Welcome!

News Feed Item

Connecticut Innovations Invests $1.5 Million in Dream Payments

Top winner of VentureClash competition to use funds to support opening of Connecticut office

ROCKY HILL, Conn., Dec. 1, 2016 /PRNewswire/ -- Connecticut Innovations (CI), the leading source of financing and ongoing support for Connecticut's innovative, growing companies, today announced that it invested $1.5 million in Dream Payments, a leading financial technology (fintech) company that provides a cloud-based mobile payment platform for merchants and financial institutions, and the 2016 top investment award winner of VentureClash.

VentureClash is Connecticut's $5 million global venture challenge for early-stage companies

The $1.5 million award will help to further fuel the growth of Dream's market share and accelerate the company's entry into the United States.

"CI is excited to close this deal with the top investment award winner of VentureClash," said Matt McCooe, chief executive officer of Connecticut Innovations. "This company has a strong leadership team and we look forward to supporting the company's expansion in the U.S. market."

VentureClash, Connecticut's $5 million global venture challenge managed by Connecticut Innovations, attracted nearly 200 applicants and culminated with a finals event on Thursday, Oct. 20, at the Yale School of Management in New Haven, Conn. Dream Payments was one of 11 finalists that presented to a broad judging panel of venture capitalists and innovation experts from leading firms – including Canaan Partners, Kepha Partners, OAK HC/FT and Point72 Ventures.

Dream Payments has a solid foothold in Canada in the payments-processing space and looks to expand its operations to the U.S. They plan to create up to 10 employee positions in Connecticut with this investment and will look to add a business development professional to help assist with its U.S. growth plans.

"The U.S. market is experiencing a major shift toward mobile commerce creating dramatic demand for Dream's platform." said Brent Ho-Young, CEO of Dream Payments. "We are thrilled to enter the U.S. market with the support of the State of Connecticut, which provides us strategic advantages in terms of proximity to our customers and partners such as CI, and access to a rich pool of specialized talent."

For more information on qualifications, requirements, guidelines and application, visit www.ventureclash.com.

About VentureClash
VentureClash is Connecticut Innovations' global investment challenge focused on early-stage companies. The challenge, which launched in 2016, identifies high-potential companies that receive investments from a $5 million award pool and the support of resources around Connecticut. To learn more about the process, application, industry focus, partners and previous winners, visit www.ventureclash.com.

About Connecticut Innovations
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut's innovative, growing companies. To maximize growth potential, CI provides venture capital and strategic support for early-stage technology companies; financial support for innovation and collaboration; and connections to its well-established network of partners and professionals. For more information, please visit www.ctinnovations.com

About Dream Payments
Dream Payments is a financial technology company powering payments across mobile devices and the Internet of Things (IoT) in partnership with financial institutions. Dream's turnkey solutions include mobile point-of-sale (MPOS) applications, mobile payment terminals, remote device management, customer onboarding and secure payment processing. Dream connects financial institutions, merchant acquirers, retailers and value-added apps to deliver services that meet the demands of today's businesses, and is the only platform that enables EMV payment terminals that accept Interac® Debit, Visa and MasterCard to be sold off-the-shelf with instant activation.

Dream is headquartered in Toronto, Ontario. For more information, please visit dreampayments.com.

Media Contact:
Lauren Carmody
[email protected]  
860.258.7829

Logo - http://photos.prnewswire.com/prnh/20161024/431663LOGO

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/connecticut-innovations-invests-15-million-in-dream-payments-300371061.html

SOURCE Connecticut Innovations

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2017 New York The 7th Internet of @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, New York. Chris Matthieu is the co-founder and CTO of Octoblu, a revolutionary real-time IoT platform recently acquired by Citrix. Octoblu connects things, systems, people and clouds to a global mesh network allowing users to automate and control design flo...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Unsecured IoT devices were used to launch crippling DDOS attacks in October 2016, targeting services such as Twitter, Spotify, and GitHub. Subsequent testimony to Congress about potential attacks on office buildings, schools, and hospitals raised the possibility for the IoT to harm and even kill people. What should be done? Does the government need to intervene? This panel at @ThingExpo New York brings together leading IoT and security experts to discuss this very serious topic.