Tom Stanford, CEO and founder of Nuvolo |
Courtesy Nuvolo


August 10, 2021  Esther Surden

Nuvolo is the fastest-growing workplace solutions company you’ve probably never heard of, and it is headquartered in Paramus.

In March, the company raised $32 million in a Series C round, which included $1 million from the world-famous Mayo Clinic.

Global venture capital and private equity firm Insight Partners (New York) led the round. Other investors included New Enterprise Associates (New York), Kaiser Permanente Ventures (Oakland, Calif.) and Revelation Partners (San Francisco).

Nuvolo said that it will use the Mayo Clinic’s investment to advance the company’s operational technology (OT) cybersecurity solution, which helps healthcare organizations and other OT-intensive industries address the growing challenges posed by the proliferation of cybersecurity threats from network-connected devices.

In other words, Nuvolo enables organizations to manage their workplaces on one platform, and secures the internet of things for businesses that increasingly rely on connected sensors and devices.

But that’s not all that it does. interviewed Tom Stanford, founder and CEO of Nuvolo this summer.

According to Stanford, Nuvolo is in a war against “crappy legacy technology.” Companies like Veeva Systems (Pleasanton, Calif.), Salesforce (San Francisco), Workday (Pleasanton) and ServiceNow (Santa Clara, Calif.) are driving cloud adoption in this area, he said. And this, he emphasized, is a catalyst for Nuvolo, “as more customers look to modernize, visually transform and consolidate all of the legacy technology that exists out there in the marketplace.”

Nuvolo’s solution is called “Connected Workplace,” and it is a Software-as-a-Service (SaaS)-based integrated workplace management system (IWMS). IWMSs are the focal point of every digital transformation initiative, he said.

The Marketplace

Stanford filled us in on the marketplace where Nuvolo sits.  There are several market segments, he noted. One, dominated by Accruent (Austin), concerns simple-point-solution maintenance management technologies, largely in capital-intensive industries such as healthcare, life sciences and manufacturing. Many of the technologies used to take care of these assets are 15 to 20 years old.

Nuvolo is in a war against “crappy legacy technology.”

Tom Stanford, Nuvolo

Another market segment is enterprise asset management, which is dominated by companies like Archibus (Boston) and IBM Maximo (Armonk, N.Y.); they do full-scale asset lifecycle management, not for IT assets, but for OT such as medical devices, lab equipment and manufacturing devices.  “My own perspective on those technologies is they haven’t had an innovative thought in a decade. They’re there in those environments because they always have been.”

IWMSs, as defined by Gartner (Stamford, Conn.) and other firms, are becoming increasingly important post-COVID, now that the push for workplace safety and workplace experience is increasing, Stanford said. These systems include facilities management, space planning and management, real estate and lease management, capital project planning, sustainability and energy management. Nuvolo extends past traditional IWMSs to also incorporate workplace experience, project planning, OT security and more.

Nuvolo “provides all of those capabilities on a single platform, fully interconnected, built natively on the most modern capable cloud or SaaS platform in the world with ServiceNow,” said Stanford. “Our business is completely focused on the whole concept of the Connected Workplace. That means managing things like your physical workplace, space planning and your carbon footprint on one platform. And as for security, we’re not just focused on protecting desktops, laptops and communications services, but also on protecting CCTV [closed-circuit television] cameras, pipeline sensors; all of these assets that now have operating system software, MACs [media access control hardware] and IP [internet protocol], and are on the network. It’s the Wild West out there.”

Leading in Security for Connected Devices

With regard to OT security, Nuvolo is leading in this area, though very quietly, Stanford said. And he added, “We secure nearly a million OT devices today from a cybersecurity perspective — not IT, but OT: medical devices, facilities devices, laboratory devices. We are solving a problem that no one else is solving right now.

“The reason we are able to do this is that the Connected Workplace strategy allows Nuvolo to be the single authoritative source of inventory for all the operational technology,” he said.  “We manage all OT from a service-management perspective. We manage the space that it fits in, the device that it sits in. We interact with parts utilization, how it’s performing during the whole OT service-management lifecycle, including the security of the device. This is all part of our Connected Workplace strategy.”

Raising Money During COVID

We asked Stanford about how COVID-19 has affected the company, especially its efforts to raise financing.

