The $5 million global investment challenge provides early-stage companies worldwide with an opportunity to grow their business in Connecticut. The goal is to help speed Digital Health, FinTech, InsurTech and Internet of Things (IoT) innovations to market by awarding capital to promising early-stage companies.
The VentureClash competition began with applications from 285 companies from more than 20 countries. After two rigorous rounds of judging, nine finalists were named. On October 20 they pitched their ideas in front of a live audience and a panel of judges at the Yale School of Management in New Haven, CT.
The judges included investors and subject-matter experts from 1843 Capital, Elm Street Ventures, Greycroft Partners, The Hartford, and Royal Bank of Scotland (RBS). In addition to the company pitches, the VentureClash program also included a keynote address from Tim Armstrong, CEO of Oath.
Of the nine finalists from seven different countries, VentureClash awarded six companies with investments, mentoring, customer introductions, grants, and services to help them grow and succeed.
The winning companies are required to establish a presence in Connecticut.
FRISS received the top investment award of $1.5 million. Based in the Netherlands, Friss uses proprietary analytics software to provide state-of-the-art solutions in the fields of fraud, risk and compliance for the insurance industry.
Learn more about FRISS in our feature story: Insurtech Startup from The Netherlands Is a Ventureclash Finalist
Two second-place winners will each receive a $1 million investment:
SCADAfence, Israel – Securing mission-critical industrial networks from cyber threats and reducing the risk of connecting multiple devices in industries such as manufacturing, utilities, oil, and gas.
- Vouchr, Canada — Creating a secure, payment-agnostic tool that enables users to bundle transfers of funds with photos, videos, social networking, and gamification.
Three companies will each receive a $500,000 investment award:
- Buzzmove, United Kingdom – Developing a price-comparison and instant-booking platform for all services related to moving and the right level of insurance needed to cover moving-related services.
- Davra Networks, Ireland – Providing a complete IoT platform that enables customers to define, build and bring to market vertical-specific IoT applications while collecting and easily sharing data.
- EAVE, United Kingdom – Working on developing the next generation of hearing protection and communication technology, utilizing noise cancellation and speech enhancement to eliminate noise-induced hearing loss.
“The talent in this year’s competition was incredible,” said Matt McCooe, CEO of Connecticut Innovations. “Judges struggled to make the decision, but in the end, FRISS took home the top award because of its strength in the space and ability to disrupt here in the United States.”
The other finalists included:
- Bought By Many, United Kingdon – An interactive members-only service offering targeted insurance opportunities designed to efficiently help individuals find insurance customized to their needs.
- PeekMed, Portugal – Offering powerful 3-D preoperative planning software for orthopedic surgery that aims to help the surgeon better treat the patient while reducing costs and surgical times.
- Tellspec, Canada – A data company with the ability to scan food, offering non-destructive real-time food testing for quality control, authentication, safety, and nutritional value.
Managed by Connecticut Innovations, VentureClash is Connecticut’s global venture challenge focused on early-stage companies. The challenge, launched in 2016, identifies high-potential companies in digital health, IoT, InsureTech and FinTech that will compete for investments from a $5 million award pool. Visit www.ventureclash.com to learn about qualifications, requirements, guidelines, and how to apply.
About Connecticut Innovations
Connecticut Innovations provides venture capital and strategic support for innovative, early-stage technology companies; financial support for innovation and collaboration; and connections to its well-established network of partners and professionals. For more information, visit www.ctinnovations.com.
Interested in learning more about Connecticut Innovations?
Read our interview with Connecticut Innovations CEO Matt McCooe