Column: Investing in Technology and a Vision to Strengthen LA's Social Net

Tony Greco, PsyD

Dr. Tony Greco is CEO and Founder of Get Help, licensed clinical psychologist, and author, with over 20 years of experience working with addiction and severe mental illness.

He served on the Los Angeles County Psychological Association Board and Chaired the LACPA Early Career Psychologist Committee.

Dr. Greco earned his undergraduate degree in Business Management from Pepperdine University.

Prior to earning a doctorate in psychology Tony was Vice President of Business Development at a hospital detoxification and treatment program, expanding operations and programs. He worked as a business consultant in the treatment industry, writing program materials, and working with treatment executives to develop programs.

He was a manager of citywide conventions, conferences, meetings, and other events, in the non-profit and political sectors, including international twelve-step conferences, gubernatorial campaigns, and was liaison to His Holiness the 14th Dalai Lama during an official visit to California.

Tony is an advocate in the LGBT community, active member of a twelve-step community and church ministries that work with the homeless and addicted.

Column: Investing in Technology and a Vision to Strengthen LA's Social Net

Before there were gas stations, roadways or traffic lights, people really couldn't drive their cars very much, or far. It took a while for momentum to build and create the pull for new services. During that time there were people who were just trying to get others to not use their horse.

Even with the technological advances we've seen in the last century, the pathway to recovery still involves jumping on your horse and going a quarter mile down the road.

I tell people all the time, as a psychologist and the founder of a tech company creating solutions to help people find treatment: There is a moment when someone decides they want help. When we come to it, we are filled with the simultaneous feeling of relief and dread. Relief that the person finally wants help, and dread about where to start and how to find them the right place in the brief window of time that desire to get help exists.


That is the window I've been dedicated to decreasing.

Photo by Nick Fewings on Unsplash

Mental Health Nonprofits and Their Struggles

When someone gets or makes that call for help in the mental health industry, there are countless directories, resource guides, websites and other attempts to capture both real-time information and basic essential information on resources.

The federal Substance Abuse and Mental Health Services Administration (SAMHSA), estimates that since COVID began, calls to their 800 number hotline have increased 1,000%. Yes, that's one thousand percent.

What do the people answering those calls depend on for their information? A postcard that is mailed out to facilities once a year and (hopefully) mailed back to SAMHSA. That's what they use to update their database. Many great organizations are often not listed or are out of date, duplicated or out of business when they are. Many of the providers I talk to don't remember ever getting that postcard.

They aren't the only government system that attempts to catalog this information. There are so many disparate, disjointed systems, it's impossible to properly inventory all of them. For example, the state of California has invested significantly in a system called the Service and Bed Availability Tool (SBAT). Any substance use disorder program receiving state or federal funding is required to update the system each day at a certain time of day. They need to do this manually, by either calling or by logging in to a portal and updating the information. Each SBAT system is managed separately by each county in the state. The data is not shared. Not with us, not with SAMHSA, and not with any other of the countless systems, databases or hotlines trying to get people help.

Meanwhile, Los Angeles County's homeless authority has their own "real-time bed availability system." The city of Los Angeles, too, dedicates some of their funding (both government and philanthropic) to creating a paper resource directory of available beds.

Non-government funded homeless shelters such as the Union Rescue Mission and recovery houses such as Awakening Recovery that also provide beds, can't be found in any of these systems because they do not receive government funding.

None of these systems are integrated with one another, all require a manual process of counting beds and updating a system, and none of it is anything a clinician in the public can easily or readily access.

How is a person making that midnight call to find someone help supposed to navigate all this? They can't.

It's not just a problem for those trying to solve homelessness. This happens amongst many programs and services across the county — and that same inefficiency, lack of coordination and miscommunication is replicated across the state and country.

Solving the Same Problem Again and Again

Even within this single space within a much larger industry there are nonprofit organizations competing with private enterprises for funding and resources, none of which are truly cooperating with one another. The for-profit, philanthropic and public businesses rarely cooperate. In fact, there are barriers to interact.

A hodgepodge of investors find themselves investing in an industry that desperately needs disruption. Alongside them are philanthropists who donate to nonprofits because they don't want to "make money" off helping the homeless or people with mental illness. Both end up investing deeply in disconnected or uncoordinated ideas.

