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.”
[pullquote]
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.
[/pullquote]
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
90 on the Clock: Rawxies’ vegan treats
90 on the Clock: Rawxies’ vegan treats By John McGrath, KCPT, and Bobby Burch, Startland News Ed’s Note: Flatland and Startland News have partnered to highlight Kansas City’s innovators and entrepreneurs, all in 90 seconds. This is the second episode in the five-part series. Rawxies founder Callie England may best be defined by her tenacity. England, who…
Techweek commits to five more years in KC
With more than 5,000 attendees last week in Union Station, Kansas City more than doubled the expected participation in Techweek, a week-long technology conference. In fact, Kansas City performed so well that Techweek is coming back for at least five more years. Techweek CEO Katy Lynch said that the conference was anticipating about 2,500 attendees, but…
Science City at Union Station wins experience award
Science City at Union Station was named one of two worldwide recipients for a prestigious visitor experience award. The EDGIE Award, or Roy L. Shafer Leading Edge Award, for visitor experience was given to Science City last week by the Association of Science-Technology Centers, a nonprofit organization that represents science centers and museums. The award…
OP prescription software firm lands $2.7M
An Overland Park software company recently wrapped up a hefty funding round, according to its founder and CEO. Rx Savings Solutions, a business that works with other companies to manage employees’ monthly medications, secured $2.7 million in funding. Kansas City investors Dan Henry, CEO of NetSpend Corp., and Jeffrey Brown, chairman at StoreFinancial, led the…