Accelerating Humanity Beyond Itself In the 1800’s electricity changed the world. While in the beginning its impact on society was limited; with time electrical power disrupted every facet of life. Twenty years ago, a new revolution started to take shape: the Internet. The changes we have seen so far are only the tip of the iceberg. We believe Artificial Intelligence is the next frontier in our technological revolution. Set to enrich and potentially automate every sector in business – from healthcare and financial markets, to agriculture and manufacturing – AI is going to upend our lives as we know it. We understand that what has appeared impossible until now, will become tomorrow’s reality. That is why we are investing in the next generation of disruptive cognitive Artificial Intelligence solutions today.
Recognized as the Most Active Seed-Stage Investor in Israel by IVC Research, Cognitiv Ventures enjoys extraordinary deal flow and we believe gets to see the best cognitive AI companies first. Every day we get a deeper glimpse into tomorrow’s roadmap. This enables us to anticipate where advanced sensors, deep learning, machine vision, autonomous robotics, 3D printing, and other cognitive technologies will be in the coming years. We believe this access provides us with the insights that allow us to pick technologies that can effect fundamental disruptions. In addition, we get to pick the most driven entrepreneurs – and it is this intersection of “Market, Team & Technology” that we believe can drive venture returns.
Our Investment Focus: Early-stage
Cognitive AI-startups with disruptive business models and technologies that have a real use case for a big market. In the sectors where AI has already been implemented at scale, it has been shown to deliver returns, increase profit margins and distinctively widen the gap with competitors. By joining this revolution early, we are able to invest in outstanding startups that are poised to potentially become category leaders in their fields. Automation due to AI is going to fundamentally remake society. Jobs will be eliminated and they are not coming back. Entire businesses may be automated. On a global scale, wealth will transfer from traditional to AI powered businesses. The future roles of humanity appear uncertain, and yet we jump at this opportunity with our eyes wide open. We know that it is relatively easy to build technology, but much harder to build a successful business. We believe that the successful implementation of AI technologies will depend on careful collaboration
and a companyâ€™s ability to navigate an unknown road. That is why we actively guide our portfolio companies every step of the way â€“ based on decades of experience growing startups from seed to flourishing companies.
We Believe: Artificial Intelligence will be inte-
grated into our lives during this lifetime. No one jokes anymore about science fiction becoming reality. We seek to stake a pivotal role in this future and effecting long-term impact by funding the future drivers of a new, AI-powered wealth. Cognitiv sees the future and is investing in it now. So deeply do we believe in this future that we are confident AI will become a mainstay of society, without which humans will soon feel naked. It will soon seem impossible to live without it. We as investors are preparing for a brave new world that will bring humanity beyond itself.
AI Investment has Gained Momentum Early stage & seed deals dominate the market, together representing 67% of all deals in the space. The total amount of deals have increased x 4.6 in 5 years; from 150 in 2012 to 698 in 2016. This is an increasing trend globally: Last year 27% of deals were from outside the USA – this year it is up to over 45%. Even though we have only seen 5% of what AI can do so far*, investment interest has almost doubled since 2015, from $2.6B in 2014 to $4.8B in 2016; this year it is on track to clear over $7B. That is why AI has been called the “Most attractive investment sector in terms of Momentum, Market, and Money” (CB Insights).
Cognitiv Ventures is now raising up to $ 100 million for its Vintage 2017 fund, to invest in top-notch entrepreneurs building industry disrupting cognitive AI companies. *Yann LeCun, Director of Research, Facebook
Our reputation as a leading VC investor in Israel – having been recognized two years in a row as Israel’s most active seed-stage investor by IVC Research – means that we have premier access to deal flow; affording us the opportunity to cherry pick the best investments. Cognitiv’s Vintage 2015 fund (“OurCrowd First”) gained the lion’s share of its portfolio appreciation to date from AI and cognitive technology investments. Cognitiv Ventures offers investors a unique opportunity to be a part of the AI investment momentum we believe is just getting started. Due to our strong positioning in the local Israeli entrepreneurial ecosystem, our unique investment methodology of deep, personalized attention devoted to each company in our portfolio, and our decades-long successful track records as entrepreneurs, company builders and investors, we are confident that we are poised to invest in the future of humanity and harness the upside of AI disruption.
