Emerald Development Managers

Emerald Development Managers, established in 1994 and based in New York, is a venture capital firm specializing in early-stage growth equity investments. They focus on sectors such as health tech, biopharma, cybersecurity, enterprise software, industrial, and cleantech. The firm leverages its extensive network, including academic institutions, operating managers, angels, and like-minded VCs, to source deals. Beyond capital, Emerald offers experience, discipline, critical thinking, financing expertise, and significant hands-on involvement to support its portfolio companies.

Stephen Case

Managing Director

Charles Collins

Partner

Thomas Gallo

Principal

Cy Schroeder

Principal

Abbe Serphos

Operating Partner and Head of Communications

39 past transactions

Proscia

Series D in 2025
Proscia Inc., established in 2014 and headquartered in Philadelphia, Pennsylvania, specializes in digital pathology informatics through its innovative cloud-based platform. This platform aids in routine pathology operations, enhances cancer diagnosis, and seeks to improve patient outcomes. By leveraging advanced computing technologies, Proscia's solution unlocks hidden data that is not discernible to the human eye, transforming that information into valuable insights. These insights support physicians in accelerating the development of life-saving medical advances, ultimately contributing to a more effective diagnostic process in the field of pathology.

Uviquity

Venture Round in 2024
Uviquity is a semiconductor manufacturer located in Raleigh, North Carolina. The company operates in stealth mode, focusing on developing innovative solutions to enhance safety for its clients. By leveraging advanced technology, Uviquity aims to contribute to the semiconductor industry while prioritizing client safety in its offerings.

Proscia

Series C in 2024
Proscia Inc., established in 2014 and headquartered in Philadelphia, Pennsylvania, specializes in digital pathology informatics through its innovative cloud-based platform. This platform aids in routine pathology operations, enhances cancer diagnosis, and seeks to improve patient outcomes. By leveraging advanced computing technologies, Proscia's solution unlocks hidden data that is not discernible to the human eye, transforming that information into valuable insights. These insights support physicians in accelerating the development of life-saving medical advances, ultimately contributing to a more effective diagnostic process in the field of pathology.

Cyware

Series C in 2023
Cyware is a cybersecurity company that specializes in providing cyber fusion solutions aimed at enhancing organizations' abilities to detect and counter advanced cyberattacks. By offering a suite of integrated technologies, including an advanced threat intelligence platform, vendor-agnostic security automation, and security case management, Cyware enables businesses to establish a virtual cyber fusion center. This approach enhances the speed and accuracy of threat responses while reducing operational costs and alleviating analyst burnout. Cyware's solutions facilitate secure collaboration and information sharing, making them suitable for enterprises, information sharing and analysis organizations, managed security service providers, and government agencies of various sizes. The platform allows for real-time threat intelligence sharing and automated threat response, combining automated analysis with essential human judgment for a proactive security posture.

Transcend Therapeutics

Series A in 2023
Transcend Therapeutics, Inc., established in 1992 in Waltham, Massachusetts, is a clinical-stage company focused on developing pharmaceuticals to address diseases associated with oxidative stress and tissue damage. The company also specializes in creating psychoactive medicines aimed at treating neuropsychiatric disorders. By targeting specific areas of the brain involved in the pathophysiology of these conditions, Transcend Therapeutics aims to enable healthcare providers to facilitate positive changes in brain function and behavior for their patients.

ETCH

Venture Round in 2022
ETCH is a decarbonization company that develops and commercializes a proprietary chemical process. This process splits natural gas into hydrogen and solid carbon, generating low-cost hydrogen and producing pure, storable carbon with minimal environmental impact. The process can be powered by natural gas, hydrogen, or electricity, and it requires no water or produces no waste, making it scalable and portable. ETCH aims to help businesses transition to a clean energy future by reducing their carbon footprint.

