# First Analysis: portfolio, investments and team > First Analysis is a vc firm based in United States. 40 investments on record, latest Oct 2025. Portfolio, stages, co-investors and team. Source: https://millionrounds.com/fund/first-analysis (Millionrounds; every figure on the page links to its filing or article) United States · [Investor](https://millionrounds.com/investors) # First Analysis Last cheque observed Oct 2025. Silence since then is not evidence of inactivity: our sources miss unannounced rounds. Quiet New fund $65M, Aug 2023 VC firm Seed Series A Series B Cybersecurity E-commerce Enterprise Productivity Cheques on record **0%** of best year **0** **cheques in 12 months**, 40 on record Since the last cheque **377** days **00** hrs **00** min **00** sec Median round **$10M** Rounds led **2 of 40** Sole investor **5 rounds** Exits **8 from the portfolio** Mostly in **United States, 98%** Pitch First Analysis ## First Analysis highlights - 01 40 rounds on record - 02 Mostly Venture and Series A: 50% of its rounds - 03 Sole investor in 5 rounds, median $4.0M - 04 8 exits from the portfolio ## What they do > First Analysis leverages 40+ years of expertise to partner with growth-focused B2B tech companies, offering deep research, venture capital and advisory services. From their own website - **Type:** VC firm (from a list, unverified) - **Cheque size:** Not stated - **Stages:** Seed Series A Series B Growth - **Sectors:** Cybersecurity E-commerce Enterprise Productivity - **Based in:** Chicago, United States - **Cold pitches:** Not stated ## The record Every round we can evidence, newest first **40 appearances** - **2025** 1 round - **Oct** **[Intelligent Locations](https://millionrounds.com/company/intelligent-locations)** Growth · US · Firms' own news pages **Undisclosed** With 3 others - **2019** 3 rounds - **Aug** **[SmartWitness](https://millionrounds.com/company/smartwitness)** Series A · US · Americaninno **$4.0M** Sole investor - **Jul** **[SynergySuite](https://millionrounds.com/company/synergysuite)** Series A · US · FinSMEs **$6.0M** *Led* - **Mar** **[AppDetex](https://millionrounds.com/company/appdetex)** Series B · US · FinSMEs **$10M** *Led* - **2017** 1 round - **Sept** **[ViralGains](https://millionrounds.com/company/viralgains)** Debt · US · FinSMEs **$14M** With 5 others - **2016** 1 round - **Jun** **[StreamLink Software](https://millionrounds.com/company/streamlink-software)** Series A · US · Vcnewsdaily **$10M** Sole investor - **2015** 4 rounds - **Nov** **[yello](https://millionrounds.com/company/yello)** Series B · US **$5.0M** With 1 other - **Oct** **[BuyerQuest](https://millionrounds.com/company/buyerquest)** Venture · US **$7.0M** With 1 other - **Jul** **[Scale Computing](https://millionrounds.com/company/scale-computing)** Series E · US **$18M** With 4 others - **Jul** **[Courtagen Life Sciences](https://millionrounds.com/company/courtagen-life-sciences)** Growth · US **$20M** With 5 others - **2014** 4 rounds - **Aug** **[Scale Computing](https://millionrounds.com/company/scale-computing)** Venture · US **Undisclosed** With 1 other - **Jul** **[VisiQuate](https://millionrounds.com/company/visiquate)** Series C · US **$6.0M** Sole investor - **Mar** **[ITS Compliance](https://millionrounds.com/company/its-compliance)** Venture · US **$5.8M** With 1 other - **Jan** **[Chrome River Technologies](https://millionrounds.com/company/chrome-river-technologies)** Series C · US **$17M** With 1 other - **2013** 3 rounds - **Dec** **[CSA Medical](https://millionrounds.com/company/csa-medical)** Series C · US **$16M** With 6 others - **Sept** **[UniversityNow](https://millionrounds.com/company/universitynow)** Series C · US · finsmes.com **$19M** With 6 others - **Aug** **[Freeosk Inc](https://millionrounds.com/company/freeosk-inc)** Series