“Artificial intelligence will reach human levels by around 2029. Follow that out further to, say, 2045, we will have multiplied the intelligence, the human biological machine intelligence of our civilization a billion-fold.” – Ray Kurzweil “A year spent in artificial intelligence is enough to make one believe in God”. – Alan Perlis “Just as electricity transformed almost everything 100 years ago, today I actually have a hard time thinking of an industry that I don’t think AI will transform in the next several years.” – Andrew Ng, Baidu “Despite these astonishing advances… So far, we’ve seen only 5% of what AI can do.” – Yann LeCun, Director of Research, Facebook
Cognitivâ€™s Investment Methodology We have decades of collective hands-on operating experience. We have built successful category leaders, grown early-stage companies to scale, and have overseen dozens of successful acquisitions. Collectively we have invested in or have commercialized hundreds of disruptive new products. And we have independently come to understand one key yet underappreciated fact which is vital for a startupâ€™s long-term success: Business Model Innovation is as Essential as Technological Innovation!
We have seen plenty of well-capitalized, early-stage companies with strong IP, fail to capture the value they created as a direct result of flawed business modeling. We therefore understand that we must invest in peoplebuilding business, not just technology. We have devised our own hands-on process by which we guide our portfolio companies to achieve profitable, realistic scale:
Prove: Produce customer validation metrics to prove the company has developed a convincing, user-viable product.
Nail: Deploy a working version of the product that meets the intended use case and is ready to be purchased or used by multiple customers to their satisfaction.
Scale: Achieve market validation through repeated and expanded sales, demonstrating the viability of its business model and validating its market fit.
Our investments go hand in hand with our commitment, collective experience, network, and resources to help our startups prove, nail, and scale their businesses. Together, we nurture differentiated products, services and platforms, creating new business model play-books, holding strategic workshops and hosting powerful networking events with leading industry experts. With this additional knowhow and supportive environment, our startups are able to turn potential problems into creative solutions faster, and grasp opportunities that help them bypass the competition.
Join Cognitivâ€™s forward-thinking entrepreneurs building the businesses that are poised to lead the cognitive AI revolution.
[ Fund Management ]
Yori, a serial entrepreneur and angel investor with over 20 years of experience, has built multiple businesses from the ground up, and has taken them through to successful exits. Yori was the founder and CEO of Banter, a pioneer in natural language processing for call centers, serving some of the largest U.S. banks and institutions - including Wells Fargo and Bank of America until its successful acquisition by IBM in 2004. In the same year, Yori joined the Mayfield Fund in Silicon Valley as entrepreneur-in-residence. In 2005, Yori founded TimeBridge, a pre-cloud calendar management system that went viral and gained a corporate user base of millions which was acquired by MerchantCircle. Yori also co-founded Local Sciences, the largest accurate local database for service businesses in the Health & Beauty and Automotive verticals, providing relevant data to YP, Groupon and other industry leaders. Yori is also a founding member at Knack, an AI-powered talent discovery company.
Eduardo is a serial entrepreneur and angel investor in high-tech with over 25 years of experience. Eduardo Shoval Eduardo co-founded seven Israeli high-tech companies (Optibase, Vcon, Accord, Laser-
comm, Big Band, Sirica, Accells). Five of these had successful exits; four with valuations in excess of $300 million and combined total revenues of billions. Optibase was a pioneer in MPEG digital compression and revolutionized the way we consume video on the Internet. Taken public (NASDAQ:OBAS) in 1999, valuation peaked at over $450M. Accord (NASDAQ:ACCD), a leader in rich media video network products, was acquired by Polycom in 2000 for $340M. Vcon was a video conferencing pioneer (Nouveau Marche: VCON) and reached a market cap of $300M. Big Band Networks (NASDAQ: BBND), a leader in cable and satellite video distribution, peaked at a $1.1B market cap on NASDAQ, and was acquired in 2011 by Arris.
Avi Reichental is a parallel entrepreneur with over 30 years of executive leadership in late stage global corporations. Avi Reichental
For over 12 years, Avi served as 3D Systems (NYSE:DDD) President, CEO and Director. Under Avi’s leadership, 3D Systems emerged as a formidable global 3D printing provider with revenues growing six-fold and market valuation growing over twelve-fold. Avi is Founder and Chairman of several early-stage ventures, and sits on the board of many others. In 2014 he was named as one of the ‘Top 25 Makers Who Are Reinventing the American Dream’ by Popular Mechanics Magazine. The same year he delivered a visionary TED talk titled ‘What’s next in 3D printing’. In 2013, Avi was listed as one of Fortune Magazine’s Top 50 business leaders, in 2012, he received the Financial Times Boldness in Business award. Avi is an active inventor who holds 25 patents. He is part of Singularity University’s core faculty, serves as a Trustee of Cooper-Hewitt Smithsonian’s Design Museum and is a member of the XPRIZE Innovation Board.
