Umbie Health Corporation Receives $150k in Pre-Seed Financing
Dentists to benefit from company’s mobile and Web-based practice management application
Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology-based economic development, today announced that it has committed $150,000 in financing to Umbie Health Corporation (Umbie Health) of East Hartford, Conn., through its Pre-Seed Fund. The financing will be used for technology development, beta testing, business development, marketing and other expenses related to the launch of Umbie Health’s product. CI’s funding will be matched by $75,000 from private investors. This is the seventeenth company to be funded through the Pre-Seed Fund since it was launched in September 2010.
“CI’s managing director of business development, Charlie Moret, and investment analyst, Scott Milford, have been such positive forces for our company, not only by introducing us to key people in the Connecticut business community, but also by helping us further develop and fine-tune our business plan,” said Jeremy Hamel, CEO and founder, Umbie Health. “Launching at the Yankee Dental Show in Boston this January is a huge accomplishment for our company, and it would not have been possible without CI's financial support and expertise.”
Umbie Health is developing a Web-based and mobile practice management application for dentists. The application, which is now prototyped, will allow dentists to update, record and view patient records via a tablet, with the data hosted in a secure, HIPPA-compliant cloud environment. In addition, the application will offer dentists administrative management capabilities including scheduling, employee time management and client service capabilities. The solution offers the dental community a practical approach to meeting the 2014 requirement to have electronic dental records.
“Umbie Health is a great example of a startup that is wisely utilizing multiple resources in the state to help launch its business,” said Charlie Moret, CI managing director, business development. “We mentored the company over several months to help position it for launch, and the company simultaneously benefited from assistance offered by the Connecticut Center for Advanced Technology (CCAT) incubator in East Hartford.” Moret added, “Through our Pre-Seed Fund, CI is making a difference in assisting creative and innovative entrepreneurs in starting businesses in Connecticut.”
CI’s Pre-Seed Fund supports the formation of new Connecticut technology companies. The fund provides loans of up to $150,000 to Connecticut-based startup and early-stage technology companies. Funding may be used for a wide range of startup expenses such as accounting, legal, intellectual property development, technology and prototype development, business plan development, technology assessments, market analyses, market entry strategy development and hiring of advisors and employees. CI’s team also provides mentoring and will help coordinate access to resources.
The Pre-Seed Fund is an important component of the state’s high-tech economic development engine, as it provides an avenue for initial startup funding for companies and entrepreneurs emerging from universities. The fund dovetails nicely with other technology startup resources like the CTech business incubators, the Connecticut Angel Investor Tax Credit (which stimulates private investments in early-stage companies) and private capital resources.
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.
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