Evolved By Nature

Series C in 2022
Evolved By Nature, Inc. is a biotech company that specializes in the development and manufacturing of chemicals derived from silk protein, specifically through its patented Activated Silk technology. Founded in 2013 and based in Medford, Massachusetts, the company aims to create sustainable silk molecules that reduce reliance on harmful chemicals while enhancing the performance of existing materials. Evolved By Nature produces a variety of products for use in fabrics, personal care, and medical applications, focusing on skincare solutions that offer anti-aging benefits without synthetic fillers or harsh preservatives. The company's innovative approach utilizes pure silk in liquid form, created from discarded silkworm cocoons, showcasing a commitment to environmental sustainability and health.

CybSafe

Series B in 2022
CybSafe is a cybersecurity software company that offers a cloud-based platform designed to enhance cyber awareness and security behavior among users. Through its mobile and web applications, CybSafe educates users and provides tailored, real-time assistance to foster better security decision-making. The platform utilizes a data-driven model of human behavior, leveraging SebDB, the world's most comprehensive database of security behavior, to deliver metrics on security behavior, culture, and risk reporting. By employing scientifically proven interventions and personalized nudges, CybSafe aims to influence and improve employee security behaviors, helping organizations of all sizes strengthen their overall security posture and cultivate a more resilient workforce.

Proscia

Series C in 2022
Proscia Inc., established in 2014 and headquartered in Philadelphia, Pennsylvania, specializes in digital pathology informatics through its innovative cloud-based platform. This platform aids in routine pathology operations, enhances cancer diagnosis, and seeks to improve patient outcomes. By leveraging advanced computing technologies, Proscia's solution unlocks hidden data that is not discernible to the human eye, transforming that information into valuable insights. These insights support physicians in accelerating the development of life-saving medical advances, ultimately contributing to a more effective diagnostic process in the field of pathology.

Torigen Pharmaceuticals

Venture Round in 2022
Torigen Pharmaceuticals is a company dedicated to advancing cancer care solutions for companion animals. Founded in 2013 by Ashley Kalinauskas and Mark Suckow, the company is based in Farmington, Connecticut. Torigen focuses on developing innovative immunotherapy treatments, including an experimental autologous cancer vaccine that activates the immune system to target specific tumor-associated antigens on cancer cells. This approach aims to enable veterinarians to detect and treat cancer in animals more effectively, reducing the reliance on invasive surgeries and chemotherapy. By leveraging existing scientific research, Torigen seeks to improve outcomes for pets diagnosed with cancer, enhancing their quality of life through novel therapeutic strategies.

WATT Fuel Cell

Venture Round in 2022
WATT Fuel Cell Corporation is a developer and manufacturer of solid oxide fuel cell (SOFC) systems and components, based in Mount Pleasant, Pennsylvania. Founded in 2010, the company specializes in creating fuel cells that operate on readily available hydrocarbon fuels, including natural gas, propane, JP-8, and diesel. WATT's technology is designed to provide efficient, clean, and environmentally responsible energy solutions for various sectors, including marine and recreational vehicles, emergency response, military, and remote power applications. The company offers a hybrid SOFC system that integrates hydrocarbon fuels with renewable energy sources like solar and wind, optimizing power output and energy storage. Its modular design allows for scalable solutions, enabling clients to increase power capacity by adding additional modules as needed, similar to a blade server configuration.

TrueFort

Series B in 2021
TrueFort Inc. is a cybersecurity company based in Weehawken, New Jersey, founded in 2015. It specializes in real-time application and cloud workload protection solutions, focusing on safeguarding critical applications and infrastructure. TrueFort's flagship product, Fortress, is a behavior-based security platform that employs advanced behavioral analysis, machine intelligence, and automation to create zero trust application environments. This platform addresses multiple security challenges by providing real-time application self-protection and enhanced visibility into enterprise applications. By leveraging existing agents and offering out-of-the-box analytics, TrueFort enables organizations to mitigate risks associated with excessive trust and cyber threats effectively.

