PHILADELPHIA, Dec. 8, 2016 /PRNewswire/ -- Partnering to
fuel Philadelphia's innovative
digital health ecosystem, Ben Franklin Technology Partners of
Southeastern Pennsylvania
("Ben Franklin"); Independence
Health Group ("IHG"), the parent company of Independence Blue
Cross; and Safeguard Scientifics ("Safeguard") (NYSE:SFE) today
announced their intentions for a $6
million funding initiative over a four year period to grow
technology-driven, early-stage healthcare startups.
Responding to a burgeoning economic vitality in digital health,
Ben Franklin, IHG through a
subsidiary, and Safeguard each intend to pledge $2 million to launch the funding initiative and
will identify, vet, and allocate funds to augment the Philadelphia region's continued growth and
development in digital health. In addition, each will source new
opportunities, extend guidance and support to the emerging
seed-stage companies as they grow, and maximize the impact of the
capital committed to the companies and their communities. Startup
companies will receive funds based upon the quality of their
business model, the technology's viability, and a strong vision
from the management team. Ben
Franklin will lead the due diligence process and day-to-day
fund management on potential opportunities.
"Joining with these leaders who bring domain knowledge and
expertise strengthens Greater
Philadelphia's position to support one of its most thriving
technology sectors. Such a collaboration enhances and multiplies
the quality of assessment, feedback and opportunity available to
the region's digital health entrepreneurial talent, promoting
development of solutions to benefit our community while offering
companies even more resources to start, stay and grow here," said
Ben Franklin President and CEO,
RoseAnn B. Rosenthal.
"Independence Health Group is committed to developing and
supporting the next generation of digital health entrepreneurs and
helping our region become a global center for health care
innovation," said Daniel J.
Hilferty, President and CEO of IHG. "At our core is the
belief that innovation is always knocking at the door. We want to
champion healthcare entrepreneurship in our region and could not
have found better partners for turning game-changing ideas into
real world applications that will improve our members'
well-being."
"Founded more than 60 years ago, Safeguard has helped hundreds
of companies reach their potential in several strategic verticals
over the decades," said Safeguard's President and CEO, Steve Zarrilli. "Our pragmatic approach has put
Philadelphia on the map for
entrepreneurs seeking capital. While we will always focus on our
traditional 'sweet spot' of Series A and Series B financings, we
believe that it's also important to put a stake in the ground and
allocate resources to a broader spectrum of opportunities to
support the full ecosystem of innovation and entrepreneurship.
Safeguard recognizes an opportunity to spur growth in the
Philadelphia region, and this seed
capital will ultimately build a pipeline of opportunities
potentially suitable for future rounds of financing from
Safeguard."
Ben Franklin, IHG and Safeguard
have demonstrated a clear commitment to healthcare innovation in
the Philadelphia area, having
previously announced their respective involvement in the Health
Care Innovation Collaborative, which was initiated in 2015 by the
Greater Philadelphia Chamber of
Commerce's CEO Council for Growth.
About Ben Franklin Technology Partners of Southeastern Pennsylvania
Ben Franklin is the most active early stage
capital provider for the region's technology sectors. Ben Franklin combines best practices of venture
capital with a public-spirited purpose: leading the region's
technology community to new heights, creating jobs and changing
lives for the better. Ben Franklin
is an initiative of the Pennsylvania Department of Community and
Economic Development and is funded by the Ben Franklin Technology
Development Authority. www.sep.benfranklin.org
About Independence Health Group
Independence Health
Group, through its subsidiaries, serves nearly 10 million people in
27 states and the District of
Columbia, including 2.5 million in southeastern
Pennsylvania. In addition to a
growing consumer business, Independence Health Group serves
employer groups ranging from small businesses to national
corporations. Headquartered in Philadelphia, Independence Health Group is a
diversified company offering a wide range of services including
commercial, Medicare and Medicaid medical coverage, third-party
benefits administration, pharmacy benefits management, and workers'
compensation. Independence Health Group and Independence Blue Cross
are independent licensees of the Blue Cross and Blue Shield
Association. To learn more, visit www.ibx.com. Connect with us
on Facebook at ibx.com/facebook and on Twitter
at @ibx.
About Safeguard Scientifics
Safeguard Scientifics
(NYSE:SFE) provides capital and relevant expertise to fuel the
growth of technology-driven businesses in healthcare, financial
services and digital media. Safeguard targets companies that are
capitalizing on the next wave of enabling technologies with a
particular focus on the Internet of Everything, enhanced security
and artificial intelligence, which includes predictive analytics
and machine learning. Safeguard typically deploys between
$5 million and $25 million over the
course of its partnership with a company, initially investing in a
Series A or B Round and opportunistically in a Seed Round.
Safeguard has a distinguished track record of fostering innovation
and building market leaders that spans more than six decades. For
more information, please visit www.safeguard.com or follow us on
Twitter @safeguard.
Forward-looking Statements
Except for the
historical information and discussions contained herein, statements
contained in this release may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Our forward-looking statements are subject to
risks and uncertainties. The risks and uncertainties that could
cause actual results to differ materially include, among others,
our ability to make good decisions about the deployment of capital,
the fact that our partner companies may vary from period to period,
our substantial capital requirements and absence of liquidity from
our partner company holdings, fluctuations in the market prices of
our publicly traded partner company holdings, competition, our
inability to obtain maximum value for our partner company holdings,
our ability to attract and retain qualified employees, market
valuations in sectors in which our partner companies operate, our
inability to control our partner companies, our need to manage our
assets to avoid registration under the Investment Company Act of
1940, and risks associated with our partner companies, including
the fact that most of our partner companies have a limited history
and a history of operating losses, face intense competition and may
never be profitable, the effect of economic conditions in the
business sectors in which Safeguard's partner companies operate,
and other uncertainties described in our filings with the
Securities and Exchange Commission. Many of these factors are
beyond the Company's ability to predict or control. As a result of
these and other factors, the Company's past financial performance
should not be relied on as an indication of future performance. The
Company does not assume any obligation to update any
forward-looking statements or other information contained in this
press release.
MEDIA CONTACTS
For Ben Franklin Technology
Partners of Southeastern
Pennsylvania
Jason
Bannon
Director, Marketing and Communications
215-972-6700 x3214
jbannon@sep.benfranklin.org
For Independence Blue Cross
Ruth Stoolman
Public Relations Manager, Corporate Communications
215-241-4807
Ruth.stoolman@ibx.com
For Safeguard Scientifics
Heather Hunter
Vice President, Corporate Communications
610-975-4923
hhunter@safeguard.com
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SOURCE Safeguard Scientifics, Inc.