Predict your next investment

Venture Capital
firstanalysis.com

See what CB Insights has to offer

Investments

208

Portfolio Exits

52

Funds

11

About First Analysis

First Analysis is a venture capital investor, having invested more than $780 million across multiple highly diversified funds over four decades. First Analysis invests mainly in the United States with a focus on our sectors of expertise: technology/software, healthcare, and environmental technology. The firm helps established companies become profitable leaders in large markets, funding growth plans and working closely with management in areas including strategy, recruitment, sales and marketing, and corporate development. Its flexible approach targets investing $3-10 million as lead investor or as a syndicate partner who brings valuable perspective.

First Analysis Headquarter Location

One South Wacker Drive Suite 3900

Chicago, Illinois, 60606,

United States

312-258-1400

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Research containing First Analysis

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned First Analysis in 1 CB Insights research brief, most recently on Sep 16, 2019.

Latest First Analysis News

“It’s Spectacular” – First Analysis of Rocks Plucked From Speeding Asteroid

Jun 17, 2022

By Louise Lerner, University of ChicagoJune 16, 2022 Left: A photograph of the rocks retrieved by Hayabusa2 from the asteroid Ryugu. Right: a zoomed-in image of the structure of one of the pieces, taken by an electron microscope. Asteroid Ryugu samples suggest it’s leftover from the formation of the sun billions of years ago. Hayabusa2, an asteroid sample-return mission operated by the Japan Aerospace Exploration Agency (JAXA) launched on December 3, 2014. It reached its target, near-Earth asteroid 162173 Ryugu on June 27, 2018. After a year and a half of surveying the asteroid and collecting samples , it began its return journey to Earth in November 2019. After Hayabusa2’s six-year journey, the plucky spacecraft zinged back into Earth’s atmosphere in late 2020 and landed deep in the Australian outback . When researchers from the Japanese space agency JAXA opened it, they found its precious payload sealed and intact: a handful of dirt that Hayabusa2 managed to scoop off the surface of a speeding asteroid. Japan’s Hayabusa2 mission to asteroid Ryugu. Credit: JAXA Scientists have now begun to announce the first results from the analysis of this extraordinary sample. What they found suggests that this asteroid is a piece of the same stuff that coalesced into our sun four-and-a-half billion years ago. “We previously only had a handful of these rocks to study, and all of them were meteorites that fell to Earth and were stored in museums for decades to centuries, which changed their compositions,” said geochemist Nicolas Dauphas, one of the three University of Chicago researchers who worked with a Japan-led international team of scientists to analyze the fragments. “Having pristine samples from outer space is simply incredible. They are witnesses from parts of the solar system that we have not otherwise explored.” ‘It’s spectacular’ In 2018, Hayabusa2 landed atop a moving asteroid named Ryugu and collected particles from above and below its surface. After spending a year and a half orbiting the asteroid, it returned to Earth with a sealed capsule containing about five grams of dust and rock. Scientists around the world have been eagerly anticipating the unique sample—one that could help redefine our understanding of how planets evolve and how our solar system formed. Scientists are particularly excited because these particles would never have reached Earth without the protective barrier of a spacecraft. “Usually, all we get to study of asteroids is the pieces that are big enough to make it to the ground as meteorites,” said UChicago geochemist Andrew M. Davis, another member of the analysis team. “If you took this handful and dropped it in the atmosphere, it would burn up. You would lose it, and a lot of evidence about the history of this asteroid would go with it. “We really haven’t had a sample like this before. It’s spectacular.” Scientists with the Japanese Space Agency traveled to the Australian outback to retrieve the capsule containing pieces scooped off the surface of a speeding asteroid by the spacecraft Hayabusa2 in December 2020. Credit: JAXA Davis, Dauphas, and UChicago colleague Reika Yokochi are all part of a team assembled to help Japanese researchers analyze the samples. Each part of the capsule’s contents is being rigorously studied. Yokochi is part of a team that is analyzing the gases that were trapped in the capsule or in the dirt. Dauphas and Davis are part of a team that is studying the chemical and isotopic composition grains to reveal their history. The first compilation of these results, reported in the journal Science on June 9, reveal the makeup of Ryugu. The rock is similar to a class of meteorites known as “Ivuna-type carbonaceous chondrites.” These rocks have a similar chemical composition to what we measure from the sun and are thought to date back to the very beginnings of the solar system approximately four-and-a-half billion years ago—before the