Digital Health KC awarded $311K grant with goal to add 70+ jobs, $6M+ in wages across region
February 7, 2024 | Startland News Staff
Newly announced funding from the Missouri Technology Corporation is expected to boost a regional initiative that aims to open greater access to critical capital and partnerships for Kansas City area companies in a rapidly emerging industry.
BioNexus KC — a catalyst for innovation in animal and human health — has received a $311,000 MOBEC (Missouri Building Entrepreneurial Capacity) project grant for its Digital Health KC effort to further solidify the region’s leadership in digital health.
“This award is a thrilling opportunity to propel Kansas City as a dynamic leader in digital health innovation,” said Dennis Ridenour, president and CEO of BioNexus KC. “Our unwavering dedication to fostering healthcare innovation aligns with Digital Health KC and its mission to catalyze new companies and accelerate the journey from idea to impactful reality.”
Digital Health KC supports existing companies, from start-ups to the largest enterprises, while attracting digital health businesses to the KC region. Digital Health KC connects ideas, talent, companies, capital, and customers to advance healthcare innovation.
MOBEC funding is set to support the in-the-works Investor Connect and Customer Connect Programs, which boost investor engagement, validate product-market-fit, and establish early customer connections. These programs are expected to enhance existing strengths and assets, generate new prospects in digital health and related industries, and have a positive impact on the economy of the Kansas City region, according to MTC.
MTC’s funding leverages matching funds from several vital partner organizations, including the Carrie J. Loose Trust, Polsinelli, ARCHIMED, and the State of Kansas.
The grant award is part of more than $3 million in MOBEC funding announced this week by MTC, including funds slated for Digital Sandbox KC at the UMKC Innovation Center, and LaunchKC, a program operated by the Economic Development Council of Kansas City, Missouri, (EDCKC) and the Downtown Council.
Five other Missouri organizations — 39 North AgTech Innovation District (St. Louis); Missouri Innovation Center (Columbia); Codefi Foundation on Rural Innovation (Cape Girardeau); Cortex (St. Louis); Missouri State University’s efactory (Springfield) — also received grants through this week’s funding tranche.
MTC additionally this week announced equity investments in seven Missouri startups through its IDEA Fund, including funds for a trio of Kansas City companies: backstitch, Foresight, and Likarda.
Digital Health KC’s newly funded two-year project sets the following goals:
- Active participation of 110 companies in Digital Health KC;
- Cultivation of a network comprising 100 investors and $25 million in digital health company investments;
- Facilitating six pilots or contracts for participating digital health companies;
- Generation of 70-plus jobs and more than $6 million in new wages
To realize these objectives, Digital Health KC plans to introduce two new programs: Investor and Customer Connect.
Dick Flanigan, Digital Health KC, speaks during a May 2023 launch event for the effort to boost Kansas City’s digital health ecosystem; photos by Channa Steinmetz, Startland News
The Investor Connect program is expected to catalyze pathways, focusing on improving access to capital for the region’s digital health companies. The Customer Connect program aims to enhance customer access for KC digital health companies, providing feedback, access to pilots, and early customer connections. This funding will also establish the Provider and Payor Council, which is crucial in delivering early-stage feedback on product offerings and business models.
“This support from MTC not only highlights the pivotal role that Digital Health KC is set to play in seamlessly connecting digital health companies with investors and clients,” said Dick Flanigan, CEO of Digital Health KC, “but it also marks an exciting moment as we integrate these crucial pieces into our dynamic digital health ecosystem, to achieve greater impact.”
ICYMI: Digital Health KC earns $2M federal grant, doubled by matching funds from Kauffman Foundation
2023 BioNexus KC from BioNexus KC on Vimeo.
Featured Business
2024 Startups to Watch
stats here
Related Posts on Startland News
Bringing grub to KC food deserts, Rollin’ Grocer to expand impact after contest win
While he takes pride in his roots, Priest Hughes said it saddens him to see a staple of life — fresh food — become so difficult to attain in parts of Kansas City. Over the course of a decade, Hughes has noticed several grocery stores in his neighborhood close at an alarming rate. Purchasing fresh,…
Truck-sharing app Bungii hauling early success, eyeing expansion
Less than a year after its launch, Kansas City-based truck-sharing app Bungii is gaining significant traction. In addition to expanding its platform from only Kansas City to include Lawrence, Bungii has tapped hundreds of users that temporarily need a truck to haul their stuff. Led by two recent college graduates, Ben Jackson and Harrison Proffitt, Bungii’s on-demand…
Kauffman Foundation: National startup activity continues to improve
National startup activity grew slightly in 2016, a consecutive three-year improvement that reached pre-Great Recession levels, according to the Ewing Marion Kauffman Foundation. However, in the long-term view startup activity is still in decline when compared to the 1980s, the 2017 Kauffman Index of Startup Activity found. Victor Hwang, vice president of entrepreneurship at the…
Kauffman report: KC startup momentum builds for 3 years running, improves national rank
It’s not just a feeling. Momentum in Kansas City’s startup community continues to grow, according to new data from the Ewing Marion Kauffman Foundation. The Kauffman Index of Startup Activity found that for the third consecutive year, entrepreneurial activity in the Kansas City metro has grown. The index — which presents entrepreneurial trends nationally, at…