Health care focused venture capital firm City Hill Ventures and LG Electronics USA, a subsidiary of South Korea-based technology company LG Electronics, has invested in a $5m series A round for Independa. Independa develops technology-enabled living solutions for the elderly.
The round also included the conversion of the company’s convertible note totaling $2.35m, announced last April.
The new funds will be used by Independa to grow their customer base and increase investments in research and development (R&D), sales and marketing.
Kian Sanei, Independa chief executive, said: “Our series A investors have strongly affirmed Independa’s progress to date and recognized the deep impact our cloud-based technology will be having in technology- enabled independent living.”
To date the company has raised $8.4m in venture funding. Independa raised $1.7m in a round of financing last month and $200,000 and $1.6m in 2011.
Under Independ and LG’s strategic relationship, the company offers Independa’s Angela social-engagement platform embedded on LG’s enabled commercial televisions.
Independa is one of 22 companies that are being nurtured in the business incubator, EvoNexus, a programme set up by US-based semiconductor company Qualcomm, and technology industry association CommNexus’s incubator EvoNexus.