From the Wires
Independa Closes Series A Funding Round, Reaching $5 Million
Completes Equity Round with Lead VC City Hill Ventures and Strategic Partner LG Electronics
By: PR Newswire
Jan. 2, 2013 09:01 AM
SAN DIEGO, Jan. 2, 2013 /PRNewswire/ -- Independa™ today announced that it has closed its Series A Preferred Stock financing round at $5 million after receiving new investments to fund expanded sales, research and development, and distribution of its technology-enabled independent-living solutions.
The latest funding comes from healthcare investment firm City Hill Ventures, a previous investor, and strategic partner LG Electronics USA, with participation by additional investors. The respective amounts of investment from these sources were not disclosed. The round also included the successful conversion of the company's convertible note totaling $2.35 million, announced last April.
Independa, a provider of Integrated CloudCare solutions for the elderly, and LG Electronics announced a strategic technology alliance in January 2012 to offer social-engagement and telecare-related capabilities via TVs to residents of senior living communities.
Independa CEO Kian Saneii said the funding will be used to grow Independa's customer base through an expansion of its network of distributors and channel partners, as well as increasing investments in R&D, sales and marketing.
Under the Independa-LG strategic relationship, the companies offer Independa's Angela™ social-engagement platform embedded on LG's Pro:Centric™- enabled commercial televisions, which are designed for a range of flexible hospitality and healthcare applications, including serving the unique needs of senior communities. Angela proactively supports independent living by providing seniors with single-click access to multimedia communication, social interaction and a wide range of features designed to help care recipients stay at the residence of their choice longer, safer and more comfortably.
"Our Series A investors have strongly affirmed Independa's progress to date and recognized the deep impact our cloud-based technology will be having in technology- enabled independent living," Saneii said. "The caliber of the organizations and individuals involved in our Series A round is simply outstanding and enables us to most effectively pursue our market opportunities. We're grateful to our investors for their trust, support and shared vision."
At City Hill Ventures, Dr. Jonathan Lim, M.D., Managing Partner, said: "City Hill Ventures has been a financial partner and active adviser to Independa since early 2011, and it has been gratifying to see the company's progress in such a short time. Independa is making a meaningful difference in the lives of caregivers and seniors alike, and we are thrilled to be a part of the company's most recent financing to make its innovative solutions more broadly available."
Dr. Nandhu Nandhakumar, Senior Vice President, LG Electronics, Inc., said: "As we continue our collaboration to integrate the Independa platform in our market-leading commercial TVs, we are forming a stronger alliance by making strategic investments in the company. Our investment in Independa is in line with our belief that Independa Angela is an ideal complement to our Pro:Centric platform for delivering services that can have a direct, quality-of-life impact on seniors and provide peace of mind to their loved ones, while also making the jobs of their professional caregivers easier and more effective."
About Independa, Inc.
SOURCE Independa, Inc.
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