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.
Former Tech Leaders Join Biotech: Isilon Founder Sujal Patel, Ex-Microsoft Terry Myerson and Others Lead AI-Driven Life Sciences Startups
Several former software and tech executives are moving into biotech and life sciences startups, bringing AI, machine learning, and tech-style business models to companies that analyze proteins, microbes, and medical records. Their tech backgrounds are reshaping product development and funding approaches at firms such as Nautilus Biotechnology, Truveta, insitro and Viome.
Amperity raises $100M Series D, becomes Seattle’s newest unicorn with $187M total funding
Seattle-based marketing startup Amperity raised $100 million in a Series D round, valuing it above $1 billion and bringing its total funding to $187 million. The company’s customer data platform helps brands like Alaska Airlines, Kroger and Starbucks unify fragmented first-party customer data to improve targeted marketing amid cookie restrictions and rising digital adoption.
Nautilus Biotechnology (NAUT) goes public via SPAC, raises $345 million to commercialize proteome analysis
Nautilus Biotechnology, co-founded by Sujal Patel and Parag Mallick, is going public on Nasdaq as NAUT through a SPAC merger that raised $345 million to advance a new proteome analysis platform aimed at accelerating biomedical research and drug development. Institutional backers include Bezos Expeditions, Vulcan Capital and Madrona Venture Group, and the deal closes on the 25th anniversary of Patel’s arrival in Seattle.
Bain Capital and Crosspoint Capital to buy Seattle cybersecurity firm ExtraHop for $900 million; founders stay
Private equity firms Bain Capital and Crosspoint Capital will acquire Seattle cybersecurity startup ExtraHop for $900 million; the 14-year-old company, with about 1,000 customers and 500+ employees, reported $100 million ARR and expects 40% growth this year. Founders and current leaders will remain, the deal aims to accelerate growth and is expected to close this summer.
TerraClear Raises $25M to Advance AI-Powered Rock-Picking Farm Technology with Fully Autonomous Version in Development
TerraClear, an ag tech startup founded by Brent Frei, has raised $25 million to advance its AI-powered rock-picking technology that helps farmers clear rocks from their fields efficiently. The company’s robotic Rock Picker can handle rocks up to 300 pounds, working with minimal soil disturbance, and is currently on its 14th prototype.
Investor Reflects on UiPath’s Journey: Dines Founded in 2005, Product-Market Fit in 2015, Series C Investment in Early 2018
A reflection on UiPath’s path to its IPO, recounting founder Daniel Dines leaving Microsoft in 2005, UiPath finding product-market fit in 2015, and the author's firm investing in UiPath during its Series C in early 2018 and later helping recruit Ted Kummert as EVP of Products in 2020.
Ozette, a Fred Hutch spinout incubated at AI2, raises $6M seed to scale AI immune-monitoring platform
Ozette, a Seattle biotech spun out of Fred Hutch and incubated at AI2, raised a $6 million seed round to scale its eight-person team and commercialize an AI-driven Immune Monitoring Platform that analyzes high-dimensional single-cell protein data, initially focused on cancer. The founders say the platform automates analysis of billions-to-trillions of protein-expression combinations and increases usable information from roughly 10% to 100% of study data.
Madison McIlwain, daughter of Madrona’s Matt McIlwain, becomes associate at Defy and pursues fashion, e-commerce investing
Madison McIlwain, daughter of Madrona Venture Group managing director Matt McIlwain, followed her father's path into venture capital and is now an associate at early-stage VC Defy, bringing interests in fashion, e-commerce and the consumer supply chain. The article profiles how growing up with dinner-table discussions about startups shaped her approach to investing and highlights Defy’s co-investments with Madrona in Seattle companies like Nautilus Biotechnology and WhyLabs.
Tanium CEO Orion Hindawi Says Talk of Washington Tax Hikes Will Drive Businesses Away; Calls Seattle 'Freeze' 'Garbage'
Tanium CEO and co-founder Orion Hindawi, who moved his $9 billion company to Seattle, warned at a Washington tech event that talk of raising Washington state taxes—especially capital gains taxes—will deter businesses from relocating to the state and dismissed Seattle's 'freeze' reputation as 'complete garbage.'
Amperity Adds Ciara to Board to Lead Corporate Social Responsibility and Community Initiatives
Seattle-based customer data platform Amperity appointed Grammy-winning singer and entrepreneur Ciara to its board to lead corporate social responsibility efforts and advise on community initiatives.
Tanium raises $150 million from Ontario Teachers’ Pension Plan after HQ move to Kirkland, Wash.
Tanium, a cybersecurity firm that relocated its headquarters from Emeryville, Calif. to Kirkland, Wash., raised $150 million in common stock from the Ontario Teachers’ Pension Plan to fund growth and expand its Seattle-area engineering presence. The privately held company, co-founded by David and Orion Hindawi, reported over $430 million in revenue in 2019 and now employs about 1,500 people.
Madrona Venture Group Raises $345M for 8th Fund and $161M for 2nd Later-Stage Fund in Largest Ever $500M Capital Raise
Madrona Venture Group raised over $500 million for its largest fundraise ever, including $345 million for an eighth early-stage fund targeting 35-40 Pacific Northwest startups and $161 million for a second later-stage Acceleration Fund. The firm continues to focus on supporting the Pacific Northwest tech ecosystem while also backing later-stage companies across North America.
