Top Investments by New Enterprise Associates in 2023

Last Updated: March 2024

A global venture capital firm, New Enterprise Associates is one of the largest firms that work with entrepreneurs to build transformational companies around the world. They invest in numerous companies in different industries such as cryptocurrency, artificial intelligence, education, and many more. We have compiled a list of companies that topped New Enterprise Associates’ investment portfolio in 2023.

New Enterprise Associates

Venture capitalists are important for the parts they play in creating the modern computer industry. In a sea full of venture capital firms, only a few of them make massive progress in a very short time. Let us dive deep into the achievement of New Enterprise Associates:

About New Enterprise Associates

An American-based venture capital firm, New Enterprise Associates (NEA) focuses on investment stages ranging from seed stage via growth stage, covering an array of industry sectors. NEA is one of the largest venture capital firms with $25 billion in committed capital.

Founded in 1977 by C. Richard (Dick) Kramlich, Chuck Newhall, and Frank Bonsal, NEA has worked hard in scoring a place in the market. The previous experience of Chuck Newhall in managing an investment fund for T. Rowe Price in the 1970s was helpful for the company. In 1969, Kramlich had worked with noted venture capitalist Arthur Rock, and the other founder, Frank Bosnal was then an investment banker at Alex. Brown & Sons, where he focused on initial public offerings (IPOs) for startup companies. In 1981, NEA backed 3Com together with Jack Melchor and Mayfield Fund.

The earliest NEA investment fund had only $16 million of capital. In 1984, the firm’s second fund raised $45 million, and the third fund collected $125 million of commitments from investors. The firm kept on growing steadily during the 1980s and early 1990s. The company was raising $900 million from 1987 through 1996 across NEA’s subsequent four funds. The firm significantly increased its investment funds size after 1998, initially, starting with NEA-8, and the tenth fund had a whopping $2.3 billion of investor commitments in the year 2000. After raising more than $1.1 billion in 2004 for the firm’s eleventh fund. Next, NEA earned $2.3 billion and $2.5 billion for its subsequent two funds. 

Further in 2010, NEA, with its thirteenth investment, had $2.5 billion of investor capital, which is the largest since the Financial Crisis of 2007–2008. NEA closed its fourteenth investment fund in 2012 with $2.6 billion of investor capital.

NEA closed its fifteenth investment in 2015 fund with $3.1 billion in investor capital, which is the largest venture capital fund ever raised. Furthermore, NEA closed its sixteenth investment fund in June 2017 with $3.3 billion in investor capital, which again declared the largest venture capital fund ever raised. Jeff Immelt, former CEO of General Electric, joined the firm as a venture partner in 2018.

Industries/Sectors New Enterprise Associates invests

New Enterprise Associates work with visionary entrepreneurs and business leaders to build genuinely transformational companies of the world.

A few of the firms that NEA invests in are mentioned below:

• Databricks – NEA invested in Databricks in 2014. Databricks offers a unified analytics platform, which is built by the team who created Apache Spark. The company accelerates innovation by unifying data science, engineering, and business.
• Bright Health group – Bright Health Group offers a more innovative, more relevant healthcare experience. The firm’s exclusive partnerships with leading health systems, affordable health insurance plans, and straightforward approach to technology are reshaping how people and physicians achieve better health together.
• Cloudflare – Cloudflare is a web performance and security company. The firm makes websites twice as fast, guards them against attacks, makes sure that they are always online, and makes it simple to add web apps with a single click.
• Desktop Metal – The company is involved in accelerating the transformation of manufacturing with end-to-end metal 3D printing solutions.
• Eargo – They improve the customer experience at every step of the hearing care journey with virtually invisible hearing aids, on-demand licensed hearing professionals, and an advanced personalized app.

Top New Enterprise Associates Investments in 2023

S. No.	Organization Name	Announced Date	Funding Type
1	Strive Health	31-05-2023	Series C
2	Neuehealth	07-08-2023	Post-IPO Debt
3	Fabric8Labs	07-02-2023	Series B
4	Granica	08-06-2023	Series A
5	Mojo Vision	12-10-2023	Series A
6	Second Front Systems	22-11-2023	Series B
7	Transfix	19-10-2023	Series F
8	Crowdbotics	25-01-2023	Series B
9	Sana	27-04-2023	Series B
10	Perplexity AI	28-03-2023	Series A
11	Mojo Vision	05-04-2023	Series C
12	Embrace	13-07-2023	Venture - Series Unknown
13	Union.ai	17-05-2023	Series A
14	Flox	07-02-2023	Series A
15	Kindred	19-04-2023	Series A
16	Regulus Therapeutics	13-04-2023	Post-IPO Equity
17	Gravel	04-12-2023	Venture - Series Unknown
18	Djust	12-06-2023	Series A
19	Brale	22-02-2023	Pre-Seed
20	LXA	08-11-2023	Seed
21	Rocket.Chat	21-09-2023	Series A
22	Functional Finance	03-08-2023	Seed
23	Martian	15-11-2023	Seed
24	Ledge	16-02-2023	Seed
25	Modyfi	23-08-2023	Seed
26	Orby AI	10-05-2023	Seed
27	Rewind AI	11-05-2023	Series A

