Amdocs Ventures

Founded in 2009, Raine is a global merchant bank focused on fast-growing TMT growth sectors. The firm has over 160 people across offices in New York, San Francisco, Los Angeles, London, Paris, Shanghai, Hong Kong, Singapore and Mumbai. We leverage our deep sector expertise, network, and experience in our advisory business and in our principal investing business which currently has over $4 billion in AUM1. The firm’s principal investing platform includes early stage, growth equity, and public markets strategies which all benefit from the market insights and relationships developed in Raine’s advisory work. Raine Ventures is the firm’s early stage investment strategy, focused on seed through Series B investments in transformational brands and platforms throughout the TMT ecosystem. The dedicated venture team of five full time professionals is led by Gordon Rubenstein, a multi-time entrepreneur with significant operational experience. Raine Ventures, as one pillar of the broader Raine platform, is synergistically integrated with professionals across advisory, growth equity and public markets investing, driving advantages for RVP at every step of the investment process. Raine’s venture portfolios are generally comprised of Raine-proprietary investments including, among others: the Premier Lacrosse League, a new outdoor, men’s professional lacrosse league that held its successful inaugural season in 2019; Material Bank, a first-of-its-kind vertically integrated marketplace for the design industry; and Talkshoplive, a social shopping business offering embeddable and shoppable live and on-demand video capabilities.

Our global sphere of knowledge drives our investment thesis across all industries. We serve on the boards on some of the most innovative technology companies in the world. We see global trends as they are emerging. We combine this knowledge with data, lots of data, to know where the world is heading during the next seven-to-ten-years. We partner with the extraordinary We’ve developed a world class reputation for identifying, investing, and serving extraordinary entrepreneurs. We don’t meddle in their business. When asked, we deliver critical thinking that leads to scale and hypergrowth. We go beyond the investment We drive strategic growth, shorten the time to reach global scale, facilitate introductions, but we don’t stop there. We stick with it until the ink is dried. We drive revenue, recruit, and introduce future investors. As we look out at the next 10 years, we couldn't be more excited as the global world becomes smaller and more tightly connected. Read more to see where we think the industry is heading! We drive real value to our portfolio Through our Revenue Bearing Relationships, we have driven $400M in revenue to more than 40% of our portfolio companies. Technology buyers around the world trust our cohesive vision of the future. They come to us to identify emerging solutions that can give their businesses a competitive advantage.

Investing in early stage, transformational, early software innovators who are delivering solutions that will shape the next era of business, harmonizing machine and human capability to drive increased sales, reduce costs, or deliver innovative user experiences. Our Focus Areas There are 6 key themes that we expect to shape the future of AI in the enterprise: Knowledge Assembly Line - Human and machine working together in concert to "manufacture" knowledge products Next Generation of User Experience - Using voice and language-based commands to interact with software and systems Digitization of the Physical - Algorithms and approaches that replicate and understand complex natural processes and systems Truly Smart Devices - Devices that enable real-time intelligence from sensors and robotics Novel Computational Approaches - New methods of training AI that reduce the amount of data or computation to achieve results Accessibility of Machine Intelligence - Platforms and tools that increase the accessibility of artificial intelligence in the enterprise How They Use AI We have 6 specific categories of AI implementation that we expect from companies: Process Automation - Automation of digital and physical tasks Cognitive Insights - Interpreting patterns in large amounts of data Cognitive Engagement - Interacting with customers & employees Data Collection - Systems that collect clean, structured data that enables the creation of novel AI and ML models AI Tools - Software that simplifies the development and delivery of AI and ML systems Generative - Software that creates text, images, or video automatically in response to an input Company Characteristics We Expect In order to be considered for investment, all companies must meet the following basic criteria: Deliver one of the 6 core AI modalities Sells to businesses, not consumers Have a full product ready and completed at least one commercial pilot One or more founders has experience in the target market Has a capital efficient business model The product is a need, not a nice to have Is based in the US or Canada, with specific preferences for Texas Industries Sentiero invests in any industry where at least one partner or advisor has experience as founders, operators, or investors. This means we invest across 27+ industries but have the deepest expertise in the following: Business Services & Consulting Marketing & Advertising Software Healthcare IT Real Estate Retailing & Distribution Internet & Web Services Sports, Media, & Entertainment Sales Management & CRM Financial Services / Fintech Travel

We have a small, dedicated team of long-term, founder-friendly investment experts based in Denver and Silicon Valley, whose strategy is to invest in innovative and high growth early-stage companies that can provide products or services we can use in our operating companies, bringing synergies and scalability to our core business. Our investments historically range from around $5m to $10m and last an average of three to seven years. We focus on disruptive opportunities complementary to our networks and products.

We invest across consumer and enterprise and have partnered with thousands of inspiring entrepreneurs over the past two decades. We have a track record of backing great entrepreneurs at the earliest stages. Since 1999, Redpoint Ventures has partnered with visionary founders to create new markets and redefine existing ones. The firm invests in startups across the seed, early and growth phases. Redpoint has backed over 465 companies with 140 IPOs and M+As, including 2U, HomeAway, Heroku, Netflix, PureStorage, Twilio and Zendesk, and incubated market disruptors like Android. In total, the firm manages $4 billion across multiple funds. Redpoint is based in Menlo Park and has offices in San Francisco, Beijing and Shanghai.

Advance Venture Partners ("AVP") combines the disciplined approach of an institutional venture and growth equity investor with the strategic insights, access, and impact made possible by a high-value strategic partner. Our initial investments in businesses range from $5 million to $30 million, and we have a broad investment mandate across software and consumer verticals, including digital health and insurtech. AVP is affiliated with Advance, the private, family-held holding company focused on fostering long-term growth and innovation across a diversified portfolio in media, technology, entertainment, education, communications, and other growth sectors. Advance’s portfolio includes Conde Nast, Advance Local, The IRONMAN Group, American City Business Journals, Turnitin, 1010data and is among the largest shareholders in reddit, Charter Communications, and Discovery. Our investment thesisWe are theme or sector-driven and are comfortable investing in companies serving either enterprise or consumer end markets. We work tirelessly to support exceptional founders and operators building disruptive, landscape-changing businesses. We write $10 to $25 million first checks into businesses with product in market, evidence of product-market-fit, sound fundamentals, compelling growth, and large end markets. Our evergreen fund structure allows us to be patient capital and long-term strategic partners to our portfolio companies. AVP is built in partnership with Advance, a family-owned multi-genera­tional holding company that owns and operates enduring media and technology companies. We concentrate our time in industries and verticals where we have built conviction around evolving market trends and the opportu­nities created for emerging platforms. We are actively pursuing investments in verticals including digital health, data platforms, insurance technology, and financial technology.