Q&A Wednesday :: ProspX

Today’s Q&A Wednesday is with ProspX CEO Todd Young. The company announced some major milestones, and new funding this week.

Q: For those of us who don’t really know the insurance business well, tell us what your company does?

ProspX is a software-as-a-service platform that streamlines the business of buying and selling commercial insurance by allowing brokers and carriers to communicate and collaborate online. Our software combines enterprise search, networking, and sales collaboration technology to automatically connect insurance agents, brokers, and carriers at the initial point of a new or renewal business opportunity, and throughout the entire sales process.

Q: Why is this opportunity so huge for the company, and the new technology you are bringing to the industry?

It’s an opportunity to transform the very manual and inefficient $500 billion dollar commercial insurance industry. The commercial insurance industry is extremely complex and competitive, making it necessary for brokers, agents, and carriers to work closely together to provide companies with the critical coverage necessary to protect them. The insurance industry has always faced a significant challenge bringing together the key people, information and resources needed throughout the insurance buying process to truly deliver what clients expect. Any single mistake could cause a company to potentially suffer significant or even catastrophic loss. Our technology addresses this challenge head-on.

Q: You recently raised more money. Give us some details.

We just completed an $8 million round of Series B funding. The round was led again by our great partner Adams Capital Management with participation from other investors such as HPI Real Estate Services and Investments (HPI). With the $8 million investment, we have now raised a total of $14.5 Million. We plan to use the funding to expand sales, marketing and development.

Q: Tell us about the breadth of what you’ve accomplished so far. How many brokers, agencies, and underwriters are in your customer ecosystem now?

We are very proud of our team and what we’ve accomplished since our inception in 2005. We have grown the ProspX network to 4,000 brokers and more than 16,000 underwriter specialists from 500 different carriers. We also have expanded the successful adoption of our collaboration platform with the recent announcement of InsiderConnect™, a unique electronic marketing offering and the first of its kind in the industry. The technology automatically matches critical industry and line-of-business news with relevant business opportunities in a producer’s pipeline. Most importantly, we have built a world class team committed to helping our customers harness the best relationships, intelligence, and resources available for their clients.

Q: What can we expect to see in the future from ProspX?

We plan to expand our platform to cover the broker’s entire eco-system. Brokers will be able to receive just in time content from partners, as well as reach out to and collaborate with them in real time – same as they do now with the carrier partners. Additionally, we will be going mobile with our solution for both iPad and Google Android tablets, providing more convenient real-time access for producers on the go.

SpeedMenu Open to New Customer Base

SpeedMenu announced today that their mobile menuing, ordering and payment software has entered the beta testing stage with Micros Systems Point of Sale (POS) software. SpeedMenu enables patrons at participating establishments to connect to their tab, order items and pay for their tab – all from their cell phone.

Dan Janjigian, CEO of SpeedMenu said “Due to the size of the Micros installed client base, SpeedMenu will begin offering service in every city around the country. We are asking for Micros clients interested in offering SpeedMenu to their patrons to contact us soon to reserve their position on the rollout schedule.”

The Micros integration continues to push SpeedMenu as the standard platform for mobile menuing, ordering and payment. SpeedMenu clients benefit from increased table touches, higher revenues and associated tips as well as repeat sales. Patrons can order quicker, more often and pay their tab without having to wait for the bill. SpeedMenu will begin the full rollout to Micros clients in January, 2011.

Jason Cowan of Cowans Restaurant Solutions, a prominent Micros dealer in Utah stated “SpeedMenu completed the task of integrating with Micros in record time. Bars and restaurants are looking for something new to increase business and aren’t excited about standard POS system features anymore. But when we mention SpeedMenu to restaurant owners they become very interested in the increased revenue potential and free advertising they can receive through the application. When they hear about SpeedMenu’s features they are very interested in getting started as soon as possible.”

