LaunchPad Alumni Spotlight- Shadowbox

Shadowbox Solutions, a 2018 LaunchPad Alumni Company has had some recent success that Octane wants to celebrate as part of our LaunchPad Spotlight Series.  Shadowbox brings to market a patented instant no-code alternative to API integration for enterprise and individual users.  The first enterprise use case launched in late 2018 supporting the healthcare vertical, and now serves more than ten customers connecting dozens of systems in clinics across the country.

This past January, they announced a strategic relationship with WavelandRCM to leverage Shadowbox’s technology platform and Waveland’s data service to update health insurance claims with current, complete, and accurate information.  Additionally, Shadowbox executed agreements with companies in streaming media and real estate to explore use-cases and go-to-market strategy for applying Shadowbox technology in those markets. To add to their continued success, they recruited Tom Munro, former CEO of digital rights management company, Verimatrix, to their Board of Directors. This is part of a strategy initiative to develop strategic relationships: in healthcare and other markets. 

Shadowbox describes the LaunchPad process as an integral part of improving their investor presentation.  The LaunchPad team brought together experienced investors, operators and entrepreneurs to evaluate the Shadowbox technology. Most importantly, when Shadowbox presented during their LaunchPad panel, the LaunchPad team was able to create an analytics report. This provided validation of their technology and market/product fit but also shined a light on targeted areas of improvement.  The LaunchPad team helped Shadowbox set achievable and tangible goals to validate their technology and helped build a more compelling story for customers and investors.

Since LaunchPad, Shadowbox hired a full time Head of Sales and 3 contract Reps.  As a result, they tripled the number of customers under contract, while increasing average annual contract value by 300%. This is attributed to successfully moving upstream in customer size and implementing monthly minimum license fees.  They now have more than $2M qualified contracts in the pipeline and are actively engaging with customers across the ancillary services market. Another sign of their growing market presence is the initiation of discussions with the two largest players in their target vertical.

Importantly, as Shadowbox continues to grow, they also continue to give back to their community.  To that end Shadowbox was a key sponsor and participant in the 2019 Safe Homes Coalition “Keep Kids Safe” program working with the community to educate families about the safe use, storage and disposal of prescription medications in the home. (picture of CEO Greg Stein speaking at the kickoff with San Diego Sheriff Bill Gore, County Supervisor Kristin Gaspar, American Medical Response, Safe Homes Coalition, San Diego Association of Realtors, and the San Diego & Imperial County Hospital Association)

What’s next for Shadowbox? Shadowbox will drive new sales and increase current customer revenue through enabling enhanced services at the time of order. They will establish a pilot (or pilots) with at least one non-healthcare customer, won through their strategic relationships. When the time is right, they will return to the market seeking funding to execute their next generation product which will significantly expand scalability, market reach, and enterprise value.

Congratulations to Shadowbox and their success over the past three months.  If your company is interested in refining your investment strategy, apply to LaunchPad