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Seed-Stage Investing In Cognitive
Computing & Machine Learning


TEF is a hands-on seed fund. We are usually the first institutional investor,
and we often take the role of de facto chief strategy officer
in our companies’ early days.

  • Business model proven over 30 years
  • Experienced help, not just cash
  • Invest with entrepreneurs we have won with before
  • Start small and think big


  • Core of proprietary AI and/or ML technology
  • Successful serial entrepreneurs in leadership
  • Game-changing market opportunities
  • First-in-category

SOASTA (TEF III) was a provider of cloud-based testing services, including a browser-based website testing product. The SOASTA platform enabled digital businesses to gain continuous performance insight into real user experiences on mobile and web devices in real time and at scale. SOASTA was acquired by Akamai Technologies (NASDAQ: AKAM) in April 2017.

New Brand Analytics (TEF III) provides customer experience software for social listening, analytics and reputation management. It also enables companies to quickly identify, prioritize and implement changes that will have the greatest impact on their brands–at the local, regional and global level. The company serves clients across food and beverage, hospitality, retail, and government. New Brand Analytics was acquired by Sprinklr in June 2015.

Krux (TEF III) helped marketers and media customers to deliver more relevant and valuable customer experiences by capturing, unifying, and activating data signatures across every device (desktop, mobile, tablet, set-top) and every channel (display, social, search, video), in real time. The Krux Intelligent Marketing Hub helped market leaders deliver breakthrough media, content, and commerce experiences to deepen consumer engagement, strengthen brands, and improve business performance. Krux was acquired by Salesforce (NYSE: CRM) in October 2016.

SparkCognition (TEF IV) builds leading artificial intelligence solutions to advance the most important interests of society. The company helps customers analyze complex data, empower decision making, and transform human and industrial productivity with award-winning machine learning technology and expert teams focused on defense, IIoT, and finance. TEF sold its ownership in SparkCognition in a secondary offering in 2018.


Truvalue Labs is at the epicenter of three major trends shaping the asset investment management industry: the rise of ESG integration, the exponential growth of unstructured data and major advances in the field of artificial intelligence. Truvalue Labs was acquired in 2020 by FactSet (NYSE:FDS)


Welltok is a data-driven, enterprise SaaS company that delivers the healthcare industry’s leading consumer activation platform. Welltok’s solutions empower leading health plans, employers, providers and public entities to connect consumers with personalized health improvement resources, making it easy and rewarding for consumers to complete actions that optimize their health and wellbeing.


CognitiveScale is an enterprise AI software company with solutions that help customers win with intelligent, transparent and trusted AI/ML powered digital systems. Our Cortex software and industry AI accelerators enable businesses to rapidly build, operate, and evolve intelligent, transparent, and trusted AI systems on any cloud. The company’s award-winning software is being used by global leaders in banking, insurance, healthcare and digital commerce to increase user engagement, improve employee expertise and productivity, and protect brand and digital infrastructure from AI Business risks.

CognitiveScale was acquired by TecnoTree in December 2022.


Owl Insights is the leading provider of precision care management solutions for behavioral health. Through its advanced cloud-based platform, the company offers a scalable and sustainable strategy to integrate measurement-based care, clinical decision support, and data insights into existing treatment workflows across all behavioral health conditions. Owl enables behavioral health and primary care providers to expand access, enable telehealth, and improve quality care delivery, while reducing risk and enabling  value-based care. Leading organizations, including Main Line Health, Amita Health, Inova Health, West Yavapai Guidance Clinic and Aurora Mental Health Center, use Owl to improve clinical and financial outcomes.


ShiftOne is a mobile app that reduces turnover, drives incremental revenue, and makes work a better place for hourly employees and managers. It uses real-time, individual performance data to power competitions, encourage communication and recognition, and monitor operational health factors like attrition risk. It’s supplemented by automated, AI-driven analysis tools that equip leadership at every level with the knowledge and means to support and retain their teams, without having to lift a finger.


FactorLab develops customized IIoT (Industrial Internet of Things) applications and solutions for companies in manufacturing, commercial construction, and building operations and maintenance. We also develop domain specific applications in critical areas like core operational processes, maintenance, safety, sales, and customer experience. These applications provide our customers with better insights into how their customers operate, in order to make more informed decisions, drive greater efficiencies, improve operations, and increase revenue.




Managing Director

Steve’s career in enterprise technology includes operating roles in start-ups and the F500, as well as years of strategy & marketing consulting. He was a member of the TEF founding team in the late ‘90s, and helped form Fund IV in 2013/2014.


Director of Operations & LP Services

Patti launched TEF’s back office in 1997 for TEF I, and managed it until 2001. She returned to TEF in 2006, and runs operations for both TEF III and TEF IV. Patti’s career expertise includes accounting and HR.


In Memoriam

Jeff was the founder and driving force behind The Entrepreneurs’ Funds. Our team, our investors, and our entrepreneurs miss his energy, enthusiasm, creativity, and relentless optimism.