and I work with our pool 250 found offices to give him that she invest in that van and help them, right? The next generation of Adventure. Thank you, Dennis. I'll pass over you for a quick intro. Yeah. Hey guys. I'm Dennis. I will report Motor Company. So we make Mustangs in pickup trucks with in the future right now Mobility company and part

of that future means a lot of these emerging Technologies in particular a i in for the impact stop on our business also in my role. I look after the venture out to class. I have a focus and driving strategic Innovation. So again for disclosure IMF of balance sheet a dollars matter and also the Strategic piece of it. I'm so excited and kind of loving that that a corporate Venture mindset to kind of bridge traditional industrial business with the opportunities. It started send it to us. fix tennis elbow pain Thanks,

everyone. This is gonna bump I'm a general partner and emergent Ventures. We receive statement form and we focus on different software with lens or more people intelligent software, which is how we Define it is so far that gets more views from using machine learning data and Spider-Man and grain across the computer to a business function sales marketing HR customer service finance operations. What have you or it could be I can protect you all could be vertical specific and we tend to invest

pretty early presidents. At least you don't see often the First Institutional Investor Billy bounce and the families in the early days on helping them unifying pragmatic Fred pulling out we go to market and then connecting a downstream sources of capital of Shopping in the event of space for water decorate at this point. And and and yeah, I think I watched closely for the last 20 plus years and looks like finally the university hitting the road. So the party is getting more on that.

Thanks Invicta glass in truck and back by the largest Japanese corporates make a bar El pibe. So no more of the big Investment Bank Mitsubishi a6m Sado density with household conglomerates. Domicile. Japan are making our Capital base 7 deals in that time. So investing at a Breakneck Pace Healthcare in the other 50 is kind of a random smattering of gaming fintech Esports, and then prior to dreamers I was at an inch. Fun back by Force 300 insurance carrier that

passing prowess is the American Family Insurance. They've been there for you know, I think probably since the beginning and maybe maybe even find one phone to another company Jackson 2017 Apple that was enough sound the death knell for auto insurance and then just generally I enable Technologies which underwriting there were a number of technology. So that was her. Well, thanks everyone for the intros. I think just from an audience perspective as I think this panel is really

valuable in the sense that we have a bunch of folks who are kind of more generals focus focus likes it deep in that can and you have your myself an apartment dentists who have specific industry type focuses. And then Ian who kind of things to look for things for a much broader perspective from a fund manager person file manager side and so as we dive into questions, we're going to try to going to hit on everyone's areas of expertise. I'm going to get all those perspectives next in until the first area that I want to dig into is just like what when I'm looking at different like what one of

the key challenges around a eyes just identifying like what they are areas that we want to invest in today. I'm your what what are the current areas that interest us men have high potential in the market to the first question. I'll I'll direct towards is sudeepa and to Vic which is you know, both of You work for funds which I have much more broaden. She's folks. Are you looking at consumer you looking at you and dustrial looking at pretty much everything in between when you see companies in the startup error and the AI space how do you tell which ones have the most potential today meaning?

Like what companies excite you or areas in a I excite you today and and what gets you excited about a company and so, I'll start I'll start with you CD and then passed for today. Yeah, sure. That's a great question on saying that we have to have a common saying that we do not invest in the eye company. What we doing Masters AI drilling company. So very rarely will you invest in a company that is because we strongly believe that you have with open sores on

University Research and everything you are going to be like frogs if your house has been entirely on what we call intelligent applications are not very good with now to answer your question more specifically. And I stocked with the team right? So I didn't know that when we look at that company that that is talking. We definitely want to see now one or more co-founders having a strong and underpinning from the technology standpoint in the IML. But that is usually not sufficient for us to get over the heart of

what we'd like an idea for acid be a great the IML practitioner for partnering with the domain expertise. You're going out with Management's right if you just come in and say all I have a great day. I am out in a background that is usually not sufficient. You need someone who has lived and breathed that problem in our lives. Largest companies we could have really try to thank boys the moment they will have you know, how can they really grow them all like to think about it

and Technology most like in Towson MD Dent distribution more like Salesforce and ask them came to Mort's lights lock on it out today. It's like it has to be some kind of days or more to your product. You are collecting learning unit in Empire start of the data, which is making the product better. Can you can we really see that feedback loop that makes the product better to measure a lot of time thinking about more Investments are those are the two things that really count.