Babson Diagnostics

Series B in 2021
Babson Diagnostics, Inc. is a healthcare technology company based in Austin, Texas, focused on revolutionizing diagnostic blood testing by providing lab-quality results in retail settings such as pharmacies and grocery stores. Established in 2017, the company has developed an innovative device that collects blood samples from finger capillaries, requiring only a small volume—just one-tenth of that needed for traditional venipuncture methods. This approach allows for accurate diagnostic results to be obtained quickly, enhancing accessibility to essential health information for consumers. The samples are analyzed at CLIA-certified clinical laboratories, ensuring the reliability and quality of the testing process.

Cyware

Series B in 2021
Cyware is a cybersecurity company that specializes in providing cyber fusion solutions aimed at enhancing organizations' abilities to detect and counter advanced cyberattacks. By offering a suite of integrated technologies, including an advanced threat intelligence platform, vendor-agnostic security automation, and security case management, Cyware enables businesses to establish a virtual cyber fusion center. This approach enhances the speed and accuracy of threat responses while reducing operational costs and alleviating analyst burnout. Cyware's solutions facilitate secure collaboration and information sharing, making them suitable for enterprises, information sharing and analysis organizations, managed security service providers, and government agencies of various sizes. The platform allows for real-time threat intelligence sharing and automated threat response, combining automated analysis with essential human judgment for a proactive security posture.

Sunflower Therapeutics

Venture Round in 2021
Sunflower Therapeutics is a biotechnology company specializing in next-generation protein manufacturing solutions. Its mission is to enhance global patient access to biological medicines by developing and implementing advanced technologies suitable for worldwide application. The company employs strain engineering, integrated process development, and automated multi-product facilities to create efficient and scalable production methods for proteins. Sunflower Therapeutics prioritizes values such as wellness, integrity, ethics, equity, community, and efficiency in its operations.

TBT Pharma

Seed Round in 2020
TBT Pharma is a dermatology startup based in Baltimore, Maryland, founded by Ian Tolfree in 2019. The company is focused on repurposing generic and off-patent compounds to develop innovative therapies for skin conditions. TBT Pharma has four main patented products aimed at treating various skin ailments, including psoriasis and other inflammatory disorders. Its topical applications provide healthcare specialists with effective solutions to help alleviate the suffering of patients dealing with these debilitating skin issues. Through its dedicated approach to dermatological treatments, TBT Pharma seeks to improve the quality of life for those affected by challenging skin conditions.

Cyware

Series A in 2020
Cyware is a cybersecurity company that specializes in providing cyber fusion solutions aimed at enhancing organizations' abilities to detect and counter advanced cyberattacks. By offering a suite of integrated technologies, including an advanced threat intelligence platform, vendor-agnostic security automation, and security case management, Cyware enables businesses to establish a virtual cyber fusion center. This approach enhances the speed and accuracy of threat responses while reducing operational costs and alleviating analyst burnout. Cyware's solutions facilitate secure collaboration and information sharing, making them suitable for enterprises, information sharing and analysis organizations, managed security service providers, and government agencies of various sizes. The platform allows for real-time threat intelligence sharing and automated threat response, combining automated analysis with essential human judgment for a proactive security posture.

Baton

Series A in 2020
Baton Technologies, Inc. is a New York-based company that specializes in business software automation. Founded in 2018, it offers a software-as-a-service platform designed to streamline and manage the software implementation process for clients. Baton aims to enhance the post-sales implementation experience by providing tools that facilitate organization and communication, particularly through the use of email, spreadsheets, and regular updates. As an early-stage startup, Baton focuses on improving efficiency in the implementation phase, allowing customers to navigate the complexities of software deployment more effectively.

Lifesprout

Series A in 2020
LifeSprout is developing the next generation of synthetic soft tissue substitutes for aesthetic and reconstructive medicine. They offer revolutionary products for aesthetic and regenerative medicine. They have created a platform that looks and behaves like the body’s own tissues. The company is turning this into a suite of products for millions of patients each year with soft tissue losses from aging, cancer, and metabolic disease.

