Southington software maker SmartPay Solutions said it has raised $1.4 million from Connecticut Innovations and several other entities.
In conjunction with the Series A investment, SmartPay appointed Stephen Holcomb as CEO and Robert Conerly as chief financial officer. Holcomb was most recently CEO of ClearCycle Corp., based in Seattle, Wash. Conerly was most recently CFO at Melinta Therapeutics in New Haven.
CI, which is the state’s quasi-public venture capital arm, and Tennant Capital both made follow-on investments of $500,000, while Stonehenge Growth Capital, Holcomb and Conerly kicked in the rest.
SmartPay offers a cloud-based transaction processing software designed to expedite workers’ compensation payments for the payroll and insurance industries.
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