A · US · finsmes.com **$6.0M** With 2 others - **2012** 1 round - **Mar** **[DataSphere](https://millionrounds.com/company/datasphere)** Series D · US · freshnews.com **$8.0M** With 1 other - **2011** 1 round - **Dec** **[CSA Medical](https://millionrounds.com/company/csa-medical)** Series B · US · finsmes.com **$21M** With 3 others - **2010** 1 round - **Oct** **[NitroSecurity](https://millionrounds.com/company/nitrosecurity)** Series B · US · masshightech.com **$6.0M** With 2 others - **2008** 3 rounds - **Aug** **[NitroSecurity](https://millionrounds.com/company/nitrosecurity)** Series D · US · masshightech.com **$10M** With 2 others - **Jun** **[Initiate Systems](https://millionrounds.com/company/initiate-systems)** Venture · US · bizjournals.com **$26M** With 6 others - **Jan** **[Achilles Group](https://millionrounds.com/company/achilles-group)** Series A · GB **$2.5M** With 1 other - **2007** 3 rounds - **Aug** **[True North Technology](https://millionrounds.com/company/true-north-technology)** Venture · US · firstanalysis.com **$3.3M** Sole investor - **Jun** **[Movero Technology](https://millionrounds.com/company/movero-technology)** Series A · US **$5.0M** With 1 other - **Mar** **[Cylex](https://millionrounds.com/company/cylex)** Series C · US **$21M** With 7 others - **2006** 5 rounds - **Nov** **[Wimba](https://millionrounds.com/company/wimba)** Series A · US · wimba.com **$10M** With 3 others - **Nov** **[Horizon](https://millionrounds.com/company/horizon)** Venture · US **$10M** With 3 others - **Sept** **[NitroSecurity](https://millionrounds.com/company/nitrosecurity)** Series C · US **$2.0M** With 1 other - **Jun** **[NanoOpto](https://millionrounds.com/company/nanoopto)** Series D · US · moonlightchannels.com **$5.0M** With 5 others - **Jan** **[EraGen Biosciences](https://millionrounds.com/company/eragen-biosciences)** Series A · US · eragen.com **$12M** With 3 others - **2005** 4 rounds - **Sept** **[BladeLogic](https://millionrounds.com/company/bladelogic)** Series D · US · findarticles.com **$7.0M** With 4 others - **Aug** **[Extraprise](https://millionrounds.com/company/extraprise)** Venture · US · extraprise.com **$5.1M** With 7 others - **Mar** **[NanoOpto](https://millionrounds.com/company/nanoopto)** Series C · US · azonano.com **$12M** With 4 others - **Feb** **[NitroSecurity](https://millionrounds.com/company/nitrosecurity)** Series B · US · goliath.ecnext.com **$6.5M** With 1 other - **2004** 1 round - **Mar** **[SecurePipe](https://millionrounds.com/company/securepipe)** Venture · US **Undisclosed** With 2 others - **2003** 1 round - **Jan** **[IndX Software Corporation](https://millionrounds.com/company/indx-software-corporation)** Venture · US **$7.5M** With 4 others - **2001** 2 rounds - **Aug** **[Go2call.com](https://millionrounds.com/company/go2call-com)** US **$2.6M** With 1 other - **Apr** **[Dynamic Mobile Data](https://millionrounds.com/company/dynamic-mobile-data)** Series B · US **$10M** With 3 others - **1999** 1 round - **Dec** **[Go2call.com](https://millionrounds.com/company/go2call-com)** US **$3.0M** Sole investor An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor. ## The team Named by the firm itself, on a filing, its Form ADV or its company registration **8 named** CO **Corey Oliver Greendale** Executive Officer, Promoter i Filing they signed DJ **David John Leshuk** Chief Compliance Officer i Form ADV FO **F. Oliver Nicklin, Jr.