[ portfolio ]
Centaur Food spoils; we accept this as a fact of life. However, for the agriculture industry, spoilage accounts for 17% of the food in storage and transit. This is a trillion dollar problem affecting food prices globally. Centaur solves this problem through a full-stack IoT solution that enhances the quality and safety of stored agricultural products. From the time a harvest leaves the fields until it reaches the store shelves, Centaur’s platform tracks its journey; monitoring for infestations and prescribing early interventions to prevent needless spoilage. Centaur’s proprietary and patented wireless sensors as well as its predictive and prescriptive deep learning cloud analytics, enable precision fumigation and real-time monitoring of stored product condition. The mission is to dramatically reduce the estimated $1 trillion of wasted crops annually from farm to shelf. This cognitive company has already deployed and validated its technology across several pilots involving grains, flour, dried fruit, tobacco and tree nuts.
Sotiris Bantas Co-Founder, President & CEO
Ronen Shoval Co-Founder & CEO
By 2019, 80% of the world’s internet traffic will consist of videos. Imagine; instead of sifting through this overwhelming amount of media to find what you like, a channel that was built just for you. Not just a channel that broadcasts the shows and news programs you like, but one that also arranges the order and pace of the shows to meet your specific mood and taste. With “Touchable TV”, Elastic Media is placing that power into the hands of the viewers, leveraging swipe and touch gestures to create a transformative experience that feels like browsing the pages of your favorite magazine. Elastic Media’s unique cognitive system constantly learns individual user preferences to deliver a personalized, interactive broadcast to their mobile devices. This unique user experience is the future of mobile video. It provides exceptional insights into user behavior and generates demographic-specific information on each video’s reception -on a second by second basis across all digital audiences in real time. This powers precise, automated editing and provides a constant flow of new video assets for monetization and social media, as well as valuable data for audience targeting and improved performance of advertising.
EquityX EquityX is the new digital, early-stage venture fund, powered by a community of professionals. Weâ€™re taking the best out of crowdsourcing, the network effect, and blockchain technology, combining it into one powerful funding solution for the best startups. Our investment fund brings the best industry leaders, investors, and startup founders together to create an investment ecosystem like no other. By only accepting the best to our community, weâ€™re able to create a professional community-powered fund that brings true efficiency, scalability, and diversity to the world of startup investments.
Ran Oz Co-Founder & CEO
Tal Lapidot Founder & CEO
Every year, you are tossing away $2,000 without being aware of it. Americans throw away approximately $165 billion worth of food each year. That equals 35 million tons of actual, eatable food being flushed down the toilet. Luckily, FreshKeep is on the mission to minimize this waste and make our daily lives a little more sustainable. Developing a proprietary, easy-to-use freshness storage tracking and monitoring platform as well as products for the connected kitchen, FreshKeep intends to disrupt and transform our entire delivery, storage, and food consumption habits. Soon FreshKeep will become a household name - combining all of the attributes of an affordable Tupperware-like container with the latest IoT connectivity with shelf lifeÂ extension technologies. FreshKeep offers solutions for both domestic and commercial kitchensâ€™ budgets, creating a society in which food consumption and environmental consciousness will be inseparable. This alone is priceless.
Intendu Hundreds of millions of people suffer from cognitive impairments resulting from various brain dysfunctions such as traumatic brain injury, stroke, mental disease, and neurodegenerative disease. The current treatment of cognitive impairments is deficient, as the main treatment, one-on-one therapy, is highly expensive and requires patients’ mobility. Intendu’s proprietary digital brain therapy platform is revolutionizing the treatment of brain dysfunction, by using 3D motion recognition technology with the most advanced neuroscience research. Intendu provides an effective and affordable solution for in clinics and home use. The platform trains multiple cognitive functions such as multitasking, memory, attention, inhibition and more. Our exercises are designed to simulate realistic scenarios and adapt in real-time to fit the user’s cognitive and motor capabilities and rehabilitation goals, to achieve real-life benefits. Intendu’s platform is used by some of the top rehabilitation centers in the US.