Axis Security

Series A in 2020
Axis Security Inc. is a cybersecurity company founded in 2018 and based in Palo Alto, California. It specializes in Zero Trust Network Access solutions, providing a cloud security platform that ensures secure remote access to applications. The company's technology focuses on application isolation and employs a context-aware approach to security, evaluating multiple factors to ensure that only authorized users can access specific resources within a network. This business-centric strategy allows organizations to maintain control over sensitive information and manage access for employees, partners, and other stakeholders effectively.

READY Robotics

Series B in 2020
READY Robotics Corp., established in 2016, is headquartered in Columbus, Ohio. The company specializes in developing ForgeOS, an industrial operating system designed to simplify robotics and automation deployment and management. ForgeOS leverages patented technology and low-code apps, enabling manufacturers to automate high-mix/low-volume production efficiently. READY Robotics' platform connects various robotic devices and thousands of industrial automation tools via a cloud computing unit, allowing operators to control and program them collectively with minimal training.

Cyware

Seed Round in 2019
Cyware is a cybersecurity company that specializes in providing cyber fusion solutions aimed at enhancing organizations' abilities to detect and counter advanced cyberattacks. By offering a suite of integrated technologies, including an advanced threat intelligence platform, vendor-agnostic security automation, and security case management, Cyware enables businesses to establish a virtual cyber fusion center. This approach enhances the speed and accuracy of threat responses while reducing operational costs and alleviating analyst burnout. Cyware's solutions facilitate secure collaboration and information sharing, making them suitable for enterprises, information sharing and analysis organizations, managed security service providers, and government agencies of various sizes. The platform allows for real-time threat intelligence sharing and automated threat response, combining automated analysis with essential human judgment for a proactive security posture.

Capital Rx

Series A in 2019
Capital Rx, Inc. is a health technology company based in New York that serves as a pharmacy benefit manager, specializing in the administration of self-insured prescription benefit plans for employers, unions, and government entities. Founded in 2017, Capital Rx aims to redefine the pricing and administration of prescriptions in the United States through its innovative Clearinghouse Model, which enhances the transparency of the pharmacy supply chain and reduces costs for employer groups. The company's enterprise platform integrates various components of the pharmacy ecosystem, improving administrative workflows and clinical oversight while facilitating better coordination between patients and healthcare providers. By focusing on actionable strategies that enhance plan performance and patient outcomes, Capital Rx seeks to advance healthcare infrastructure and elevate the standards of clinical care.

TrueFort

Series A in 2019
TrueFort Inc. is a cybersecurity company based in Weehawken, New Jersey, founded in 2015. It specializes in real-time application and cloud workload protection solutions, focusing on safeguarding critical applications and infrastructure. TrueFort's flagship product, Fortress, is a behavior-based security platform that employs advanced behavioral analysis, machine intelligence, and automation to create zero trust application environments. This platform addresses multiple security challenges by providing real-time application self-protection and enhanced visibility into enterprise applications. By leveraging existing agents and offering out-of-the-box analytics, TrueFort enables organizations to mitigate risks associated with excessive trust and cyber threats effectively.

Vixiar

Series A in 2019
Vixiar Medical, established in 2013 and headquartered in Annapolis, Maryland, specializes in developing non-invasive, cost-effective devices and systems for monitoring cardiopulmonary diseases. Its flagship product, Indicor, is a handheld point-of-care device and digital platform designed to monitor and manage worsening heart failure. Vixiar's devices aim to enhance clinical workflow and deliver economic value to the healthcare system by enabling monitoring in various settings, including homes, offices, nursing homes, and hospitals.

Torigen Pharmaceuticals

Series A in 2019
Torigen Pharmaceuticals is a company dedicated to advancing cancer care solutions for companion animals. Founded in 2013 by Ashley Kalinauskas and Mark Suckow, the company is based in Farmington, Connecticut. Torigen focuses on developing innovative immunotherapy treatments, including an experimental autologous cancer vaccine that activates the immune system to target specific tumor-associated antigens on cancer cells. This approach aims to enable veterinarians to detect and treat cancer in animals more effectively, reducing the reliance on invasive surgeries and chemotherapy. By leveraging existing scientific research, Torigen seeks to improve outcomes for pets diagnosed with cancer, enhancing their quality of life through novel therapeutic strategies.

