Venture Notes - April 14, 2025

By Milt Capps
Published Monday, April 14, 2025 11:56 am

Ryan Nowers

AI: SHERPA RX Inc. of Nashville, which is guided by Founder and Chairman Jeff McCormack PhD and Founding CEO Ryan Nowers, says it offers "personalized and precise medicine guided by AI" to deliver "tailored healthcare solutions" that could simplify the path to personalized care. The company filed in March regarding $325K worth of pre-Seed options offered to six investors, perhaps paving the way for a larger raise later this year. VNC research indicates the company is vetting its technology design with potential customers, and working on that with Nashville's Phase Capital. XSOLIS CTO Zach Evans is a member of the Sherpa Rx board. CEO Nowers was previously director of strategic operations for ClarisHealth. McCormack said in a recent LinkedIn post that Nowers is "already leading in important ways for SherpaRx to develop AI-enabled tools to provide guidance for personalized and precise medicine." Nowers holds a master's in accounting from Lipscomb University. Chairman McCormack's experience spans decades in lifesciences, healthtech and postsecondary institutions, the latter including roles at Lipscomb University.

Don Patterson

FINTECH: Memphis-based DSScorp's LedgerLink middleware solution enables financial institutions and businesses to transact with digital assets. The company has raised an undisclosed amount of SAFE funding from a family office, is targeting the banking sector as its marketing priority. It could raise its next round yet this year. The business has 12 FTE currently, led by Memphis-based CEO Greg Sossaman, alongside two Memphians -- Head of Capital Markets and Executive Managing Director Tripp Crane CFA; and, Chief Strategy Officer Austin Vincent. The company's VP of AI/ML is Don Patterson, who's based in Santa Barbara.

PITTCO MANAGEMENT LLC in Memphis joined investors in X-Energy Reactor Company LLC (X-Energy) through an SPV managed by Segra Capital Management, Pittco announced following the closing of X-energy's $700MM Series C-1 raise. X-energy's focus is advanced nuclear reactor and fuel technology. Pittco is the family office of AutoZone founder Pitt Hyde. A Pittco release said, in part, "Segra, Jane Street, Ares Management funds, Emerson Collective, and others joined the previously announced round anchored by Amazon.com, Inc.'s ("Amazon") Climate Pledge Fund, an affiliate of Citadel Founder and CEO Ken Griffin, affiliates of Ares Management Corporation, NGP, and the University of Michigan. X-energy's Founder and Chairman is Proceeds from the fundraise will further the completion of X-energy's reactor design and licensing as well as the first phase of its TRISO-X fuel fabrication facility in Oak Ridge, Tennessee. Additionally, the funding will support future carbon-free projects that will use X-energy's Xe-100 advanced small modular nuclear reactors (SMRs)." Hyde-created AutoZone (AZO) had a $61.6BN market cap earlier this afternoon.

Kyle Cooksey

DEACON HEALTH INC., with Founder, President and CEO Kyle Cooksey, 44, at the helm, announced completing a $7MM seed supported by investors including Herb Fritch, founder and former CEO of HealthSpring at the time it sold to Cigna in 2012 for a reported $3BN+; Larry Cash, former president and CFO of Community Health Systems; and, David Vandewater, current CEO of advisor Anther Health Services and former CEO of Ardent Health Services. Deacon's launch was facilitated by trading some Deacon Health rights to a debtor who had gained possession of key technology previously by Episode Solutions, which was winding-down under pressure. Cooksey made his only SEC filing to-date on March 20 this year, citing $300K sales of securities toward a potential $5MM target. Named on the SEC filing with Cooksey was Kent MacWilliams, who is a managing director of Irvington, N.Y.-based MA Asset Management. VNC research suggests Deacon could complete a Series A raise within CY25. Prior to forming Deacon, Cooksey served as president/CEO of Episode Solutions and previously held roles within Nashville's Monogram Health. Deacon explained in its April 2 press release, in part, "Deacon Health is a coordinated care solution provider for specialty care patient populations with a focus on polychronic specialty care. The company minimizes total cost of care while improving outcomes through precise, evidence-based care delivered through clinician-driven care and utilization management. Built on a proven, patented technology foundation that has a demonstrated ability to improve both patient outcomes and cost efficiency, Deacon Health is transforming the coordination, delivery, and connectivity of polychronic specialty care across the healthcare ecosystem." Cooksey's primary legal counsel is Trevor Sava of Tailwinds Business Law. On March 28, Deacon attorney of record Anastasiya Malchenko Fugett of Pitchford Fugett PLLC in Nashville applied to trademark Deacon's brand, according to USPTO records.

Scott Boruff

PITCH EQUITY LLC has filed a placeholder for a private-equity raise of undisclosed magnitude to make private-equity real-estate investments in high-growth opportunities. Associated with the filing are Knoxville-based Scott Boruff, who is CEO of Knoxville-based Healthcare Integrated Technologies and has previously been deep into investment banking and real estate brokering. He is a former Miller Energy Resources CEO and executive chairman. He's joined in the effort by Nashville-based Micheal Burt, who is Founder-CEO of Micheal Burt Enterprises, who created The Greatness Factory as a deal-making and coworking facility in the heart of downtown Nashville, and more. PitchEquity's initial website.

