Providence. Photo Credit: Courtney Gabrielson
At the end of every month, we recap the biggest tech and startup happenings in Rhode Island. We have an archive of past roundups here. To get this info weekly (Tuesday afternoons, to be exact), sign up for the Rhode Island Inno Beat newsletter.
Let’s take a look.
- MassChallenge Rhode Island has announced the 30 participating startups in its first-ever cohort. A group of judges chose the organizations from nearly 400 applications, “based on their potential to create widespread impact,” MassChallenge Rhode Island said in a press release. Ultimately, the finalists included organizations from six states and four countries. While the startups represent a wide breadth of industries, the majority of participants are considered “high tech” at 33 percent. Finalists will participate in an equity-free accelerator, where they’ll have access to MassChallenge’s Boston network and resources. The program will conclude on Oct. 17 at the MassChallenge Awards in Boston. There, “the most promising startups” will complete for shares of $50,000 in equity-free prizes. Finalists include GoPeer, the Innovation Scout and more.
- The newest winner of a Small Business Innovation Research grant? EpiVax Inc., a health tech company that “engineers therapeutic proteins” and creates new vaccines, recently won nearly $325K to continue its work, the Providence Business News reports.
- Providence’s AS220 has launched an “All Access Campaign” in an effort to raise $5M for property improvements, the Providence Business News reports. The money will be applied to more than 11 on-site projects, such as ensuring the property is Americans with Disabilities Act-compliant.
- Wellness tech company Virgin Pulse, which recently announced its HQ move to Providence, is merging with Minneapolis-based RedBrick Health, its rival. WPRI.com reports that while financial terms of the deal weren’t disclosed, its set to become final this month, and that Providence will still serve as the merged entity’s HQ.
- Marlin Equity Partners, a private equity firm based in Los Angeles, was behind the deal, purchasing Virgin Pulse from its previous investors. The company already has taken over RedBrick, and Virgin Pulse CEO David Osborne said the merge brought “substantial investment” from the firm. “Bringing RedBrick’s live and digital coaching and benefits navigation together with Virgin Pulse’s mobile-first, daily engagement platform allows us to deliver the industry’s only global, one-stop-shop for employees and employers,” Osborne said. He’ll stay on as CEO of the merged entity.
- Former Hasbro employees have bought the toy company’s line of animatronic toy pets, dubbed Joy for All, for use under a new company, Ageless Innovation LLC, McKnight’s Senior Living reports. Terms of the deal were not disclosed.
- The Providence-based Capital Good Fund, a nonprofit aimed at helping individuals improve their finances, received a 2-1-1 Innovation Award for the United Way for “its social impact on the state.” The Providence Business News has the story.
- CVS Health is buying EntrustRx from Fred’s Inc. for $40 mllion, Forbes reports. Fred’s will receive an additional amount “equal to the value of inventory of EntrustRx,” the report states. It also adds that the move will be helpful for CVS as it continues to move its specialty pharmacy organization.
- The Eat Drink Rhode Island Festival’s sixth-annual Truck Stop has raised $150K for the Rhode Island Community Food Bank, the Providence Business News reports. More than 600 customers participated in the event, which brought together 23 local food trucks. Yum! Read more about Eat Drink Rhode Island on Rhode Island Inno.
