TenOneTen Ventures
LA seed fund · Founded by Gil Elbaz (invented AdSense, built Common Crawl) & David Waxman (created Microsoft Passport) · Biggest exits: Procore (IPO), Pluto TV (Paramount), Scopely ($3.3B), Goodreads (Amazon), Kaggle (Google) · Focus: data/AI technical founders transforming legacy industries
51
Portfolio Companies
18
Exits (4 unicorns, 1 IPO)
$500K–$5M
Check Size (75% Lead)
Firm Overview
| Founded | 2011 |
| Location | Los Angeles, CA |
| Website | tenoneten.com |
| Stage Focus | Seed, Series A |
| Fund Size | $50M (Fund II, 2017) — Fund IV active |
| Deal Cadence | ~10/year, 90% B2B |
| Focus Areas | AI / Data HealthTech Real Estate Tech Supply Chain / Logistics |
Thesis: Technical founders transforming major industries (healthcare, logistics, real estate, manufacturing) facing existential threats. Self-described as "nice and nerdy" — emphasis on deeply technical teams solving hard problems with data and algorithms.
Fund History
| Fund | Vintage | Size | Notes |
|---|---|---|---|
| TenOneTen Ventures I | 2014 | Undisclosed | First institutional fund |
| TenOneTen Ventures II | 2017 | $50M (target) | Per FinSMEs 2017 report |
| TenOneTen Ventures III | 2022 | Undisclosed | |
| TenOneTen Ventures IV | 2024 | Undisclosed | Currently active fund |
Fund sizes not publicly disclosed (private fund). Fund II target of $50M reported by FinSMEs (2017). Check sizes $500K-$5M with follow-ons up to $15M. Average multiplicator ~5x per Unicorn Nest.
Partners
Gil Elbaz
Partner & Co-Founder
Co-founded Applied Semantics (invented AdSense, acquired by Google for $102M in 2003). Engineering Director at Google Santa Monica 2003-2007. Founded Factual (open data platform, merged with Foursquare 2020). Founded Common Crawl — largest open web dataset powering GPT, Stable Diffusion, DALL-E. Caltech BS. Focus: FinTech, data analytics, AdTech, ClimateTech.
David Waxman
Partner & Co-Founder
Co-founded Firefly (acquired by Microsoft 1998, became Microsoft Passport). Co-founded PeoplePC (600K+ subscribers, IPO 2001, acquired by EarthLink 2002). Co-founded SpotRunner (ad-tech, LA, 2005). MIT Media Lab MS '95, UC Berkeley BS. Focus: HealthTech, IoT, AI, future of work.
Minnie Ingersoll
Partner
Early product manager at Google (11+ years). Co-founder & COO of Shift.com (online used car marketplace). Stanford CS, HBS MBA. Host of LA Venture podcast. Focus: legacy industry SaaS, logistics, climate tech.
Eric Pakravan
Partner
Former VP at Amplify.LA Capital (pre-seed/seed). Early employee at Scopely (mobile gaming, LA). Founded LavaLab (USC student incubator). USC Marshall School of Business (Student Body President). Focus: SMB software, tech for legacy industries.
Conor Webb
Partner, Operations
15+ years in VC direct and fund investing. Former Principal at ff Venture Capital (early-stage enterprise software). Fund operations at ff Venture Capital. MBA UT Austin, BS Boston College.
Nicole Toussaint
Investor
Former investor at Dalus Capital (Latin American VC). Investment banking analyst at ADS/Moelis. Consultant at Galera Consultores (strategic planning). Northwestern BS Chemical & Biotech Engineering, MS Biomedical Engineering. From Monterrey, Mexico.
Rohan Gupta
Investor
5+ years in VC investing in early-stage companies and funds. Former investor at Next Legacy Partners. Management consultant at Dean & Company. Johns Hopkins BS Chemical & Biomolecular Engineering. Focus: AI & data-intensive products.
Extended Team ▸
Eytan Elbaz
Venture Partner
Co-founded Applied Semantics with brother Gil Elbaz (acquired by Google, became AdSense). LA tech veteran.
Jim Moffatt
Venture Partner
Former CEO of Deloitte Consulting. Board and advisory experience across enterprise technology.
Todd Gitlin
Talent Partner
Executive recruiting and talent strategy for portfolio companies.
Leah Woodring
Operations
Fund operations and administration.
