Zeitworks Raises $4.5M to Streamline Business Processes with AI
Zeitworks, an under-the-radar early-stage startup based in L.A. and Seattle has raised a $4.5 million seed round.
Madrona Venture Group led the seed round, which included participation from JAZZ Venture Partners and dot.LA co-founder Spencer Rascoff.
Zeitworks' software aims to optimize various business processes for insurance, financial, healthcare, and other companies.
Led by longtime startup leaders and born out of their personal experience, Zeitworks analyzes and suggests improvements to a company's repetitive business processes. Use cases include claims processing, employee onboarding, order processing, or returns management.
Zeitworks CEO Ryan Windham.
Courtesy of Zeitworks
The company's machine learning and artificial intelligence technology works without interrupting workflows or requiring back-end integrations. The software captures data such as mouse movement or keyboard clicks, crunches the numbers, and then recommends intervention — automation or augmentation of a process, for example.
"Business leaders are facing pressure to improve the efficiency of these processes, especially now in a downturn," Windham said.
Companies have traditionally paid consultants, held workshops, or used other manual methods to gather data and improve efficiency.
"We are competing with the status quo," Windham said. "We're addressing it by democratizing access to business process improvement."
Zeitworks spun out of Seattle-based Madrona Venture Labs (MVL), the startup studio within Madrona Venture Group which incubated the original idea and helped develop the product.
Blue Nile and Wetpaint co-founder Ben Elowitz is a co-founder of Zeitworks. He joined MVL as managing director in June 2018 and has transitioned out of MVL and will now support the Zeitworks team, which is hiring for five roles.
Zeitworks expects to triple headcount this year, Windham said. It will be co-headquartered in Seattle and Los Angeles, where Windham and Rascoff are based.
"They are taking a big swing on improving business processes through AI which fits nicely into my personal angel investing theses around the future of work," said Rascoff, who is also an investor in MVL.
Windham previously led Cedexis as CEO; the application traffic company was acquired by Citrix in 2018. Madrona Managing Director Len Jordan sat on the Cedexis board, and that connection ultimately led Windham to Zeitworks. Jordan is also on the board of Zeitworks.
"From a market need standpoint, the focus on digital transformation and increasing efficiencies is driving business users' awareness of the benefits of analyzing and understanding their own processes," Madrona wrote in a blog post. "We believe that Zeitworks will be a key enabler in that inevitable digital transformation of enterprises."
This story first appeared in GeekWire.
Subscribe to our newsletter to catch every headline.
More than a year ago, Darius Kemp, then a community manager at cannabis delivery app Eaze, realized the platform didn't have any Black-owned products on their menu.
Today he is Eaze's head of equity and change, spearheading a program for change and to prevent that from ever happening again.
Carolina Vazquez Mitchell's company dreamt is part of Eaze's new social equity partner menu.
Eliminating battery waste, developing new hair growth therapy, fixing carbon dioxide. These are among some of the ambitious problems that companies are trying to solve at the First Look SoCal Innovation Showcase beginning Tuesday.
Hosted by nonprofit Alliance for SoCal Innovation, the online event connects early-stage tech and life science companies with investors and serial entrepreneurs.