Proscia

Series A in 2018
Proscia Inc., established in 2014 and headquartered in Philadelphia, Pennsylvania, specializes in digital pathology informatics through its innovative cloud-based platform. This platform aids in routine pathology operations, enhances cancer diagnosis, and seeks to improve patient outcomes. By leveraging advanced computing technologies, Proscia's solution unlocks hidden data that is not discernible to the human eye, transforming that information into valuable insights. These insights support physicians in accelerating the development of life-saving medical advances, ultimately contributing to a more effective diagnostic process in the field of pathology.

WATT Fuel Cell

Venture Round in 2018
WATT Fuel Cell Corporation is a developer and manufacturer of solid oxide fuel cell (SOFC) systems and components, based in Mount Pleasant, Pennsylvania. Founded in 2010, the company specializes in creating fuel cells that operate on readily available hydrocarbon fuels, including natural gas, propane, JP-8, and diesel. WATT's technology is designed to provide efficient, clean, and environmentally responsible energy solutions for various sectors, including marine and recreational vehicles, emergency response, military, and remote power applications. The company offers a hybrid SOFC system that integrates hydrocarbon fuels with renewable energy sources like solar and wind, optimizing power output and energy storage. Its modular design allows for scalable solutions, enabling clients to increase power capacity by adding additional modules as needed, similar to a blade server configuration.

SafeBreach

Series B in 2018
SafeBreach Inc. is a cybersecurity company that specializes in breach and attack simulation (BAS). Founded in 2014 and headquartered in Sunnyvale, California, with an additional office in Tel Aviv, Israel, SafeBreach offers a platform designed to enhance an organization's security posture by simulating real-world attack methods. The platform utilizes a comprehensive Hacker's Playbook, which includes a range of breach techniques derived from actual cyber incidents, to proactively identify vulnerabilities within an enterprise's network, cloud, and endpoints. By mimicking the tactics of cybercriminals, SafeBreach enables businesses to validate their security controls and improve the responsiveness of their security operations center (SOC) analysts. The platform can integrate with various security information and event management systems, ticketing solutions, and automation tools, providing continuous visibility into potential security threats and allowing organizations to address issues before they can be exploited by attackers.

AppliedEA

Venture Round in 2018
AppliedEA is a company focused on enhancing the reliability and efficiency of mobile machines through advanced industrial software. By utilizing Condition-Based Maintenance (CBM) methodology, the company monitors and analyzes autonomous mobile machines in real-time. Its software integrates big data and machine learning technologies to track critical performance metrics, addressing high failure rates and significant maintenance expenses associated with both manned and autonomous systems. This innovative approach enables aviation companies to improve operational reliability, reduce liability, and lower maintenance costs, particularly for unmanned aerial vehicles.

Sustained Nano Systems

Venture Round in 2017
Sustained Nano Systems is a biotechnology company specializing in innovative drug delivery technologies. The company focuses on short and long-term micro-dosing methods that target cells for various therapeutic applications. By leveraging its expertise in small particle behavior, Sustained Nano Systems develops delivery systems that include both injectable and implant formats. This technology is particularly valuable in treating chronic disease states where repetitive dosing is necessary, allowing healthcare providers to administer both existing and emerging drug technologies more effectively. The company's approach aims to enhance patient care by improving the administration of medications.

READY Robotics

Seed Round in 2016
READY Robotics Corp., established in 2016, is headquartered in Columbus, Ohio. The company specializes in developing ForgeOS, an industrial operating system designed to simplify robotics and automation deployment and management. ForgeOS leverages patented technology and low-code apps, enabling manufacturers to automate high-mix/low-volume production efficiently. READY Robotics' platform connects various robotic devices and thousands of industrial automation tools via a cloud computing unit, allowing operators to control and program them collectively with minimal training.