Important New Enterprise Associates Investment’s Profile

The New Enterprise Associates includes the following companies:

Strive Health

Strive Health focuses on enhancing outcomes for people with kidney disease by operating at the nexus of healthcare, information technology, and medical services. The organization works on value-based care models with payors and providers while maintaining a patient-centric perspective. Their initiatives reduce overall healthcare costs while putting the patient’s health first. Strive Health obtained $166,000,000 in Series C investment on May 31, 2023, indicating its dedication to revolutionizing renal treatment.

NueHealth

NueHealth aims to improve healthcare costs and accessibility for many people, including those eligible for Medicaid, Medicare, and the ACA Marketplace. The organization guarantees everyone can get high-quality care by aligning health consumers’, providers’, and payors’ interests. A recent $60,000,000 post-IPO debt finance announcement on August 7, 2023, supports their creative method of financing healthcare, giving them even more leverage to accomplish their goals.

Fabric8Labs

Fabric8Labs, Inc. uses state-of-the-art 3D printing technology to lead the way in metal additive manufacturing innovations. The San Diego-based business is committed to utilizing material science and processing advances to transform production procedures. On February 7, 2023, Fabric8Labs announced that it had received $50,000,000 in Series B investment. The company hopes to lower production costs while improving material quality and capabilities with this funding.

Granica

With a focus on AI systems and research, Granica helps businesses use AI effectively and safely. The organization’s objective is to considerably enhance AI capabilities, beginning with tackling the fundamental problem of data management. Granica started with a vision to significantly increase the effectiveness of AI. They just announced on June 8, 2023, that they had raised $45,000,000 in Series A investment, their dedication to advancing AI technology.

Mojo Vision

Mojo Vision is leading the way in developing micro-LED technology to transform the worldwide display market. The firm is producing micro-LEDs with performance unmatched by any other, and it is well-positioned to revolutionize the $160 billion+ display market with its inventive semiconductor solutions. The $43,500,000 Series A funding they released on October 12, 2023, shows that people believe in their mission and technology, which brings them closer to commercial success.

Second Front Systems

Second Front Systems (2F) speeds up government access to state-of-the-art SaaS solutions for national security tasks. Their secure cloud hosting and Game Warden DevSecOps platform provide internationally recognized agencies with software solutions validated in the marketplace. 2F, trusted by key software suppliers and government organizations, announced $40,000,000 in Series B financing on November 22, 2023, to revolutionize national security technologies.

Transfix

Transfix streamlines its supply chain operations by incorporating AI-powered freight matching with innovative technology via its Intelligent Freight Platform™. The company helps businesses increase operational dependability and efficiency by optimizing logistics and utilizing cutting-edge technologies. Transfix is well-positioned to advance supply chain management innovation globally, announcing the acquisition of $40,000,000 in Series F capital on October 19, 2023.

Crowdbotics

Crowdbotics uses AI and methodical code reuse to speed up app development so teams can create better applications more quickly and safely. Their technology allows developers to concentrate on writing effective code that produces results by accessing pre-existing code assets. Crowdbotics is setting itself up to change the software development process with its $40,000,000 Series B funding, announced on January 25, 2023.

Sana

Sana’s AI-powered solutions transform organizational learning and knowledge access. Their platform integrates the best aspects of LMSs, authoring tools, and virtual classrooms, and it is trusted by top enterprises worldwide. Sana, which announced on April 27, 2023, that it had obtained $28,000,000 in Series B financing, is still revolutionizing how businesses use AI to improve learning and knowledge management.

Perplexity AI

With its innovative generative AI-powered search engine, Perplexity AI offers users immediate, natural language solutions to queries. Their technology improves accessibility and user experience using innovative AI models to deliver thorough responses. With the support of $25,600,000 in Series A investment, revealed on March 28, 2023, Perplexity AI will completely transform information retrieval and search engine capabilities in the digital era.

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