SXSW Accelerator Deadline is Friday, December 10

accelerator logo

The SXSW Accelerator will be back for its third year of showcasing some of the web’s most exciting innovations at SXSW 2011.

This event provides an outlet for companies to present their new online Entertainment products, Social networking applications, News related technologies, Music related technologies, Health technologies, or Innovative web-based technology services to a panel of industry experts, early adapters, and representatives from the Venture Capitalist community.

Past example of judges have been Guy Kawasaki, Paul Graham of Y Combinator, Tim Chang of Norwest Venture Partners, Robert Scoble, Jeff Pulver of 140 Conference, Chris Shipley of Demo, Tom Conrad of Pandora to name a few.

The application deadline is December 10, 2010 for the event on March 14-16, 2011. Companies should apply at http://sxsw.com/interactive/accelerator or, for music technology companies, visit http://sxsw.com/music/accelerator.

"We Can Do It": ATX Women in Tech Unite

Last week an uncommon thing happened, 20 women working in technology got together to talk shop. Yes everyone, women do exist in tech. It’s not all greasy haired programmers and shiny suit wearing entreps. Looking around at any tech party in Austin, you usually think “There are too many damn men in this room”; and you’d be right.

Far from being just another “girl social hour”, this group of ATX Tech Women has more than a few goals geared toward their gender. Introducing women to some of the more testosterone-heavy activities in the tech industry is a major focus. These include anything from venture capital procurement to coding.

Being a woman in technology myself, I am excited to see this kind of action and let’s-do-this attitude from my tech female compatriots, who at times run from the technical aspects of the field.

If you’re like me and want to see more women carrying the tech torch, contact group organizer Carla Thompson, a fellow Austin Startup contributor and semantic web phenom, for more information on location/time and getting involved. She’s reachable at carla@guidewiregroup.com.

Terapio Bank $5M Series A

Terapio Corporation, a development stage biotechnology company based in Austin, Texas, today announced it has secured $5 million in equity financing from Santé Ventures.

Terapio is developing a pipeline of therapeutic applications based on the unique properties RLIP76, a transport protein that helps move large molecules across the cell membrane. The first application of Terapio’s technology is as a radiation countermeasure, which has been demonstrated by the company in animal studies in which the protein significantly increased overall survival of mice exposed to otherwise lethal doses of radiation, even when the protein is administered orally after radiation exposure.  In this case, RLIP76 helps mitigate the harmful effects of ionizing radiation and chemical toxins by providing cells with an increased ability to tolerate the oxidative stresses associated with reactive glutathione S‐conjugates. A second application is in drug delivery, exploiting the protein’s remarkable ability to promote its own uptake by cells when presented in the outer layer of a liposome. The company has demonstrated systemic absorption and delivery of both the protein and liposomal contents with oral administration, including the ability to deliver genetic material across the blood-brain barrier.

Terapio was founded in 2005 based on intellectual property under exclusive license from The University of Texas at Arlington generated from research by Dr. Sanjay Awasthi. The Series A financing from Santé Ventures is in addition to $3.2 million Terapio has previously received from the Texas Emerging Technology Fund, the National Institutes of Health, and angel investors. Proceeds from this financing will be used to continue preclinical development of the radiation countermeasure and drug delivery applications and to prepare an Investigational New Drug (IND) Application with the FDA to begin human clinical trials.

“We have been following this company’s scientific progress since inception,” said Santé Ventures Managing Director, Kevin Lalande. “While keenly aware of the challenging fundraising environment for early-stage biopharma companies, we nevertheless found in Terapio a compelling combination of platform technology with applications in multiple large target markets and relatively modest capital requirements.”