Many, if not most, recovery residences are still operating using pen-and-paper methods to intake patients, track bed inventory and communicate with one another. At best, some programs use Excel or Google Sheets to communicate, or they pay for overly sophisticated electronic medical record (EMR) systems that are designed for clinical programs tailored for government or insurance billing practices.

Their marketing practices are often word-of-mouth, since programs such as these cannot advertise, even if they could afford to do so, on platforms such as Google, which requires facilities advertising any type of addiction treatment to be certified (which is often too lengthy and costly for non-clinical programs to undergo).

The industry must, by necessity, be more concerned with their daily operations and keeping their organization operating — making sure investors and donors are happy (i.e., beds are filled and patients moving through the program) than on attention to standards and outcomes. Even this is done in a vacuum, with each program focusing on their own goals and protocols, without effectively or efficiently communicating with one another.

What gets lost in all of this is the patient needing services.

File:Homeboy Grocery Salsas.jpg - Wikimedia CommonsFile:Homeboy Grocery Salsas.jpg - Wikimedia Commons

The New Models

We see innovation happening on a small scale, at the individual program or regional association levels.

There are nonprofits creating positive cash flow with their donation monies, building a food kitchen, incentivizing and employing people who go through their programs who need employment, coming from vulnerable backgrounds.

Look at Homeboy Industries in Los Angeles, which calls itself "the largest gang rehabilitation and re-entry program in the world." Through their efforts they have created a bakery. Yes, rehabilitating gang members through bread making has turned into an industry of food chains, catering services and partnerships across the country. If you've been through LAX recently you've probably seen one of their restaurants.

These nonprofits are enterprising, opening and expanding business. They're organized as nonprofit hybrids that are breaking down the wall between nonprofit missions and private investment operations. They are partnering with other social enterprises and creating networks across the country and world.

The missing piece: connecting these organizations to one another, and giving professionals such as myself, and the public, access to find out more about them. We need these enterprises and programs connected in a platform that everyone can access.

A Post Pandemic World

What we are creating now is a new formula for success. In a post-pandemic era the need is greater than it's ever been.

The California Consortium of Addiction Programs and Professionals (CCAPP) refers to this phenomenon as the "parallel pandemic," where we will see an increase in addiction overdose deaths and homelessness. "Saving lives endangered by addiction in the era of COVID-19 will take concerted leadership and a cross-systems approach," the consortium wrote in a report to the governor and Legislature.

Prior to the pandemic, Feeding America estimated that 1 in 7 Americans depended on a food pantry for weekly food. That number is only going to rise following the joblessness and homelessness resulting from the pandemic, while the means to locate and provide such services is just as difficult and disconnected as ever from other services and providers. Various nonprofits — again, all functioning and operating independently — and organizations such as Foodpantries.org are providing those services but are disconnected technologically from other search tools and engines.

A social worker would need to know where and how to access these services and provide that information to the individuals receiving services.

Photo by Dimi Katsavaris on Unsplash

Where Do We Go From Here?

We are seeing groups of people and organizations coming together now in new and unique ways. We are working with nonprofit organizations providing services, seeing those services get subsidized by philanthropic dollars, for technology that is backed by private investment dollars. All in the effort to get people off an oval track just going in circles, and onto a road, ultimately preparing them to drive down a superhighway that hasn't been built yet.

There is a nonprofit we are working with (can't mention the name yet), that received significant funding to create a digital resource directory. Rather than using that money to outsource technology developers to create a proprietary tool, we are partnering together, pooling our resources and sharing our technology to create something greater than the sum of our parts. Together, we are doing more than either of us could have done individually. This saves the nonprofit hundreds of thousands (if not millions) of dollars paying for the creation and maintenance of the tools we'll need to work together.

It also allows us to combine our collective intelligence and expertise, and create an even better tool, maintain that tool, and benefit from the collective wisdom of other partners across the country, in other segments, serving different communities.

To realize this vision, we'll need to build new onramps for public, private, and philanthropic partnerships. We need money to pave that way for the impact we want to see. That is exactly what we are working on at GET HELP, with our partners and affiliates.

What we're planning and creating together is a new infrastructure. One that is built by visionary customers, entrepreneurs and the next generation of social impact investors. Amongst these are the next Rockefellers and Carnagies. They didn't build or invent the automobile, but they supplied and fueled the infrastructure that surrounded, supported and sustained it.