Nimrod Madar CEO
David Bleicher Founder & CEO
Invertex, an Israeli Fash&Tech AI company, is a leading provider of scan-to-fit guided shopping experience platforms that can perfectly match between people and products based on their anatomy. The company is primarily focused on the 300+ Billion Dollar footwear market, where it solves one of the largest pain-points which is fit. Due to this problem, only 8% of shoes are bought online these days, with conversion rates lower than 1% and return rates often exceeding 40%. By uniquely combining its accurate AI engine and proprietary 3D imaging tools, the Invertex fit-to-feet match-engine has reached recommendation levels which are the unprecedented in the industry and provides hope at bringing the problem to an end. Using a software only solution, The Invertex apps scan both feet in less than three seconds, with zero compromise on the accuracy of scan. The platform can easily integrate and scale up without cost, leaving current expensive and heavy hardware 3D scanner solutions irrelevant.
KolGene In a rapidly growing, multi billion dollarÂ global market for genetic testing, KolGene is changing the way healthcare providers manage genetic testing for their patients. As the use of clinical genomics applications rapidly expands, identifying the right test for the right patient by the right laboratory has become increasingly complex. The number of labs, the tests those labs conduct and the growing number of clinicians is growing exponentially with no intelligent and trusted workflow in place until now. KolGene is changing this with a responsible and intelligent online platform that streamlines the ordering process and connects a global network of trusted labs to clinicians worldwide. KolGene provides clinicians a management tool to manage all aspects of the genetic tests sendout operation.
Dan Faszczyk Co-Founder & CEO
Maya Gura Co-Founder & CEO
Just as retail therapy is migrating to the online space, it is only natural that the beauty industry makes the move as well. Missbeez is jumping on this opportunity and has tapped into this trillion dollar industry with its on-demand marketplace dedicated to connecting women with professional and affordable beauty services in their community. Through Missbeezâ€™ connected platform, women can instantly order any beauty service they desire by simply using their smartphone. Missbeez works with hundreds of licensed experienced beauticians that are carefully selected and vetted to provide a state of the art service. Right now available in Tel Aviv, Jerusalem and London, this startupâ€™s platform is currently expanding to new European markets.
Mpirica The spiraling cost of healthcare due to population ageing is one of the biggest issues facing society today. Increasing efficiency benefits everyone, from payee to provider. MPIRICA is the first to develop a proprietary, validated cognitive scoring platform for Shakil Haroon improving efficiency and transparency throughout the healthcare system. They combine Founder & CEO big data with proven scientific methodology to offer the clearest and most trusted information for consumers and payers seeking to prevent avoidable surgical risks and runaway costs. MPIRICA reduces avoidable surgical complications by guiding consumers and payers to the best performing surgeons and hospitals in their area and field of need. MPIRICA is making decades of proprietary outcome-based research available to everyone as a simple to understand, trusted performance score. MPIRICAâ€™s Quality Scores are based on a proprietary analytical model that has already been proven across multiple large scale engagements with leading US insurance companies, hospital systems and employer groups. The MPIRICA platform further enables companies and their employees to identify medical providers with multi-year track records of successful outcomes and firstname.lastname@example.org cost efficiency. www.mpirica.com
Yehuda Elmaliach Founder & CEO
Over 70% of international travelers refrain from accessing their preferred travel apps abroad for fear of potential data charges, resulting in as much as $94 billion of lost transactions to app providers annually. Rimoto helps those apps (like Uber, booking.com, airbnb and more) regain those lost revenues by enabling them to sponsor the mobile data consumed by their apps. BecomingÂ accessible to international travelers for free, those apps significantly increase their engagement and monetization of products and services. Rimoto is a young startup led by seasoned, serial entrepreneurs that develops innovative, mobile cloud-client solutions, in a mission to disrupt the travel experience, leveraging on the app-based, ondemand economy revolution.
Taranis USA agribusiness is a two trillion industry segment. In this enormous market, increasing yields for farmers by 5%-15% results in an increase in farmers profit by 15% to as high as 50%. Taranis is helping farmers get those results. They are improving the agriculture industry by integrating public satellite imagery, weather, sensor and sub-millimeter aerial imagery into a single predictive AI powered platform. This proprietary capability also enables UAVs and crop-dusters to capture high-speed images at low altitude without image blur â€“ allowing Taranis to see disease and insect proliferation in detail over thousands of acres.
