2020: Year In Review
Annus Horribilis or Year of Personal Growth?
It would be easy to get 2020 behind us. However, we believe it is crucial to review and reflect on what we have learned and how we have grown in these trying times.
On a personal front in our team, there were graduations, two weddings, one engagement, and some babies on the way. There were virtual family gatherings and celebrations in new ways. I must admit that I have enjoyed breaking up some traditions that are nearly 40 years old. It’s just nice to try something new. Of course, we are in the something new business!
We added companies to the portfolio in new ways. We could not meet, so we did more reference checks and held more discussions with the teams. We did add new investments, continued to invest in current portfolio companies, and helped a couple of portfolio companies move on to their next life. We saw capital come into many companies at some eye-popping increases in value.
As we look back on 2020, we think it shaped up to be just fine. It was a lesson in adoptive change to fit the new normal. It was a lesson in trying different skills (hit the mute button!!!). It was a time to reflect on how far we have come as a firm and how much we have learned.
We hope your year was safe. We send our best wishes and deep sympathies to those who have been affected by this horrible plague. But we also think it is good to remember all the advances made in these troubled times.
—Mark & Dave
Envisions Interview
Year In Review
w/ Paul Kesserwani, Founder and CEO of Cushion
Artificial Intelligence and the Work of the Future
At Vestigo, we see AI deployment on a rapid growth trajectory across all sectors of the economy. In November, I had the pleasure of attending the MIT CSAIL Virtual event, AI & The Work Of The Future Congress. We think you will find the link to the report insightful. The virtual gathering featured the launch of the final report from the MIT Task Force on Work of the Future. The gathering took place via video conference from my home office at 32 ft above sea level vs. the Davos dome at 5,120 ft, where Vesitigo attended the past two years. I can report that while the altitude and landscape were quite different, the opportunity to learn and challenge critical thinking was strong as ever.
The event opened with MIT's President, Rafael Reif who shared with us that 1,500 hundred people across the planet had joined the discussion driven by the concern of what is happening in our global society as it relates to the future of work and AI. He shared. “Work shapes society, and we have a special responsibility as we teach about AI, that we teach ethics, and the new skillsets workers will need.”
Daniela Russ, Director, MIT CSAIL, set the stage on why we should be optimistic about robotics and AI against the effects of a pandemic. While the discussion of AI and the future of work - seems strange when COVID-19 is in front of us, Russ cited the huge impact of 3.5M jobs lost and over $1.6B in displaced economics. While a depression-like blow has been dealt, we see the light at the end of the tunnel with the rapid deployment of a vaccine. She cited multiple examples of AI helping doctors identify the disease with improved outcomes when both AI and doctors work together. AI drove rapid development with COVID-19 vaccines; the testing and proving effectiveness now lies with humans.
Satya Nadella, CEO of Microsoft, shared his insights on AI. He was most excited about the underlining change in the computing fabric that enables AI. Nadella sees that wide access to immense compute power (cloud computing and supercomputers) allows scientists the ability to create incredible models (GPT-3 as an example). Microsoft is also excited about the HoloLens that enables us to stitch reality and virtual reality together.
The discussions continued about the positives and concerns of AI's impact on the global economy. The full report will provide further insights into the impacts and opportunities of the future of AI and work.
— Ian Sheridan
Portfolio Updates
Acorn Finance Acquires PrimeRates
Acorn Finance finalized a strategic acquisition of PrimeRates. With this acquisition, Acorn Finance will expand its lender base and loan products in a vertically integrated manner. This also enables Acorn Finance to develop more customized offerings with greater chances of approval.
Acorn Finance
Alloy CTO Makes Forbes 30 Under 30
Co-founder and CTO of Alloy, Charles Hearn makes Forbes 30 under 30 list for Big Money Start-ups!
Vault Discusses the Benefit for Student Loan Assistance
Chip Scully, CRO of Vault, writes about the business benefit of companies providing student loan assistance in the United States.
Deanna Cuadra
Interesting Reads
Sara Brown
Andrew S. Winston
Michael Tae
Apply to One of Our Portfolio Companies!
Our mailing address is:
Vestigo Ventures
1 Kendall Sq Ste B2101
Cambridge, MA 02139-1588
Add us to your address book
DISCLAIMER: The information presented in this newsletter is intended for general informational purposes only and may not reflect current law or regulations in your jurisdiction. By reading our newsletter, you understand that no information contained herein should be construed as legal, financial, or tax advice from the authors or contributors, nor is it intended to be a substitute for such counsel on any subject matter. No reader of this newsletter should act or refrain from acting based on any information included in, or accessible through, this newsletter without seeking appropriate professional advice on the specific facts and circumstances at issue from a professional licensed in the reader's state, country, or other appropriate licensing jurisdiction. This newsletter and its content should not be considered a solicitation for investment in any way.