We are creating partnerships and affiliate programs with national and statewide associations such as CCAPP and the National Alliance for Recovery Residences (NARR); with "feet on the street" organizations such as Hope through Soap in Atlanta, GA,; and with social-model recovery residence programs such as Awakening Recovery; and large homeless shelters and service providers such as House of Hope and the Weingart Center.

In addition, we are in collaborative conversations with seeming "competitors" in the private sector, where we are focused on the same vision: to raise the industry standards and improve the processes for collecting and sharing data.

It's better for everyone involved, including the ultimate beneficiary who may never know the work we are doing together to get help for them: The person suffering from mental health, addiction or homelessness.

What we — as the entrepreneurs and investors in the healthcare technology industry — are defining is a whole new infrastructure for a much longer journey to empowered recovery.

The question that we face on a daily basis is this: Who are the innovators both within the industry and without who are willing to invest time, effort and money into creating a new system?

Today, we see private automobiles driving on public roads --- those were built by public sector funds, and the public sector provides licensing and regulation. Using those models, we have to think broadly about sources of capital and how philanthropic, public and private companies can contribute to the journey.

Dr. Tony Greco is CEO and Founder of Get Help and a licensed clinical psychologist and author with over 20 years of experience working with addiction and severe mental illness.

Impulse Space Just Raised $308M to Build the Roads in Orbit
Impulse Space

🔦 Spotlight

Happy Friday, Los Angeles.

Space may not have roads, but it still has a transportation problem.

Rockets have become remarkably good at carrying satellites beyond Earth. Once those satellites reach space, however, getting them from one orbit to another can still be slow, expensive or impossible.

Redondo Beach-based Impulse Space wants to change that, and investors are giving it considerably more fuel for the journey.

The company raised a $308M extension to its Series D, bringing the round’s total to $808M. The new financing comes just over three months after Impulse announced the initial $500M raise and pushes its total capital raised above $1.3B.

Existing investors 137 Ventures, BANNER VC, DFJ Growth, Linse Capital, Lux Capital and Valor Equity Partners participated in the extension. Impulse did not disclose a valuation, but convincing existing backers to commit another $308M so soon after an already substantial round is a strong signal of confidence in both the company and the market it is pursuing.

Founded by former SpaceX propulsion executive Tom Mueller, Impulse is building vehicles designed to move satellites and payloads after they have already reached space. If rockets are responsible for getting cargo off the ground, Impulse wants to handle what happens after delivery.

Impulse Space

Its Mira spacecraft is built for precise maneuvering, payload deployment and proximity operations in orbit. Helios, scheduled for its first flight in 2027, is a high-energy kick stage designed to move payloads from low Earth orbit to destinations such as geostationary orbit in less than a day. The company has also introduced an electric propulsion system called Electra and a rideshare service aimed at making higher-energy orbits more accessible.

Together, those products represent something larger than a collection of spacecraft. Impulse is attempting to build a transportation network for an economy that increasingly needs one.

That need is becoming harder to ignore. More satellites are reaching orbit, governments are prioritizing responsive space capabilities and commercial operators want greater flexibility after launch. A satellite that can change position, reach a different orbit or respond quickly to a new mission is significantly more useful than one permanently tied to its original destination.

The U.S. government is already putting Impulse’s thesis to work. Helios was selected for the U.S. Space Force’s National Security Space Launch Phase 3 Lane 1 program, making it the first upper-stage prime awarded a position in the program. Impulse also received a $28M contract extension to provide two Mira spacecraft for additional Space Systems Command missions.

The company says its headcount has more than doubled over the past year as it expanded its facilities in Redondo Beach, Mojave, Boulder and Washington, D.C. The new capital will support further hiring, product development and facility growth as Impulse works to serve commercial, civil and defense customers.

It also recently appointed its first chief financial officer, Adam Townsend, who previously helped guide Vizio through an IPO and its eventual sale to Walmart. The hire is another sign that Impulse is preparing for a more complex chapter, one defined not only by engineering milestones but also by a growing capital base, government contracts and large-scale operations.

That is where this announcement becomes more interesting than its considerable price tag.

Impulse has already shown that Mira can operate in space. Now it must prove that it can turn several ambitious vehicles into dependable infrastructure. The difference between a promising spacecraft company and a transportation network is repetition: more missions, more customers and systems that work reliably enough to become part of how the space economy operates.

An $808M round gives Impulse the resources to pursue that vision. It also raises the expectations attached to it.

For Southern California, the financing reinforces the region’s role in the new space economy. Los Angeles helped build the original aerospace industry, and a new generation of companies is now developing the vehicles, factories and infrastructure intended to support life beyond the launchpad.

