Company News: Page (1) of 1 - 01/29/13

Connecticut Innovations Commits $650,000 to Fairfield County Startups

January 29, 2013 --

Connecticut Innovations Commits $650,000 to Fairfield County Startups

IT, digital media and mobile technology companies receive funding infusion

Category: Investment

Visit: NXT-ID Inc.


Rocky Hill, Conn. - January 29, 2013 (www.investorideas.com newswire) Connecticut Innovations (CI), the state's quasi-public authority responsible for growing Connecticut businesses through innovative financing and strategic assistance, today announced that it has committed funding totaling $650,000 through its Pre-Seed Fund to four startup companies focused on information technology, digital media and mobile technology:

  • eBrevia Inc. ( Stamford , Conn. ) - $150,000 funding commitment
  • MedAdherence LLC ( Norwalk , Conn. ) - $200,000 funding commitment
  • MediaCrossing Inc. ( Stamford , Conn. ) - $150,000 funding commitment
  • NXT-ID Inc. ( Shelton , Conn. ) - $150,000 funding commitment

"These new investments reflect the strong startup activity taking place in Fairfield County ," said Claire Leonardi, chief executive officer and executive director of CI. "We are excited to support these promising ventures and look forward to seeing an even stronger pipeline of startups in the area as Connecticut 's new Stamford-based business accelerator, which is part of the state's Innovation Ecosystem, gets underway. Building a strong technology community in Fairfield County and throughout the state through well-placed investments is a high priority of the Malloy administration."

Stamford, Connecticut-based eBrevia Inc. is commercializing natural language processing technology developed at Columbia University to assist law firms, in-house legal departments and investment firms in performing a variety of legal tasks more efficiently, accurately and cost effectively. The company's first software product will help users conduct legal due diligence by analyzing legal documents and extracting and summarizing key provisions based on user specifications. In addition to receiving this pre-seed investment commitment, eBrevia received $25,000 in funding in 2012 as part of CI's TechStart Accelerator Program. The company leveraged this earlier investment with the program's mentoring to become one of four national winners in the Startup America DEMO Competition and the recipient of the Connecticut Technology Council's Most Promising Software Product of the Year award.

MedAdherence LLC, of Norwalk , Connecticut , uses cloud and mobile technologies to provide an automated communication system so healthcare practitioners can monitor patients and intervene remotely to ensure patients adhere to their prescribed care plans. MedAdherence aims to boost patient compliance, and thereby reduce financial risk by avoiding unnecessary healthcare costs. The technology is ideally suited for patients with any kind of chronic illness such as diabetes, hypertension, heart disease, asthma, and inflammatory bowel disease, as well as for maternal/prenatal health and HIV/AIDS care. With MedAdherence, patients are better able to manage their care plans with customized messages from healthcare practitioners delivered through a range of communications tools including cell phones, landlines, text messaging and the Internet.

MedAdherence is conducting pilot projects with several customers including Tulane University School of Medicine, New York's Montefiore Medical Center , University of Maryland Medical Center and University of Mississippi Medical Center. Results to date show significant outcomes improvement and cost savings. MedAdherence is a partner of Verizon Wireless and is supporting the wireless provider's new mobile healthcare initiative.

In addition to receiving this follow-on investment commitment of $200,000 from CI, MedAdherence received an investment of $150,000 through CI's Pre-Seed Fund in 2011.

MediaCrossing Inc., of Stamford , Connecticut , is building the global leader in an exciting new category independent media trading and market making in the fast-growing multi-billion dollar global digital ad market. MediaCrossing bridges digital media buyers and sellers, seeking to serve as their preferred independent digital media trading partner. MediaCrossing shares with select publishers, marketers, and agencies its competitive advantage delivering enhanced value, execution, transparency, and liquidity in Display, Video, Social and Mobile programmatic, tradable ad inventory. The company is currently developing its proprietary trading platform, sourcing premium unsold ad inventory from leading web publishers, and securing marketers and their agencies as charter clients.

NXT-ID Inc. is a technology company focused on developing biometric secure access control products, solutions and services. It has identified three target markets: mobile commerce (m-commerce), law enforcement and biometric access control. Based in Shelton , Connecticut , NXT-ID is developing a secure mobile electronic wallet for the growing m-commerce market. The company will also use its core biometric facial recognition algorithms to develop security applications that can be used by corporations (e.g., in securing enterprise computer networks), individuals (e.g., in securing smart phones, PDAs and personal computers) and law enforcement, defense and others in the security sector.

For more information on CI's Pre-Seed Fund, click here.

About Connecticut Innovations Inc.

Connecticut Innovations (CI) is a quasi-public corporation providing equity, debt and bond financing and other forms of financial assistance to companies in all stages of the business life cycle, from startup to later stage. CI offers its portfolio companies strategic guidance and collaborations with partners in business, finance, education, government and nonprofit sectors. CI's initiatives are designed to grow the state's economic and technology base, and to stimulate business investments and job creation. For more information on CI, please visit www.ctinnovations.com.

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