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    First Analysis

    Chicago, Illinois, United StatesFounded 1981
    www.firstanalysis.comLinkedIn
    CybersecurityE-Commerce & MarketplaceEnterprise SoftwareHR & TalentMarketing & AdvertisingHealthcareInfrastructure & CloudEducationLogistics & Supply ChainSaaS

    Founded in 1981 and based in Chicago, First Analysis is a venture capital and advisory firm specializing in B2B technology investments. The firm invests $3–10 million in growth-focused companies across sectors including cybersecurity, healthcare IT, enterprise software, and supply chain, having invested over $880 million across its funds.

    Average disclosed round size is $17.0M (across 16 rounds with reported amounts).

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    Portfolio

    14

    Fund Size

    $97M

    Top Stage

    Series D

    Last 12 Mo

    0

    Team

    AW

    Andrew Walsh

    Managing Director

    CG

    Corey Greendale

    Managing Director, Office of the President

    DL

    Dave Leshuk

    Managing Director and Research Director

    HS

    Howard Smith

    Managing Director, Office of the President

    JM

    Jim Macdonald

    Managing Director

    JM

    Joe Munda

    Managing Director

    MN

    Matt Nicklin

    Managing Director, Office of the President

    RC

    Richard Conklin

    Managing Director

    TM

    Tracy Marshbanks, Ph. D.

    Managing Director

    DS

    Daniel Smereczynski

    Vice President

    DH

    David Hess

    Vice President

    ET

    Eric Terhorst

    Senior Vice President

    Portfolio Breakdown

    Stage Distribution

    Sector Distribution

    Investment Activity

    DealsAvg Round Size

    Portfolio

    16 investments
    CompanyRoundAmountDate
    CSA Medical logoCSA MedicalSeries D$53MSep 2024
    CCsa Medical IncSeries D$53MSep 2024
    Sware logoSwareSeries B$6MJun 2024
    Stamus Networks logoStamus NetworksSeries A$6MAug 2023
    Stamus Networks logoStamus NetworksSeries A$6MJan 2023
    CoolR Group logoCoolR GroupUnknown$10MJan 2022
    CoolR logoCoolRUnknown$10MJan 2022
    SmartCommerce logoSmartCommerceSeries B$12.2MApr 2021
    Dina logoDinaSeries A$7MJan 2021
    VViralgainsSeries B$2.8MSep 2017
    Yello logoYelloSeries C$31MJun 2017
    Apixio logoApixioSeries D$19.3MMay 2016
    DataSphere logoDataSphereSeries D$8MMar 2012
    Checkpoint Surgical logoCheckpoint SurgicalGrowth$16M—
    SmartCommerce logoSmartCommerceGrowth$13M—
    IInPhonic, Inc.Series D$19M—

    Top Co-Investors

    TVM Capital Life Science2 shared
    Ascension Ventures2 shared
    SV Health Investors2 shared
    Blue Heron Capital2 shared
    Moneta Ventures2 shared
    Remarkable Ventures2 shared
    Elevate Ventures2 shared
    ICU Ventures2 shared
    JMI Equity1 shared
    New York Angels1 shared
    LRVHealth1 shared
    New Stack1 shared
    Insight Partners1 shared
    Mutual Capital Partners1 shared
    JumpStart Ventures1 shared
    Pritzker Group Venture Capital1 shared
    First Trust Capital Partners1 shared
    Meridian Street Capital1 shared
    Chicago Ventures1 shared
    Ignition Partners1 shared

    Last updated: 8 September 2026