Yeah, and that's where my perspective said. We were kind of man. We want a very different model which is eating radish greens from sheets. And so on to the Crux of an hour or you know, some fun model is co-investing with the best and basically top to your funds. I mean, it's no secret that nyannyan can probably get a lot more light then then I can on this that you have maybe 90% of the returns, you know come from only 10% the top decile sons. And so, you know, if we can come and

rest alongside the matronas never help either one of Andresen spawns, then hopefully we can get access to the same sort of returns piggybacking off the water flood. That's why I said and done by some of the partners excellent track records. What we're looking for? I'm so before delving in from my like a specific industry perspective on like areas of interest for an apartment in Denison and their areas and I just want to kind of Passover to you in terms of no wet when you're looking at the world from a fun perspective. Like what are the funds

that you're seeing being successful? We're focusing on AI focus in on in particular kind of any thoughts you have around that time right now one of those who woke racing ATI focused efforts deeply deeply understand what he's focused on is building up a stable of of companies that are all focused on AI and And I already got a job. He has backing for the likes of Grey talk and then he ate that the arrays 170% million and then that's a good approach to build a Kia Cuzo Cobalt of impressive companies in the space that you deeply know and

then the more I say I'm looking for those on a eye exam is not what I care about how mean she is getting into vertical. So this thing better go so we think is control Civ 6 in areas where you could have medical Base phone going off that they was particularly like in the bayou the bias faces look all the shanty 2 to bring a high 2. opportunity in research that's helpful. Just passed kind of the same question. I asked words. Is it even Vic around like what are you looking for when you find

companies in the AI space over to town? If I'm first in terms of New Year year fun focuses primarily on software type Solutions and at least in my view with software stock Solutions seem to always say that they have some sort of a I built into it. What kind of excites you today in terms of you when you talk to a company in in in the realm, how do you tell which one of the AI Enterprise software type companies are our won't ones you want to invest in when everyone saying that they do a i Yeah, I wish I had a crystal ball. If you know me to record this measure

the efficacy of investment but that apply to pretty much any investment than nothing and it's a lot of the early stages and if I were to start with ma customer focused approach to our evaluation, so we take a lot of time really talking to their prospective customers. So this evening lesson is often not existing customers because these don't leave me free products, I guess it's time. We have one or two early customers, but we have a strong network of Cokes Indian price office space that are close to the phone and Crossing Fortune 500 companies where we often have these companies pitch to the

customer and what you're looking for is not someone that should buys the product on this part. Of course, you know that very rarely happens, but what are you looking for? Green Point and endpoint strong enough. Is there potential for a or whatever the technology to come he has to really change the game-winning 3 be on what's available in the market today? So Dorothy enterprise software system units of segments have big and trench players today really looking to see what is that significant Delta that your product has are the approach has agreed to give you this

portfolio vs. Lexus seal source of the workday or what have you and whatever segments divide in Prospect of customer service industry advisors is trying to see the nature of the pinpoint exhausting process signaling pick up as often you find that there's a lot of work getting done manually which people hate to do my movie when they haven't either pay someone to do it at the half people on this stop that is a spending time on activities with that don't want to be spending time and that's often a good signal that if I can come in some part of that then that's something Turn

