EpiEP Inc. a biomedical company which is developing a device to make heart surgery less invasive, is moving from Virginia to Connecticut thanks to a $1 million investment from Connecticut Innovations (CI). Connecticut Innovations is the state’s quasi-public agency responsible for technology investing and development. EpiEP has been in negotiations with CIs for the last year over the move.
EpiEP is CI’s 17th investment in early-stage technology companies since the fiscal year began in July. According to CI, the company expects its move to be complete by mid-July. The company will be expanding its current staff of five to a staff of seven or more after its move is complete.
EpiEP which started at the University of Virginia, is working on an initial product that aims to improve quality of life for people with cardiac arrhythmia’s by providing doctors with less invasive access to the heart. The company hopes that its move to New Haven will offer greater access to additional capital resources.
CI provides capital and operational insight to companies in industries such as energy, biotechnology and information technology. CI boasts that it has helped 100 new companies with research, development and marketing of their products and services. Activities which have attracted over $1 billion dollars in private equity and over $510 million in Gross State Profit to Connecticut.
The $1 million investment in EpiEP Inc. was made through CI’s Eli Whitney Fund. This investment is part of a $1.5 million round of funding, also involving LaunchCapital and individual investors. CI has also invested in several other biomedical companies and has a partnership with the Connecticut Clean Energy Fund to focus in on funding clean energy and clean-tech initiatives in the state.
Connecticut Governor, M. Jodi Rell said that the company represents “another solid addition” to CI’s dynamic portfolio. “EpiEP will be a wonderful addition to Connecticut’s growing technology industry. We have the most highly skilled and productive workforce in the nation and EpiEP will be well positioned to succeed,” the Governor said. “Our technology and bioscience sector is the fastest growing in the state giving us the ability to attract high-tech businesses, such as EpiEP, and create more jobs.”