Terapio has been incubated in the offices of Santé Ventures over the past year and is also a member company of the Austin Technology Incubator. “A major benefit of working at Santé has been the interaction with the partners and other professionals,” said Terapio’s CEO and BioAustin Chairman, Dr. Curt Bilby. “In addition to their domain knowledge and business acumen, Santé’s network has given us access to expertise that we would never have had otherwise and has helped us attract and build a very experienced team; most recently Dr. Vadim Klyushnichenko joined us to lead our drug development effort and Dr. Charles Dowding to spearhead our preclinical programs. With the support of Santé, the capital raised and our team, we have the resources to continue our progress commercializing biologics for both government and commercial applications.”

The End of a Trend

Originally published on Guidewiregroup.com

I don’t like Twitter. I’ve never been coy about that. When it first launched, I thought, “You’ve got to be kidding me.” When it exploded in use, I thought, “This too shall pass.” When Ashton Kutcher sent a picture of his wife’s ass to the world, I thought, “We have reached the point of no return.” And yet, here we still are. Oh sure, I tweet. I’m an emerging tech analyst; I have to. But I’ve never been happy about it. If Twitter disappeared tomorrow, I’d be quite content. And several events over the last week left me wondering if we are indeed watching a technology fold in on itself. Is Twitter about to jump the technological shark? Or has it already? The evidence:

1) They’re boring me. A friendlier home page. A new Retweet button. The ability to make lists. The new features rolling out of the Twitter factory recently are incremental and yawn-worthy. Take the newest update, Twitter Lists, which allows users to build dynamic lists of people, grouped however their hearts desire. My non-techie friend @poliepete said it best: “Can’t you just create groups in Tweetdeck?” He’s got a point. There are a couple of small differences – these lists are public and other people can subscribe to them – but otherwise it seems another exercise in technosphere ego-stroking. Though Robert Scoble posits that the introduction of lists means no less than the end of numbers as we know it, my experience was anti-climatic. I cherry-picked a few people from lists created by others, but haven’t followed any list as a whole. It took me a long damn time to get my Tweetdeck right where I want it and I don’t need other people with disparate interests mucking it up. So a feature that caused a minor stir for a bit seems to have already faded. You can now group like-minded people together in Twitter. So what?

My point: Twitter isn’t exhibiting a desire to evolve. For a product that has achieved such explosive growth since its launch, it sure seems happy to rest on its laurels. It’s as if the sole difference between the first-gen iPhone and the 3GS was the ability to tag your contacts. Granted, the iPhone is about $300 more than Twitter, but free shouldn’t equal lack of innovation.

2) The kids aren’t using it. This is a point of contention among many. Depending on which survey you’re reading, Twitter use is either growing or receding among the youth of today. No one can seem to get a straight answer out of these kids. The Associated Press ran an interesting exercise in confusion a couple of weeks back, in a piece that I’m still trying to figure out. Titled, “Grudgingly, young people finally flock to Twitter,” the article states that the younger generation hates Twitter. But they use it to follow celebrities. Sometimes. Unless they don’t.

“Quite frankly, I don’t need to hear if someone stepped in dog poo on the way to class or how annoyed they are that they lost their favorite pen,” says Carolyn Wald, a University of Chicago junior who has not joined Twitter and rarely posts status updates on Facebook because “I don’t want to assume that people want to hear those things about me, either.”

I like the cut of your jib, Carolyn. Can I friend you on Facebook?

What was even more striking to me, though, was a little tweet (yes, I get the irony) sent out by my friend Laura Beck. She heads up the Porter Novelli Austin office and sent out the following last Thursday:

Btw, taught 2 mktng classes @ tx st wed, 60 kids, jr/sr, NONE use twitter, all think for us oldies. Interesting

To translate from 140-character speak, Laura taught marketing to 60 college students and not a single one of them used Twitter. I’d say sixty kids is a pretty good sampling; hell, major political decisions have been made on less.

My point: Twitter should be worried about this. They should be worried that Carolyn Wald thinks it’s only for dog-poop updates. Trusting that a technology – one that hasn’t had a major upgrade in feature-set, design or philosophy since it’s launch three and a half years ago – will somehow settle into a generation as it ages is a risky proposition.

