First published August 9, 2018

Scale announced its Series B, with coverage from TechCrunch, VentureBeat, and Wired amongst others.

Over the last 40+ years the biggest macro-trend in technology has been software. Software has dramatically increased the productivity of work, affecting many aspects of the world and making nearly everything it touches higher quality, faster, and cheaper. At a high level we’re still in the early innings of software, but a lot has been accomplished and much of the remaining work is the long, fat tail. …


Today we’re excited to announce our Series B investment in RiskRecon, and shine some light on a team that has quietly been addressing one of today’s biggest blind spots in cybersecurity — risk from third-party vendors.

Platform shifts in technology often have an unintended side-effect of opening new exposures to sensitive data. At Accel, we’ve followed this trend for years, backing companies that cover emerging attack surfaces like Tenable (cyber exposure), Airwatch (BYOD), Netskope (cloud apps), Sysdig (cloud-native microservice apps), and Lookout (mobile), as well as new attack methodologies, like CrowdStrike to protect endpoints against advanced threats.

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Today’s investment in RiskRecon continues this theme. More specifically, RiskRecon is the security tool for the interconnected enterprise. …


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Congratulations, team Tenable, on today’s IPO, a moment 16 years in the making.

We’ve been fortunate to work with Tenable for the last six years of this journey, having led the first outside investment in the company ($50 million Series A in 2012). Before we got involved, for its first decade, Tenable never took any outside capital and was profitable.

Back in 2012, we joked with the team that “Tenable was the best cybersecurity business that nobody had ever heard of.” …


This past month, Accel had the pleasure of hosting thought-leaders in finance, technology, and operations from many of the world’s largest corporations at our HQ in downtown Palo Alto for a discussion on the rapid growth in applying AI (artificial intelligence), ML (machine learning) and RPA (robotic process automation) in the enterprise.

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The event was co-hosted by our portfolio company UiPath, the global leader in RPA, and included founders of other leading startups building in this ecosystem. …


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Huge congratulations to TJ Parker, Elliot Cohen and the entire PillPack team on yesterday’s acquisition by Amazon.

If you’ve ever experienced a loved one struggling with the complexity of multiple medications, you instinctively feel the need for PillPack. Today’s pharmacy is broken: driving to the store, waiting in line, chasing refills, sorting medications — one of them at 8am, then two at midday along with yet another … and so on.

In the U.S., 40 million people take over five medications per day but 50% don’t take them as prescribed (Source: www.pillpack.com).

TJ, a second-generation pharmacist, and Elliot met at MIT’s Hacking Medicine and started PillPack to make managing medications simple. They wanted to ensure people juggling multiple prescriptions had the simplest, most convenient access to their medication, improving their ability to adhere to their program and helping them stay healthy. …


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Any start-up is an exercise in bravery and ambition, but the bravest of all venture into fields that are themselves unproven or non-existent. Celonis is one of those businesses, and we are delighted to announce our follow-on investment in the company today.

Celonis, valued in today’s Series B round at $1 billion, can claim much of the credit for how quickly process mining has become established as an essential tool for some of the world’s largest and most influential companies. …


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In 2015, Accel made a seed investment in Simility, a machine learning-based fraud detection platform, and we subsequently led the Series A in 2017. It’s always rewarding to see our companies grow in impact and importance and today is no different, with Paypal’s $120 million acquisition of Simility.

Simility’s co-founders — Rahul, Uttam and Kedar — were well-known long before they started their own company, thanks to their fraud-fighting efforts and anti-abuse engineering accomplishments at Google. …


Today we’re witnessing a breakout moment for Indian entrepreneurship and its rapidly expanding consumer technology and retail sectors. The news that Walmart will pay approximately $16 billion for an initial stake of approximately 77 percent in Flipkart is, to put it mildly, monumental. The investment is one of the largest-ever acquisitions of a private, venture-backed company, and it’s a remarkable testament to what the Flipkart team has accomplished. More broadly, it’s just the latest example of ground-breaking global technology companies emerging from around the world.

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A company of the sheer scale and value of Flipkart was nearly unimaginable back in 2008 when the Accel team first met Sachin Bansal and Binny Bansal, Flipkart’s co-founders. At that time, eCommerce was still at a nascent stage in India, and even organized retail barely held a toehold in what was a relatively small domestic consumer retail market. However, when we set up Accel’s $65million seed and Series A fund in India (raised in 2008), unconventional and audacious businesses like Flipkart were exactly the kinds of companies we intended to back. …


We’d like to offer our congratulations to Daniel Ek, Martin Lorentzon and the entire Spotify team on today’s ground-breaking NYSE listing. …


First published on February 12, 2018

In today’s fierce technology market, the best application development teams recognize that increasing the cadence of updates while maintaining quality are both necessary to remain competitive. A friend of mine who runs a large financial services company recently told me that his engineering team was forced to support over 4,000 (mostly custom) applications and were releasing updates to each about once every year on average. …

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Accel

Accel is a leading early & growth-stage venture capital firm, powering a global community of entrepreneurs. Connect with us at @Accel.

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