GeekWire Podcast: Salesforce to buy Slack for $27.7B; AWS surprises at re:Invent; Tanium (valued $9B, $430M revenue) moves HQ to Seattle
GeekWire Podcast discusses Salesforce’s $27.7 billion acquisition of Slack, surprising announcements from AWS at re:Invent, and cybersecurity firm Tanium relocating its headquarters to the Seattle region with $9 billion valuation and $430M revenue, with commentary from Madrona’s Matt McIlwain on regional and cloud/enterprise implications.
'Slackforce,' AWS re:Invent, and Seattle's new $9B tech company
This week on the GeekWire Podcast: Salesforce strikes a deal to acquire Slack for $27.7 billion; Amazon Web Services makes some surprising news at its annual re:Invent cloud conference; and a new tech giant arrives in our backyard. Joining us on this episode is Matt McIlwain, managing director at Seattle-based venture capital firm Madrona Venture Group, offering his commentary on the implications of these developments in the world of cloud and enterprise technology. Special bonus: Listen to the end of the show for a new installment of our GeekWire Podcast trivia contest, with a chance to win a GeekWire mask…
Starbucks CEO Kevin Johnson Joins Board of Seattle Customer-Data Startup Amperity
Starbucks CEO Kevin Johnson is joining the board of Seattle customer-data startup Amperity, which provides software to connect disparate customer data for targeted marketing and counts clients like Alaska Airlines, Patagonia and Kroger; Starbucks was an early adopter of Amperity.
Madrona leads $2.6M seed round for OthersideAI to build GPT-3–powered automated email composer
OthersideAI, founded months ago by Matt Shumer, Miles Feldstein and Jason Kuperberg, raised a $2.6M seed round led by Madrona to build a GPT-3–powered tool that automatically composes email drafts; the company is testing a Chrome extension with ~100 early users and a ~10,000-person waitlist.
Matt McIlwain (Madrona) on lessons from 20 years of VC investing, traits of top entrepreneurs, and building a bigger pie
20 years as a VC at Madrona. Headline IPOs like Accolade, Smartsheet, Apptio, Isilon. Invested in cloud before it was cool. 3x Midas list. 3x CB's top 100 VC list. Matt goes behind the scenes on his lessons (from the highs and lows), Madrona's philosophy, and how the best leaders work.
Qumulo raises $125M, valued at more than $1.2B to join Seattle’s unicorns
Qumulo raised $125 million in funding, pushing its valuation to over $1.2 billion and making it a Seattle-area unicorn; the data-storage company serves customers across healthcare, media, research and the public sector and has seen increased demand during the pandemic.
Nautilus Biotechnology raises $76M Series B led by Vulcan Capital; Bezos Expeditions among investors, total funding tops $100M
Nautilus Biotechnology, co-founded by Stanford scientist Parag Mallick and Isilon co-founder Sujal Patel, revealed a platform to study the human proteome and announced a $76 million Series B led by Vulcan Capital with participation from Bezos Expeditions, Perceptive Advisors and others. The round brings total funding above $100 million for the 50-person startup as it exits stealth to accelerate proteomics-driven therapeutics development.
Special COVID-19 Episode: Matt McIlwain
Matt McIlwain, one of the Managing Directors at Madrona Venture Group, explains the most important quality he looks for in a CEO before investing, Madrona’s new accelerator fund, how he spends his time as an investor and his passion for public policy on the What Fuels You podcast. On COVID-19, Matt brings up some interesting points about the “natural tension between freedom and boundaries” and how “barriers have been broken down to find sustainable preventions, cures and tests.” Listen to hear what he believes will be the business opportunities that come out of this pandemic. See omnystudio.com/listener for privacy information.
OctoML raises $15M from Amplify and Madrona to scale TVM-based ML deployment tools
Seattle startup OctoML, spun out of the University of Washington and led by Apache TVM creators, raised $15 million from investors including Amplify and Madrona to expand its ML deployment software. The company, which launched a TVM-based SaaS called Octomizer, will use the funding to grow hiring and scale its optimizer for edge and cloud model deployment.
Steve Singh Joins Madrona Venture Group as Managing Director to Back Next-Gen Entrepreneurs
Steve Singh has joined Madrona Venture Group as a managing director, transitioning from a long entrepreneurial career to venture investing to support and mentor the next generation of entrepreneurs. He emphasizes Madrona's focus on backing people, thematic investing in next-phase computing—especially Intelligent Applications—and helping founders build lasting companies.
Seattle’s A-Alpha Bio Raises $2.8M Seed Round to Advance AlphaSeq Drug Discovery Platform
Seattle startup A-Alpha Bio raised $2.8 million in seed funding to advance its genetically engineered protein analysis platform, AlphaSeq, which accelerates drug candidate evaluation by sorting millions of protein interactions. The round was led by OS Fund and included investors such as Madrona Venture Group and AME Cloud Ventures.
Madrona Ventures Invests in Ovation.io to Build Cloud Clinical Informatics for Genomic and Molecular Testing
Madrona announced its investment in Ovation.io, a cloud-based clinical informatics company founded by Barry Wark and Winston Brasor that builds tools to automate molecular testing lab workflows and unlock genomic and clinical data value.
Madrona promotes Troy Cichos to COO and Partner; Jennifer Chambers named Administrative Partner; Tasha Tieu joins as Controller; Ted Kummert becomes Chief Product Officer in Residence
Madrona announced administrative team changes: Troy Cichos promoted to COO and Partner, Jennifer Chambers promoted to Administrative Partner, Tasha Tieu hired as Controller, Ted Kummert’s role expanded to Chief Product Officer in Residence, and Hope Cochran named Managing Director. The moves support operations as Madrona manages nearly $1.6 billion across five active funds with a 35-person staff.
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