Impulse Space is tackling what may be the next big bottleneck. Getting to space is only the beginning.

Someone still has to get you where you are going.

More from this week’s LA startup and venture scene below.

🤝 Venture Deals

    LA Venture Funds

    • Riot Ventures co-led EnduroSat’s $205M funding round alongside Atreides Management, with participation from GV, Founders Fund, Lux Capital, the European Innovation Council and other investors. The Bulgarian space company will use the capital to open a high-volume satellite factory in the U.S., build a major European space and defense hub and scale production of its standardized spacecraft. - learn more
    • Upfront Ventures and M13 participated in Ayble Health’s $16M Series A, led by Neon and joined by Unum Ventures, Cleveland Clinic Ventures, DigiTx and Accomplice. The virtual-care company will use the funding to expand its AI-enabled clinic for chronic digestive and autoimmune conditions across national health plans, major employers and benefits platforms, bringing its total capital raised to more than $27M. - learn more
    • Blue Heron Ventures participated in Voxela’s Series A, led by Delight Ventures and joined by SOMPO Growth Partners, Happiness Capital, Archetype Ventures and ALL STAR SAAS FUND, bringing the eldercare technology company’s total funding to approximately $13.2M. Voxela will use the capital to expand hiring and develop new AI capabilities for its VCare platform, which helps care facilities monitor residents, prevent incidents and automate administrative work such as documentation and reporting. - learn more
    • Clocktower Technology Ventures participated in Mainstay’s more than $18M growth round alongside new investors Parker89, Stackpoint, Alpaca VC and FJ Labs, as well as returning backers Khosla Ventures and Era Ventures. Mainstay also acquired AI-powered listing platform Truelist and will use the funding to bring its real estate data, pricing and automation infrastructure to more brokerages, agents and smaller investors. - learn more
    • Amboy Street Ventures participated in Evvy’s $40M Series B, led by Catalio Capital Management and joined by new and returning investors including Rethink Impact, Muse Capital, Labcorp Venture Fund and General Catalyst. Evvy will use the funding to expand its AI-powered women’s health diagnostics and care platform, beginning with fertility, while growing distribution through physicians and strategic partners. - learn more
    • Second Sight Ventures participated in Fin.com’s $20M seed round, led by Expa and Uber co-founder Garrett Camp, with backing from Coinbase Ventures and other investors. The payments infrastructure startup will use the funding to expand its cross-border network through additional acquisitions and plans to acquire a bank within six months. - learn more
    • Clearlake Capital, Mantis Venture Capital and Sound Ventures participated in Factory’s $200M funding round, which valued the AI software development company at $5B and brought its total funding above $400M. Factory will use the capital to accelerate research, product development and global expansion for its platform, which enables enterprises to build, manage and improve software using autonomous AI agents. - learn more
    • Navitas Capital led Scaffold’s $15M seed round, with participation from D.R. Horton, Pulte Homes, Builders FirstSource and other construction-industry investors. The Austin startup will use the funding to expand its engineering team and broaden its AI-powered platform, which connects homebuilders, contractors and suppliers to automate scheduling, purchase orders and other coordination work. - learn more
    • Halogen Ventures led it’s electric’s oversubscribed bridge round, joined by Wisdom Ventures, Future Communities, E8 Angels and other new and returning investors, bringing the curbside EV-charging startup’s total funding to $15M. The financing will support its rapid expansion, including a New York City contract to install hundreds of locally manufactured chargers across all five boroughs over the next three years. - learn more
    • Matter Venture Partners participated in Delos Data’s more than $100M funding round alongside Matrix, Playground Global, Socratic Partners, Capricorn’s Technology Impact Fund and IAG. The Palo Alto startup will use the capital to expand its engineering teams and accelerate development and sales of its Nonstop AI infrastructure, designed to reduce network bottlenecks and improve the speed and efficiency of AI inference. - learn more
    • Mantis Venture Capital and Gold House participated in A Vinyl Bar in Shibuya’s $5.5M pre-seed round alongside SV Angel, BoxGroup, Quiet Capital and other investors. Founded by Spotify’s former head of innovation, the startup is developing playful music apps that let users remix, manipulate and collaboratively create sounds rather than simply stream or generate songs. - learn more

