Icon News

The latest from inside Icon and our portfolio companies.


Ionic Security Secures $45 Million Growth Round

Amazon.com Inc., Goldman Sachs and Hayman Capital Join Impressive List of Equityholders Ionic Security Inc., a pioneer of high-assurance data protection and control, announced today that it has raised US$45 million in a growth round of funding and welcomed Amazon.com Inc., Goldman Sachs (NYSE: GS) and Hayman Capital as equity holders. This growth round brings the total funding to date for Ionic to US$122 million. Existing investors, including GV (formerly Google Ventures), Icon Ventures, Kleiner Perkins Caufield & Byers, Meritech Capital Partners, and Tech Operators also participated in the round. Goldman is an early Ionic platform adopter and was one of the company’s first customers. Funds will be used to accelerate the global adoption of the Ionic platform beyond the Fortune 100.


The Muse Raises $16 Million to Expand Career Ecosystem for Employers and Candidates


2016: The year VC investors return to capital efficiency



Thanx Secures $17.1M Series B from Icon Ventures and Sequoia Capital to Bring Big Data to Brick-and-Mortar Merchants

Thanx, which empowers merchants to grow their business through deeper customer loyalty, today announced a $17.1M Series B financing led by Icon Ventures and Series A investor Sequoia Capital, with participation from Javelin Venture Partners. Thanx will use the capital to grow its sales and engineering teams and deliver its personalization and retention tools to national retailers.

Unique in the retail IT market, Thanx eliminates the technical burden of hardware or on-site integrations which have previously made it difficult for brick-and-mortar merchants to access and act on customer purchase data. Through direct data partnerships with Visa, Mastercard and American Express, Thanx delivers world-class retention marketing and engagement campaigns with demonstrable return on investment as high as 4000%. Thanx now also ingests item-level purchase data from almost any point-of-sale. Currently in pilot, the enhancement will be rolled out to enterprise customers throughout 2017.

“The top quartile of customers often drive as much as 70 percent of a merchant’s revenue. Identifying, engaging and retaining these loyalists is fundamental to growth,” said Zach Goldstein, Founder and CEO of Thanx. “Thanx is, on the one hand, the easiest way to acquire this data. On the other hand, it’s a robust suite of automated, revenue-generating marketing tools that act on that data.”

“Thanx’s ability to move merchants away from blanket, untargeted discounting to mass personalization is really impressive,” said Joe Horowitz, Managing General Partner at Icon Ventures, who joined the board of directors. “Thanx offers, without question, the most elegant and seamless solution we have seen for collecting and using customer data to drive real revenue.”

Of the three billion loyalty memberships in the United States, only 40% were active in the last year. By comparison, 98% of Thanx members remain active. The markedly-better retention rate can be attributed to a seamless consumer experience, as simple as paying with any credit card.

Mixt, a health-focused fast-casual restaurant chain, has doubled its location count since launching as an early Thanx customer. “Of all our marketing channels, Thanx is most directly tied to measurable increases in revenue and customer satisfaction,” said co-founder David Silverglide. “Our Thanx customers are happier and visit 25% more often.”

“Investment in online marketing has grown dramatically due, in part, to directly attributable results. Thanx brings this ROI focus to brick-and-mortar marketing and has already demonstrated meaningful revenue increases for customers,” said Thanx board member and Sequoia partner, Bryan Schreier. “In this massive market, the best product and results will ultimately win.”

About Thanx
Thanx helps merchants drive increased revenue from top customers through automated loyalty, feedback, and marketing tools and eliminates the integration hassles of traditional programs. Thanx is financed by Sequoia Capital and other elite Silicon Valley investors. Interested merchants can visit thanx.com/merchants to learn more.




Scaling 6,783% While Building Culture (& Without Losing Your Mind) – By Kathryn Minshew, Founder & CEO at The Muse

Growth. It’s something that all businesses pursue, and it’s something that we’ve been doing quite a lot of at The Muse.

Today, I’m so honored and humbled to share that we were ranked number 16 on Deloitte’s Technology Fast 500 list, with revenue growth of 6,783% over the last three years.

Of course, these numbers are something we’re incredibly proud of. But, beyond that, I’m even more proud of the team we’ve built and the culture we’ve maintained as a company. We’ve rallied a group of passionate, driven, and brilliant people around our mission (currently 130 and counting!), with remarkably high retention, and that wasn’t a happy accident.

I often get asked about how we maintain our culture while growing so rapidly, and my first response is usually to explain that it’s something we’re always actively working on. But, today I thought I’d get a little more specific and share a few of the strategies we’ve put into place to ensure that we’re not just growing a business—but growing one that we’re proud of, inside and out.



Synack Launches First Ever Crowd Security Intelligence Solution for Government, Announces IRS Contract

Synack, winner of the government’s largest crowdsourced vulnerability discovery contract through the Department of Defense’s “Hack the Pentagon” program, today is launching Synack Government. Synack is already Fortune 500 companies’ top choice for crowdsourced security testing, and this new line of business responds to mounting demand from federal, state, and local agencies for a government-dedicated solution. Synack is now officially unveiling a tailored solution, Crowd Security Intelligence™ Federal, to provide an adversarial perspective on the security of agencies’ sensitive, mission-critical IT assets. Today, Synack is also announcing the work they have been doing with the U.S. Internal Revenue Service (IRS) under a $2M contract to pioneer a model that proactively protects sensitive government and taxpayer data on the irs.gov domain.



