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Private Equity
FINANCIAL | Investment Firms & Funds
eldridge.com

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Investments

49

Portfolio Exits

2

About Eldridge

Eldridge is a private investment firm that manages businesses across diversified industries. The firm provides debt and equity capital along with perspective, relationships, and a network of supportive businesses with a shared commitment to growth.

Eldridge Headquarter Location

600 Steamboat Road

Greenwich, Connecticut, 06830,

United States

203.298.5300

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Eldridge Web Traffic

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Latest Eldridge News

AI customer-service startup Netomi raises $30 million

Nov 17, 2021

2 min read . Updated: 17 Nov 2021, 06:50 PM IST Ann-Marie Alcántara, The Wall Street Journal The new round of funding values the company at $210 million, up from a valuation of $67.5 million in 2019 Share Via Netomi Inc., a provider of customer-service chatbots, said it has raised $30 million in a Series B funding round that values the company at $210 million, up from a valuation of $67.5 million in 2019. Netomi customers use the company’s chatbots to automate customer-service conversations in venues including email, messaging and virtual assistants. The company is based in San Mateo, Calif., with additional offices in New York City and Gurugram, India. Netomi works in an area known as conversational artificial intelligence, which aims to use natural-language processing to help chatbots and virtual assistants handle complex requests while sounding as human-like as possible. The company plans to use the funds to open offices in London, Singapore, Toronto and Montreal. Netomi also plans to expand its marketing outreach and increase spending on research and development to improve its artificial-intelligence capabilities, said Puneet Mehta, chief executive of the company. Netomi has built an operating system that uses artificial intelligence in three ways, Mr. Mehta said: It can help answer common customer questions, gather information about customers’ problems before sending users to customer-service agents, or quickly identify situations when customers need assistance from a human agent. “I’m not trying to replicate human-to-human conversation and just do it with artificial intelligence in a suboptimal way," Mr. Mehta said. “We are saying what superpowers does AI bring to the table in this case? And how do we completely reinvent that conversation?" New investors include WndrCo LLC, a technology and media investment firm co-founded by Hollywood mogul Jeffrey Katzenberg. Existing investors that participated in the round include Eldridge Industries LLC and Fin Venture Capital. Netomi has raised a total of $52 million. Customer service has become increasingly critical to companies’ business, Mr. Katzenberg said. “Customer experience now has a seat in the boardroom," he said. “You no longer can brush this off to a call center issue—it is reputational." Many chatbots tend to disappoint customers because they still struggle to understand the complexities of human language, said David Truog, vice president and principal analyst at Forrester. But conversational artificial intelligence is still in its infancy, Mr. Truog said. Netomi customers include Zinus Inc., a home-goods company that uses Netomi’s chatbot to automate about 87 types of tasks, including answering customers’ questions about where their orders are, said Reuben Magbanua, director of customer care at the company. Zinus customers that have engaged with Zuri, the company’s chatbot, say that they wish it was smarter and had a more human-like tone, Mr. Magbanua added. Mr. Mehta said Netomi’s automated customer-service agents aren’t designed to recreate human beings, drawing a comparison with the capabilities of autonomous cars. “Self-driving cars do not analyze and handle driving situations exactly like human drivers," Mr. Mehta said in an email. “Human drivers are having to work with vision and hearing, while a self-driving car could have several cameras facing all directions, distance sensors, data on road conditions and so much more."

Eldridge Investments

49 Investments

Eldridge has made 49 investments. Their latest investment was in Langdon Park Capital as part of their Private Equity on December 12, 2021.

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Eldridge Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

12/2/2021

Private Equity

Langdon Park Capital

Yes

3

11/18/2021

Line of Credit

Digital Currency Group

$600M

Yes

1

10/20/2021

Series B

SkyHive

$40M

Yes

4

9/29/2021

Series B

Subscribe to see more

$99M

Subscribe to see more

10

9/21/2021

Series B

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$99M

Subscribe to see more

10

Date

12/2/2021

11/18/2021

10/20/2021

9/29/2021

9/21/2021

Round

Private Equity

Line of Credit

Series B

Series B

Series B

Company

Langdon Park Capital

Digital Currency Group

SkyHive

Subscribe to see more

Subscribe to see more

Amount

$600M

$40M

$99M

$99M

New?

Yes

Yes

Yes

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

3

1

4

10

10

Eldridge Portfolio Exits

2 Portfolio Exits

Eldridge has 2 portfolio exits. Their latest portfolio exit was DraftKings on April 23, 2020.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

4/23/2020

Reverse Merger

$991

7

00/00/0000

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10

Date

4/23/2020

00/00/0000

Exit

Reverse Merger

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Companies

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Valuation

$991

Acquirer

Subscribe to see more

Sources

7

10

Eldridge Acquisitions

5 Acquisitions

Eldridge acquired 5 companies. Their latest acquisition was G-Form on April 09, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

4/9/2021

Loan

$0.68M

Acq - Fin

1

12/21/2020

Incubator/Accelerator

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$99M

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10

2/4/2019

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$99M

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10

9/26/2017

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$99M

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10

12/17/2015

Acq - Fin - III

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$99M

Subscribe to see more

10

Date

4/9/2021

12/21/2020

2/4/2019

9/26/2017

12/17/2015

Investment Stage

Loan

Incubator/Accelerator

Acq - Fin - III

Companies

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Valuation

Total Funding

$0.68M

$99M

$99M

$99M

$99M

Note

Acq - Fin

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Sources

1

10

10

10

10

Eldridge Team

7 Team Members

Eldridge has 7 team members, including current Founder, Chief Executive Officer, Todd L. Boehly.

Name

Work History

Title

Status

Duncan Bagshaw

Founder

Current

Todd L. Boehly

Founder, Chief Executive Officer

Current

Tony Minella

Security Benefit Group, Guggenheim Partners, Penske Capital Partners, and Merrill

Founder, President

Current

John F. Klein

Guggenheim Partners, Jupiter Partners LP, and Bain & Company

Chief Financial Officer, Chief Operating Officer

Current

Emily Bachman

Chief Administrative Officer

Current

Name

Duncan Bagshaw

Todd L. Boehly

Tony Minella

John F. Klein

Emily Bachman

Work History

Security Benefit Group, Guggenheim Partners, Penske Capital Partners, and Merrill

Guggenheim Partners, Jupiter Partners LP, and Bain & Company

Title

Founder

Founder, Chief Executive Officer

Founder, President

Chief Financial Officer, Chief Operating Officer

Chief Administrative Officer

Status

Current

Current

Current

Current

Current

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