ROCKY HILL, Conn., May 9, 2019 /PRNewswire-PRWeb/ -- Connecticut Innovations (CI), Connecticut's strategic venture capital arm and the leading source of financing and ongoing support for innovative, growing companies, today announced that SmartFactory, an industry 4.0 company specializing in data solutions for the manufacturing, logistics and utility sectors, has been selected as the recipient of the early decision award for VentureClash 2019. As a result, SmartFactory moves directly into the semifinalist round of this year's VentureClash competition.
VentureClash is Connecticut's $5 million global venture challenge for early-stage companies in digital health, financial technology, insurance technology and industry 4.0. To be considered for the early decision award, SmartFactory successfully submitted its first-round application by the early decision deadline and met all other criteria for the competition. In addition to being fast-tracked to the semifinal round, SmartFactory will also have access to the second-round application weeks before all other applicants.
"The early decision award, now in its second year, enables us to spotlight companies that clearly have tremendous potential and would make an excellent addition to the innovation ecosystem we are building in Connecticut," said Matt McCooe, CEO of Connecticut Innovations. "SmartFactory fits that mold, and we are looking forward to learning more about the company and its data-based solutions for the manufacturing industry as the VentureClash competition progresses."
Based in Ireland, SmartFactory solutions add intelligence into manufacturing processes to drive continuous improvement, knowledge transfer and data-based decision making, dynamically translating data into actionable intelligence and reducing the amount of time and resources required to capture and communicate critical information across the organization. The company serves customers across all manufacturing sectors, ranging from global consumer goods companies to medical device manufacturers.
"We are thrilled and honored to have been selected as an early decision award winner for this year's VentureClash competition," said Brendan Sheppard, CEO of SmartFactory. "We are eager to continue moving through the application process and learning more about the role Connecticut can play in supporting SmartFactory as we grow and scale our company."
For more information on VentureClash 2019, visit https://ventureclash.com.
About VentureClash
Managed by Connecticut Innovations, VentureClash is Connecticut's global venture challenge focused on early-stage companies. The challenge identifies high-potential companies in digital health, fintech, insurtech and industry 4.0 that will receive investments from a $5 million investment award pool. Learn more at https://ventureclash.com.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is Connecticut's strategic venture capital arm and is the leading source of financing and ongoing support for innovative, growing companies. CI provides venture capital and strategic guidance for early-stage technology companies, and connections to its well-established network of partners and professionals. For more information, visit http://ctinnovations.com.
SOURCE Connecticut Innovations
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