Senscio Sytems Raises $1.5M Seed Round led by eCoast Angels and Walnut Venture Associates

Boxborough, MA,  -- Senscio Systems, Inc., a healthcare technology startup in Boxborough, has announced two financings: a $1.5 million Series Seed raise, led by members of eCoast Angels and Walnut Venture Associates with participation from members of Golden Seeds and Northeast Angels; and a $650,000 Emerging Technology Fund loan from MassDevelopment, the state's finance and development authority. Senscio is using the loan from MassDevelopment to make strategic hires and procure hardware for early deployments of IbisCare, the company's first product.

Senscio Systems' mission is to turn data into insights. IbisCare integrates Senscio's unique artificial intelligence platform with remote patient monitoring for people living with multiple chronic conditions. The product increases patient engagement, helps caregivers assist with timely interventions and provides analytical insights for population health management.  

According to Senscio's CEO Piali De, "Through IbisCare, physicians will be able to manage their patients' health in real time, based on knowledge about how their patients' self-management is impacting their health."

Senscio is currently deploying IbisCare to users through its first customer, a midsize Accountable Care Organization in New England. The company will use the $2.15 million in new funding to accelerate the product's deployment to the next 200 users. "The wonderful thing about IbisCare is that it literally pays for itself by identifying problems early, before they require expensive treatment or hospitalization," says George McQuilken, Co-founder of the eCoast Angels. "We are very supportive of this approach."  Michael Marsh of the eCoast Angels has joined the Senscio board.

"Massachusetts is on the cutting edge of technology and health care, and Senscio has combined both qualities to create a system that will help patients and caregivers treat illnesses such as pneumonia and diabetes," said MassDevelopment President and CEO Marty Jones. "The Emerging Technology Fund has helped many innovative companies stay and grow in the Commonwealth, and we're pleased Senscio can use these funds to hire highly-skilled workers for its operations." 

MassDevelopment, the state's finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2013, MassDevelopment financed or managed 350 projects generating investment of more than $2.4 billion in the Massachusetts economy. These projects are projected to create more than 7,000 jobs and build or rehabilitate 800 residential units.

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Six New England Angel Groups Join with the State of MA in a $2.15M Investment in Content Raven

 Local angel groups including Launchpad Venture Group,  Hub Angels, Sidecar Angels, and  Beta Fund, along with the eCoast Angels of NH and Angel Investor Forum of Connecticut,  joined  the state  of  MA  in syndicating  a  $2.15M series A round for Content Raven of Marlborough, MA.The round was led by MassVentures and included the first ever investment from Commonwealth Fund III, a partnership fund with MassDevelopment managed by MassVentures.

 “The partnership between MassVentures and MassDevelopment has allowed us to meet our goal to support cutting-edge companies to grow and create jobs in Massachusetts,” said MassDevelopment President and CEO Marty Jones. “We look forward to a continued partnership with MassVentures and the broader investment community to support innovation in the Commonwealth.”

“It’s an exciting time to be part of the vibrant tech economy here in Massachusetts. MassVentures committed to us early and with its help and support we orchestrated a successful fund-raising round with regional angel groups,” said Content Raven CEO Ron Matros. “We can now focus on growing our product offerings and broadening our position in the market.”

 The Commonwealth III Fund is expected to invest in four to seven companies that are in the emerging market segments, started by first-time entrepreneurs or moving from seed to Series A financing. “With our new investments and focus, MassVentures is well-positioned to lead and participate in investments alongside angels and venture capital firms that bring industry expertise, a track record of success, and a shared commitment to follow-on funding,” said Jerry Bird, President of MassVentures, at the fund announcement last year. “We look forward to working with local entrepreneurs, and partnering with the angel and venture communities to support innovation in the Commonwealth.”

About Content Raven

Content Raven was founded in July 2011 by Vasu Ram, and had previously been self-funded. From the company: “Content Raven empowers enterprises of all sizes to control intellectual property and other valuable content as it is shared externally. The company provides content distribution and control through the cloud, with usage analytics, to mobile and other devices focused on rich media. Content Raven's end-to-end content control and analytics solution enables users to securely and easily share and track rich media, video, and other critical documents without risk of loss or abuse. Easy to use, with no software installation required, Content Raven is the first and only cloud-based content control solution that supports multiple devices, including mobile, and any type of content format. Companies around the world, including EMC, Gryphon Networks, and Certified Home Care use Content Raven. Content Raven is headquartered in Marlborough, MA."

Vasu Ram

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