SACRAMENTO, Calif.--(BUSINESS WIRE)--Impact Venture Capital has invested alongside Serent Capital into Sacramento-based Pondera Solutions, completing its eight-figure Series A round of funding. Pondera, and its CEO Jon Coss, provide security software including advanced predictive analytics and the power of cloud computing to the government technology sector. Pondera’s solution cracks down on fraud, waste, and abuse within government programs.
Impact Venture Capital’s General Partner, Jack Crawford, has mentored and collaborated with Mr. Coss and the team at Pondera as the company participated in Impact’s Accelerator program in 2013. “Pondera had 3 people and an idea when we started in the Impact accelerator program. After graduating from the program, creating a robust SaaS solution, and building a stellar management team, we now have tens of millions of revenues and are profitable. Impact’s innovation programs were truly a springboard for Pondera and positively changed our trajectory during the launch stage of the company. We learned valuable lessons from the Impact team on attracting talent, customers, and investors,” said Coss.
“We are thrilled about the extraordinary progress at Pondera and the opportunity to co-invest with Serent Capital. With security software that applies to over 2,000 government programs, Pondera’s impressive executive team has now positioned the company as the market leader in a fast-growing industry sector,” said Crawford. Impact Venture Capital invests globally and pays special attention to companies in the Northern California “technology triangle” bound by San Francisco, Palo Alto, and Sacramento. As government, policy, and technology converge, Impact believes Pondera is leading the way for a new wave of successful Sacramento-based civic tech companies operating in the technology triangle.
“Serent Capital is excited to co-invest with Impact Venture Capital in Pondera,” said David Kennedy, Partner at Serent Capital. “Impact Venture Capital’s historical support of Pondera was hugely beneficial. Going forward, we and the team at Pondera believe Impact Venture Capital will play a valuable role in support of the rapid growth of the business.”
About Pondera Solutions
Pondera Solutions leverages advanced prediction algorithms and the power of cloud computing to combat fraud, waste, and abuse in government programs. Their core detection system, Fraud Detection as a Service (FDaaS), helps their clients detect and prevent hundreds of millions of dollars in improper payments in Medicaid, Unemployment Insurance, the Supplemental Nutrition Assistance Program (SNAP), and other large government programs.
About Impact Venture Capital
Impact Venture Capital invests alongside corporate venture groups and top tier investors in early stage information technology startups with a focus on Civic Tech, Cyber Security, FinTech, Big Data, Telecom & Media. Impact’s innovation programs mentor early-stage startups and graduate students ultimately creating unique investment opportunities with a high potential for generating superior investment returns.
About Serent Capital
Serent Capital invests in growing businesses that have developed compelling solutions that address their customers' needs. As those businesses grow and evolve, the opportunities and challenges that they face evolve with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating those challenges through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its experience and capital to bear, Serent helps growing businesses thrive.