New Haven, Connecticut, USA, 25 October 2016 – LindaCare, a digital health software company specializing in the field of remote monitoring solutions for chronic disease patients, was among the 10 finalists invited last week to Yale University in New Haven, Connecticut, for the final round of “VentureClash”, a $5 million investment challenge organized by Connecticut Innovations (CI). The competition was aimed at early-stage digital health and financial technology (fintech) companies from around the world. At the end of the VentureClash final pitching sessions, LindaCare was awarded third place by the panel of judges and won a $500,000 investment award with additional mentorship and support from Connecticut Innovations to accelerate its US market expansion plans.
When the VentureClash challenge was launched in April 2016, organizers received applications from nearly 200 strong and innovative worldwide companies. The VentureClash selection process consisted of two rounds of judging, including a four-week development and accelerator program for semifinalists. In mid-September 2016, 10 companies were selected for the final and invited to Yale University on October 20, 2016 to compete for the investment awards - LindaCare was one of them.
The VentureClash’s top award for the challenge was a $1.5 million investment. The second-place winner received $1 million while four runners-up each received a $500,000 investment with LindaCare gaining the third place. Companies were judged based on their innovative technology, scalable business model, skilled management team, market validation, solid traction and US expansion plans.
“The VentureClash team was very impressed with LindaCare’s value proposition and its achievements in such a short time since its launch,” said Matt McCooe, CEO of Connecticut Innovations. “We are delighted to have LindaCare as a winner, and we look forward to working with the company to support its expansion to Connecticut as it brings value to the healthcare system and patients here in the US"
Shahram Sharif, CEO and founder of LindaCare, stated: “We are delighted, grateful and humbled for this recognition among many other strong companies in the competition. This is first and foremost strong, positive feedback for LindaCare’s team efforts and achievements. It also confirms that our value proposition perfectly fits the US market and has the potential to significantly help the healthcare system with better management of patients with chronic diseases – notably heart diseases – through remote patient monitoring. This investment award, coupled with the additional mentorship and support from Connecticut Innovations, will accelerate our US market expansion plans in the very near future.”
LindaCare NV/SA, a start-up company venture-capital backed by Capricorn ICT Fund, is specialised in the development of integrated remote monitoring software solutions for chronic disease management. The initial focus of LindaCare are patients with heart failure (HF) and cardiac arrhythmia, equipped with Cardiac Implanted Electronic Devices (CIED) for Cardiac Rhythm Management (CRM). The solution will subsequently be extended to other chronic disease domains integrating a wide range of tele-monitored medical devices.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut’s innovative, growing companies. To maximize the growth potential of each business, CI tailors its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support for early-stage technology companies; flexible loans for established companies with new innovations; grants that support innovation and collaboration; and connections to its well-established network of partners and professionals. For more information on CI, please visit www.ctinnovations.com.
VentureClash is Connecticut Innovations’ global investment challenge focused on early-stage companies. The challenge identifies high-potential companies in digital health and fintech that will receive investments from a $5 million award pool and the support of resources around Connecticut.