A $5 million global investment challenge for early-stage digital health and financial technology companies has been launched by Connecticut Innovations starting today.
Called VentureClash, it features a top award of a $1.5 million investment. CI said it will support companies with corporate, university, nonprofit and state resources to help high-growth enterprises succeed.
Companies will have until June 30, 2016, to submit the first-round application. After two rounds of judging, approximately 10 companies will be invited to Yale University in October to compete in person for investment awards. Judges will include subject matter and investor experts from athenahealth, Canaan Partners, Greycroft Partners, Oak HC/FT, Kepha Partners, Magellan Health and Webster Bank.
The top award for the challenge will be a $1.5 million investment. The second-place winner will receive a $1 million investment, and four runners-up will each receive a $500,000 investment. Mentoring, grants and other assistance will also be provided to winners.
During the semifinalist round, applicants will also receive the benefit of going through VentureCamp, a four-week development and orientation program run by The Refinery, a Connecticut-based accelerator.
To be eligible to apply, a company must meet the following requirements:
- Have been in business for at least 12 months;
- Have paying customers or customers who are actively testing the applicant’s product;
- Companies must be willing to establish a Connecticut presence, which applies to domestic and international applicants; and,
- Companies must be focused in digital health or financial technology.
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