DMZ Alumnus Startup Figure 1 Raises $2 Million Seed Round

Posted by Knowlton Thomas

Digital Media Zone at Ryerson University alumnus company Figure 1 announced today that it has raised $2 million in seed funding.

Figure 1, which developed a healthcare photo sharing app, incubated at the DMZ from December 2012 to August 2013 and also completed the Ryerson Futures accelerator program.

“We congratulate Figure 1 on their early growth since launching in May of this year and look forward to working with them as they leverage this funding to fuel their expansion,” say Matt Saunders, president and managing director of Ryerson Futures. “Ryerson Futures is excited to provide continued support for startups and help them make valuable industry connections.”

 

SEE ALSO: Boris Wertz: There's Only Two Ways to Build a $100 Million Company

 

The funding round was co-led by Version One Ventures and Rho Canada Ventures, a division of New York-based Rho Capital Partners. The round also included the Investment Accelerator Fund and a number of prominent angel investors, such as Daniel Debow, the cofounder of Rypple, which acquired by Salesforce, and DMZ Investments, a seed-stage fund established by Ryerson Futures.

“Founding our company at the Digital Media Zone helped us benefit from the entrepreneurial spirit at Ryerson,” said Gregory Levey, co-founder of Figure 1. “The collaborative environment of the DMZ, along with the financial support and mentorship provided by Ryerson Futures allowed us to focus completely on building a product and getting our company off the ground.”

Figure 1 is hoping to build the world’s largest free repository of medical images that is searchable and available to the medical community. It's described by the startup as a mobile, crowdsourced platform that allows healthcare professionals to upload and tag images, use each other’s images for information, and rate images for accuracy or clinical representativeness.

Figure 1 launched in North America in the spring and reached the top spot in the medical category on both the US and Canadian App Stores, then expanded to the United Kingdom this fall. The app is currently available on iPhone and iPad and will be expanding to esktop and Android "in the coming months," according to the company.

 

Company:
Rho Canada
Website:
http://www.rho.com
Location:
Montréal, Québec, Canada

Rho Canada, based in Montreal, is dedicated to backing leading, early-stage technology-based companies in Canada. Formed in 2006, Rho Canada is affiliated with Rho Ventures in the US and leverages off Rho Ventures' 25+ years of experience in investing in venture-stage companies. The Rho Canada team is led by Jeff Grammer and Antoine Paquin, serial entrepreneurs who have previously successfully built, as CEO's, a... more

Company:
Rypple
Website:
http://www.rypple.com
Location:
Toronto, Ontario, Canada

Long before Rypple, we started a software company called Workbrain. Workbrain helped huge companies schedule and pay people. Within a few years, we grew to over 650 people. Like every big company, we set up a "Performance Management" program. We thought that formal reviews would help us manage people and the business. They did. Sort of. Our process helped the company but not our people. It calculated bonuses and... more

Company:
Version One Ventures
Website:
http://www.versiononeventures.com
Location:
Vancouver, British Columbia, Canada

Above everything else we invest in entrepreneurs, not businesses. We love passionate entrepreneurs with deep domain knowledge. Entrepreneurs with great product and design instincts. Entrepreneurs who want to change the world but know that in order to do so, they need help. And yes, we love to help, when and where ever we can. Besides the founder team we look for a few more things when evaluating an investment... more

Company:
Figure 1
Website:
http://www.figure1.com
Location:
Toronto, Ontario, Canada

Free, safe photo sharing for healthcare professionals. more


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Knowlton Thomas

Knowlton Thomas

Knowlton is the managing editor of Techvibes. Based in Vancouver, Knowlton has been published in national publications and has also appeared on television and radio. Previously he was an editor for New Westminster weekly The Other Press and served on its board of directors. When not working, Knowlton enjoys playing tennis or otherwise enjoying the outdoors. more



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