    LA Exits

    • Headspace has agreed to be acquired by AI healthcare company Sword in a deal expected to close by the beginning of Q4 2026; financial terms were not disclosed. The acquisition will combine Headspace’s mental health brand, global consumer base and network of more than 15,000 providers with Sword’s AI-powered clinical platform to offer more personalized and continuous care. - learn more
    • Nasty Gal was acquired by WSG Brands for an undisclosed amount, adding the women’s fashion label to a portfolio that also includes Von Dutch and Allbirds. WSG plans to expand Nasty Gal internationally and into categories such as footwear, beauty, activewear and accessories while growing its direct-to-consumer, wholesale and licensing businesses. - learn more
    • Converse Health was acquired by healthcare AI company Hello Patient for an undisclosed amount, bringing its back-office automation technology into the buyer’s platform. The combination will allow medical practices to use one system for patient communications and administrative work such as referral processing, chart follow-ups, authorization paperwork and medical records. - learn more

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      From Breaking Tech News to Backing It
      Image Source: Sources

      🔦 Spotlight

      Hey there, Los Angeles.

      For the past decade, Alex Heath has made a career out of figuring out what the technology industry is doing before everyone else.

      Now, he is going to invest in it.

      Heath announced this week that he is joining Los Angeles-based Sound Ventures as a partner on its investing team. The veteran technology journalist will continue independently operating Sources, the newsletter and podcast business he launched after leaving The Verge last year.

      It is an unusual career move, but perhaps not as unusual as it initially appears.

      Journalists and venture capitalists spend much of their time doing surprisingly similar work. Both look for signals before they become obvious, build relationships with people who know what is coming next and attempt to distinguish a lasting shift from a convincing story.

      The crucial difference is what happens after they find one.

      A journalist publishes. An investor writes a check.

      Heath has spent years reporting on some of the technology industry’s most powerful companies and executives. At The Verge, where he served as deputy editor, his work focused on the internal decisions shaping companies such as Meta. More recently, Sources has taken readers inside the AI race through reporting and interviews with executives including Sam Altman and Mark Zuckerberg.

      That experience gives Sound something venture firms increasingly want: someone who already understands the founders, companies and narratives competing to define the next era of technology.

      Sound Ventures is not exactly starting from scratch. Led in Los Angeles by Guy Oseary and Effie Epstein, the firm manages nearly $2B and has backed companies including OpenAI, Anthropic, World Labs, Brex, Affirm and GitLab. According to The Wall Street Journal, Sound deployed more than $800M into early positions in OpenAI, Anthropic and World Labs as it intensified its focus on artificial intelligence.

      Heath is joining during an important transition for the firm. Ashton Kutcher, who co-founded Sound with Oseary in 2015, departed earlier this year to launch a new venture firm. Oseary and Epstein are continuing to lead Sound while raising its fifth flagship fund and sharpening its strategy around companies with the potential to reach meaningful commercial scale.

      Adding Heath suggests that Sound’s next phase will not be defined by capital alone.

      As AI makes it faster and less expensive to build software, technical capability may become less effective as a differentiator. More startups will be able to create credible products, and more of them will compete for the same finite supply of customers, talent and attention.

      In that environment, knowing how to identify a compelling founder is only part of the job. Venture firms also need to understand how companies earn trust, communicate what makes them different and remain culturally relevant in an increasingly crowded market.

      That is familiar territory for Sound. Oseary built his career managing artists including Madonna and the Red Hot Chili Peppers, where recognizing talent was inseparable from helping that talent connect with an audience. Heath brings a different version of the same instinct, developed through finding important stories and understanding why people should pay attention to them.

      Heath will continue owning and operating Sources independently while expanding its podcast and interviewing prominent voices across the technology industry. That means he is not abandoning the platform or audience he built. He is adding a new vantage point.

      The combination could prove especially valuable to Sound. Heath brings the instincts of a reporter, the reach of an independent media founder and years of relationships with the people shaping technology. Now, he can apply that experience to finding and supporting the next generation of founders.

      It is a fitting evolution for someone who has spent his career identifying important technology stories early.

      This time, he will have the opportunity to help write what happens next.

      Venture firms once competed primarily through capital, networks and operating expertise. Now, access to attention is becoming an asset of its own. Founders need help reaching customers and shaping public understanding, while investors want better ways to recognize which people and ideas will command that attention next.

      Sound Ventures hired someone who has spent a decade doing exactly that.

      Heath used to decide which technology stories were worth following.