off and be willing to pay for and adopt and go to adoption cycle and activation energy to do that. That's an option to of course sweetie. You're trying to pack on you. Let me think are super high caliber and have the right to Nan background and domain expertise. We also looking for younger slope of the trajectory. We spend some time getting to know the art prints be partnering with you. It's a long journey to get along and respect them and their wedding Edition find measure of the slope of the trajectory with a Navy SEAL

roof. I do if you serve yard in touch with them because you follow them for 6 months to 12 months. Are we trying to see how fast are learning and hydrating and taking feedback from customers and even that into their product and their page? I think that's a very similar approach to to what we take when we look at specifically your point around like if they're solving something that nobody wants to do in healthcare at least in the industry. There's just so many things that are being done that nobody ever wants to do and so we look a lot at the RPA type companies

over body process automation solutions that kind of fit in in and plug those type of problems and no one else wants to spend time working on it. So that's interesting. I'm so so Dennis that I just did the question for you as you know it when I think about like Ford and and like the industrial space like in a guy that the first thought that comes to my mind is like so self-driving cars or something along those lines, but it'll be great to kind of get your view around like what are the technologies that interest you today and that you're seeing out and say that I frankly don't have that

much visibility into that would be great to get your perspective. Yes, so I think your point the New York reaction that whenever you think of for is. Hey, what are the economist driving vehicle to stack their cybersecurity these types of things but I think that to be frank the cow poop, too much higher. You see people who your way home. Most of the action there really is going one layer underneath and I would say these things about capabilities that matter and startups are interested in investing for us to come with the next electric car or the next 80 company sure you and

everybody else are knocking on our doors and from a strategic perspective. If you think of to this point, there are actually a lot of pressing needs things are Emmanuel things that aren't necessarily digitally enabled in the software impact on those capabilities has materially changed our business write thank you for the pride. Enjoy it every 9 seconds. You're pushing an F-150 off the line but to enable them to compete with a future. What's the biggest criticism? Oh, so and so is building a new gigafactory. So and so's using B. Volume two cars. What are you guys doing? And so I think for us

it's the specialty industrial side and I have the benefit of sitting with her research. The best engineering folks is taking those Extra Billy's particular with the AI stuff that you can kind of tag along our scars and bruises in until their mistakes. If you will end collected years of learning with really making things and buildings and pushing them off the line and so key areas for me or digital planning things that enable sort of visual inspection things that you traditionally would just go through a long process example, the logistics and Fleet organization of shipping a random part

seems pretty nuts and bolts and pretty easy, but there are certainly areas that can be further and Abel Kan billion lies within our own network just by having some folks coming in. So I have a sort of lucky to have testicle folks that can cut pilot and try and testing letting other color investor. What I bring to the table is if I love it. I'm going to be a customer if I really love. I'll buy it and devaluation even those recording you probably shouldn't be telling my CFO you think about it some right at a $59 valuation. I'm probably still right at a hundred and if it's so meaningful to my

business and the right business they had must have that you can imagine as a corporate in all those dollars don't matter if you think about where our business is going and if we are to compete with the phones coming out there and in the stars that have a line ways and how we want to do things. I think it's a really interesting proposition. Just as a co-investor, but as a customer the choir down the road 7th, I guess I kind of leads to the next area and then I guess this question for for UVic in terms of investor focused Fund

valuations in there and they are around are relatively high and I could I like I know that I can call the Venture investors hear that but when you see kind of The areas that are out there in a i and you get some of your colon vessels coming in talking with you like what kind of excites you the most like, what are those areas that are growing right now? And did you see a lot of Need for in terms of another funds that are coming to you or send it to your fund around opportunities to invest in particularly in a I like what are the key

areas that you know, they see the highest growth potential for it is at the expense. Sure. Yeah, it's it's a good question. I mean, yeah, but it kind of depends on because we're doing the son of interest income investor Model A lot of it comes down to is that we do in conjunction with they looking at the return profile fecl2 me. I think everyone on this panel has probably been complaining about high valuations in the valley for years now and certainly not just relegated to a eye but The different Industries in

