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Vida Diagnostics receives $1 million investment from UnityPoint Health Ventures

July 25, 2019

Coralville-based VIDA Diagnostics today announced a $1 million investment and strategic partnership from UnityPoint Health Ventures.

UnityPoint Health and VIDA will partner to develop and commercialize VIDA’s AI-powered lung analysis solutions, LungPrint, a fully automated AI-powered analysis of inspiratory chest CT scans.

“VIDA’s partnership with UnityPoint Health represents a shared vision for improving care to patients through higher quality, highly informed, yet affordable solutions through the influx of transformative innovations like LungPrint,” said Susan A. Wood, Ph.D., CEO of VIDA, in a press release. “Together we are able to broaden access to our game-changing solutions and deliver exceptional patient care.”

The partnership provides VIDA with access to Unity Point Health’s extensive and growing multi-state network of hospitals and clinics, and to its network of clinical experts who will contribute valuable insights to VIDA’s solution roadmap and commercialization processes.

UnityPoint Health announced in May the launch of a $100 million venture fund that will manage and direct the company’s financial and strategic investment opportunities.

“At UnityPoint Health, we’re dedicated to making it easier to live well,” said Matthew Warrens, Managing Director of UnityPoint Health Ventures. “Incorporating technological innovations such as VIDA’s LungPrint is an important part of that vision. We’re thrilled to work with VIDA to bring this technology to our patients and providers.”

With this investment, VIDA also secures funds from the Iowa Economic Development Authority, adding to IEDA’s previous financial support of VIDA.

“VIDA and today’s news are great examples of what can happen when public and private partners come together to foster an entrepreneur ecosystem that supports the success of start-ups in our state,” said Debi Durham, Director of the Iowa Economic Development Authority and Iowa Finance Authority.

Previous coverage

UnityPoint Health launches $100 million venture fund -May 23, 2019

IEDA awards funding to four startups -May 21, 2019

Tags: UnityPoint Health Vida Diagnostics

Vida Diagnostics receives $1 million investment from UnityPoint Health Ventures | Clay & Milk

A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.

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