3) The spammers are taking over. I don’t know about you but Twitter spam is starting to drive me batty. I blocked more than 50 people this past week alone, some of which sported some seriously gross profile pics. Even more fun, I attracted topic-specific spammers from certain tweets. After tweeting that I couldn’t decide between eating a cream-cheese-loaded bagel or yoga class (I never said my tweets were thought-provoking), I received a follow from “Health & Wellness” within minutes and Philadelphia Cream Cheese within the hour. It felt creepy and slightly stalker-ish. I’m in no way the first person to say this but Twitter still doesn’t seem to be listening. They must remedy the spam problem.

My point: Twitter is teetering on the edge of becoming one giant commercial. Just today, CoTweet announced a $1,500/month service for enterprises that allows major brands to store data about customer interactions on Twitter, as well as analytics that show their reach. In other words, it’s about to get much easier and more beneficial for Philly Cream Cheese to keep track of your bagel consumption.

4) So are the jerks. In an absolutely fantastic piece for TechCrunch, Paul Carr tells us the story of Tearah Moore, a soldier based at Fort Hood who tweeted during the horrific attack last week. This being Twitter, Ms. Moore didn’t feel it necessary to censor herself and so her stream is filled with all sorts of expletives directed at the shooter. Fine whatever, be angry at the lunatic who killed your fellow soldiers. What she did feel obliged to do, however, was post a picture of a “guy who got shot in the balls.” As Carr puts it,

“Rather than offering to help the wounded, or getting the hell out of the way of those trying to do their jobs, Moore actually pointed a cell-phone at a wounded soldier, uploaded it… and added a caption. Her behavior had nothing to do with getting the word out; it wasn’t about preventing harm to others, but rather a simple case of… ‘look at me looking at this.’”

My point: Do I even need one after that? No, Twitter isn’t entirely to blame for such gross behavior. But it certainly encourages it by its very essence. And I doubt it’s going to improve. In an age when first-on-the-scene witnesses are valued and utilized by national news organizations, we’re guaranteed to see more detailed and more graphic accounts from citizen journalists.

Wrap it up already! All of this adds up to a trainwreck of a technology looming on the horizon. One abandoned by sane users and left filled with snuff films, porn stars, and marketing come-ons. While writing this, I kept trying to think of an analogous product. One that started out as a pretty good idea but quickly became glutted with crap. The obvious example is email – but it’s far too necessary. Be honest with yourself: if Twitter folded tomorrow, would you miss it? Has it really become a value-add to your workday? Or is it another stream to monitor, another to-do list, another volley of voices to hear?

There is a nugget of value at the center of Twitter that has become lost, even to the company itself. Instead of thinking up new ways for us to pat each other on the back, Twitter needs to hearken back to its days of creativity and spark and give us something useful again. Change our workday, shake up our preconceptions – just do something. Stop waiting around for someone else to do it for you.

Follow Our Austin Twitter Lists!

Our friends at Twitter rolled out their much-anticipated Lists feature to all users today. The new capability is very useful for finding and following users in certain verticals or categories, and we think that it is reasonable to expect an explosion in list-making over the weekend.

ReadWriteWeb has a great piece on Lists, which includes their 10 favorites thus far.

In honor of the new feature, we here at Austin Startup and Startup District have begun seeding 6 Austin-related lists:

If you have other lists you’d like us to add, leave a comment.

And, what we’ve got so far is only a start – please follow the lists themselves, but also be sure to alert us of anyone we’ve excluded, using the form below – we’ll make the additions in short order.

___________________

Digby Raises $5.5M Series B

Austin-based Digby raised another $5.5M from the new Blackberry Partners Fund last week, adding to a reported $2.5M Series A round. Considering that the fund made investments in only three companies as their first foray into the venture world, Digby is in good company. They had a nice writeup in the Statesman about it on Monday as well. Digby CEO Dave Sikora is a veteran in the Austin startup scene, running companies such as Ventix/Question.com, Powered, and Pervasive.