sectors and you know, we probably thought covid-19. You know this like this is the biggest secret in the valley. I feel like was that it was going to be the Silver Lining with April and May and then it was like boom 8 weeks later and we're right back and profile well as to where we think this is going to exit Coretta liquidation preference is a later stage K & B uniform Billy Dollar Plus and so we also wonder you know how to your LPS in 10 years. And so that's a question that

we're all I've been kind of wondering. You know, we've seen the the megaphones continue to fill their coffers. So the jury is very much so loud. I would say an Indian again can probably more visibility on all of the sort of emerging managers that are probably graduated. But yeah, he was still very much an open question but returned profile sensitivity analysis is a part and parcel never went and going along to explain around like, you know, you have all these funds that are

trying to you know, generate a pretty significant returns off large Capital bases. Like what when when you Talk to emerging managers out in the market like and they're looking to build a new fun based on an AI relative thesis. Like what what what what's most compelling to you or what? Do you seen? What have you seen the most compelling to the overall market for these managers, Is that something you could give us some insight on to Performance Auto that has to be tempted by the fact that just cuz you had performance in a van doesn't mean you have

performance study hard and fun. There's a very different skill-set to actually running a funds and being an investment that it's it's it's a having a track record performance and all this is very unique. What we do is we work orders for managers throughout thackeray at Monday and Tuesday that we think if they think I'm a good fit for us they bring them to us and we invest in them. So by the time we want a couple of days by the time they want Should I understood by us? And that's what it's much easier once I got a fresh relationship. It's it's been nuts

every time and so that's the extent where where the AI piece fits in I wouldn't say we have that sexy sister. I may I may I just hums to be a very relevant topics sharing what we believe is long-term return in the space. They look at it. It's not the show driving like this more mobile inside the help you is well and turns off and is that most of our kind of us we work with are LPS base in in Europe and many of them are looking for access to a great deal flow opportunity is that so I don't know

that that's a great place with his own evaluation is being about that. He's being created in Seoul RM rlc's getting access to Fun man just come out with new models is is a particular Traxxas you begin why you stop from as to help understand the contacts know that it says that's an interesting way to think about in terms of like know that like, I just had first it's like if you have a team and you're looking to raise a fund that doesn't necessarily like it's good to have that track record. But like it's sometimes like misleading to some degree that's interesting way to look at things.

I guess just kind of going back more towards I'm so sorry. If I'm just a question for for you in particular since you focus a lot more on an earlier stage type companies out there when you're out in the market and you're talkin with with earlier stage startups and they're coming to you with like he's really big Vision ideas around AI technology. What are those Visions like what Visions have you seen that actually resonate a lot with you? Cuz if I like then again you could go wrong. But when you're

working with earlier Stage Company, that's a lotta a lot but it's just kind of about like that Vision type that they have for their companies similar to which he was talking with the fund managers. And so how do you parse through those like broad Visions around like future AI potential type Solutions, and find which ones you'll actually back as a fun. Yeah, and it's always a balance between vision and at the same time you looking for someone that can marry this something that's good to know and what can you do with the next 6 months next 12 months next 18 months to a customer

that would be a value to them in VP or something more than that. That's what we spend a lot of time. Do you think about is what are those stepping stones from? Right? What is the MVP going to deliver solution value for it to be interesting to someone and then you put it from there an easy way to lay those steps and that's both of the evaluation stage for the lot of this also happens in Australian recipe work pretty closely with the Keynesian Wesson on this particular topic because you

obviously you cannot get to anywhere Near even a fraction of your big-picture vision. Would you play the stepping stones in a manner where the direction is the leading to that big picture isn't so we've been fortunate to have partnered with quite a few companies we2 Stepping Stones. Maybe I'll take a couple of quick examples. When is it gonna call up cell. Which type of the call center space and the universe is a lot of money to go with your New Zealand Dollars spent billion call centers in which we know when is happy with that are not happy