formation of the sun, the moon, and Earth. Back then, all that existed was a gigantic, rotating cloud of gas. Scientists think that most of that gas was pulled into the center and formed the star we know as the sun. As the remnants of that gas expanded into a disk and cooled, it transformed into rocks, which still float around the solar system today; it appears Ryugu may be one of them. Artist’s impression of Hayabusa2 firing its ion thrusters. Credit: DLR German Aerospace Center Scientists said the fragments show signs of having been soaked in water at some point. “One must picture an aggregate of ice and dust floating in space, that turned into a giant mudball when ice was melted by nuclear energy from the decay of radioactive elements that were present in the asteroid when it formed,” said Dauphas. But surprisingly, today the rock itself appears to be relatively dry. Using radioisotope dating, they estimated that Ryugu was altered by water circulation only about five million years after the solar system formed. These findings are particularly interesting to researchers because they hint at similar formation conditions between comets and some asteroids such as Ryugu. “By examining these samples, we can constrain the temperatures and conditions that must have been occurring in their lifetimes, and try to understand what happened,” Yokochi explained. She compared the process to trying to figure out how a soup was made, but with only the final result rather than the recipe: “We can take the soup and separate the ingredients, and try to tell from their conditions how much it was heated and in what order.” “This is a gift that keeps on giving.” — Prof. Andrew Davis The scientists noted that a percentage of the find will be set aside so that we can analyze them in the future with more advanced technology—much as we did with lunar samples from Apollo. “After we got moon samples from Apollo 50 years ago, our ideas about how the moon formed completely changed,” Davis said. “We’re still learning new things from them, because our instruments and technology have advanced. “The same will be true for these samples. This is a gift that keeps on giving.” This mission is the first of several international missions that will bring back samples from another asteroid named Bennu, as well as unexplored areas on our moon, Mars, and Mars’ moon Phobos. This should all be taking place in the next 10 to 20 years. “It has been very much under the radar for the public and some decision makers, but we are entering a new era of planetary exploration that is unprecedented in history,” said Dauphas. “Our children and grandchildren will see returned fragments of asteroids, Mars, and hopefully other planets when they visit museums.”  Reference: “Samples returned from the asteroid Ryugu are similar to Ivuna-type carbonaceous meteorites” by Tetsuya Yokoyama, Kazuhide Nagashima, Izumi Nakai, Edward D. Young, Yoshinari Abe, Jérôme Aléon, Conel M. O’D. Alexander, Sachiko Amari, Yuri Amelin, Ken-ichi Bajo, Martin Bizzarro, Audrey Bouvier, Richard W. Carlson, Marc Chaussidon, Byeon-Gak Choi, Nicolas Dauphas, Andrew M. Davis, Tommaso Di Rocco, Wataru Fujiya, Ryota Fukai, Ikshu Gautam, Makiko K. Haba, Yuki Hibiya, Hiroshi Hidaka, Hisashi Homma, Peter Hoppe, Gary R. Huss, Kiyohiro Ichida, Tsuyoshi Iizuka, Trevor R. Ireland, Akira Ishikawa, Motoo Ito, Shoichi Itoh, Noriyuki Kawasaki, Noriko T. Kita, Kouki Kitajima, Thorsten Kleine, Shintaro Komatani, Alexander N. Krot, Ming-Chang Liu, Yuki Masuda, Kevin D. McKeegan, Mayu Morita, Kazuko Motomura, Frédéric Moynier, Ann Nguyen, Larry Nittler, Morihiko Onose, Andreas Pack, Changkun Park, Laurette Piani, Liping Qin, Sara S. Russell, Naoya Sakamoto, Maria Schönbächler, Lauren Tafla, Haolan Tang, Kentaro Terada, Yasuko Terada, Tomohiro Usui, Sohei Wada, Meenakshi Wadhwa, Richard J. Walker, Katsuyuki Yamashita, Qing-Zhu Yin, Shigekazu Yoneda, Hiroharu Yui, Ai-Cheng Zhang, Harold C. Connolly, Dante S. Lauretta, Tomoki Nakamura, Hiroshi Naraoka, Takaaki Noguchi, Ryuji Okazaki, Kanako Sakamoto, Hikaru Yabuta, Masanao Abe, Masahiko Arakawa, Atsushi Fujii, Masahiko Hayakawa, Naoyuki Hirata, Naru Hirata, Rie Honda, Chikatoshi Honda, Satoshi Hosoda, Yu-ichi Iijima, Hitoshi Ikeda, Masateru Ishiguro, Yoshiaki Ishihara, Takahiro Iwata, Kosuke Kawahara, Shota Kikuchi, Kohei Kitazato, Koji Matsumoto, Moe Matsuoka, Tatsuhiro Michikami, Yuya Mimasu, Akira Miura, Tomokatsu Morota, Satoru Nakazawa, Noriyuki Namiki, Hirotomo Noda, Rina Noguchi, Naoko Ogawa, Kazunori Ogawa, Tatsuaki Okada, Chisato Okamoto, Go Ono, Masanobu Ozaki, Takanao Saiki, Naoya Sakatani, Hirotaka Sawada, Hiroki Senshu, Yuri Shimaki, Kei Shirai, Seiji Sugita, Yuto Takei, Hiroshi Takeuchi, Satoshi Tanaka, Eri Tatsumi, Fuyuto Terui, Yuichi Tsuda, Ryudo Tsukizaki, Koji Wada, Sei-ichiro Watanabe, Manabu Yamada, Tetsuya Yamada, Yukio Yamamoto, Hajime Yano, Yasuhiro Yokota, Keisuke Yoshihara, Makoto Yoshikawa, Kent Yoshikawa, Shizuho Furuya, Kentaro Hatakeda, Tasuku Hayashi, Yuya Hitomi, Kazuya Kumagai, Akiko Miyazaki, Aiko Nakato, Masahiro Nishimura, Hiromichi Soejima, Ayako Suzuki, Toru Yada, Daiki Yamamoto, Kasumi Yogata, Miwa Yoshitake, Shogo Tachibana and Hisayoshi Yurimoto, 9 June 2022, Science.