Portfolio Sector Breakdown
18
Data & AI (35%)
7
Real Estate & Construction (14%)
7
Supply Chain & Logistics (14%)
6
Media & Gaming (12%)
6
Retail & Service Industry (12%)
6
Healthcare (12%)
1
Hardware (2%)
Notable Exits & Outcomes
| Company | Description | Outcome | Year |
|---|---|---|---|
| Procore Technologies | Construction management software | IPO (NYSE) | 2014 |
| Pluto TV | Free ad-supported streaming TV | Acquired (Paramount) | 2013 |
| Scopely | Mobile gaming company | Acquired (Savvy Games) | 2011 |
| Goodreads | World's largest site for readers and book recommendations | Acquired (Amazon) | 2007 |
| Kaggle | Predictive modeling competitions and data science platform | Acquired (Google) | 2010 |
| DataScience | Enterprise data science platform | Acquired (Oracle) | 2014 |
| Bridg | In-store customer identity and engagement | Acquired (Cardlytics) | 2012 |
| Curbside | Mobile pickup from stores | Acquired (Rakuten) | 2013 |
| Divshot | HTML5 hosting platform | Acquired (Google) | 2013 |
| Locu | Local business discovery | Acquired (GoDaddy) | 2011 |
| Mapsense | Location-based trend analysis | Acquired (Apple) | 2013 |
| Mindmeld | Conversational AI for voice/chat assistants | Acquired (Cisco) | 2011 |
| Misfit Wearables | Wearable accessories | Acquired (Fossil) | 2011 |
| Movoto | Real estate brokerage and search | Acquired (Recruit) | 2005 |
| Fantasmo | Indoor/outdoor 3D maps and camera positioning | Acquired (Tier Mobility) | 2017 |
| ListReports | Marketing tools for realtors | Acquired (MBS Highway) | 2018 |
| NavTrac | Trucking yard management software | Acquired (Loadsmart) | 2020 |
| Memorable | AI platform for ad creative optimization | Acquired (Reddit) | 2022 |
Current Portfolio (Selected)
| Company | Description | Sector | Year |
|---|---|---|---|
| Crexi | Commercial real estate marketplace and technology | Real Estate & Construction | 2015 |
| Regard | Medical AI transforming EHR data into diagnoses | Healthcare | 2017 |
| Flock Freight | Freight pooling via algorithmic optimization | Supply Chain & Logistics | 2015 |
| Mashgin | Computer vision self-checkout kiosks | Retail & Service Industry | 2015 |
| Artera | Healthcare communications platform / patient texting | Healthcare | 2016 |
| TrueAccord | ML-powered debt collection | Data & AI | 2013 |
| Urban Sky | Stratospheric balloons for remote sensing | Data & AI | 2019 |
| Alation | Enterprise data catalog and governance | Data & AI | 2014 |
| 3Laws Robotics | Real-time safety and collision avoidance for robotics | Data & AI | 2024 |
| Accorded | Actuarial software for healthcare institutions | Healthcare | 2020 |
| Afterparty | AI-powered fan engagement and monetization | Media & Gaming | 2021 |
| August Health | SaaS for long-term care facilities | Healthcare | 2020 |
| BackEngine | AI automation for revenue teams | Data & AI | 2023 |
| BeyondTrucks | Trucking fleet management software | Supply Chain & Logistics | 2022 |
| Blox | Financial AI automation for real estate | Real Estate & Construction | 2024 |
| BuildOps | Cloud platform for commercial contractors | Real Estate & Construction | 2018 |
| Daily | Developer API for video calls | Data & AI | 2016 |
| Datasaur | Custom private LLMs for organizations | Data & AI | 2022 |
| Domos | AI virtual assistant for property management | Real Estate & Construction | 2025 |
| Elemental Machines | Lab data monitoring via IoT sensors | Data & AI | 2016 |
| Elysian | AI-native TPA for commercial insurance | Data & AI | 2025 |
| Emotive | SMS marketing for online retailers | Retail & Service Industry | 2019 |
| FitXR | VR fitness and gamified workouts | Media & Gaming | 2018 |
| Hedges | Financial hedging for fuel prices | Supply Chain & Logistics | 2025 |
| HiHello | Professional networking and digital business cards | Data & AI | 2018 |
| Honeybee Health | Direct-to-consumer prescriptions at wholesale | Healthcare | 2020 |
| Impacked | Primary packaging marketplace for CPG companies | Supply Chain & Logistics | 2022 |
| Interviewing.io | Technical hiring and interview practice platform | Data & AI | 2017 |
| Loman | 24/7 AI phone agent for restaurants | Retail & Service Industry | 2025 |
| Nomad Data | AI-powered data provider matching | Data & AI | 2022 |
| Optimal Dynamics | Dynamic routing for long-haul freight | Supply Chain & Logistics | 2020 |
| Opstream | AI procurement orchestration platform | Supply Chain & Logistics | 2024 |
| Cofactor Genomics | Predictive immune modeling for precision medicine | Healthcare | 2015 |
LA VC Landscape Comparison
| Firm | Score | Focus | Notes |
|---|---|---|---|
| Upfront Ventures | 45 | softwareconsumer | Mark Suster, seed/A, broad consumer+enterprise |
| Wonder Ventures | 55 | softwareconsumerai | Dustin Rosen, LA-focused micro-VC |
| M13 | 45 | softwareconsumerfintech | Carter Reum, consumer brands + fintech |
| Fika Ventures | 65 | softwareai | TX Zhuo, Eva Ho, enterprise AI/data, seed |
| TenOneTen Ventures | 65 | aidatasaashealthtech | Elbaz/Waxman, technical founders, legacy industry SaaS |
Differentiation: TenOneTen stands out from LA peers through its deep technical founder pedigree (AdSense inventor, Common Crawl founder, Google PM). While Upfront and M13 lean consumer/brand, and Wonder is micro-cap, TenOneTen's thesis uniquely centers on data-driven technical founders attacking legacy industries. Fika is the closest peer (enterprise AI seed), but TenOneTen has stronger founder networks via Elbaz's AI/data connections.
