|By Business Wire||
|February 3, 2014 02:43 PM EST||
The Florida Technology Seed Capital Fund, LLC (Seed Capital Fund), a subsidiary of the Institute for Commercialization of Public Research (the Institute), announced today that it has finalized a funding agreement with Shadow Health, Inc., an educational software developer of rich, interactive learning environments including the Digital Clinical Experience for nursing and allied health education programs. The Institute works with Florida research universities and institutions to support new company creation and job growth, and provides seed funding to qualified companies who must match funds with private investment capital.
Shadow Health was one of the first companies funded by the Institute in 2011. In the first 18 months of its commercial operation the company achieved significant milestones, enhancing its product offering which is now offered to more than 200 organizations and used by over 12,000 students. According to David Massias, Co-Founder and Chief Executive Officer, “Initial Institute funding, combined with the private capital we raised, enabled us to build an outstanding multidisciplinary team of programmers, educators and sales professionals. We were able to accelerate time to market and as a result have hired more than 50 employees to support our growth.”
Shadow Health has developed a platform for nursing and allied health students to engage in standardized simulated clinical experiences. Students use their computers to complete a head to toe physical exam of a Digital Standardized Patient, document their findings, and receive immediate feedback through multiple formats. These clinical simulations provide opportunities to develop bedside manner, improve physical examination procedures and take better patient histories.
“The Institute has observed Shadow Health’s continued progress over the past two years and is pleased to provide follow-on funding through the Seed Capital Fund to support the company’s continued growth,” said Jamie Grooms, Institute CEO. “This is a very competitive program with limited funds available and Shadow Health’s journey exemplifies that of a promising innovation-based company that is not only changing an industry, but changing the economy of Florida as well.”
About Shadow Health
Shadow Health develops educational environments to address the critical issue facing our national and global health care systems - maintaining quality-of-care in the face of increasing provider shortages. Shadow Health is uniquely positioned to reform the status quo of health professions education by providing a virtual and in-depth clinical environment in which to practice clinical reasoning, deductive communication, and procedural skills. Shadow Health instructional designers and programmers work closely with faculty and industry experts to deliver accurate health information, learning metrics, and engaging experiences to transform health care for the better. http://www.ShadowHealth.com
About The Institute
Formed by the Florida Legislature in 2007, the Institute for Commercialization of Public Research is a non-profit organization that works collaboratively with the technology licensing and commercialization offices of Florida’s state universities and private research institutions to leverage a $2B+ research base and form investable companies that create clean jobs in new industries that are driving the global economy. Over 100 new company projects have been identified across the state, and the Institute deploys both company building and funding programs to promising Florida companies. Twenty-five companies have been funded since the program’s inception, and the Florida Technology Seed Capital Fund, LLC launched in September 2013. http://www.florida-institute.com.
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