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Monday, November 13, 2017

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Dylan: ​Hey folks. We’re pretty sure you saw this, but just in case, here are our 50 on Fire winners that we announced last Thursday.



The Big One

A breakdown on the day’s biggest Inno story.

Dylan: Endeca is the gift that keeps on giving for Boston tech.

Following the Cambridge tech company’s $1.1B sale to Oracle in 2011, former employees have gone on to found Toast, a restaurant software startup that employs about 500 people and has raised over $133M from investors, including Al Gore’s firm. Salsify, another company founded by Endeca alumni, has more than 100 employees and raised more than $54M. Endeca alumni have also gone on to start companies like Sprout Social, Kyruus and Infinio.

One startup from the Endeca gang that has been fairly quiet is Shoobx, a Boston-based venture that streamlines a company’s legal operations. But that all starts to change on Tuesday when the company — which has raised more than $10M in capital, with Endeca founder Steve Papa as its lead investor — hosts its inaugural Drive conference. Shoobx aims to close the education gap for entrepreneurs when it comes to the legal aspects of running a startup, from incorporating a business and fundraising and granting equity.

Jason Furtado, who founded Shoobx after serving as a product manager at Endeca, told me that he conceived the idea for Shoobx with Steve Papa based on the former Endeca CEO’s experience of dealing with Endeca’s legal complexities.

“He noticed nothing had changed since 1999,” Furtado, Shoobx’s CEO, said, adding that most of a company’s legal work has been through Word documents and PDFs that were constantly sent back and forth over email.

One of the larger issues, Furtado said, is that most entrepreneurs aren’t legal experts, so that can result in extra work and mistakes. For example, Furtado said, he remembers looking at the capitalization table of a company and realized that the company never granted equity to its employees because the company’s leadership assumed the offer letters covered everything.

Furtado said there are over 300 companies currently using Shoobx, though he declined to disclose how many of them are paying clients. One of Shoobx’s most prominent clients is Toast, which has a lengthy case study on Shoobx’s website.

Shoobx has been mostly quiet up until this year, Furtado said, because it was focused on getting the product right. Next year, however, that is set to change. Furtado said that’s when the company, which has about 30 employees, will start to focus more aggressively on acquiring new customers. Whether or not that requires a new financing round remains to be determined, he added. Read more: Endeca Founder Steve Papa Has Put a Lot of $$ into This Quiet Legal Tech Startup in Boston



In The Know

The Inno stories you need to read today.


Making Moves

Inside the people, companies and organizations making moves in Boston.

Dylan: Boston-based co-working space company Workbar says it has signed a strategic partnership with Japanese real estate company Apamanshop Holdings that will allow the company to expand to more markets in the U.S. and internationally, the Globe reported.

Lucy: BBJ reported that GE CEO John Flannery wants to sell Boston-based smart-lighting division Currentwhich said it had about 50 employees as of August in its Boston headquarters. Current is among other businesses GE is looking to sell as part of its plans to divest $20B worth of assets over the next couple of years.

Dylan: ClimaCell, a weather forecasting startup, announced it has new partnership with Autodesk’s Connect & Construct Exchange, “a new integration program intended to create a more connected workflow for ClimaCell and Autodesk’s shared customers in the construction industry,” according to a press release.

Lucy: Vanu Bosethe son of Bose founder Amar Bose, died on Saturday after suffering a pulmonary embolism, BBJ reported. The founder and CEO of Vanu Inc. was 52.


New Money

Your daily funding roundup.

Dylan: First Star Ventures, the local VC firm previously known as Procyon Ventures, has co-led a $2.3M seed round for Genialis, which has “developed cloud-based software to help researchers visualize and interpret genome sequencing data,” Xconomy reported.


Player Personnel

Who’s moving where.

Dylan: Several months after Acquia CEO Tom Erickson said he was stepping down, the Boston-based IPO candidate announced this morning that former Hewlett Packard Enterprise executive Michael Sullivan would succeed Erickson. Sullivan, who will work alongside co-founder and chairman Dries Buytaert, was most recently an executive at Micro Focus, which spun out of HPE into its own company in a merger with HPE’s software business in September. Before joining HP, he led a business unit at risk and compliance software provider Autonomy and served as the CEO and founder of Steelpoint Technologies.

“Mike is one of the most dynamic technology leaders I have met,” Buytaert said in a statement. “Like me, he founded a company in his twenties which he has led ever since. His deep understanding of the opportunities and challenges faced by large global enterprises aligns perfectly with Acquia’s focus on providing data-driven customer journey solutions to organizations that have ambitious digital aspirations and challenges.”

Lucy: Tara Hendricks has joined Talla, a business chatbot startup led by Backupify founder Rob May, as VP of Finance. Previously, Hendricks held the same role at Kinvey.


In The Community

The events and happenings to know about tonight and this week.

Dylan: On the docket for this week’s list of events: Localytics Engage (Monday and Tuesday), Shoobx Drive (Tuesday), Boston New Technology Startup Showcase (Tuesday) and Autonomous Ride Sharing by Air (Wednesday). Find Boston’s top tech & startup events in BostInno Approved.


Read This Right Now

Insight and analysis from the community and beyond.

Lucy:  In a LinkedIn post, David Mendels speaks about his experience as former CEO of Brightcove to take apart the claim that the proposed GOP tax plan is all about solving for middle income: From real world experience, I can tell you that tax rates literally never came up in any discussion about hiring or pay levels. Customers (demand) and markets determine when we hire, how much we hire, and how much we pay.”


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Meet The Authors

Dylan Martin
dmartin@americaninno.com

Lucia Maffei
lmaffei@americaninno.com

Kyle Gross
kgross@americaninno.com

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