Independa, a developer of telehealth products for senior care and aging in place, has closed its Series A funding at $5 million after landing $1.65 million in new investments from, among others, existing partner LG Electronics USA and earlier financier City Hill Ventures. Last October Independa announced $1 million in funding and in April 2012 it disclosed a $2.35 million raise, which along with the new investment brings the company's Series A round to $5 million.
The San Diego-based company will use the new infusion of cash to widen its product distribution network as well as its sales, marketing, research and development operations. This will help Independa "expand our development to respond to growing needs in the market," according to an email from CEO Kian Saneii.
A year ago, Independa and LG announced the integration of Independa's Angela software platform into LG's Pro:Centric line of televisions.
"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," LG Senior Vice President Nandhu Nandhakumar says in a statement.
City Hill and Independa have a relationship going back about two years. "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," Dr. Jonathan Lim, managing partner of the venture capital firm, which also is headquartered in San Diego. "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."
Independa plans on providing more specifics about its product development at the Digital Health Summit next week, part of the massive International CES in Las Vegas. MobiHealthNews will provide coverage of CES and the Digital Health Summit.