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Tomorrow Options raises $2.6 million in venture capital; announces name change to Kinematix and launches in the US
Tomorrow Options raises $2.6 million in venture capital; announces name change and launches in the US
OPORTO, Portugal and BOSTON, Mass. | October 22, 2013 |
Tomorrow Options, a body dynamics company delivering cutting-edge connected health and fitness products that evaluate body position and movement to improve human function, wellness and performance, announced today it has closed its Series B round of funding, receiving $2.6 million from venture capital funds managed by Portugal Ventures, one of Portugal's largest venture investment firms. This investment complements a $2.3 million investment by Portugal Ventures in a 2008 Series A funding. At the same time, the company also announced it changed its name to Kinematix (www.kinematix.pt), and launched in the US with a fully-owned US subsidiary in Boston, and presentations at key events in connected health.
The new funding enables Kinematix to accelerate sales and marketing activities worldwide, in order to fuel continued market growth of its proven products. Kinematix' products incorporate the latest in micro-electronic sensing, with connected health features designed for customization, efficiency and enhanced communications. Both of its healthcare products have received US Food and Drug Administration (FDA) and CE Mark clearance.
"We are excited to continue supporting Kinematix, having worked with the company's innovative and dedicated team from the early stages of development, to launch products to address unmet needs in healthcare. Establishing a strong presence in the US market is an important step in the company's growth," said Jose da Franca, chairman and chief executive officer, Portugal Ventures. "We are very pleased with Kinematix' accomplishments to date and are looking forward to continued success."
"Portugal Ventures continues to demonstrate confidence in our company and our technology, as we expand our sales and marketing efforts worldwide," said Paulo Ferreira dos Santos, chief executive officer, Kinematix. "The Kinematix name better reflects our dedication to monitoring body dynamics during real-life activities. We are focused on markets where feedback on body dynamics and lack of connectivity are complicating positive outcomes, patient or customer care, and efficiency."
Kinematix' Connected Body Dynamics platform incorporates the latest in real-time microelectronic sensing technology, reporting, documentation and imaging, which can be applied flexibly to any market requiring body dynamics data and connectivity. The company currently markets two products. MOVINSENSE is a position, activity and care plan monitoring system for optimal management of inpatient mobility risks such as pressure ulcers or falls, for use in hospitals, nursing homes and rehabilitation clinics. WALKINSENSE is a prescription fitting system for shoes, insoles and off-loading devices that incorporates in-shore sensing to assess pressure, motion, gait and body position in patients with diabetes, gait problems, malformation or other corrective orthopedic needs.
Kinematix Establishes US Subsidiary; Adds Board Members
The company announced it has established a fully-owned US subsidiary, located in Boston. Kinematix also has a subsidiary in the UK (Sheffield) and an office in the Netherlands (Amsterdam). Kinematix also appointed a US-based Chairman and Director to its board.
Jay B. Pieper has been named chairman of the Board. He was president and chief executive officer of Partners International Medical Services, and vice president of corporate development and treasury affairs for Partners HealthCare System. He has over 35 years of experience in corporate finance and business development, including 18 years in the healthcare industry. Pieper has served on a number of Boards, including Partners HealthCare at Home, WorldCare International and the Harvard Clinical Research Institute.
Joseph Ternullo, associate director, Center for Connected Health at Partners Healthcare, has also joined the Board of Directors, and will serve along with Heitor Benfeito, senior analyst, Venture Capital, Portugal Ventures, and Jose Caldeira, director, INESC Porto, and an original founder of Kinematix. INESC Porto is a private non-profit association that invests in scientific research and technology development, supporting new technology-based companies.
"Jay is an esteemed leader in healthcare, with expertise ranging from executive management of hospitals and healthcare systems to launching new medical technologies, and we are delighted to have him as our chairman," said Ferreira dos Santos. "Joe brings valuable experience from his work with the Center for Connected Health, a hub for pioneering research and innovation in technology-enabled healthcare delivery."
Presentations at Key Connected Health Events
The launch of Kinematix' US subsidiary coincides with company presentations at two key connected health events. Ferreira dos Santos will present at the Speakers' Corner at the EU-US eHealth Marketplace and Conference in Boston on October 22. At the 10th Annual Connected Health Symposium on October 25, he will speak on a panel entitled, "Entrepreneurial Innovation in Health Care: Collaborations, Funding Opportunities and International Trade, a Special Symposium Discussion." Kinematix will also exhibit at the Connected Health Symposium (booth #204), where its products will be demonstrated.
About Kinematix
Kinematix, headquartered in Oporto, Portugal, is a body dynamics company delivering cutting-edge connected health and fitness products that evaluate body position and movement to improve human function, wellness and performance. Kinematix applies its expertise in microelectronic sensing, body dynamics and product engineering to the connected health model of 'anytime, anywhere' care and support. Its products are designed for customization, efficiency and enhanced communications between care teams and patients, or in the fitness market, between retail managers, sales teams and customers. The company also has subsidiaries in the US and UK, and an office in the Netherlands. For more information, visit www.kinematix.pt.
About Portugal Ventures
Portugal Ventures is a venture capital and private equity firm, focusing its investments in innovative, scientific and technology-based companies, as well as in companies from the more traditional Portuguese Tourism and Industrial sectors, with significant competitive advantages and export oriented to global markets. Portugal Ventures partners with exceptional entrepreneurs, assisting them in achieving new levels of competitiveness and success at all stages of development, operating in a number of different sectors. Portugal Ventures works alongside entrepreneurs, enabling high-growth Portuguese companies to achieve global status. For more information, visit www.portugalventures.pt.