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.”
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.