Independa Closes $1.6 Million in Seed-Round Funding

Expanding Sales, Services and Distribution Channels; Entering Customer Pilots

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Sep 22, 2011, 11:00 ET

SAN DIEGO, Sept. 22, 2011 /PRNewswire/ -- Preparing for major expansion in services for the elderly living independently, telehealth innovator Independa™, Inc. today announced it has closed a seed round of venture capital funding that to date has raised $1.6 million for the company.

The seed-round funding came from private investors and Southern California venture capital firms Miramar Venture Partners and City Hill Ventures™, the company said. In addition, Independa has received $200,000 in debt financing from Silicon Valley Bank (NASDAQ: SIVB).

The company also said that current investors have unanimously authorized raising an additional $600,000 in venture capital funding because of the strong interest it continues to receive from other potential investors.

Independa CEO Kian Saneii said the company will use the funding to support ongoing development of its product line, build its market-distribution channel and go to market with pilot programs for customers.

"We consider this funding a strong endorsement of Independa's expansion and growth strategy," said Saneii. "It leaves us well-positioned to continue broadening our integrated telecare platform prudently as we take advantage of mounting interest in telehealth solutions in general and in elder care in particular."

Maneesh Goyal, Managing Director of Miramar Venture Partners, said: "The changing age demographics present immense challenges for the home health services market. In our evaluation of this market, Independa's platform is the most complete, scalable and simple to use. We are excited to stand alongside such a talented team."

Dr. Jonathan Lim, M.D., City Hill's Managing Partner, said: "City Hill Ventures is delighted to participate in this seed round. Independa is targeting an area of high unmet need that fits well with City Hill's investment philosophy, has assembled a world-class management and advisory team, and has made impressive progress in a rapid time frame."

Saneii said Independa plans to add wireless health and safety sensors to its platform later this year, following the launch in June of its Angela™ personal interaction solution for the independent elderly. Angela provides important social engagement that helps the elderly continue living healthy, safe, rewarding lives in their own residences.

The tablet-based service offers an intuitive interface with secure, one-touch access to video chats, email, the Internet, Facebook, games and puzzles, and other interactive content. Knowing their loved ones or patients are thriving also gives remote family and professional caregivers peace of mind.

Angela is fully integrated with and enhances Independa's Smart Reminders™, which was launched in January and uses patent-pending technology to enable caregivers to set up automatic reminders for care receivers to take their medications, keep medical and social appointments, and record "Life Stories."

Furthermore, Angela adds visual notifications to existing telephone alerts as options for receiving reminders, as well as confirmation to caregivers that reminders have been acknowledged and confirmed, closing a daily communication loop for medication compliance.

About Independa, Inc.

Independa, Inc. provides an integrated platform to help family and professional caregivers enable their loved ones and patients to continue living at home longer, more safely and more comfortably. Independa specializes in delivering technology-enabled products and services for the rapidly growing population of nearly 50 million U.S. adults supporting elderly relatives. It also supports home-care and other professionals offering remote care. Independa provides an integrated, cost-effective and real-time answer to the key question, "How is my loved one doing?"

Independa's cross-disciplined leadership team and expert advisory board understand the market, technology and needs of the elderly and their caregivers. Privately held and based in San Diego, Independa is in active discussions with next-stage investors and strategic partners.

Web: http://www.independa.com

Twitter: http://www.twitter.com/independa4u

Facebook: http://www.facebook.com/Independa

SOURCE Independa, Inc.