Matt McIlwain
Matt McIlwain currently serves as a board member at several companies, including A-Alpha Bio, Amperity, Axiom Math, Booster, and EdgeRunner AI. He has previously held board roles at Accolade, Inc. (which went public in 2021), Apptio (which went public in 2016), Farecast, and Isilon Systems (which went public in 2006), as well as serving as Vice President of Business Process at Genuine Parts Company.
Atomic Raises $12.5M Series A Led by Klass Capital and Madrona to Expand AI Supply-Chain Execution Platform
Atomic raised $12.5 million in a Series A led by Klass Capital and Madrona to expand its AI-powered supply chain planning platform into day-to-day purchasing and inventory execution for enterprises.
Atomic raises $12.5M Series A from Klass Capital and Madrona as AI automates 90% of DashMart purchasing
Atomic, a Boston startup founded by three former Tesla planning leaders, raised a $12.5M Series A led by Klass Capital and Madrona Venture Group to commercialize its AI that now automates 90% of purchasing across hundreds of DoorDash DashMart sites. An SEC filing indicates the company sold $18.5M, about $6M more than the announced round.
Apptio Co-founders Sunny Gupta and Kurt Shintaffer Launch Thira, Raise $21M Seed Led by Madrona to Build Autonomous IT Support Agents
Apptio co-founders Sunny Gupta and Kurt Shintaffer launched Bellevue-based enterprise AI startup Thira to build autonomous agents for IT support and back-office work, and raised $21 million in seed funding led by Madrona. Thira will integrate with tools like ServiceNow, Jira Service Management and identity/device-management systems, with plans to expand into finance and HR amid competition from companies such as ServiceNow (Moveworks), Aisera, Rezolve.ai, and Serval.
Thira Secures $21 Million Seed Funding to Automate Enterprise Back-Office Workflows with AI
Thira, founded by Apptio co-founders in 2026, has raised $21 million in a seed round led by Madrona to develop an AI-native platform that automates complex enterprise back-office workflows while ensuring security and compliance.
Madrona Ventures Invests in Thira, Reuniting Founders Sunny Gupta and Kurt Shintaffer to Build AI-Native Systems for CIOs
Madrona announced a new investment in Thira, led by founders Sunny Gupta and Kurt Shintaffer, reuniting experienced enterprise builders to tackle CIO-focused AI-native systems. The firm argues Thira’s team and product strategy will help CIOs deploy AI-driven systems of execution and drive measurable returns on technology and AI investments.
Thira Secures $21M Seed Funding Led by Madrona to Develop AI-Driven Self-Running Enterprise Back-Office
Thira, founded by Apptio co-founders Sunny Gupta and Kurt Shintaffer, raised $21 million in a seed round led by Madrona to develop a secure, self-learning AI system aimed at automating enterprise back-office IT processes. The funding round also includes participation from FUSE and prominent advisors, with key industry veterans joining the founding team.
Oren Etzioni Outlines 10 Key Commandments for AI Startups Following 10 Classic Startup Rules
Oren Etzioni shares ten foundational commandments for AI startups focused on business models, distribution, costs, and model dependency, preceded by ten general startup principles from industry veterans. These guidelines draw on his extensive experience as an AI entrepreneur and investor to help founders navigate unique challenges in AI ventures.
Seattle Startup Accelerator Foundations Expands to San Francisco with New 5,000-Sq-Ft Location in Q2 2024
Seattle-based startup accelerator Foundations is opening a new 5,000-square-foot location in San Francisco to support founders who split time between the two tech hubs, responding to shifting market dynamics and growing startup momentum in the Bay Area. The expansion aims to bridge Seattle and San Francisco communities without abandoning Seattle, enabling members to access both spaces starting in Q2 2024.
Fred Hutch-Led Synthesize Bio Raises $10M to Accelerate Drug Discovery Using AI Gene Expression Model
Seattle-based Synthesize Bio, led by Fred Hutchinson Cancer Center researchers, raised $10 million from Madrona to accelerate drug discovery using their AI model GEM-1, which predicts gene expression outcomes with lab-level accuracy. The startup aims to reduce drug development time and costs by simulating hypothetical lab experiments with generative genomics.
Seattle VCs Greg Gottesman and Matt McIlwain Urge Startups to Rethink Defensibility Amid Rapid AI Advancements
Seattle venture capitalists Greg Gottesman and Matt McIlwain emphasized at Seattle Venture Day that startups must develop new defensibility strategies, like 'reasoning flywheels,' to survive rapid scaling and vulnerability in the AI era. They advise founders to move beyond traditional intellectual property moats and focus on unique data, engagement, and workflows.
Seattle Investors and Founders See AI Boom as Key Startup Opportunity Amid Cultural and Capital Challenges
Seattle's startup ecosystem is poised for significant growth amid the AI boom, thanks to a strong talent pool and tech presence, according to over 20 investors and founders. However, concerns about a risk-averse culture, limited local capital, and government policies could hinder the city's ability to fully capitalize on this opportunity.
Madrona’s Matt McIlwain Forecasts Microsoft and Amazon Outpacing Apple After One Year
Madrona’s Matt McIlwain predicted a year ago that Microsoft and Amazon would outperform Apple, with Amazon up 25%, Microsoft up 15%, and Apple down 5%. He attributes this to Microsoft and Amazon’s strong positioning in AI and sees continued divergence in Big Tech performance going forward.
Seattle Startup Edgerunner AI Raises $12M Series A to Develop On-Device Military AI Agents Without Internet
Seattle startup Edgerunner AI raised $12 million in a Series A to develop on-device AI agents that assist military personnel with logistics and maintenance without internet connectivity. Founded by former military and tech experts, the company focuses on secure, domain-specific AI solutions powered by open source LLMs and supported by investors like Madrona and HP Tech Ventures.