Ofir Schlam Co-Founder & CEO
Using advanced weather forecasting and big data analytics, farmers can access decision support data and gain actionable insights on their operation, simple all-in-one, integrated web-based dashboard. With operations in 4 continents, Taranis is in the lead to become the global leader in this space. email@example.com www.taranis.ag
Eitan Cohen Co-Founder & CEO
The smart home revolution generates billions of new support requests for installation and maintenance for tremendous amounts of new devices. Companies realize that they need to scale their technical support operations, reduce costs and meet their customer expectations, to keep competitive in the smart home era. TechSee revolutionizes the customer support domain, by providing intelligent visual assistance powered by artificial intelligence and augmented reality. TechSeeâ€™s customers enable their support teams to deliver their customers visual assistance, to resolve technical issues faster with lower costs, increase service quality and reduce labor intensity. Over time, the system learns from every customer interaction, to automate the support process through a â€˜Virtual Technicianâ€™, with a unique patent pending technology based on deep learning AI. TechSee was selected as vendor of choice by the leading providers and partners in the telecommunications and home appliance markets, and demonstrates a proven ROI and KPI improvements across dozens of implementations.
Turbulent Energy Hybrid fuel is the Holy Grail which engine manufacturers have known about for decades, but have been unable to implement â€“ until now. Engine manufacturers know that water improves combustion. This is why they have often attempted to mix diesel fuel and water, and failed every time. Today, Turbulentâ€™s Fuel Activation Device is the only method known to create a sustainable, fully combustible fuel blend of diesel/HFO and methanol.
Ron Schreiber Active Chairman
This revolutionary technology disrupts the energy sector by reducing costs, creating a cleaner burn and generating a minimum of 15% savings to the end user.
Elad Benjamin Co-Founder & CEO
With an aging global population, and over 1 billion people joining the middle class and consuming healthcare services â€“ the demand for medical imaging services has been steadily outpacing the supply of radiologists. The healthcare industry is on an unsustainable course, and everyone â€“ patients, physicians, healthcare providers and society as a whole, stands to suffer. By teaching computers to read and diagnose medical images, Zebra provides a solution to part of this global problem. Their algorithms assist radiologists in detecting often overlooked indications, and their products help providers analyze millions of imaging records to understand the risk profile of their patients, detect and predict diseases and assist in building and managing preventative care programs. Zebraâ€™s partner network has already reached over 1100 hospitals and providers, enabling them to leverage the tremendous power of the global research industry, channeling insights to healthcare institutions and directly improving patient care.
Nexa3D NEXA3D is making ultrafast industrial-grade Stereolithography 3D printers affordable to professionals and businesses of all sizes. The companyâ€™s printers are powered by proprietary Lubricant Sublayer Photo-curing (LSPc) technology and patented structured light matrix capable of reaching top speeds of 1 cm per minute, drastically reducing 3D printing cycles of producing precision functional parts from hours to minutes. Nexa3D is about twice as fast and 80% more affordableÂ than its nearest competitor, Carbon which is valued in access of $1 billion.
Izhar D. Medalsy CPO
[ ISRAEL ] Israel has successfully nurtured a strong start-up community for decades, but over the past couple of years, international investors have truly begun to take notice of what’s happening here. In fact, during the first six months of 2015, global companies, primarily headquartered in the U.S., made significant investments and acquisitions that aggregated to over $5 billion. There has never been a better time to invest in Israel. With more than 1,000 new startups per year, thousands of entrepreneurs and a comprehensive business ecosystem, Israel has truly earned the title of “Startup Nation”. Israeli innovators and inventors are shaping the future of business within: New Media, Cyber- Security, Water-Tech, Ag-Tech, Health & Life Sciences, FinTech and Autonomous Robotics, 3D printing, one more, so it comes as no surprise that Israel was ranked the 5th most innovative country in the world in 2017 by Bloomberg. We at Cognitiv are privileged to be part of this massively transformative journey, guiding and mentoring tomorrow’s category makers and leaders.