** Executive Officer, Promoter i Filing they signed HO **Howard Oliver Smith** Executive Officer, Promoter i Filing they signed JO **James Oliver Macdonald** Executive Officer, Promoter i Filing they signed MO **Mathew Oliver Nicklin** Executive Officer, Promoter i Filing they signed MO **Matthew Oliver Nicklin** Executive Officer, Promoter i Filing they signed TO **Tracy Oliver Marshbanks** Executive Officer, Promoter i Filing they signed We also hold **23** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them. ## What the register says From the firm's own filings with the SEC, which it must file accurately by law **$186M** assets it manages Oct 2026 **Registered** investment adviser full reporting to the SEC - **Legal name:** First Analysis Capital Management LLC - **SEC number:** CRD 161373 Funds on its Form ADV **12** private funds, **$199M** in gross assets · filed May 2024 Private equity **7** Venture **5** - First Analysis Fund XII+, L.P. *Venture* 63 investors $82M - First Analysis Private Equity Fund V-A, L.P. *Private equity* 22 investors $67M - First Analysis Private Equity Fund V, L.P. *Private equity* 6 investors $21M - FA Private Equity Fund IV, L.P. *Private equity* 25 investors $10M - First Analysis Fund XII+ (Cayman), L.P. *Venture* 2 investors $7.8M - First Analysis Private Equity Fund V-C, L.P. *Private equity* 2 investors $6.0M - First Analysis Fund XIV-A, L.P. *Venture* 43 investors $2.8M - First Analysis Fund XIV, L.P. *Venture* 10 investors $874K - First Analysis Fund XIV (Cayman), L.P. *Venture* 2 investors $567K - FA Private Equity Fund IV GMBH & CO. Beteiligungs KG *Private equity* 2 investors $444K And 2 more on the filing. ## What they claim to have backed From their own portfolio page (on their website) **9** of 18 we have independently watched raise [Appliedstemcell](https://millionrounds.com/company/applied-stemcell)[Coolrgroup](https://millionrounds.com/company/coolr-group)[Cyclelabs](https://millionrounds.com/company/cycle-labs)[Drivemyway](https://millionrounds.com/company/drive-my-way)[Edgeiq](https://millionrounds.com/company/edgeiq)[Intelligentlocations](https://millionrounds.com/company/intelligent-locations)[Stamus-networks](https://millionrounds.com/company/stamus-networks)[Sware](https://millionrounds.com/company/sware)[Visage](https://millionrounds.com/company/visage) Avenuez FINRA's BrokerCheck Gradientcyber Ihcscorp Insellerate Kno2 Lenderprice Yunu tpn.health Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded. ## Exits from the portfolio Companies it backed that were later bought or listed **8 in all** **[NitroSecurity](https://millionrounds.com/company/nitrosecurity)** Bought by [McAfee](https://millionrounds.com/fund/mcafee) **Undisclosed** Oct 2011 **[EraGen Biosciences](https://millionrounds.com/company/eragen-biosciences)** Bought by Luminex **$34M** Jun 2011 **[Movero Technology](https://millionrounds.com/company/movero-technology)** Bought by Movero, Inc. **Undisclosed** Feb 2011 **[Wimba](https://millionrounds.com/company/wimba)** Bought by Blackboard **Undisclosed** Jul 2010 **[Initiate Systems](https://millionrounds.com/company/initiate-systems)** Bought by [IBM (International Business Machines)](https://millionrounds.com/fund/ibm-international-business-machines) **Undisclosed** Feb 2010 **[BladeLogic](https://millionrounds.com/company/bladelogic)** Bought by BMC Software **$800M** Mar 2008 **[Go2call.com](https://millionrounds.com/company/go2call-com)** Bought by deltathree **Undisclosed** Feb 2007 **[SecurePipe](https://millionrounds.com/company/securepipe)** Bought by Trustwave Holdings **Undisclosed** Jan 2007 An exit counts when it came after the firm's first round in the company. From historical deal records. New fund on file **$65M** raised in Aug 2023 From its SEC filing, not a journalist: a firm that has just raised has money to deploy. ## The cheque Seed Series A Series B Median round joined **$10M** the round, not its cheque Alone, median **$4.0M** Led 2 of 40 rounds **5%** - **Sole investor:** 5 rounds - **Last cheque:** Oct 2025 - **Exits:** 8 from the portfolio Rounds by stage said on their site - Venture *9* - Series A said *8* - Series C *7* - Series