binarypublish- Verify Venture Studio has announced its first investment in an external company, Settlement Intelligence, an AI startup that utilises machine learning to aid the legal settlement process.
- Verify is a venture studio operates in two parts, as a consultancy and as an idea hub, with a team made up of ex-Nike employees, leveraging their experience to assist startups.
- The studio has so far incubated four ideas, three developed in-house and the fourth is Settlement Intelligence, marking a major milestone for the studio.
Verify Venture Studio, which is run by a group of former Nike employees, noted its first external business investment in Settlement Intelligence, an AI startup. The software enterprise employs artificial intelligence and machine learning to produce letters that form a part of the legal settlement process. As a result of the investment, Settlement Intelligence will receive in-kind services from Verify, with the potential for capital investment once there is sufficient project traction, stipulated Verify partner Russell McLemore.
The venture studio, which started in 2019, operates in dual capacities, serving simultaneously as a consultancy and an idea hub. Recommendations and guidance are offered to a broad spectrum of brands, from large corporations like REI Co-op and Target Corp. to smaller brands in the $30 million revenue range. The revenue made through these consulting services is then reinvested in the startup portfolio of Verify, aiding in the development and nurturing of startups and innovation.
Co-founded by a team of ex-Nike employees, who had all previously been part of Nike’s in-house innovation hub Valiant Labs, Verify Venture Studio has so far incubated four concepts, comprising three in-house ideas and one external entrepreneur initiative through Settlement Intelligence. The internal concepts include Clean Age, a sustainable and gender-neutral personal care brand, 30 Second Dance Party, a toy company, and a digital marketing insights and analytics software-as-a-service company.
Verify has found great value in its extensive network for business development efforts, but also places emphasis on potential startups with engaging teams and domain expertise. The recent investment marks a significant advancement for the venture studio and solidifies its mission to boost the region’s startup profile.