Innovation coming out of the Israeli Defense Forces (IDF) Most Israelis serve in the IDF and many hold technical roles, gaining significant training and experience in IT, cyber-tech, cyber security, robotics, deep learning and other activities that provide a strong base for success once their mandatory service is completed. In fact, many cyber-experts have been headhunted out of the IDF by start-ups and other companies, while other experts have started their own businesses using the skills they’ve obtained. This homegrown development of capabilities and expertise gives Israel a population of skilled individuals unlike anywhere else in the world.
Entrepreneurialism The combined impact of more than 1000 new startups that spring into action annually with the presence of numerous R&D centers and business accelerators
sponsored by global giants, fuels Israel’s strong spirit of entrepreneurialism. Add to this is a large population of millennials entering the workforce – young people who are less interested in traditional employment structures and dream of starting their own companies with big exits, and you have the perfect ingredients for a ‘startup nation.’
Big Players’ Presence Google. Intel. Apple. Amazon. IBM. Cisco. GE. Facebook. Microsoft... just to name a few of the big names in the technology world that have already made substantial investments in their own Israeli presence – as a conduit to new R&D, talent, and investment opportunities. If other companies haven’t looked yet, they are likely to do so soon.
Active VC Investors When it comes to investing in technology, some VC investors see Israel as more attractive than Silicon Valley. Investment costs are lower yet exit multiples can sometime rival those of Silicon Valley. In core exponential-tech areas, foundational IP is being developed right here in Israel – especially in the FinTech, Autonomous Mobility, CyberTech, Digital Health, medical devices, Deep Learning, Robotics, 3D Printing and IoT sectors. The mix of early and mid-stage companies with traditional corporations also provides a strong basis for long-term innovation and profitable investments.
Government Incentives While dozens of global corporations have invested heavily in Israeli R&D centers, the Israeli government – through the Israel Innovation Authority (Office of the Chief Scientist), provides R&D grants that range from 20% to 50% of total approved expenditures; with additional grants (up to 10%)
for R&D projects conducted in certain development areas. This funding encourages and provides new entrepreneurs with non-dilutive support for their business ventures. In fact, despite its relatively small population, Israeli R&D spending is second in the world, after South Korea.
Robust Advisory Ecosystems With so many successful Israeli exits already logged, the country has developed a strong advisory services support ecosystem for early-stage companies that are guided by ‘been there done that’ entrepreneurs within Israeli-based accelerator programs. Legal, accounting, advisory firms, angel investors, incubators, accelerators and corporate venture capital firms are providing a strong bench of experts and a vibrant ecosystem that enable start-ups to invest more in their disruptive technologies and business model innovation, and less on the rest.
“Working with three of the most experienced serial entrepreneurs in Israel is a rare opportunity.” – Ofir Schlam, CEO of Taranis “Most VC-backed startups compete for the time of the one partner who led the investment in their company. With Cognitiv Ventures, I have full access to not one but three experienced operators who help me tackle questions to the ground and build my business.” – Eitan Cohen, CEO of TechSee “Many early stage investors aspire to bring more than money to their portfolio companies. For Cognitiv, investment is just one step, followed by a partnership with former CEOs with deep experience and enthusiasm for early stage ventures.” – Shakil Haroon, CEO of Mpirica
245 AI startups received $1.7 BILLION in funding In 2017
New companies Nearly
48% of the deals
were in the angel/seed stage
Source: CB Insights
are continuing to enter the space
AI Equity Funding Since 2012:
$14.9 BILLION across 2,250 DEALS
Robotics Funding Since 2012:
$3 BILLION 488 DEALS
Part of the OurCrowd Family of Funds. DISCLAIMER: The information contained herein is provided solely for informational purposes and does not constitute an oﬀer or solicitation of investment in any OurCrowd limited partnership related to any companies or any OurCrowd funds. Anything contained in this presentation should not be construed as investment advice. The oﬀer to invest in any OurCrowd limited partnership related to any company can only be made on the OurCrowd platform and only to investors who have been fully qualiﬁed as accredited investors via the platform in accordance with the laws and regulations of their respective jurisdictions. OurCrowd makes no representation or warranty, express or implied, with respect to any data provided regarding any information provided by the companies on its web site or in this presentation, and will not be liable in any way for any inaccuracy, error or omission. Please be aware that investments in early stage companies contain a high level of risk and you should consult with your financial, tax and legal advisors prior to making any investment decisions.