GreenSight

Seed Round in 2016
GreenSight Agronomics, Inc., established in 2015 and headquartered in Brookline, Massachusetts, specializes in manufacturing drones tailored for turfgrass and agricultural applications. The company operates a cloud-based platform that integrates automated drone systems, advanced sensors, and data analytics to provide actionable insights for land managers. GreenSight's services include plant health monitoring, irrigation management, crop protection, and labor management, primarily serving the golf course industry with potential savings of over $1 billion annually through water reduction alone. The company aims to expand its services to other agricultural sectors, such as farms and energy infrastructure, using its advanced sensor technology and autonomous drone capabilities.

Proscia

Seed Round in 2016
Proscia Inc., established in 2014 and headquartered in Philadelphia, Pennsylvania, specializes in digital pathology informatics through its innovative cloud-based platform. This platform aids in routine pathology operations, enhances cancer diagnosis, and seeks to improve patient outcomes. By leveraging advanced computing technologies, Proscia's solution unlocks hidden data that is not discernible to the human eye, transforming that information into valuable insights. These insights support physicians in accelerating the development of life-saving medical advances, ultimately contributing to a more effective diagnostic process in the field of pathology.

Socure

Series A in 2015
Socure Inc. is a provider of digital identity verification solutions, focusing on real-time identity authentication through its Socure ID+ platform. This predictive analytics platform utilizes artificial intelligence and machine learning to authenticate identities by analyzing a multitude of online and offline data sources, including email, phone numbers, addresses, IP addresses, and social media profiles. Socure's offerings include Aida, an AI-driven bot for validating digital identities, Docv, an omnichannel document verification solution, and Sigma Synthetic Fraud, which tackles synthetic identity fraud. The company addresses the needs of various sectors, including software, consulting, and financial firms, through compliance initiatives such as customer identification programs, know your customer requirements, and anti-money laundering measures. Founded in 2012 and headquartered in New York, Socure has established partnerships with key industry players to enhance its service delivery.

DriverUp

Series A in 2015
DriverUp Corp. is an online marketplace based in Austin, Texas, that facilitates direct participation in the automotive financing market for investors. Founded in 2012 and formerly known as Sierra Holdings LLC, the company offers an application portal designed to streamline the automotive financing process for both car dealers and buyers. Utilizing proprietary technology, the platform integrates advanced data analytics to enable efficient processing of auto loans, providing users with clear financing terms and the ability to secure purchases online. DriverUp is notable for being the first platform that allows accredited investors, including hedge funds, family offices, and high-net-worth individuals, to invest directly in high-yield auto lending with full transparency and reporting.

Intellihot

Venture Round in 2015
Intellihot is a manufacturer of tankless water heater systems for both residential and commercial applications. Established in 2005, the company emerged from the founder's experience with a traditional water heater malfunction. Intellihot's innovative designs, which have several patents pending, focus on conserving space and eliminating the need for bulky storage tanks. The systems are equipped with advanced connectivity features, including Wi-Fi and 3G/4G capabilities, allowing users to connect to a router or internet hub. This connectivity enables the analysis of water usage patterns, providing clients with on-demand water heating solutions that are both efficient and space-saving.

Una Software

Una Software is a developer of a revenue performance management system that aims to enhance the customer journey through a comprehensive platform. The company's offerings include features such as reporting and analytics, integrated planning, intelligent forecasting and modeling, and a unified view of the customer experience. By synchronizing growth strategies and providing AI-driven alerts and insights, Una Software facilitates effective revenue orchestration, enabling organizations to make informed decisions and implement strategies that drive performance.

Uviquity

Uviquity is a semiconductor manufacturer located in Raleigh, North Carolina. The company operates in stealth mode, focusing on developing innovative solutions to enhance safety for its clients. By leveraging advanced technology, Uviquity aims to contribute to the semiconductor industry while prioritizing client safety in its offerings.
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