“We not only did a financing round, but it was an extraordinary financing round for Nuvolo,” he said. Stanford noted that they had done the entire $32 million raise virtually, although the executive team knew Insight Partners from before the pandemic. “Insight Partners is one of the most prestigious venture financing companies in the world,” he said. Nuvolo also had an “incredible valuation, and we experienced material growth in the business during COVID.” Nuvolo also hired nearly 80 people during 2020.

During the pandemic, “We acquired new customers and grew revenue, not at the rate we had planned in March of 2020, but we made adjustments to our plan. But the bottom line was we took the business off and to the right, and that was a big part of getting the financing.”

“People ask me, ‘Did you plan for a rainy day?’ I answer, ‘Yeah, I started planning for a rainy day seven-and-a-half years ago, when I started Nuvolo.’”

Tom Stanford, Nuvolo

Nuvolo has always been a frugally run company, he said. It had previously raised about $30 million, which was about a quarter of what comparable companies had raised. Also, “We take good care of our customers and our teammates. We are a good company to do business with and we planned ahead,” he said.

“People ask me, ‘Did you plan for a rainy day?’ I answer, ‘Yeah, I started planning for a rainy day seven-and-a-half years ago, when I started Nuvolo.’”

Thinking Out of the Box about Hiring

The raise will also enable the company to employ even more crucial employees. “We are going from 300 people to the low to mid 500s by the end of the year. And 14  or 15 months post fundraising, we will double the head count of the company,” he said.

Stanford noted that there are about 60 employees who live and work in New Jersey and, “We expect that by next year there will be over 100.” The company started to flex back to the office around July 4, on a voluntary basis.

Getting STEM workers is a challenge for Nuvolo, Stanford noted, and that has led the company to do some out-of-the-box thinking about hiring. “We have a good working relationship with the New Jersey Institute of Technology,” and the company will be implementing its New Talent Program with NJIT and two other institutions in the United States “to get some time-zone variability.” Nuvola is also participating in the similar Freshers program in India and Sofia, Bulgaria.

“We want to be talking to the kids in their sophomore and junior years, starting to build and cultivate those relationships, and we’re not going to start hiring them in fives and sixes. We’re going to start hiring them in groups of 25 and 50. Here’s the value proposition, and we call it the “New Talent Program.” The idea is, get these kids when they’re 19 to 20. Get them assimilated into Nuvolo and get them to know us, and then we will make a huge commitment to onboarding and resourcing. We will then bring them into a structured six-to-nine-month assimilation program. We’ll teach them React, teach them ServiceNow, teach them JavaScript if they don’t have those basic skills already… and try to leverage it so [we have] 36 to 48 months of continuity with those resources.”

Stanford noted that this isn’t philanthropy on the company’s part. There just aren’t enough people trained in these areas for the company to hire. “We have to be in the business of training, enabling and building talent and capability. That’s going to be the secret to our success. We have to grow with some speed. You know we’re going to go to 600. Then we’re going to go right to 1,200 very, very quickly. You either grow or die in this space, and if we do this very well, we can grow quickly and maintain our culture,” Stanford said.

Esther Surden is Publisher & Founder of NJTechWeekly. This post originally appeared in NJTechWeekly, and is republished here with the author’s permission.

Toast files for IPO; xtraChef founders to benefit?

Tom Paine

Toast, the Boston-based restaurant management cloud startup, finally announced its filing for an IPO that may value the company at as much of $20 billion per reports. Toast would trade on the NYSE under the symbol “TOST”.

In addition to functioning as a sort of ERP for individual restaurants, Toast also helps its customers manage delivery services, maintaining control over the various food delivery vendors they deals with.

Toast reported $704 million in revenue in the first half of 2021, a 105% gain over the worst period of the pandemic last year.

At the beginning of the pandemic, Toast was thinking about survival, cutting half its staff. But by November of last year, Toast was recovering, reaching an $8 billion valuation.

Locally, Toast’s major impact comes from its acquisition of Philly-based xtraChef, which it purchased in early June of this year. xtraChef provides cost and productivity analysis tools specific to restaurants.

While I haven’t seen a breakdown of xtraChef’s acquisition terms, a slice of Toast’s equity could make this exit a very good outcome for xtraChef and its cofounders Andy Schwartz (CEO) and Bhavik Patel (CTO), who both remain witb xtraChef in their existing positions.

