Victor Technology LLC

There's also the technology bucket.

So of those different kind of angles, it seems very much you're a technology company.

Why do you think so many people misconstrue that?

Some of the ways we are most different from private equities are, number one, we're not a fund.

Ähm, es ist, ich glaub, da schon natürlich wirklich uns zugute gekommen, dass wir seit, äh, fünfzehn Jahren über fünfzig, sechzig Strategieprojekte in einer ähnlichen Natur gemacht haben.

Also das heißt, wir haben ja jetzt nicht gesagt, äh, als ich sag mal Tech Company, wir wollen dir jetzt, es ging in dem Fall um die Kundenstrategie zwanzig dreißig als Projekt, also auf Vorstandsebene durchaus 'n, 'n sehr wesentlich strategisches Projekt für die AXA, äh, wo wir gesagt haben, ja, wir, wir kommen jetzt mal mit guten, äh, LMMs und die machen irgendwas besser als was ihr auch immer selber befragen könntet.

Sondern was, äh, faktisch der Fall war, wir haben das Projekt so aufgesetzt und dann auch den, äh, AI, äh, Twins trainiert, wie wir es ja sonst auch aufgesetzt hätten ohne AI.

Nur dass wir halt eben die Methodik, die wir natürlich sehr gut, äh, kennen und kannten, dort, äh, sehr denkbar auch effizient Trainier-trainieren konnten.

So if there is tech, they're all using third-party technology.

And so I just had the idea that why wouldn't a sales company just build their own technology and then offer their technology to their clients? Because when I went to the third-party technology companies that we were using and said, "Hey, our client wants a company store, and they want minimum of one, and here's what they wanna do," the tech company just said, "Oh, we can't do that.

We, we don't do that.

We, we can't offer that." And so I just kind of realized, well, ev- and then every company in this space was using the same third-party technology.

But then I realized, like, that's a terrible idea 'cause you hire someone and then they're gone.

What do you do? So I really thought it was most important to get partners who had equity, a lot of equity, help let them build the tech, because then they'll stay, and they'll be, uh, obviously much more inclined to build the best tech possible.

And then in my opinion, that's just a much better way to build a tech company.

And I'm not a tech guy, so I couldn't build it myself.

The scaled stories, Maven, Carrot, Kind Body, have leaned into employer and payer channels from the outset.

Techco and Wida twenty twenty-four, SVB twenty twenty-four.

Maven Clinic serves employees at more than one thousand companies, while Carrot and Progyny have built large businesses by solving fertility for HR, not just for consumers.

And pharmacies from CVS and Walgreens to Boots and Mexico's Femsa chains are adding women's health aisles and telehealth access points.

Yet, Rock Health and sector analysts show most deals stuck at seed and Series A, with only two to three percent of digital health growth stage dollars reaching women's health.

New company formation has already slowed sharply as founders internalize the difficulty of scaling.

Techco and Wida twenty twenty-four, Jones Day twenty twenty-five, Galen Growth twenty twenty-three.

So what? For investors, twenty twenty-six is a prime moment to build a differentiated growth stage thesis in women's health.

Perhaps he's becoming more of a lame duck.

Maybe tech companies will grow a spine.

Why do you think...

Why would they?

When have they been, like, the great, when have they done anything that has not been in their self-interest? They literally, they're like cigarette companies on steroids.

Like, they don't care.

I keep, when people are like, oh, tech companies for good, I'm like, they don't care.

And I don't mean to say they're evil.

He's brilliant.

And yes, I do agree with his analysis that the new dominion is one that is being fought on the internet, one that is being fought through these tech companies.

I'll give you one example that actually...

So think about techno-feudalism.

employee-employer relationship.

It was a relationship of subjugation.

What we have today, first of all, most of the people running Silicon Valley, our tech companies, did not inherit their status.

They created their status.

And then I'm also coming in as an accountant going, all right.

Like even to the point where one of my staff members, he's now like a co-founder for the tech side because we've got a tech company.

We're building something.

Yeah, we're building a CRM.

Tech.

I mean, we had some issues tech-wise.

I was like, I'm starting a tech company.

If

you know?

okay well i'm excited for that trivia time we're gonna play a new game cat this game is called guess if this is a tech company or a pharma drug

okay you

ready the first one is anaplan

anaplan

tech company or pharma drug

anaplan i'm gonna go with tech company

That's correct.

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Big tech companies see $160 billion profit gain from stakes in AI firms.

Major technology firms including NVIDIA, Microsoft, Amazon, and Google have realized a $160 billion increase in profits from their investments in other artificial intelligence companies.

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