We just passed a major milestone at Cogo Labs. The Lab recently exceeded 10 petabytes of collected and stored data on consumer web activity. This is a 100% increase from the amount of data we had access to when we started Vestigo three years ago.
We continue to deploy capital from our Limited Partners into promising companies that are changing financial services. We have made serious progress and have drawn down a material percentage of capital for Fund I. We are a bit ahead of where we thought we would be by spring of 2019. XPLR, our automated company discovery tool, is part of the reason for this advance.
We love the way that the new tech becomes the old tech at regular turns. It makes one wonder if its not just a plan for economic rejuvenation for tech companies. Don’t get us wrong, we are in the business of replacing old tech with new so it works for Vestigo’s portfolio companies.
Our impact at Vestigo is centered in Cambridge just blocks from MIT’s campus. We have a chance every day to meet entrepreneurs and learn about their business ideas. We review the data coming from XPLR that reveals new companies that are going viral in FinTech. But our reach can also be global as we saw from the recent visit to Davos by part of our team.
Dave along with Ian hit the road to Davos this month. Read more about their insights from this amazing gathering in the updates below. While there is a glamorous side of global leaders, the key to a great Davos experience is to dig in with the latest thinking on technologies and innovation.
We love a new year. It’s so full of hopes and plans and excitement to get started. It is truly the most wonderful time of the year. Last year was quite good with the close of Fund I and the growth of our portfolio to 12 companies.
We always like to take time as a firm to think about trends that will evolve in the next year. For 2019 we make the following five observations.
There is much to do to keep America at the front and center of innovation. This month we focus on our thoughts on the shifting regulatory landscape and the corresponding opportunities for FinTech startups. The key need is to have ways to allow startups and incumbents to test their ideas.
We have refined our algorithms for sourcing FinTech companies and are now getting five or more startups monthly to investigate. We will be announcing our first investment discovered by XPLR soon!
We are looking forward to Money2020 this year in Las Vegas. Maybe not the spot we would pick but what a great gathering of many FinTech influencers.
We appreciated the great turnout for our first post fund closing LP’s meeting. With 70 in the audience, we got great feedback and good connections made between our portfolio companies and our investors.