November 7, 2023: AI does it again
Learn more about Asepha and how its supporting pharmacists, another successful raise in a challenging market, women in leadership event, and another company thats hiring
Profile: Meet Eunice Wu & Asepha
What is Asepha?
Asepha is an AI Infrastructure for Streamlining Pharmacist Workflows.
Asepha makes it easy for pharmacists to integrate AI-driven solutions into daily tasks, allowing you to create custom solutions in less than 5 minutes.
What is the inspiration behind it?
Essentially, it was from learned experience and seeing personal pain points when working in the pharmacy industry.
How did you know you were ready to be a Founder?
It took time.
I learned a lot from Techstars Toronto, Next Canada, and have been building in various verticals for around 9 years now.
What advice do you wish you had been given when you were first starting out?
Track all the big and small wins from the beginning. No matter what.
Whenever you're feeling demotivated you can look back on the journey and see how far you and your team has come.
Who are the Canadian startups you admire in your market?
Quick Take: How Hiive overcame challenges to successfully raise
image courtesy of ideogram.ai
Hiive's Recent Achievement in the Secondary Market Amid Challenging Conditions
What is the Announcement?
Vancouver-based Hiive has disclosed a successful capital raise of $4.2 million USD, resulting in a post-valuation of $77 million USD.
What Prompts Your Interest in This Development?
Hiive distinguishes itself by facilitating investments in private companies through secondary transactions, enabling investors to acquire shares from existing shareholders, as opposed to the issuance of new shares by the company. This stands as a notable contrast to various startups such as EquityZen, Carta, and AngelList, which have previously endeavored to penetrate this market. However, none of these ventures have achieved substantial market expansion.
The timing of Hiive's recent capital raise is also noteworthy. Presently, secondary markets for private companies face numerous challenges, including declining valuations, an emphasis on rewarding only the largest tech companies in public markets, and reluctance among sellers to realize perceived "losses" on their holdings. Given these circumstances, the successful fundraising efforts of Hiive merit scrutiny.
What Insights Does This Offer to Our Community?
The world of startups is profoundly influenced by timing and innovative approaches. Hiive's ability to secure investment in the current market climate underscores its potential to thrive in adverse conditions. During a buoyant venture market, investors had incentives to ride the market's upswing, with secondary transactions readily accessible during subsequent financing rounds. However, as the market dynamics shift, there are fewer incentives to maintain long-term holdings and limited opportunities for divestiture. Consequently, as sellers adapt their expectations, they will seek out the most liquid market available.
Furthermore, many of Hiive's competitors, having secured funding during more prosperous times, likely find themselves ensnared in valuation traps, making it challenging for them to secure subsequent funding. Consequently, they may be less agile in responding to price competition or innovations that Hiive introduces to the market, which could potentially displease their existing customer base. For instance, Hiive's focus on enhancing price discovery and transparency may not align with the preferences of companies with established relationships in this sector.
Lastly, the significance of capital efficiency is reaffirmed in this context, emphasizing its pivotal role in Hiive's success.
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