Some companies – especially those in the medical tech industry – are seeing the fruits of their labor right now. Having developed ideas and worked carefully – for years (sometimes decades) – these companies are now getting investments they have long deserved. Here we take a brief look at what has been going on in this area in the New York region.
Centene – a firm working as a principal intermediary for both government-sponsored and privately insured health care programs – has been heavily involved in raising funds for Quartet Health. The latter company was established in 2014 and collaborates with “health plans and systems to facilitate access to personalized care and enable virtual collaboration between providers to ensure the best health outcomes” with a focus on “medical and behavioral health conditions.” Thanks to the support of Centene, $600m in Series D funding has now been raised. This brings the total of the funds raised to $153m.
Other Series D funding that has been raised is now in the hands of SecurityScorecard. The information security firm – founded in 2013 – appraises corporate firms’ cybersecurity strength. It does this via an analytical rating of cyber threat intelligence signals to get a better understanding of IT risk management. In its Series D funding, $50M has been raised from a variety of investors including: Accomplice, AXA Ventures, Evolution Equity and Intel Capital. This brings its total reported equity funding to $100M.
But that is just a couple of small items. The bigger picture is that over the last five years, 7,500 New York-based tech companies have been supported by $38.4 billion of investment alongside a huge network of academic institutions, accelerators and incubators. As well, a bunch of startups have been purchased in New York. Examples include: General Assembly (for $413 million) and Plated ($200 million).
Founded in 2011, GA is a leader in education which has “transformed tens of thousands of careers through pioneering, experiential education in today’s most in-demand skills. When you learn web development, data, design, business, and more.” Today it has a “global, professional community of 40,000-plus full- and part-time alumni.”
Plated was established in 2012 and a year later – due to its participation in Techstars – developed a name for itself. The US ingredient-and-recipe meal kit service facilitates the meal-making process for people in their own homes. The way it works is simple: the client signs up, picks their recipes, then receives a box of all the ingredients they need for it and then follows very simple steps to “create impressive dinners worth sharing.”
New York has definitely proven itself in the business-cum-startup-investment world recently.