      Now, he will help decide which ones get funded.

      More from this week’s LA startup and venture scene below.

      🤝 Venture Deals

        LA Companies

        • Maven Robotics emerged from stealth with a $100M Series A and humanoid robots already operating in warehouse deployments. The company says its robots can work for 16 hours a day with 99% uptime and is positioning itself as a reliable alternative for businesses whose existing robotics providers fail to meet deployment targets. - learn more

        LA Venture Funds
        • Bedrock Capital participated in Mach Industries’ $600M Series C extension alongside Ribbit Capital, Infinite Capital and Sequoia, bringing the round’s total to $900M and doubling the defense startup’s valuation to $3.7B in three months. The Huntington Beach company manufactures lower-cost unmanned aircraft, strike weapons and counter-drone systems, while expanding into solid rocket motors and jet-engine production to address critical defense supply-chain bottlenecks. - learn more
        • U First Capital participated in Positron AI’s $875M funding round, which was co-led by NEA, Atreides Management, Valor Equity Partners, Andra Capital, SemiAnalysis Capital and Jim Clark, valuing the AI chip startup at $5B. Positron will use the capital to bring its memory-focused Asimov processor and Titan server system to market, offering an energy-efficient alternative to GPUs for running AI models. - learn more
        • WndrCo participated in Harvey’s $550M funding round, co-led by Diffusion and Lightspeed Venture Partners, valuing the legal AI company at $15.5B. Harvey will use the capital to expand its team and advance its AI platform, which helps law firms, in-house legal departments and professional-services organizations build and manage proprietary legal intelligence. - learn more
        • Nolan Capital participated in Encoded Therapeutics’ $275M Series F, which was co-led by GV and another healthcare-focused fund and included several new and returning investors. The biotech will use the capital to advance its lead gene therapy for Dravet syndrome through pivotal studies, expand its manufacturing capabilities and prepare another treatment for post-amputation nerve pain for clinical testing in 2027. - learn more
        • UP Partners led Overroute’s $5.5M seed round to expand its AI-powered freight execution platform for large trucking fleets and logistics operators. The company’s AI agents automate load monitoring, exception management and freight coordination, helping fleets respond to disruptions and keep shipments moving with less manual work. - learn more
        • Patron Fund participated in System’s $20M funding round alongside Will Ventures, Vine, Courtside, Daybreak, SV Angel and RiverPark Ventures. The San Francisco company will use the capital to expand its vertically integrated peptide platform, which connects patients with licensed clinicians and personalized treatments from U.S. compounding pharmacies while emphasizing testing, traceability and regulatory compliance. - learn more
        • Alpha Edison led Onix’s $5M pre-seed round, with participation from Garage Capital, Ride Home Fund and strategic investors including UTA co-founder Jeremy Zimmer and Real Ventures co-founder JS Cournoyer. The Montreal startup will use the funding to develop its private AI platform, onboard more specialists and prepare for a public launch, offering personalized guidance built exclusively from licensed expert knowledge rather than information scraped from the internet. - learn more
        • Rebel Fund participated in VideoGen’s $3.3M seed round alongside Y Combinator, Lobster Capital, Stretford End Capital, Mento VC, Pioneer Fund and Decacorn VC. The San Francisco startup, which has reached more than 5M users across 190 countries, will use the funding to expand its team and grow its AI platform for producing editable, copyright-free videos. - learn more

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          Who Gave the AI Access?

          🔦 Spotlight

          Happy Friday, Los Angeles.

          The newest employee in the office does not need a desk, a salary or a coffee order. But it may have access to your company’s emails, financial records, customer data and software systems.

          That raises a fairly important question: Who decides what an AI agent is allowed to do?

          El Segundo-based cybersecurity company Saviynt is building its next chapter around the answer.

          Carrick Capital Partners announced this week that it closed a $600M continuation vehicle for Saviynt, including a new $255M investment in the company. The transaction allowed Carrick’s existing investors to either take liquidity or remain invested, while also providing liquidity to Saviynt employees through a tender offer.

          Continuation vehicles are not exactly known for making gripping Friday reading. The company behind this one is considerably more interesting.

          Saviynt develops identity security software that helps businesses determine who can access their applications, data and infrastructure. Increasingly, however, “who” does not refer exclusively to a person.

          Companies are deploying AI agents that can retrieve information, write code, communicate with customers and complete multistep tasks with limited supervision. These digital workers need access to company systems to be useful, but every new permission also creates another opportunity for sensitive information to be exposed or an unintended action to be taken.

