Business Spotlight: ieCrowd Secures Additional $2.2 Million
ieCrowd, the discovery-to-market commercialization platform for innovations that solve global challenges, announced on June 19, 2014 that it has raised an additional $2.2 million bringing total funding to $7 million. Investors include physicians, healthcare professionals, and other private funders from around the world. The funding will be used to accelerate product development and go-to-market activities for ieCrowd discoveries launching from within ieCrowd and to scale up operations as the company prepares to onboard new discoveries over the next two years.
Founded in 2010, ieCrowd combines entrepreneurship and the power of the crowd to develop innovations into market-driven solutions to global challenges. It vets and selects discoveries, sourced from scientists and engineers at top-tier universities and research institutions, which have the potential to positively impact the lives of people around the world. The crowd plays an integral role in each stage of ieCrowd's mission -- from crowd-sourced innovations to crowd-funding to crowd-supported product development.
The first disruptive solution announced by ieCrowd was Kite Patch, a product being designed to make people virtually invisible to mosquitos. Kite Patch remains the top-funded small business entry ever on Indiegogo, resulting in more than $550,000 raised and over 270,000 Kite Patches reserved during the campaign which achieved 740-percent of its goal.
"ieCrowd is developing technologies that are life saving and life changing. It is taking ideas from the inventor's mind though development in the lab and then turning them into practical day-to-day solutions," said John J. Altieri, MD, cardiologist and ieCrowd investor. "Nothing is more satisfying as an investor, and more importantly as a healthcare provider and a person, than seeing an investment be used to develop technologies that will positively affect people around the world."
The global publicity and success of ieCrowd's Kite Patch campaign has generated a significant channel of untapped innovations. Universities and labs around the world have reached out to the company in hopes of being added to its roster of discoveries.
To read the full press release from ieCrowd, click here.