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Written by Jonathan Shieber

Backing Culture Genesis, T.I. launches Tech Cypha, an investment syndicate for tech deals

With an inaugural investment into the Los Angeles-based entertainment startup Culture Genesis, Clifford Harris Jr., who’s better known as “T.I.”, has launched a new syndicated investment vehicle called Tech Cypha.

Launched by the music and cultural impresario with more hustle than hustle and his business partner Jason Geter, the new collaborative investment strategy focused on tech startups will allow high-net-worth individuals to participate in deals.

The strategy has evolved since Geter and Harris made their first investment 12 years ago into a company called Streetcred.com, a site that allowed fans to go online and share opinions about street culture. While that first deal didn’t work out, Geter and Harris both remained interested in the technology and startup scene and saw a new opportunity to leverage their networks and promote new businesses.

“We learned a lot,” says Harris. “Now we know where our demographic is.”

For Geter, that demographic is taking advantage of Atlanta’s surging position as a cultural and technological mecca in the United States. Indeed, Atlanta-area startups raised roughly $1.15 billion in 2018, a record for the region, according to data from PitchBook and the National Venture Capital Association.

“Being in the city of Atlanta and with Georgia Tech producing so much talent, and coming from us being within the hip-hop culture, which is always influencing and promoting things, we saw an opportunity,” says Geter. “In the past, we were always looking through the glass window and looking at ways we can participate earlier. And that’s by coming together to pool our resources so we can invest more.”

Harris and Geter aren’t the first hip-hop entrepreneurs to branch out into tech investment.

Calvin Broadus Jr. (better known as Snoop Dogg) closed a $45 million investment fund last year; Sean Carter, or “Jay-Z” launched Marcy Venture Partners; the Chamillionaire, Hakeem Seriki, is an entrepreneur in residence at the LA-based firm Upfront Ventures and has his own app; and Nas, who founded Queensbridge Venture Partners, recently saw an exit when one of his companies, PillPack, was sold to Amazon for around $750 million.

“We are a group of guys and girls who’ve been doing business together over time. While we’ve been doing just fine on our own we thought that if we surround ourselves with like-minded individuals and pool our resources together we could do much more together than on our own,” says Harris.

Investors and entrepreneurs should think of Tech Cypha as an open-ended investment syndicate — like a rap version of SV Angels out of Silicon Valley.

“It’s people around our constituency who wake up knowing that there is dealing to be done,” says Geter.

While the Culture Genesis crew out of Los Angeles may seem slightly out of the Atlanta-based wheelhouse for Tech Cypha, the company’s co-founder Cedric Rogers spent a lot of time in Atlanta.

“I lived in Atlanta for many years and [Geter] and I have grown a relationship over seven years,” says Rogers. “I’m excited to work with these guys.”

For Harris, the opposite of moderate, immaculately polished with the spirit of a hustler and the swagger of a college kid, the investment into Culture Genesis is indicative of the type of deal that the syndicate will make. It’s got a media component, it’s leveraging new technology and it taps into the incredibly tech-forward community that comprises the rising middle class audience of urban (for lack of a better word) consumers.

Now the only question is whether Harris and Geter can find out what’s up and what’s happening next.

Innovaccer nabs $11 million from Microsoft’s VC arm to give doctors a better window into patient heatlh

Cracking the silos of digital health records promises to bring better care to patients by better informing doctors, according to Abhinav Shashank, the chief executive officer of San Francisco-based startup Innovaccer .

Shashank’s company is just wrapping up a $35 million round of financing with a new $11 million commitment from Microsoft’s investment arm M12 (formerly known as Microsoft Ventures).

The corporate investor joins Westbridge, and Lightspeed Partners, who previously committed to the Series B round last year.

Founded in 2014, Innovaccer has been working to roll up data from a number of different healthcare providers including Hartford Healthcare, University of California, Mercy ACO Iowa, UniNet Healthcare Network of Nebraska, Inmediata Health Integrated Solutions of Puerto Rico, and StratiFi Health Network.

Innovaccer estimates that it has saved its customers $400 million in expenses and the company said it will use the funds to build out its software services that connect to lab systems, electronic health records, claims management software and health information exchanges.

“Innovaccer’s approach to data aggregation and analytics fundamentally helps healthcare organizations implement value-based care models and improve care delivery,” said Rashmi Gopinath, partner at M12, in a statement. “We look to invest in startups addressing huge markets with best-in-class deep technology. We are excited to support Innovaccer as they continue to scale and grow in the global healthcare market.”

In addition to providing a unified view into all of the different records that a care provider touches, the company is also looking to layer in prompts to encourage treatment options for future care, according to Shashank.

According to the company’s chief executive, care providers are already incorporating suggestions from the company’s algorithmically based predictive tools in their treatment plans to ensure that patients are getting the best possible outcomes.

“It is rare to see this type of growth in the healthcare industry. Normally, this is only seen in the fastest of enterprise SaaS companies. We think there is tremendous potential to bring the speed and innovation normally associated with enterprise software to the world of healthcare IT,” says Sumir Chadha, Managing Director at Westbridge Capital.

Ciitizen raises $17 million to give cancer patients better control over their health records

Ciitizen, the company founded by the creators of Gliimpse (an Apple acquisition that’s been incorporated into the company’s HealthKit) which is developing tools to help patients organize and share their medical records, has raised $17 million in new funding.

Ciitizen, like Gliimpse before it, is an attempt to break down the barriers that keep patients from being able to record, store, and share their healthcare information with whomever they want in their quest for treatment.

The digitization of health records — a featured element of President Barack Obama’s overhaul of the healthcare system back in 2009 — remains an obstacle to quality care and proper treatment nearly a decade later. Hospitals spend millions and the US healthcare system spends billions on Electronic Health Records annually. All with very little too show for the expense.

Those kinds of challenges are what attracted investors in the Andreessen Horowitz -led round. New investors Section 32, formed by the former head of Google Ventures, Bill Maris; and Verily, one of the healthcare subsidiaries that spun out of Google X and is a part of Google’s parent company, Alphabet.

“Ciitizen uniquely understands the challenges cancer patients face – including the intense friction patients experience when managing their medical records in our current healthcare system,” said Vijay Pande, a general partner in Andreessen Horowitz’s Bio fund, in a statement. “Using their deep insights, the Ciitizen team have developed sophisticated technology and tools that remove this friction, putting the power back in the patients’ hands and literally saving lives.”

Pande may be a little biased since Andreessen Horowitz also led the company’s seed funding last July, in what was, at the time, one of the earlier investments from the Bio fund’s latest $450 million second investment vehicle.

“The continued support from Andreessen Horowitz reaffirms the rapid progress we have already made and further validates our potential to significantly impact healthcare globally. Adding Section 32 and Verily to our effort further enhances our ability to transform the way patients engage with their health data,” said Anil Sethi, CEO and Founder of Ciitizen, in a statement.