Given Dave’s long standing history with Austin companies that are backed by Austin Ventures, the lack of investment by AV in his latest company is a glaring hole. Most likely this reflects the general lack of interest from Austin Ventures in areas like mobile, wireless, and social networking and is not necessarily a vote of no confidence for Sikora.

Digby helps large retailers create a mobile presence by providing tools and technologies that help leverage back office and supply chain systems with consumer-facing mobile applications. Early customers include Godiva and 1-800-FLOWERS.

It’s great to see Austin grow some great mobile companies such as Digby, Moximity, and Edioma.

N-trig Delivers Innovative Hands-On™ Computing to PC Industry

N-trig, providers of DuoSense technology, combining pen and capacitive touch in a single device, brings the power of technology and the human touch together to begin a new era in interface technologies and lead the Hands-on computing evolution. With the industry’s only combined pen and multi-touch capabilities, N-trig is transforming the way people interact with computers.

Touch has been present within the world of personal computing for several years and DuoSense takes the established technology to new levels enabling a more intuitive, personal and natural Hands-on computing experience. Using zero-pressure capacitive touch, N-trig’s DuoSense technology opens a new world of capabilities – providing software developers and OEMs the ability to customize both hardware and software applications that enable a true multi-touch experience.

“We believe Hands-on computing will change how the world interacts with computers. From image manipulation and gaming, to graphic and industrial design, N-trig is breaking down the barriers between humans and their machines,” said Amihai Ben-David, CEO of N-trig. “Our technology enables OEMs and ISVs to create new depths of interaction through customization of applications that offer greater functionality, usability and capitalize on our ability to use two of the most basic extensions of the brain – the pen and our fingertips.”

Realizing the power of the human interface, N-trig’s DuoSense digitizers are designed to integrate easily, support any type of screen, keep devices slim, light and bright, and can support numerous applications from small notebooks to large LCDs. Combined, pen and touch enables users to open files, manipulate pictures and browse the desktop as they would the files on their desk.

Currently available on the Dell Latitude XT and additional OEM designs planned to come to market in early 2009, N-trig is opening a window onto a world where multi-touch is the accepted standard for computer interfaces.

Manticore Announces '09 Enterprise Edition

Manticore Technology, a leading provider of easy-to-use, powerful, automated demand generation solutions, today announced the revolutionary next version of its flagship product, delivering robust capabilities for marketers with complex needs, while continuing to deliver the true value of SAAS, with an incredible one-hour implementation and unmatched ease of use.

Manticore Technology ’09, Enterprise Edition has been designed with busy marketing teams in mind. The flexible solution allows customers to build programs on the fly with no IT resources and make modifications without wasting valuable time and resources. The newest version of Manticore Technology, with a starting price of $24,000 per year, provides robust functionality at an attractive price point for marketers with diverse needs.

“The advanced demand generation power combined with unbelievable ease-of-use and implementation has made Manticore Technology ’09 a home-run,” said Erik Paulson, Founder and CEO of Vendisys. “With Manticore’s dynamic content, advanced lead nurturing, and multi-model lead-scoring I can get more productivity out of my team for less.”

“Manticore Technology has taken our six years of experience and rocked the demand generation space,” said Nicholas Walker, CEO and President of Manticore Technology. “Manticore Technology ’09, Enterprise Edition can be implemented in around one hour while delivering advance marketing power that marketers can use on a day to day basis. With a starting price point of $24,000 per year and a free 30-day trial, Manticore is an obvious choice for a wide array of B2B marketers.”

Also today, the company announced the Manticore Technology, Professional Edition, designed for marketing departments with less complex needs. Professional Edition provides a competitive feature set, starting at $999/month. Featuring a one-hour implementation and free-trial, Professional Edition offers an easy upgrade path for growing organizations