Standing Stone Inc.
49 Richmondville Avenue, Westport, CT
Standing Stone Inc. (SSI) and CI worked together toward success from March 2007, when CI made a $700,000 Series B investment in SSI, until May 2011, when SSI was acquired. During that time, CI’s funding and value-added guidance helped to accelerate the growth of SSI.
A disease-state management company dedicated to enhancing the quality of care for patients requiring long-term therapy for chronic diseases, SSI in 2007 had 12 employees and a client list that included physicians’ offices and a few large hospitals. Its goal was to secure additional major customers – namely, large hospitals and health care institutions. CI’s funding allowed SSI to expand both its product development and marketing staff and ramp up its sales outreach, and SSI successfully landed Brigham and Women’s Hospital, Griffin Hospital and Philips Remote Cardiac Services, among others, as new customers.
One of SSI’s most important new customers turned out to be Alere Home Monitoring, a division of Alere (NYSE: ALR), a global leader in home health care products and services. Relying increasingly on SSI’s technology, Alere acquired SSI in May 2011, ensuring full-time access to SSI’s innovative solutions.
At the time of the acquisition, SSI had 23 employees. Connecticut will continue to benefit as Alere intends to grow its operations here. Additionally, Connecticut’s technology community will benefit as the $3 million in CI proceeds from the acquisition are directed into new CI investments.