in many in most cases the people that have to call centers than unhappy with the costs and the do NPS for the Scott Sanders. So this started with the quality of call centers with sub segments of the actor in the billable markets in Wasilla 10 billion dollar market today with the people actually listening to calls. But don't go back for one person of the calls and they don't do a great job because it's an important job wants to listen to make notes and paper and paper and Pen write this thing that and using voice technology

and then fine-tuning those models for these call center use cases and stones into the big picture. Don't imagine being that can you connect to intelligently automate some the low hanging fruit. And on the way you can augment the agents where you can be showing the agents actually much better than info while the car is going on using the data that you've been using the politicians are so I can crawl walk run strategy. So you looking for that solve our current approach where you have this approach to collecting data issue

with that. Let me pause there and that so that's one example that are you know, looking for that Thor Yeah. It's interesting. You mention kind of call centers cuz you know, that's obviously in the area for Health Systems in particular where we're always looking for kind of ways to automate and wasted the process given the significant volume of calls to healthcare providers. It's just it's kind of the way of the way of doing business and so it's interesting that you mention it. I think Investments tamponade what interests me is like I want to see companies that have a

significant amount of traction on the market because you know who we is a large file system, but when we make an investment, we want to make sure it's in a company that can service us like from a broad perspective. And so even if we find really Innovative companies that early stage, sometimes it just won't work because we're kind of restricted somewhat with respect to you and needs to be some type of having you have the capability to work with a Providence size organization. So I guess I'll post it the next question to take you down us around you when you're seeing

AI companies come come to you in and they have can afford thinking Vision. So I like the company said I'm describe like you also have that similar type of restriction went when you look at investing in companies in terms of it needs to be something that at the Ford Mothership in some way can work with or are you a little bit more? Are you able to be a little bit more and not speculative but like a little bit more forward-leaning around that be great to get your perspective. Yes, I think so the three pockets and told by the mothership on

you. Look at is mobility, which is anything from point A to point B car, which is things that include things that you could waiting for sake the future Logistics supply-chain. I did desktop metal underneath that the last one they call e v a t e connectivity which internally we choke is everything up until flying car. But I'm looking at drones not necessarily for operating a taxi for you, but for battery technologies Fleet Management capabilities the rate of sensors and it seems like that in Ultimate Software stock that could be utilized for weather State of Trance for prioritizing

on the edge devices and chips and stuff like that and go under those three. I can literally pick any start up and put them under two. If not three buckets. Do you think about the future and a lot of things that to your point as you look at it? And you try to say does this match my sort of strategic media where the air is that? It helps enable the one of the Play that house mean really fine to doesn't even matter is oftentimes a lot easier so early and if they come in the door and they say hey I'm searching for I'm at AI company Target in automotive and they don't have an

automotive background or industrial and Defence oil and gas when he's old Industries. I immediately have concerns like do you guys know how hard it is to break into the supply chain? And as you think about if a team of the capability part of it is yes, they have to be kind of crazy and want to tackle this for us but a lot of it is kind of getting to know them understanding kind of like with me and said I can you block and tackle in time to take down these things and kind of go through the Journey as you mature do the process for us. It's easy to chat with almost any of us any number to OEM

Tier 1 traditional manufacturing Innovation chops out here talking to the technical people. You have to cut understand. Are you meeting those needs and the I guess you could people don't know as much as most of us talk each other of your voice company you come in most I can get one or two emails or texts and hey, Talk to you guys over at your beauty one job will come by your shop. What do you guys think? And so if you really but nothing you do. Well. Traction almost happens without you knowing and to understand that if you can progress with one sometimes will sign like a 2-way 3-way jv2