Madrona Managing Director Matt McIlwain Shares 'Triangle' Model to Assess Startup Founders and Pitches
Madrona Managing Director Matt McIlwain explained his 'triangle' model for evaluating startup pitches, focusing on the problem's existence, timing, the product, and founder-market fit. He emphasized the importance of founders' dedication, understanding of timing, and adaptability in successfully backing startups.
Madrona Venture Group Marks 30 Years with $770M Raised for New Funds, Continuing Strong Seattle Investments
Madrona Venture Group, a Seattle-based venture capital firm celebrating its 30th anniversary, has invested in major startups like Amazon and recently raised $770 million for two new funds to support about 40 investments. While expanding beyond the Pacific Northwest with a Palo Alto office, Madrona continues to focus most of its investments locally.
Seattle AI Marketing Startup Gradial Raises $13M Series A Led by Madrona to Scale Automation Platform
Seattle startup Gradial raised $13 million in a Series A round led by Madrona to expand its AI platform that automates marketing content operations. The company has experienced 30x revenue growth and plans to double its staff to accelerate product development and customer acquisition.
Madrona Raises $770M for Two New Funds to Back Early and Late-Stage Tech Startups Amid VC Slowdown
Madrona, the largest venture capital firm in the Pacific Northwest, raised $770 million for two new funds focusing on early-stage and more mature tech startups despite a challenging VC fundraising environment in 2024. The firm plans to invest in about 30 companies at early stages and 12 at later stages, maintaining its strong position amid a slowdown in the broader venture capital sector.
Former Salesforce Exec Tony Alika Owens Named CEO of $1B-Valued Customer Data Startup Amperity
Tony Alika Owens, a former Salesforce executive, was appointed CEO of Seattle-based customer data platform startup Amperity, which reached a $1 billion valuation in 2021. Owens plans to expand Amperity's AI-driven product offerings and target more technical users and smaller customers.
Seattle Startup Read AI Raises $50M Series B to Accelerate Growth of AI-Powered Enterprise Productivity Tools
Seattle startup Read AI, selling generative AI-powered enterprise productivity tools, has raised $50 million in a Series B round to accelerate growth, boasting 75% of the Fortune 500 as users and adding 100,000 new accounts weekly without marketing spend. The company aims to expand its 'copilot everywhere' vision by integrating AI across communication platforms like email, messaging, and video calls, with plans to add predictive analytics and automation.
Seattle Venture Day 2024 - Highlight Video
Seattle Venture Day is OneSixOne Ventures' flagship Seattle tech event. The 2nd annual event brought together 250+ tech leaders, investors and founders at the Queen Anne Beerhall for networking and some insightful dialogues about build and investing in startups. The event featured a fireside chat with Matt McIlwain, Managing Partner at Madrona (3x Forbes Midas list) in addition to panel discussions featuring other notable speakers such as Geoff Entress (Pioneer Square Labs), Bill McAleer (Voyager Capital), Aviel Ginzburg (Founders Co-op), Kristen Hamilton (Enjoy The Work), Maria Colacurcio (Syndio), Laura Ruderman (Technology Alliance), Kirby Winfield (Ascend VC), Julie Sandler (PSL Ventures)…
Nvidia Acquires Seattle AI Startup OctoAI for Over $250 Million, Ending Its Service Offering by October 31
Nvidia has acquired Seattle-based AI startup OctoAI, which helps run generative AI models efficiently, for a price potentially exceeding $250 million including retention incentives. OctoAI is winding down its services by October 31, marking Nvidia's continued expansion in AI amid rising regulatory scrutiny.
Seattle Tech Week 2024 Draws ~75 Events, Organizers Thank JP Morgan, Ascend, Google Cloud and Sarah Studer
Seattle Tech Week 2024 featured about 75 events that brought together founders, investors, and startups, showcasing Seattle as a vibrant tech hub. Organizers thanked hosts, sponsors (including JP Morgan, Ascend, Google Cloud), community builder Sarah Studer, and noted the program expanded from last year with spillover weekend activities and large community turnout.
Anup Leaves Certa.ai to Become Co-Founder and CCO at Gradial, Rejoining Founders After 14 Months
Anup has stepped down from his role at Certa.ai after 14 months to join Gradial as Co-Founder and Chief Commercial Officer, reuniting with the founding team. He praised Certa.ai for its culture and growth and invited contacts to reach out regarding Gradial's AI-driven marketing automation for Fortune 500 companies.
Madrona Leads Series Seed in Codified to Deliver AI-Powered Policy-Driven Data Governance
Madrona led a Series Seed investment in Codified, an AI-powered, policy-driven data governance platform founded by Yatharth Gupta, aiming to provide seamless, secure, least-privilege access to data amid rising privacy and security concerns.
#64 Matt McIlwain – MD Madrona Venture Group on all Things Venture Capital
Nataraj interviewed veteran VC Matt McIlwain of Madrona Venture Group on Startup Project podcast. Matt shared his insights into the state of venture capital and the impacts of AI, drawn from his 20+ years of experience. Some key takeaways: 1. Venture is a "tale of two cities" now - later stage startups are struggling, earlier stage companies embracing AI are thriving 2. Seattle has unmatched talent but lacks local capital - still over-reliant on Silicon Valley VCs 3. Incumbents have the edge currently in leveraging AI due to data, customers, ability to integrate via APIs - but long term, AI-native…
Organizations
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Thira Director 2026–present · current
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Exa Investor 2026–present · current
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Thira Board Member 2026–present · current
Education
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Harvard Business School Master of Business Administration (MBA) · 1990–1992
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Dartmouth College Bachelor's degree, Government with economics · 1983–1987