KNOXVILLE-based Community Equity Partners' Nashville partner, Music City Angels, is led by David Vulcano and meets again tomorrow (April 15). CEP launched Blues City Angels in Memphis in March. Also, Marble City Angels meeting monthly in Knoxville. CEP says it will hold an "Investor Escape + Pitch Showcase" cohosted with Ritch Ventures as the opening act for a new CEP chapter in Bradenton, Fla., on April 24.

Ryan Grant

VORI HEALTH INC., a 5-year-old company that relocated its corporate office to Nashville from New York in 2023, is a national medical practice specializing in treatment for back, neck and joint pain, with personalized treatment plans delivered through virtual visits. On March 18, it filed on a targeted $33.4MM equity raise. That same month, Founder Ryan Grant MD MS MBA FAANS, posted on Linkedin that Vori's Series B was oversubscribed to $53MM. The company's 2021 Series A came in at north of $50MM, according to its press release at the time. VNC research indicates its total capital-in since inception is north of $100MM. Its investors have reportedly included New Enterprise Associates, Intermountain Healthcare, Ascension Ventures, Echo Health Ventures, AlleyCorp, Max Ventures, Brightstone Venture Capital, and Good Friends. The company offers full service physical medicine and rehabilitation care, physical therapy, prescriptions, imaging & lab ordering, health coaching, nutritional guidance, community support and premium instructional content. Vori was fka Voya Health.

► KNOXVILLE-based investor Jonathan Simmons filed April 7 for a $1MM raise for Apex Tech Growth Partners I LLC, and on Feb. 2 made a filing regarding similar plans for Apex Tech Growth Partners III. VNC research indicates Simmons is primarily a buyer of securities in the venture secondaries market.

► WALKER Brothers Beverage Company -- the Nashville makers of a line of kombucha -- filed this month on a $1MM equity raise, with $282.4K in from eight investors. Just 14 months ago, Co-founders Sam and Luke Walker filed for a nearly $4MM equity raise, which attracted at least 50 investors, according to their SEC filings.

► CHATTANOOGA's Ridgecroft Distillery (BAM brand: Gate11Distillery) reports revenue gains and projects growth across "high margin revenue streams," including product distribution, tastings, bottle shop and cocktail bar sales and dramatic growth with distribution and private label revenue. Proceeds of its initial $100K raise will be via a SAFE, with a $2.25MM valuation cap on future equity. Wefunder page. Owners: Bill Lee, Wanda Lee, Tavis Salazar.

► WENDAL INC. of Covington, Ky., is an AI/ML platform for VC teams to analyze founders, valuation and other due-diligence facets. Last weeks's Wenday filing suggest the company since 2021 raised Wendal Co-Founder Kyle Schlotman is also partner at Connectic Ventures. Brad Zapp CFP is co-founder and CFO. Wendal Chairman is Mike Schlotman, who is also chairman of Connectic. Wendel helps assess Talent, Venture particulars and Diligence navigation. Wendal is described as 'removing all bias' from VC investment and corporate hiring processes.

► ALABAMA-based StreetMetrics Inc., which offers a suite of tools of Out-of-Home (OOH) media operators, has raised about $5MM since 2020, including its targeted $3MM raise reported last week. According to LinkedIn, the team includes Founder/CEO Drew Jackson; COO Matthew Graben; CPO Breeze Dake; CRO Michael Steinberg; CTO Sunay Bhat; and CDO Andre Siefken, among others. The company's take on the evolution of OOH measurements is here.

► VC HOIST Capital Partners SBIC I LP of Birmingham, Ala., filed to raise $50MM, reporting $23MM in from 10 investors. Aim: To provide credit and equity solutions to lower middle-market companies primarily in the Southeast. Named: Brian Heslop, Founding Partners Randolph Caldwell Marks Jr., Gaines Livingston. Comments online indicate the company focuses on companies with EBITDA from $3MM to $20MM and aims to raise $150MM. Hoist was formed in nearly a year ago, according to Alabama and Delaware records.

Adam Boehler

RUBICON SIGNALS: Most recently, Nashville-based Imagine Pediatric Holdings LLC filed March 12 for a $75MM equity raise, showing $37.6MM-in at that time. The telemedicine company offers virtual pediatric service, check-ins, and care coordination, enabling parents to enhance the overall health and well-being of children with special needs. Associated with the filing were Rubicon Founders' Adam Boehler, Imagine CEO George Boghos, plus executives of Oak HC/FT, Optum Ventures, and others. Imagine was registered in Delaware just two years ago. Earlier in 2025, another Rubicon growthco, Nashville-based EVERGREEN Nephrology, announced during 1Q25 it had raised $130MM in capital, with funding by Rubicon Founders, Oak HC/FT, K2 HealthVentures, and previously existing investors. Rubicon Founders announced launching Evergreen Nephrology in August 2021. Evergreen partners with nephrologists in individual markets and aims to help nephrology groups engaging in value-based care. Evergreen filed in 2022 on a $10MM round that attracted hundreds of investors. Evergreen Chief Development and Strategy Officer Scott Lloyd had previously been a Rubicon operating partner, among other industry experience. VNC reported in March 2024 that Rubicon Founders Fund II had received commitments totaling north of $1.18BN. Rubicon Founder Adam Boehler is executive chairman of Evergreen, which is led by CEO John Donlon. President: Heather Trafton. Reuters reported April 3 that Boehler continues to serve in the Trump Administration as special envoy for hostage affairs. Other coverage: Rubicon | Boehler. Wiki: Boehler.

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.last edited 1452 15 April 2025