going to get something going and so she needs to understand how to get that first cousin really deliver that need that sort of where I gravitate to ultimately if it's good for us and good for some of our friend. If you can help me get that deal across the line to fuel to a point. I don't want to invest in a company have to turn around say hey mister CFL. We lost know where I can do that and do this for a long time and my kind of experience like we we both can lean on Providence and Ford to provide a lot of guidance for your team. Like who you lie. Pain from a diligence perspective when

you look at I'm a i Technologies out there. And then how do you separate kind of the chaff? Damn, I'm spotting a little bit to myself because I have none of your constraints meaning like an actress and ID on an afghan blanket and the reality, but I have a couple of you guys but I think you have for us. What are wheelies like what it really comes down to it when it comes to a company is is like when I'm here to talk about the vision am I hearing technology or am I hearing a customer problem and

Lord of the week and they talked about this fantastic technology and don't get me started out like your company starts and ends with technology you were going to go nowhere. So I think we've focused really heavily on what is the customer pinpoint. You're going to solve and happens to be a means to Ed Wright sale. That's where we really feel. Like I'm actually about finding team. I really like in a fantastic. The reason we are kind of regretfully passing as we don't believe they

really understand the markets and that they are going after and it just goes too far for us as much as we like that person one of the thing and I like the stage at which we invest in August but there's no traction on mostly there's no traction. Right? Would you look at some like it up open source is a big part of it. So number of companies that have open sores fraction of the underlined project and the business might be something very different, but you can see that all down the line in a

moment. I'm at home decor technology. We look at the signal. The last thing I would say is you ask me like where do we leave me in for due diligence right inside the farm and what we do. I know it's up to us and we literally spent a lot of time in a kind of thinking about teams in a kind of doing homework on page. So we're not liking that we don't go out for every deal try to be more like we're not going to any of the winix. Where would we routinely publish stuff on our

website like teams that we are interested in if it is beautiful work of local local. Darlena. What nuts are we keeping a really going deep into those teams and that have helped us the most frankly Because by the time we meet at founding team, we already have prepared mind like it goes faster condition comes faster and very importantly like convincing the founding team to work with us in a lot happens a lot more organically. You're not trying to Really like getting to know the space for the first time that we spend a lot of time.

Yeah, sometimes I may wish to to be in your world sometimes and not if I'm sorry. I was there earlier stage. But again, it's like it to your point. Like it's such a hard, you know the nut to crack in terms of like, you know that 40% number. I mean like that's true for a lot of earlier stage type funds and so it it's hard to get that to work. I just kind of leaning back towards kind of AI type technology might want to also for other messages on this call

a lot of snow on the corporate side. We have different buckets of money we can pull so for example, if you do research tie pilot work for free, but you're not going to make get rich from doing that but those engagements is like a really great dating and get to know each other process and when we know the team, but are we know what you can do? We also realize can you be coached? Is there a possible to move somewhere else? And it makes it easier for me for my pure and Organic Apple 2 point perspective to try to make an investment but I think using some of those to help fund you early on me and

Sally Field relationship not being frustrated at you can't ask for an investment up front use those in your trash in conversation. Cuz I'm more than happy to provide references for Phelps as they go through those probably maybe not, specifically on the work cutting tapping that and I think you are the corporate since and financials are starting to realize that there is a Syndicate model where we can find early-stage R&D only be a potential choir and in between deal with some of the the headache of having our legal team joining on around by the ultimately for the right deal that it is worth it

and is a good past the time gliding as opposed to knocking on the door. So they're out in the cold. So sorry, I know it's a bit of a tank. I think that's one thing that people forget about us. We can have different buckets to utilize operational sided. It's like if you keep asking kind of knew your team's to take on kind of these earlier stage type ideas. You ever get pushed back from those folks about that or anything along those lines or if you found the

right Partners went in for 2 to help you. Yes, Alicia pinzon team. So, you know what the risk of oversharing there are certain traditionally focused teams that were maybe not our best fan think of traditionally many packets hard to crack that nut but I think those folks are also the ones that once they Embrace what you're selling your loudest critic is now on your side I think for us it's really as hard as the startup and other message was pitching a company to us. We're doing the same internally from the Strategic side and navigating that finding the right Advocates. Is it important as

