Dallas-based Deep Space Ventures has closed its 16th portfolio investment, sealing a $100,000 deal with Austin-based Jog.AI in less than two weeks from the startup’s pitch.
Jog.AI is a platform providing users with a free conference call number on which the user hosts meetings and phone calls. Following the meeting, users can listen to the call, view a transcript, read their notes, and highlight important points.
Essentially, Jog.AI serves as the user’s memory for the phone call.
“Jog.AI remembers everything that happened on your call, and jogs your memory later, with no need for note taking. Now, you can focus on the actual conversation and stop making analysts scribble notes for you as well,” said Deep Space Managing Partner Stephen Hays.
“I’m starting to use the platform, which is in beta now, frequently on business calls. A number of my friends and fellow investors are as well.”
He said the investment took 12 days from pitch to close, the second-fastest investment deal in the Dallas venture capital fund’s history.
Hays met with Jog.AI’s Sam Gaddis and Ed Ireson on Oct. 4 when Austin-based Capital Factory brought a group of Austin founders to Dallas for a private demo day with a few Dallas-Fort Worth area investors.
“Twelve days later, we closed on an investment,” said Hays, who added that Gaddis wasn’t actively seeking funding.
“He wasn’t really raising a round right now,” said Hays. Gaddis told investors there were some things he wanted to do to the platform to make it better, and Hays said he and several other investors saw Jog.AI as a good opportunity.
THE TEXAS STARTUP ECOSYSTEM IN ACTION
Hays said the deal is an example of the Texas startup ecosystem in action.
Capital Factory announced in August that it would work in partnership with The Dallas Entrepreneur Center to connect cities in a statewide network, and to provide Dallas startups with direct access to Capital Factory’s startup accelerator, mentorship network, and other benefits.
“Capital Factory is already being effective in linking the ecosystems together.”
“Capital Factory is already being effective in linking the ecosystems together,” Hays said. “We are already starting to see huge benefits in our ecosystem due to having Capital Factory present in Dallas.”
Hays said an investment in the Bay Area startup Mycroft earlier this year took about a week from introduction to close.
“So slightly faster than the 12 days here,” Hays said. Mycroft focuses on building an open sourced voice recognition platform.
“It just goes to show you that when there is a solid fit between us, the founders, and the idea, that things can come together very quickly,” Hays said.
“The speed with which we can move is an advantage and a differentiator for us in the market as an investor.”
In July, Deep Space Ventures closed $500,000 investments each in Austin-based Self Lender and Atlanta-based Haste.
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