Fanatics spreads its wings in two directions

Tom Paine

Michael Rubin’s Fanatics Inc. last week announced new funding that raised its valuation to $18 billion. The Jacksonville-based company, a part of Rubin’s Conshohocken-based Kynetic LLC holding company, is widely viewed as a soon-to-be IPO candidate.

Now Fanatics is attempting to branch in two new directions that do not involve apparel sales, potentially adding to its growth and increasing margins.

First, it won a license from the MLB Players Association, first reported today, replacing Topps (and Panini’s) as the exclusive baseball card partner of the MLBPA after Panini’s and Topps’ licenses with the MLBPA expire at the end of 2022.

The deal also includes the National Basketball Players Association and the NFL Players Association.

Meanwhile, Shawn “Jay-Z” Carter and Rubin are a part of a group applying for an online sports betting license in New York, and plan to form Fanatics Sportsbook.

Sports betting tech company Kambi is leading that bid that also includes Berks County-based gaming giant Penn National, which owns Barstool Sportsbook.

The New York State Gaming Association is aiming to award the new licenses by December 6, so betting can start on the Super Bowl.

In both initiatives, Fanatics stressed the opportunity to leverage its unique fan databases on the new businesses.

Philly People on “Business Transformation 150”

Constellation Research, a Silicon Valley-based tech research & advisory firm headed by R “Ray” Wang, has just released its 2020-2021 “Business Transformation 150″, which Constellation describes as “an elite list that recognizes the top global executives leading business transformation efforts in their organizations. Nominations from peers, technology vendors, industry influencers, and analysts power this listing.”

The BT 150 is all about Digital Transformation.

The BT 150 has its share of Philly area people:

Matthew Ernst

Sr. Director Technical Operations at Tendo Systems / ex – Jefferson Health

Chris Fielding

CIO at Sungard Availability Services

John T Marcante

Global Chief Information Officer Vanguard / Board member

Ann Michael

  CEO at Delta Think

Robert Neff

  Senior Director Product Management at Tendo Systems / ex- Jefferson Health)

Michele Norin

 Sr. Vice President and Chief Information Officer at Rutgers University

Claire Rutkowski

Chief Information Officer
Bentley Systems

Jim Swanson

EVP and Group CIO
Johnson & Johnson – A Drexel grad

Others mentioned include :

Bill McCorey

SVP – Global CIO
Universal Parks and Resorts / Comcast NBCU

Steven John

CIO at Aramark Uniform Services, AmeriPride Services, and Aramark Refreshment Services


Peter Verrillo, CEO of Enhatch. Enhatch
was one of the startups that got funding in June [file photo]
| Courtesy Enhatch

 July 26, 2021  Esther Surden

There is more investment listed on this website than most of us in the New Jersey tech community are aware of, and it’s good to see how many startups in the Garden State are receiving backing from angels and venture funds.

Most of these investments come from out-of-state angels, venture funds, family offices, etc. In June, Princeton-based Edison Partners financed learning platform Northpass (Parsippany). has decided to publish the angel and VC investment information in tech, healthtech, cleantech and other tech-related companies from the previous month, once a month. This article includes the startup funding for June 2021.

It’s interesting to note that the companies that were funded in June largely moved away from the healthcare field which was dominating investment during the pandemic. Now there seems to be money available for everything from financial marketplaces and sports betting to vehicle smart charging and software development tools.

This is a useful place for entrepreneurs to see which investors are funding companies like theirs, and for them to learn the scope of that funding. For those interested in economic development, remember that these are the companies that will likely be hiring in New Jersey.

All the information, including the listings on biotech and pharma companies, is available on the Angel and VC Investments website, here. As the NJEDA says, the list isn’t meant to be exhaustive.

The listings of the deals are compiled from outside sources, including Pitchbook and Crunchbase, as well as other sources that are available to the public. The NJEDA has marked with an asterisk the companies that it has helped. If we have covered the company’s newest funding round, we’ve added a link.