finding white invest yourself in my mind. That's one of us a function that for the person to do this world properly. You going to have to manage that and I would have meant different shops have various levels of sorts sophistication there, but you make a few phone calls, right? You'll realize pretty quickly who has it seems I can help you where and who has a team that are just going to kind of waste your time. So, you know what. Kind of pointy hats with his fingers. This house is pretty open Secret. Robert statica can attest

to it. So I guess just kind of going back towards a I so you and you have a background in the ass intact and sure Tech world when you look at that world like today you no good at giving your work today. What's kind of your wish list of technology that you want to see there and kind of seed develop out of that market given kind of your past experience Automated machine learning guide are being as if we can stop to simplify machine letting it doesn't take someone with a deep. I know that your background and has a PHD guy was

very badly for the onset of a eye. But how do we get this rule? How do we get it used by companies? It's a Community Bank. How does a Community Bank Better service that customers and uses AI to do so to put up be more efficient than more fitly reach the right order the right place at the right time. So that doesn't happen. If you have to employ someone is a data scientist. You just too expensive. So how do we make it more attainable? How do we make and I think that's where automated seem to think that it is a two and machine learning which is all the

other kinds of automated automated machine learning opportunities that I see around the development of a eye opening up all the eras of your previous the island people can afford it now expects patties and and what its banking or insurance or other Industries the little opportunity. That's strange because like I look at my wish list for a i n in kind of similar almost lines in terms of like, you know, I like it. It's a little bit different. Like I want Technologies that's proven out already clear are alive value to other health systems and

frankly. It's kind of hard to find that for a lot of companies that are out there in the AI round think a lot of this kind of just like we should wash your data to some degree and trying to weed through that and find the the companies that actually have my card. I are lilac return on investment metrics for Health Systems is is kind of the the challenge that I see and sew like the wish list I want is actually on a surly which listen. You know, if your a company out in the marketplace is focused on a I and I think the key way to kind of build rapport with your

customers. Maze really, you know how having that type of like Ry data that you can show. Hey like this is something that actually works and we want to come to see deployed and sister vika. I just want to ask you a question around kind of a similar type look at you know, what when your diligence in companies, you know what your car investors like this Ry important to you like in terms of the customers of those companies or are you looking at other metrics will be great to get your perspective there? Yeah, Roi is certainly certainly plays The

Province was filled out the solution like and we're paying X dollars for it. Are we actually going to get like that money back and get generator cost savings are generated Revenue as a result stop because that's kind of the critical question for any new solution that we adopt will do reference checks on their customers and coming off as some sort of the fintech insurtech World Series are basically b o g data scientists now, it's cool because they called himself data scientists of actuaries just using math and statistics to sort of predict the future for tables. So yeah.

To speak to one example is insurance. I think was one of the first few Industries with with Arcane specifically for her for you. I passed because Anna camp and was one of the pilot that was when they first pilots in the industry and I think you iPad whenever they do indeed go public will have a very similar, you know, sort of maybe hopefully returns as something like snowflake which was the belle of the ball a few weeks back when it went public so bring her but obviously, you know, when you have it

just goes to show how maybe 7 or so minutes left. And so the last area that I wanted to kind of probe the panel on is just it when you look at kind of the the next 12 months specifically Around a I like what what are like some predictions you have in terms of technologies that will come out strong and it could do it could be due to the kind of the impact due to other factors. But like what are the type of technology? Did you see, you know jumping off the page and then I'll hit with my

example first, which is in the healthcare space. I see companies that are focused on you lysing like iot data for wearables and other devices that are in the home setting because I see there being a more significant push towards remote patient monitoring in the home. And so AI technologies that could utilize the variety of data streams that are in me coming out of these new devices in the home are really intriguing to me and I see them as kind of picking up steam over the next 12 months since I'll be interested in your view around like no more