          In other words, AI agents may be tireless employees. They are not necessarily trustworthy ones.

          Saviynt is addressing that problem through Zuma, its platform for discovering, securing and governing AI agents, large language models and other nonhuman identities alongside a company’s human workforce. The goal is to give businesses one place to determine what every identity can access, whether it belongs to an employee, a contractor, a software application or an autonomous agent operating at machine speed.

          The opportunity appears to be growing quickly. Saviynt has surpassed $300M in annual recurring revenue, up from approximately $10M when Carrick first invested. The company says bookings have increased by more than 80% this year while customer retention remains at 96%.

          The new investment was completed as part of the final close of Saviynt’s previously announced $700M Series B, which valued the company at approximately $3B. Carrick’s continuation vehicle was led by Coller Capital and co-led by HSBC Asset Management, giving the investment firm more time and capital to remain behind one of its strongest-performing companies.

          For Saviynt, the funding will support further development of its identity platform, deeper integrations with major cloud and software providers and its push to become a central security layer for the agentic workplace.

          That ambition reflects a broader change taking place inside companies. The first wave of enterprise AI focused largely on what the technology could generate. The next phase is about what it can actually do, and whether businesses can maintain control once AI moves from answering questions to taking action.

          Saviynt is betting that identity will become the gatekeeper.

          AI agents are gaining access to the digital workplace, whether corporate security teams are ready for them or not.

          Someone still has to hold the keys.

          More from this week’s LA startup and venture scene below.

          🤝 Venture Deals

            LA Venture Funds

            • Fulcrum Ventures participated in Critical Materials Group’s $10.3M seed round, led by Overmatch Ventures and joined by Victory Six Advisors. The Austin-based defense manufacturer will use the funding to develop and commission modular, automation-ready production systems designed to expand domestic manufacturing capacity for munitions and advanced energetic materials. - learn more
            • Fusion VC participated in Newlight’s $9M seed round alongside lomarlabs, BIRD Energy, Undeterred Capital and CiRi Ventures. The San Francisco-based maritime technology company recently demonstrated its hydrogen-hybrid retrofit on an 8,500-nautical-mile commercial voyage, reducing fuel consumption by 24% and carbon dioxide emissions by 28%. - learn more
            • Rebel Fund participated in Metal’s $4.5M seed round alongside a16z, Y Combinator, Gaingels, Indus Valley Capital, Phaze Ventures and Pioneer Fund. Metal will use the funding to build an AI-native operating system that helps founders identify relevant investors, manage outreach and automate other parts of the venture fundraising process. - learn more
            • UP.Partners participated in Reframe Systems’ $40M funding round, led by Energy Impact Partners and joined by Counterpart Ventures, E12 Ventures, Global Brain, Thin Line Capital and LACI Impact Fund. The homebuilding startup will use the capital to expand its network of robotics-powered microfactories, which it says can construct homes three times faster and at 35% lower cost than traditional methods. - learn more
            • Clocktower Technology Ventures participated in Sharpi’s $4M seed round, co-led by NXTP and ONEVC and joined by MAYA Capital. The Brazilian startup will use the funding to expand its team and develop autonomous AI agents that connect WhatsApp conversations with enterprise systems to automate B2B sales tasks such as order processing, customer follow-ups and demand generation. - learn more

            LA Exits

            • Extensiv, a California-based provider of warehouse management and fulfillment software, has been acquired by Descartes Systems Group for approximately $120M in cash. The acquisition adds Extensiv’s AI-enabled inventory, order, billing and omnichannel fulfillment tools to Descartes’ logistics network, strengthening its offerings for third-party logistics providers and ecommerce brands. - learn more
            • DocSolutionUSA has been acquired by Stewart Information Services alongside ProTitleUSA, adding mortgage document generation and automation capabilities to Stewart’s title services platform. The companies provide title, document and due diligence services for mortgage servicers, investors and capital markets clients; financial terms were not disclosed. - learn more
            • Fysh Foods, the Los Angeles-based plant-based seafood brand founded by creator and entrepreneur Zoya Biglary, has been acquired by City Roots Hospitality in an all-cash deal with undisclosed terms. City Roots plans to introduce Fysh Foods’ raw fish alternatives across its New York City restaurants and potentially expand the brand beyond the city as its restaurant portfolio grows - learn more

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