Company: Attentive
Location: Hoboken, NJ
Sector: Information Technology | Attentive empowers the most innovative brands to create meaningful interactions through personalized text messaging.
Deal Synopsis: Attentive announced on June 24 that it had raised $59 million in venture funding.
Investor(s): Undisclosed
Crunchbase Profile Page:

Company: Sporttrade
Location: Camden, NJ
Sector: Computer Software |Sporttrade offers a financial marketplace for sports betting.
Deal Synopsis: Sporttrade announced on June 22nd that it has raised $36 million.
Investor(s): Techstars, Jump Capital, Impression Ventures, Nasdaq Ventures, Tower Research Capital, LLC.
Crunchbase Profile Page:
News Release: 

Company: IoTecha
Location: Piscataway, NJ
Sector: Information Technologies & Services | IoTecha provides a suite of integrated products for electric vehicle smart charging and powerline communications.
Deal Synopsis: IoTecha announced on June 22nd that it had raised $13.2 million in Series B funding.
Investor(s): BP Ventures, Elitegroup Computer Systems
Crunchbase Profile Page:
News Release/Article: bp makes $7m investment in electric vehicle charging firm IoTecha – IoTecha

Company: Enhatch
Location: Hoboken, NJ
Sector: Information Technology & Services | Enhatch offer advanced surgical planning tools, patient-matched instrumentation from x-rays, unmatched collaboration platforms, real-time inventory visibility, and the next generation of enabling technology for surgery.
Deal Synopsis: Enhatch announced on June 22nd that it had raised $9 million.
Investor(s): AltaIR Capital, Dreamit Ventures, Floodgate, Social Starts, Newark Venture Partners
Crunchbase Profile Page:
News Release:

Company: Certificial
Location: Jersey City, NJ
Sector: Computer Software | Certificial offers an insurance verification platform that provides customers with the ability to monitor real-time insurance coverage.
Deal Synopsis: Certificial announced on June 8th that it had raised $5.8 million.
Investor(s): Fin Venture Capital, IA Capital Group, Cofounders Capital, Nationwide Ventures, Cameron Ventures
Crunchbase Profile Page:
News Release:

Company: Markerr
Location: Hoboken, NJ
Sector: Information Services | Markerr offers a commercial real estate analytics platform that provides insights about people, jobs, spending, and economic trends tied to any location.
Deal Synopsis: Markerr announced on June 16th that it had raised $5 million in Series A funding.
Investor(s): RET Ventures, Continental Realty Corporation, Edward Norton, Twin Shores Capital, Joe Lettween
Crunchbase Profile Page:
News Release:

Company: AtomicJar
Location: Newark, NJ
Sector: Computer Software | Atomic Jar is developing a platform that gives software developers simpler methods for integration testing across the software development lifecycle.
 Deal Synopsis: AtomicJar announced on June 25th that it had raised $4 million in seed funding.
Investor(s): Tribe Capital, Boldstart Ventures, Zane Lackey, Mike Chalfen, Guy Podjarny
Crunchbase Profile Page
News Release:

Company: Northpass
Location: Parsippany, NJ
Sector: Computer Software | Northpass offers a learning platform that enables organizations to train employees, customers, and channel partners.
Deal Synopsis: Northpass announced on June 15th that it had raised $4 million in venture funding.
Investor(s): Edison Partners
Crunchbase Profile Page:
News Release: N/A

Company: Calamu Technologies
Location: Clinton, NJ
Sector: Computer Software | Calamu is a cybersecurity startup offering next-gen resilience and near-impenetrable data protection for the enterprise.
Deal Synopsis: Calamu Technologies raised $2.4 million in seed funding on June 22nd.
Investor(s): Dell Technologies Capital
Crunchbase Profile Page:
News Release:

*Company: Poppy Seed Health
Location: Jersey City, NJ
Sector: Healthcare | Poppy Seed Health develops a healthcare platform designed to offer mothers and mothers-to-be access to emotional and mental-health help on-demand. The company’s platform connects users with on-demand text access to doulas, midwives, and nurses for their pregnancy and postpartum-related assistance, thereby enabling women to receive emotional and bodily consolation throughout and after their pregnancy.
Deal Synopsis: Poppy Seed Health announced on June 9th that it has raised $1.6 million of pre-seed funding.
Investor(s): City Light Capital, Metrodora Ventures, Seven Seven Six
Pitchbook Profile Page:
News Release,the%20company%20tells%20Insider%20exclusively


Company: SlyceData
Location: Red Bank, NJ
Sector: Financial Services | SlyceData develops and operates a financial software designed to accelerate the investment research process by making various financial datasets work seamlessly together. The company’s platform uses a data intelligence engine to automate data ingestion, cross-vendor mapping, data management, organization and data security, thereby enabling clients to focus on their actual research and make informed investment decisions.
Deal Synopsis: On June 29th SlyceData announced the company raised $1 million in equity crowdfunding via Angel Investment Network.
Investor(s): N/A
Pitchbook Profile Page:
News Release:

Company: 911inform
Location: Wall, NJ
Sector:  Information Technology | 911inform develops a notification and security management platform intended to bridge the gap between first-responders and organizations during an emergency situation.
Deal Synopsis: 911inform announced on June 14th that it has raised $550,000 in angel funding.
Investor(s): N/A
Pitchbook Profile Page:
News Release: N/A

Location: Somerset, NJ
Sector: Education Technology | MemoryOS is developing innovative gamified e-learning software to help people significantly improve their memory.
Deal Synopsis: MemoryOS announced on June 14th that it had raised $385,000 via Kickstarter.
Investor(s): Bas Godska
Crunchbase Profile Page:
News Release:

Company: Hudson Space Systems
Location: Hoboken, NJ
Sector: Business Products and Services | Provider of microgravity research services intended to accelerate the speed of scientific advancement. The company’s service offerings include frequent sub-orbital launches, bespoke payload integration, end-to-end logistics and reasonable pricing through reusable launch vehicles, thereby enabling small businesses and research groups to flexibly perform microgravity research based on their requirements.
Deal Synopsis: Hudson Space Systems announced on June 7th that it had raised $152,000 in equity crowdfunding.
Investor(s): N/A
Pitchbook Profile Page:
News Release: N/A

Company: Doceree
Location: Parsippany, NJ
Sector: Marketing & Advertising | Doceree is a fully integrated programmatic ad exchange for data-driven marketing, exclusively to physicians.
Deal Synopsis: Doceree announced on June 28th that it raised an undisclosed amount of seed funding.
Investor(s): Ajai Joneja, Harsh Gupta, Gaurav Kumar, Debasish Hota
Crunchbase Profile Page:
News Release/Article:

This post originally appeared in NJ Tech Weekly, Esther Surden, Founder & Publisher. Its republished here with her permission.

People News 8/15/2021: J&J names new CEO; Google Health Boss Quits, Named CEO Of Cerner

J&J names new CEO, as Gorsky announces transition to executive chairman role (ROI-NJ)

Google Health Boss Quits; Named CEO Of Health Tech Company Cerner (PYMTS)

Qurate Retail, Inc. Announces David Rawlinson II as Next President and CEO

Comcast Corporation Names Broderick D. Johnson Executive Vice President, Public Policy and Executive Vice President, Digital Equity

Philadelphia 76ers’ parent company names new CEO (Philadelphia Business Journal)

Health Union Unveils High-Growth Leadership Team, Aimed at Driving Social Health Transformation

Fintech Leader Onbe Appoints Bala Janakiraman as CEO

Unilog Taps Chief Growth Officer Ben Stump to Accelerate Development

CMI Media Group and Compas Hire Marjolein Bruurs as CFO

CMI Media Group and Compas Hire Oleg Korenfeld as Chief Technology Officer

The very rapid decline of Afgahnistan in US’ own words

That was a terribly fast 90 days.

2 Days ago – early morning: US military analysis says Kabul could fall to Taliban in 90 days: Official

1 day ago – afternoon: US Officials Estimate Kabul To Fall In 30 Days, Afghanistan In Months As Taliban Sweeps

Late yesterday: US and UK begin evacuating Kabul embassies as rampaging Taliban now just 30 MILES away

This afternoon: Taliban capture key northern city, approach Afghan capital

Sunday Morning update: Afghan president flees the country as Taliban move on Kabul

A CFO’s Midsummers Night Dream

Tom Paine

I had an odd and [in retrospect] rather amusing dream the other night.

I dreamt I was with an old software & systems firm I used to be CFO for. It was at the end of the quarter and it had been a slow one.

Suddenly, in one department I noticed some fresh produce ready to ship to customers (notwithstanding that we were in the software biz). I asked people where it had come from, but nobody could say.

I began counted items for the end-of-quarter close, though I didn’t think this stuff would make a difference. But then I walked downstairs to a different work area and there was much more produce ready to ship out. Some of this was corn, which makes sense because the building the business was housed in was next to a cornfield. Overall this produce was a big surprise, and it looked like the quarter might end well.

Counting produce is something I did in a summer job working in a grocery store, so maybe that’s where that came from