BioZen Batteries Aims to Solve Our Energy Storage Issues<img lazy-loadable="true" src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDI0Nzg5MS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYyNTg3OTYyNn0.y9dSMjovB1GtsQ1SZhKiPTIJY3VW0XOE2YXd-JN1xYU/image.jpg?width=980" id="95064" class="rm-shortcode" data-rm-shortcode-id="c3ad9197ad70005802e6d34d6da3c29d" data-rm-shortcode-name="rebelmouse-image" />
Left to right: BioZen Batteries' co-founders Zach Rengert, Nate Kirchhofer and Eric Brigham.<p>Nate Kirchhofer, co-founder and CEO of <a href="https://biozenbatteries.com/" target="_blank">BioZen Batteries</a>, wants to make batteries that will outlive him.</p><p>Santa Barbara-based BioZen creates organic electrolytes, the active material inside a specific type of battery called a "redox flow battery." It's a different type of technology that differs from the lithium batteries often used in mobile applications like cars and phones. Only 5% of those get recycled.</p><p>BioZen's batteries are well suited for green, large-scale energy storage, Kirchhofer said. For example, batteries that help solar panels connect to the grid or provide backup during disasters when the power goes out.</p><p>Kirchhofer, an electrochemist, founded the company in June of 2019 with Zach Rengert, a materials chemist, and Eric Brigham, the company's CFO. Kirchhofer and Rengert met while getting their doctorate at UC Santa Barbara.</p><p>There hasn't yet been a push for sustainable batteries because it isn't economically incentivized, Kirchhofer told dot.LA. He said that his batteries are cheaper than competitors.</p><p>Kirchhofer's product fits into a growing renewable energy market and a social movement in which individuals want to do their part. He's worked for four startups but says this one is poised to make the biggest impact.</p><p>"If it's not our generation that solves climate change, there's not another chance. There's not another Earth." he said. "If we can make these batteries happen, we can truly integrate renewable energy and stop the petroleum-dominated energy paradigm we're part of."</p>
Amplifica's founder Dr. Maksim Plikus
Amplifica Treats Baldness with Mole Molecules<p>Back in 2013, Amplifica's founder Dr. Maksim Plikus began studying hairy moles. Though some find the growths unsightly, his work showed promise for baldness treatment.</p><p>He, along with colleagues at UC Irvine, discovered that molecules from moles that grow excessive hair can induce follicle growth when administered anywhere on the skin.</p><p>"As long as you can tease it out and replicate it in the form of purified molecules, you can achieve essentially what we think would be a novel, revolutionary solution to baldness," Plikus told dot.LA.</p><p>Plikus said his company is the first to solve hair loss by replicating cells from hairy moles to stimulate hair growth. At the moment, hair follicle research has emerged as a leading experimental model for studying stem cells.</p><p>By 2025, hair-loss products are projected to surpass $12 billion, Plikus said. But only two drugs are FDA approved and require daily treatment in the form of pills, which he said come with long-term side effects.</p><p>Amplifica says it's poised to put a more effective and convenient solution on the market. Pinkus' proposed product is a topical solution requiring less frequent application, like getting Botox injections a few times per year.</p>
FixingCO2 Aims to Recycle Fuel from the Air<img lazy-loadable="true" src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDI0ODM4My9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYzMzA1ODA4MH0.9RqwD9zUN1et1kor8zNPj8WH2kOX6SrysdpRDFT5QMc/image.jpg?width=980" id="daa89" class="rm-shortcode" data-rm-shortcode-id="9851b177139c4b5e06bd9c96fb395083" data-rm-shortcode-name="rebelmouse-image" />
FixingCO2's team. CEO Eldar Akhmetgaliyev is at right.<p><a href="https://fixingco2.com/" target="_blank">FixingCO2</a> got its start on Mars. Like the name says, the company aims to fix the global carbon problem that's fueling climate change.</p><p>In 2018, co-founder Alma Zhanaidarova's professor and research group at UC San Diego received a grant from NASA to build out a reactor that makes renewable fuels and chemicals from carbon dioxide, often a byproduct of industrial waste. The technology was being developed in anticipation of a one-day human mission to Mars, where 95% of the atmosphere is carbon dioxide.</p><p>Now, the San Diego-based startup is commercializing their product for earthlings.</p><p>"It's a different application but the same core technology," co-founder Eldar Akhmetgaliyev told dot.LA. "Instead of making fuels from oil or any other fossil sources, we can make them essentially from air."</p><p>The team is developing the hardware to capture industrial emissions blamed for much of the Earth's warming. The product has significant application for the aviation industry, where planes are built to burn jet fuel that produces carbon emissions.</p><p>"These kinds of technologies provide them a pathway to decarbonization," he said. "They can use fuels made from CO2 so they're not contributing to climate change."</p><p>As fires burn through California and the Pacific Northwest, Akhmetgaliyev said there's urgency for innovators in the carbon tech market. "We're pretty much turning our planet into Mars," he said.</p><p>He said that by 2050, about 14% of overall carbon reduction will come from carbon capture and utilization (CCUS) technology like his.</p><p>"The market hasn't met its opportunity and with the effects of climate change being seen everyday, there's going to be more drive towards these low carbon technologies."</p>
- Can LA County's New Fund Get Local Biotech Startups to Stick ... ›
- Where Is the Investment in New Music Technology Going? - dot.LA ›
- Cutting Edge Science Startups to Watch - dot.LA ›