Connecticut Innovations Makes $500,000 Follow-on Investment in Innovatient Solutions Inc.
Rocky Hill, Conn., April 16, 2012 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology-based innovation and economic development, today announced that it has made a follow-on investment of $500,000 in Innovatient Solutions Inc. (Innovatient) of Farmington, Conn., through its Seed Investment Fund. This investment is part of a Series A extension round of $2 million, led by CI and involving company founders and angel investors. In 2011, CI made its first investment of $500,000 in Innovatient under the first part of the Series A round.
Innovatient is developing a patient-centered information system aimed at improving communications between hospital care providers and patients in order to enhance clinical outcomes and patient satisfaction.
“It is highly encouraging that Innovatient’s tool addresses a sizeable and growing market that is being favorably affected by federal mandates on healthcare institutions,” said Claire Leonardi, chief executive officer and executive director of CI. “Our continued support of Innovatient will enable the company to address a portion of this market while supporting Governor Malloy’s goal of promoting innovation in the state.”
The company’s first application, nVision Information Therapy Solution (nVision), provides education, communication services and entertainment to patients using pre-existing hospital infrastructure and television sets. Using this system, patients can communicate with their healthcare providers, clinical teams and families about daily goals, pain levels, meal preferences and other matters. The system engages them in the process and puts them in control of their environment. nVision provides timely feedback to hospital personnel through the delivery of both standardized and user-defined surveys. Information is provided to patients through their in-room televisions and to the clinical team via personal computers or intelligent handheld devices.
“The continued support from Connecticut Innovations and other investors is critical to our mission of improving patients’ engagement and understanding of the care they are being provided,” said Jolinda Lambert, CEO and co-founder of Innovatient. “This investment allows Innovatient to continue product development and form new client relationships with leading hospitals across the nation.”
Demand for Innovatient’s tool will be driven by increasing healthcare demands, the need for cost containment, and regulatory compliance requirements. With nVision, hospital executives can measure a patient’s satisfaction and quality of stay on a real-time basis, and take the steps necessary to correct any deficiencies and improve their overall reimbursement opportunities. nVision also has the ability to interface with multiple hospital systems, such as electronic medical record, dietary, transport and pharmacy software systems. This will allow hospitals to redesign work flows to increase staff efficiencies and better coordinate patient care.
“Congratulations to Innovatient Solutions for not only securing this new funding but also graduating from the Technology Incubation Program at UConn Health Center and moving into larger space in Farmington,” said State Senator Beth Bye (D-West Hartford). “This is the type of business entrepreneurship we enthusiastically support in Farmington. Once again, Governor Malloy and the state legislature are making local business expansion a reality with our financial commitments and targeted investments.”
“I am proud that Innovatient – a company that will assist hospitalized patients and help improve patient outcomes – has chosen to establish its headquarters here in Farmington,” said State Representative William Wadsworth (R-Farmington). “This company's expansion will prove to be a great addition for our town and I look forward to following the company’s progress.”
Dan Wagner, CI director of investments, continues to represent CI on Innovatient’s board of directors.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in early-stage Connecticut technology companies, university/industry research collaborations and technology transfer and collaborating with government, business, nonprofit and academic organizations to advance technology growth and promote public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.
About Innovatient Solutions Inc.
Innovatient’s mission is to provide a better way to engage patients in their health care – one that’s simple, effective and easy to use. Founded in 2010 by healthcare, telecommunications and software industry executives aiming to assist hospitals in meeting recent meaningful use regulations that require improved patient engagement and care coordination, the company has developed an innovative and inviting approach to promoting education, hospital services, and entertainment to patients. Its solution provides patients with the confidence and information necessary to make the most critical decisions during their stay, while at the same time offering greater visibility, cost savings and operational efficiencies to hospitals. For more information about Innovatient, please visit www.innovatient.com.