First Ascent Ventures, Spring Mountain Capital, BDC Capital and Espresso Capital lead Thentia’s latest $38M Series B extension round, supporting the company’s continued growth.

OKLAHOMA CITY, Okla., Jan. 26, 2024 /PRNewswire/ – Thentia, a leading innovator in regulatory technology, announced today that it has closed a US$38 million Series B extension round. The fundraise, led by existing investors including First Ascent Ventures, Spring Mountain Capital, BDC Capital, and Espresso Capital, reflects a continued commitment to Thentia’s vision. The funds will be strategically utilized to scale operations, propel accelerated growth, invest in artificial intelligence, and enhance Thentia’s ability to meet the evolving needs of its rapidly expanding global client base.

“We are thrilled to continue our support for Thentia with this latest investment. The remarkable strides they’ve made, coupled with their unwavering dedication to innovation in the government technology space, solidify our confidence in their inevitable global prominence,” says Richard Black, Co-Founder and Managing Partner, First Ascent Ventures. “As existing investors, we remain excited about the impressive momentum they have gained, and we look forward to witnessing their continued success in shaping the future of government technology and regulation,” Black adds.

“Thentia’s cutting-edge platform stands as a cornerstone for government agencies embarking on the journey of digital transformation. By seamlessly transitioning processes into the 21st century, Thentia empowers organizations to elevate user experiences for citizens while delivering indispensable data crucial for informed decision-making. These strides signify a pivotal shift in advancing government capabilities,” says Jamie Weston, Managing Director, Spring Mountain Capital.

“We’re pleased to continue our ongoing partnership with Thentia as it enters a new phase of rapid expansion and growth. The company’s cutting-edge platform delivers tremendous value to customers across North America and Europe by bringing innovation and efficiency to the regulatory industry,” says Will Hutchins, Managing Director, Espresso Capital.

“Thentia has brought together an exceptional group of leaders and subject matter experts who grasp the unique challenges facing regulators” says Mark Smith, Partner of BDC Capital’s Industrial, Clean and Energy Technology (ICE) Venture Fund, which has been an investor in the business since 2020. “Their differentiated expertise is what truly sets them apart and has enabled them to develop a platform that addresses key regulatory functions, and positions Thentia as a leader in the regulatory licensing category.”

Designed for regulators, by regulators, Thentia’s end-to-end SaaS ERP platform, Thentia Cloud, adeptly digitizes, streamlines, and consolidates all essential regulatory functions within a single and secure cloud-based environment. Empowering regulators with a comprehensive 360-degree view of all licensee activities, the platform facilitates a shift from suboptimal and inefficient processes to a modern, streamlined approach, elevating their ability to fulfill their paramount duty of safeguarding the public. Customers of the platform have demonstrated manifold improvements in their ability to regulate effectively and efficiently.

Trusted by millions of licensed professionals, businesses, and entities globally, Thentia has gained recognition from regulators worldwide for its unmatched blend of technological innovation and regulatory proficiency.

“We’re grateful for the steadfast support of our investors who have played a pivotal role in our journey. Together, we have not only built the regulatory platform of the future, but have also achieved remarkable success, becoming a leading force in enabling regulators to stay a step ahead with the rapidly evolving technology landscape,” says Julian Cardarelli, CEO, Thentia.

“Looking ahead in 2024, we are poised to unveil an array of innovations that promise to redefine the industry landscape. These transformative capabilities are not just enhancements; they are industry-altering advancements that will set a new standard for what is possible, forever changing the way we operate and leading us into a new era of excellence and innovation.”

As Thentia charts its course for continued growth, the company stands resolute in its dedication to excellence and the ongoing innovation of its platform that is committed to supporting regulators in their mission of public protection. Moving forward, Thentia will strategically allocate the recently secured funds to drive geographical expansion, unveil new cutting-edge features, and attract top-tier talent. This comprehensive strategy aims to elevate every aspect of its team, ultimately ensuring a world-class experience for its valued customers.

About Thentia

Thoughtfully built for regulators, by regulators, Thentia is driving regulatory transformation for hundreds of regulators and regulatory agencies worldwide with a platform that handles all key department functions including licensing, investigations, enforcement, fitness to practise, quality assurance, scope of practise, continuing education, board management, data analysis, and more. Thentia Cloud empowers regulators to transcend the constraints of legacy processes, custom-built solutions, and a web of disparate applications with a single unified 360-degree platform, setting new standards in efficiency and effectiveness.

Thentia Cloud is available on all major cloud providers, including Google Cloud, Amazon Web Services (AWS), IBM Cloud, and Microsoft Azure. For more information, visit thentia.com.

About First Ascent Ventures

Founded in 2015 by Richard Black and Tony van Marken, First Ascent Ventures invests in early-stage, emerging, and growth-oriented enterprise software companies in the information technology sector. The First Ascent Ventures team bring deep bench strength as operating executives and investors having built and invested in significant, global enterprise software companies.

About Spring Mountain Capital

Spring Mountain Capital is a New York-based investment management firm with $1.7 billion of assets under management that focuses on alternative asset investing. The SMC Growth equity team focuses on providing expansion capital to companies capitalizing on breakthrough innovations, paradigm shifts, or fundamental market or behavioral changes. SMC invests in two sectors of the U.S. economy undergoing the most change and with the highest growth potential: enterprise technology and healthcare companies. For more information, visit: smcgrowthcapital.com.

About BDC Capital

BDC Capital is the investment arm of BDC, Canada’s bank for entrepreneurs. With over $6 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity as well as ownership transition solutions, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.

About Espresso Capital

Espresso Capital has been empowering fast-growing technology companies with innovative venture debt solutions since 2009. During this period, we’ve funded over 330 companies in the U.S., Canada, and the U.K., helping to accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Espresso is headquartered in Toronto, with offices in San Francisco, Chicago, and London. To learn more about how you can use venture debt to grow your business, visit espressocapital.com.

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SOURCE Thentia Corporation