First Analysis Investments

208 Investments

First Analysis has made 208 investments. Their latest investment was in Insellerate as part of their Growth Equity on February 2, 2022.

CBI Logo

First Analysis Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

2/10/2022

Growth Equity

Insellerate

Yes

2

9/10/2021

Series A

Lender Price

$14.5M

Yes

5

7/27/2021

Series D

Yello

$43.15M

No

1

7/9/2021

Series B

Subscribe to see more

Subscribe to see more

10

6/7/2021

Series C

Subscribe to see more

$99M

Subscribe to see more

10

Date

2/10/2022

9/10/2021

7/27/2021

7/9/2021

6/7/2021

Round

Growth Equity

Series A

Series D

Series B

Series C

Company

Insellerate

Lender Price

Yello

Subscribe to see more

Subscribe to see more

Amount

$14.5M

$43.15M

$99M

New?

Yes

Yes

No

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

2

5

1

10

10

First Analysis Portfolio Exits

52 Portfolio Exits

First Analysis has 52 portfolio exits. Their latest portfolio exit was SmartWitness on October 26, 2021.

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

10/26/2021

Acquired

6

10/4/2021

Acquired - II

$99M

4

7/19/2021

Reverse Merger

$99M

9

2/18/2021

Acquired

Subscribe to see more

Subscribe to see more

10

1/7/2021

Acquired

Subscribe to see more

$99M

Subscribe to see more

10

Date

10/26/2021

10/4/2021

7/19/2021

2/18/2021

1/7/2021

Exit

Acquired

Acquired - II

Reverse Merger

Acquired

Acquired

Companies

Subscribe to see more

Subscribe to see more

Valuation

$99M

$99M

$99M

Acquirer

Subscribe to see more

Subscribe to see more

Sources

6

4

9

10

10

First Analysis Acquisitions

3 Acquisitions

First Analysis acquired 3 companies. Their latest acquisition was Collect America on August 17, 2005.

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

8/17/2005

Series B

$99M

$0.5M

Acquired

12/17/2004

Other Venture Capital

Subscribe to see more

$99M

$99M

Subscribe to see more

10

5/21/2001

Subscribe to see more

$99M

Subscribe to see more

0

Date

8/17/2005

12/17/2004

5/21/2001

Investment Stage

Series B

Other Venture Capital

Companies

Subscribe to see more

Subscribe to see more

Valuation

$99M

$99M

$99M

Total Funding

$0.5M

$99M

Note

Acquired

Subscribe to see more

Subscribe to see more

Sources

10

0

First Analysis Fund History

11 Fund Histories

First Analysis has 11 funds, including First Analysis Fund XIII.

Closing Date

Fund

Fund Type

Status

Amount

Sources

7/10/2018

First Analysis Fund XIII

Multi-Stage Venture Capital

Closed

$91M

2

12/31/2017

First Analysis Fund XII

Multi-Stage Venture Capital

Closed

3

1/31/2002

Environmental Private Equity Fund IV

Multi-Stage Venture Capital

Closed

$127M

1

12/31/1999

Productivity Fund IV

Subscribe to see more

Subscribe to see more

$99M

10

12/31/1996

Environmental Private Equity Fund III

Subscribe to see more

Subscribe to see more

$99M

10

Closing Date

7/10/2018

12/31/2017

1/31/2002

12/31/1999

12/31/1996

Fund

First Analysis Fund XIII

First Analysis Fund XII

Environmental Private Equity Fund IV

Productivity Fund IV

Environmental Private Equity Fund III

Fund Type

Multi-Stage Venture Capital

Multi-Stage Venture Capital

Multi-Stage Venture Capital

Subscribe to see more

Subscribe to see more

Status

Closed

Closed

Closed

Subscribe to see more

Subscribe to see more

Amount

$91M

$127M

$99M

$99M

Sources

2

3

1

10

10

First Analysis Team

12 Team Members

First Analysis has 12 team members, including current President, F. Oliver Nicklin.

Name

Work History

Title

Status

F. Oliver Nicklin

President

Current

Joseph Munda

Senior Vice President

Current

Rick Conklin

Managing Director

Current

Clement Erbmann

Managing Director

Current

Corey Greendale

Managing Director

Current

Name

F. Oliver Nicklin

Joseph Munda

Rick Conklin

Clement Erbmann

Corey Greendale

Work History

Title

President

Senior Vice President

Managing Director

Managing Director

Managing Director

Status

Current

Current

Current

Current

Current

Discover the right solution for your team

The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.

Request a demo

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.