B said *6* - Series D *4* - Seed said *-* - Growth said *-* Cheques by month Led Joined Nov 2023 Oct 2026 Often in the room with - [Argentum Capital Partners](https://millionrounds.com/fund/argentum-capital-partners) 4 - [Brookline Venture Partners](https://millionrounds.com/fund/brookline-venture-partners) 4 - [Argentum Group](https://millionrounds.com/fund/argentum-group) 2 - [Blue Heron Capital](https://millionrounds.com/fund/blue-heron-capital) 2 - [DFJ](https://millionrounds.com/fund/dfj) 2 - [Gefinor Capital](https://millionrounds.com/fund/gefinor-capital) 2 **Pitching First Analysis?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque. Add to your CRM *→* ## Who they invest alongside The investors most often in the same rounds as First Analysis. A count of rooms they were both in, not a relationship either has claimed. [**Argentum Capital Partners** Growth equity **4** rounds together](https://millionrounds.com/fund/argentum-capital-partners)[**Brookline Venture Partners** VC firm **4** rounds together](https://millionrounds.com/fund/brookline-venture-partners)[**Argentum Group** Investment firm **2** rounds together](https://millionrounds.com/fund/argentum-group)[**Blue Heron Capital** VC firm **2** rounds together](https://millionrounds.com/fund/blue-heron-capital)[**DFJ** VC firm **2** rounds together](https://millionrounds.com/fund/dfj)[**Gefinor Capital** Investment firm **2** rounds together](https://millionrounds.com/fund/gefinor-capital)[**Harris & Harris Group** Growth equity **2** rounds together](https://millionrounds.com/fund/harris-and-harris-group)[**Intersouth Partners** VC firm **2** rounds together](https://millionrounds.com/fund/intersouth-partners)[**Morgenthaler Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/morgenthaler)[**NewSpring Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/newspring-ventures)[**ORIGIN** Hedge fund **2** rounds together](https://millionrounds.com/fund/origin-2)[**SV Life Sciences** VC firm **2** rounds together](https://millionrounds.com/fund/sv-life-sciences) ## Recently backed The latest companies First Analysis put money into. [**Intelligent Locations** Oct 2025](https://millionrounds.com/company/intelligent-locations)[**SynergySuite** $6.0M · Jul 2019](https://millionrounds.com/company/synergysuite)[**ViralGains** $14M · Sept 2017](https://millionrounds.com/company/viralgains) ## Quick answers about First Analysis ### What does First Analysis invest in? First Analysis invests most often at Venture and Series A (50% of the rounds on record), in sectors such as Cybersecurity, E-commerce and Enterprise Productivity. ### How active is First Analysis? 40 investments on record, 0 of them in the last 12 months, and it led 2. The most recent was in Oct 2025. ### What has First Analysis invested in recently? Its most recent investments on record: Intelligent Locations (Growth, Oct 2025), SmartWitness (Series A, Aug 2019) and SynergySuite (Series A, Jul 2019). ### How big are First Analysis's cheques? The median round it joins is $10M. ### Does First Analysis lead rounds? Sometimes: it led 2 of its 40 investments on record (5%). ### Where does First Analysis invest? Most of the companies it backs are in the United States (98%). ### Is First Analysis investing now? No investments in the last 12 months; the latest was in Oct 2025. ### Who does First Analysis invest alongside? Most often Argentum Capital Partners (4 rounds together), Brookline Venture Partners (4 rounds together) and Argentum Group (2 rounds together). ## Raising now? Find the investors who back rounds like yours, and keep every conversation on one fundraising board. Find similar investorsOpen your CRM Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=first-analysis) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=first-analysis)