RedSeal Reports Positive Cash Flow and Profitability in its Strongest Quarter to Date

RedSeal (redseal.net), a leader in the cybersecurity analytics market, today announced it closed its third quarter with record revenue, boosted by the close of the company’s largest single contract to-date. The company ended the quarter cash flow positive and profitable on a GAAP basis, as year-to-date revenue increased 38 percent over the same period last year and 57 percent over the previous quarter.  Year-to-date net income in 2016 was 150 percent above the same period in 2015.

“Our record-breaking quarter shows that digital resilience and cyberattack preparedness is a priority for many global enterprises and government agencies,” said Ray Rothrock, chairman and CEO of RedSeal. “The large majority of executives we speak with want real-time information about external threats and the overall health and resilience of their network. Our proven network resilience technology delivers comprehensive and measurable results to the C-Suite and beyond. Measuring cybersecurity effectiveness, mapping visibility and investments to results, and reeling in out-of-control cybersecurity spending are critical to business success, and why we believe the growth RedSeal is experiencing today is just the tip of the iceberg.”



Duetto And Agilysys Expand Strategic Partnership, Bringing Together Industry-Leading Revenue Strategy And Property Management Solutions

Duetto, the market leader in hotel profit optimization technology, and Agilysys, Inc. (Nasdaq: AGYS), a leading global provider of next-generation hospitality software solutions and services, today announced a Duetto global reseller agreement and technology integration to help Agilysys customers increase profitability and improve guest loyalty. GameChanger, Duetto’s revenue strategy platform, is now available with Agilysys’ Lodging Management System® (LMS) and Visual One® PMS, and soon will be available for rGuest® Stay, making Duetto’s insights on pricing and demand accessible to hundreds of casinos and hotels worldwide. In addition, Duetto’s industry-first personalized loyalty pricing feature is also fully integrated with LMS, enabling casino hotels to access Duetto’s advanced analytics in real time to dynamically make offers and set loyalty rates based on a customer’s total worth.

“For too long, hotels and casinos have been saddled with antiquated technology and functional silos that have prevented them from using advanced data to understand the true worth of their customers,” said Patrick Bosworth, Duetto co-founder and chief executive officer.  “We’re excited about expanding our strategic partnership with Agilysys, to help hoteliers break down the old barriers, adapt to rapidly changing market conditions and requirements, and optimize pricing. We look forward to maximizing the partnership with Agilysys, which will benefit the entire hospitality industry.”



Teladoc Announces Third Quarter 2016 Results

Third-quarter revenue of $32.4 million increased 62%, membership of 17.1 million increased 35%, visits of 202,566 increased 73% year-over-year

Teladoc, Inc. (NYSE: TDOC), the first and largest telehealth platform in the United States, today announced results for the third quarter ended September 30, 2016.

“Our third quarter financial results affirm the strength of our sophisticated consumer engagement strategies and the growing utilization and adoption of our innovative telehealth offerings,” said Jason Gorevic, chief executive officer of Teladoc. “As we execute against our plan, we remain focused on delivering clear and measurable ROI for our clients and superior experiences for our members, while we continue to make progress towards our previously stated 2017 financial targets.”



Zephyr Health named in Top 10 Fastest Growing Healthcare Solution Providers

Zephyr Health, the leading Insights-as-a-Service solution provider to Life Sciences companies, today announced it was named as one of the Top 10 Fastest Growing Healthcare Solution Provider Companies by Insights Success for its innovative services and solutions.  These include two new game-changing capabilities in Zephyr IlluminateTM  – Referral Analytics and Segment Analytics – that revolutionize the way Life Sciences companies use global health data to engage with physicians, accounts, and institutions.

According to Insights Success, Zephyr Health “stays deeply engaged with the industry’s challenges and ahead of the opportunities to ensure that the insights they provide are answering the most pressing questions that their customers need to solve.”



Bill.Com Collaborates With Intuit To Bring Digital Payments Into Quickbooks Online

Today at QuickBooks Connect, Bill.com, the leading business payments company, announced plans for a partnership with Intuit (NASDAQ: INTU) that will power end-to-end accounts payable within QuickBooks Online. By integrating with the Bill.com digital business payments network, Intuit will now offer seamless online bill pay, and speed up payments, for more than 1.5 million QuickBooks customers.

“Today’s small business owners want bill pay to work how the rest of business works – digitally,” said René Lacerte, CEO of Bill.com. “By building Bill.com’s trusted bill pay network inside of QuickBooks Online, millions of small business owners can now manage bill pay from start to finish right within QuickBooks. By having everything in one place, small business owners can focus their time on what matters: building their business.”



Department of Defense Awards $7 Million Crowdsourced Security Contracts to HackerOne and Synack

The U.S. Department of Defense (DoD) announced today it awarded contracts for crowdsourced vulnerability discovery and disclosure programs to HackerOne and Synack. The contracts will enable DoD to create a vehicle for future crowdsourced challenges and reward the research community to identify and resolve security vulnerabilities within DoD digital assets. The two-pronged effort in partnership with Synack and HackerOne will harness the power of security researchers to scour the DoD’s applications, websites and networks for vulnerabilities.



Origami launches the periodic table of marketing to make sense of big data chaos

Last quarter investors threw almost $700 million at marketers’ biggest problem: analytics. Today, Origami Logic presented its latest solution to the flood of data that marketing technology platforms generate, consume, and present.

The goal? Making sense of big data chaos.

Today Origami launched what it calls a “Marketing Signals Framework,” which aggregates, organizes, and prioritizes the data that marketers need to review to understand if they’re winning. Those marketing signals are from ad campaigns, search, mobile apps, email campaigns, web platforms, even print and TV marketing.

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