Thesis Analysis
Investment Pattern Summary
- Data/AI backbone: Nearly every investment involves data infrastructure, ML, or algorithmic optimization — even in "boring" industries (freight, construction, healthcare)
- Legacy industry SaaS: Strong preference for digitizing analog industries (real estate 8 cos, supply chain/logistics 8 cos, healthcare 6 cos, retail 7 cos)
- B2B dominant: 90% B2B — consumer plays are rare exceptions (Pluto TV, FitXR)
- Founder-market fit emphasis: Partners themselves built billion-dollar companies, so they pattern-match on technical depth + domain obsession
- LA ecosystem centrality: Gil Elbaz is a cornerstone of LA tech — Google's first LA office, X Prize board, Caltech connections
How Rivus Could Help
For TenOneTen (Firm-Level)
- Deal sourcing intelligence: Rivus already tracks 13,700+ companies and 4,400+ VC firms with automated enrichment from SEC, Crunchbase, web scraping, and LLM analysis. This pipeline could surface founder-market-fit matches for TenOneTen's thesis — technical founders attacking legacy industries — before they hit the fundraising circuit.
- Founder evaluation at scale: The 3-dimension scoring system (prior success, network quality, technical depth) mirrors TenOneTen's own pattern-matching. Running this across inbound deal flow would let the team focus diligence time on the highest-signal founders.
- Portfolio monitoring: Automated company intelligence — news tracking, competitive landscape analysis, supply chain mapping — applied across the portfolio. When a portfolio company's competitor raises a round or a key market shifts, TenOneTen knows immediately.
- Multi-model analysis: Rivus's vario engine runs prompts across multiple frontier models in parallel, then synthesizes the best output. For investment memos, market analyses, and thesis refinement, this eliminates single-model blind spots.
For Portfolio Companies
- Content acquisition & intelligence: The ingest pipeline (fetch, search, extract, cache) handles web scraping, PDF extraction, and content normalization at scale — directly useful for data-hungry portfolio companies like Nomad Data, BackEngine, Datasaur, and Alation.
- Autonomous workflow orchestration: Rivus's block-based pipeline engine (produce → score → revise → reduce) enables complex multi-step AI workflows with quality gates. Portfolio companies building AI products (Loman, Meadow AI, Regard, Domos) could leverage this for their own LLM-powered features.
- Competitive intelligence as a service: The company analysis pipeline (discover → fetch → enrich → analyze) produces structured dossiers, bull/bear memos, and competitive landscapes. Any B2B portfolio company needs this for their own sales and strategy.
- Supply chain & logistics data: With 8 supply chain portfolio companies (Flock Freight, Optimal Dynamics, Opstream, etc.), rivus's entity graph and relationship mapping could power cross-portfolio supply chain visibility.
Concrete Starting Points
- Portfolio health dashboard: Wire TenOneTen's 87 portfolio companies into rivus's monitoring pipeline — automated news alerts, competitive moves, hiring signals, funding rounds from competitors. Deliverable in weeks, not months.
- Founder scoring for deal flow: Run the evaluation pipeline on TenOneTen's inbound founders. Score technical depth, prior success, network quality — with evidence and reasoning, not just a number. Calibrate against their best investments (Procore, Pluto TV founders).
- Thesis validation tool: Use multi-model analysis to stress-test investment theses. "Is this market really being disrupted by data/AI? What are the incumbents doing? Where are the moats?" — run across 4+ models, synthesize the disagreements.