October 31, 2019
Launch NY Invests in Heart Health Intelligence Through Nonprofit and For Profit Seed Funds, Bringing Total Investment in 43 Portfolio Companies to $2.1 Million
Buffalo, N.Y., October 31, 2019 – Launch New York (Launch NY), Upstate New York’s first and only venture development organization to provide pro bono mentoring and capital access to high-growth startups across the 27 westernmost counties of the state, is investing in Heart Health Intelligence through its nonprofit and for profit seed funds. Heart Health Intelligence is a startup company in Rochester that produces cardiovascular health measurement devices and monitoring services.
According to the American Heart Association, nearly half of the U.S. population will have some form of heart disease by 2035. Heart Health Intelligence addresses this issue through its Fully Integrated Toilet (FIT) seat, which measures nine clinical-grade assessments of a patient’s cardiovascular activity (heart rate, blood pressure, weight, cardiac output, blood oxygen, HR variability, QRS duration, QTc Interval and Arrhythmias). The monitoring software connected to the FIT integrates artificial intelligence, a web interface and alerts with expert review, thus allowing medical professionals real-time access to patients’ data.
Heart Health Intelligence estimates that if 37 percent of patients use the FIT instead of the current standard for internal cardiovascular monitoring, known as CardioMEMS, the healthcare industry will save $5 billion per year from a reduction in hospitalizations.
“Launch NY has a renowned track record for recognizing startups whose innovative solutions are poised to disrupt the status quo with something that works much better,” said Dr. Marnie LaVigne, President and CEO of Launch NY. “We’re very excited about the technology and philosophy Heart Health Intelligence is bringing to market, and we are gratified that our seed funding will make it possible to complete key steps in moving the product to the market.”
The investment in Heart Health Intelligence marks Launch NY’s 27th transaction for this year. The investment team is operating at a record breaking pace as the most active seed fund in the state and one of the most active in the country. The Launch NY Seed Fund LLC, is a nonprofit fund fueled by grants and donations from various financial vehicles across New York. Cumulatively, it provides up to $100,000 in investment capital to a qualified startup. Since 2016, Launch NY has invested over $2.1 million in what are now 43 companies, with over 130 co-investors, bringing 12 times in additional funding to our portfolio companies.
The Launch NY Seed Fund I Limited Partner (LP) is Launch NY’s for profit fund that debuted in March 2019. Founded on principles of doing good and doing well simultaneously, this fund supports startup initiatives while generating returns for investors. The LP Fund is a part of Launch NY’s new Invest Local Financing Programs and is designed to co-invest alongside Launch NY’s nonprofit seed fund, which will ultimately double the capital available to Launch NY client companies. Even more capital may be available through the new Investor Network that allows accredited investors to select individual companies that they want to fund with as little as $10K.
“Our non-invasive technology represents the future of in-home cardiovascular monitoring,” said Dr. Nicholas Conn, CTO of Heart Health Intelligence. “Our solution is incredibly unique, since it practically guarantees patient adherence and captures high-quality measurements. There are approximately
1 million new heart failure patients diagnosed in this country each year. We truly believe what we’re offering can make a tangible difference to both the quality and cost of care.”
To learn more about Heart Health Intelligence, go to www.hearthealthintelligence.com.
For more information about Launch NY, its programs and other entrepreneurial opportunities, visit its newly-redesigned website at www.launchny.org, and follow Launch NY on its Facebook, Twitter and LinkedIn pages.