generally in the enterprise software world, like giving pain and practically given kind of what's happened in the last seven. So months. What are you thinking will occur in the eye round with her next 12 months? Yes, I think she'll be short time setting will continue to see more of an option that I going up within the United States and beyond that I can do this and then you'll see a lot of that apply to different with the last six to nine months. I think one thing has been that accompanies are just trying to just

how much more Tree open Tune is remaining every person's function. They have within their own cup Creations Reddit Sino sales marketing Finance at our customer service in the last 3 to 5 years with Water Commission in the air, but I think it just takes some of the different levels down and a lot of that has been boardroom talks in the last six months which of the committee to buy dips in action in the next next 12 months. I'm going to be a thing that already had several of our coming back to using acceleration right now because I'm neither just much more open to adopting these

things as long as they can see your parts to unify Dorado I better resilience. Increase productivity music but if you could collaborate for remote workers better security some of those things now that that's helpful. I'm so sorry and I guess the question to you is kind of similar but more from a like a fun perspective like juicy like fun fantasy focus on a I be more successful over next 12 months or less successful are equally successful as other funds or more generally

focused in, what what are you hearing out of the market around I'd say that from some of the funds we initially started working with about a year or so ago is still too early on on on on on that. I'd say that the area of excessive continue the theme in particular in particular and And how to find approaches which is this whole area all the AI ni aarti and specifically areas like a tiny ML on a machine learning and then I should I talk to my own one of my heroes are I leave the company that I so spun out late

late in the eye and that doesn't ring just think whether taking neural networks, and I know so far is compressing them so they can be available in a tiny ml environment and things like that. I think it's kind of how do we I would like with the cost of AI and machine learning and an iot there there there is no may have I got 8 to 10 year cycle for you like in your realm or in your industry area. Like what do you foresee kind of changes on the I side our next 12 months? Yeah, I think someone a lot of other folks

are a lot of things got to talk with and some within our portfolio. If you saw the first six months starting in March sort of the world's coming to an end to come in. Now with capital markets be on fire everybody sort of saying hey stuff coming back online you sort of Wonder is that daylight or is that train? Come down the tunnel? And so as you think about that, I think it comes you'll find most successful before the rest of you talk about the one that can really identify. This is still a business pain point for us even in this constraint environment where companies are really me the

corporate size really thinking where the dogs are we need to cut accelerate on call me that address that pinpoint. This is a great time teams are large U remote people are understanding the sofoke Billy can really impact your business. If you can't be next to each other every single day working on things and from manufacturers perspective at the huge cultural change. I think guys that companies often they can help us address that are in a great position because of our appetite to cut and Jay-Z. It's pretty high right now. Answered Sioux City. May be a couple of minutes left and so would

be great to get your view. I think you're asking or maybe a technology. We all kind of saw the DVD 3 coming out of open the I always kind of completely changes the game when it comes to natural language processing and I think we're going to see you in the next one month. If you ask me a river to see a slew of companies in a coming out around that particular thing. Like how can we play entrusting with the technology and give an example of one of our companies like pretty much overnight

built-in creates automated customer Supports in a tool using a380s phenomenal. It's looking at your track of that. It feels like you're talking to a human being but it's all in the hood. Turn off light bills on top of that. I want to think what I am seeing. A lot of action right now is bringing out. The whole world has is like moving solidly toward like okay we have built models now, how can we actually put them in production? I mean, it's not new but I think there's a cold moments. I'm around that we're

okay and going from the models in a data scientist hands to a electron negative production. So you will see like we have a company in that space called. I think we're at time and so really appreciate all the panelist here for jumping on and also for the conference Road talk to you too kind of discussing. I from the mess in perspective. And so appreciate you and appreciate the audience taking the time to learn from us and learn from experience.

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