Startup turns to Indiegogo to fund its menstrual-cramp blocker
Israeli startup Livia is raising money over the online fundraising site Indiegogo for an innovative device to alleviate menstrual pain. A wearable, battery-powered device, it clips to the user’s waistband and sends out a frequency that’s designed to stimulate the nerves in order to keep the “pain message” from cramping muscles from reaching the brain. The device is based on the pain gateway theory, which holds that the nervous system can’t cope with two things at the same time. For example, if you cut your finger and then hold it over a flame, you won’t feel the flame,” explained founder and CEO Chen Nahum. To date, Livia has raised $274,516, more than five times its original goal, from over 3,000 backers, according to Indiegogo. For an $85 contribution they are promised the delivery of the device by October. Livia is meanwhile seeking approval from U.S. and European regulatory authorities. (Inbal Orpaz)
China’s Kuang-Chi forms $50m tech fund
Kuang-Chi, a Chinese technology conglomerate, said Sunday it was launching a $50-million technology fund based in Israel to invest in companies worldwide. The Kuang-Chi GCI Fund & Incubator will invest in early- to mid-stage startups in Israel and abroad and operate a technology incubator. The fund is slated to grow to $300 million within the next three years. “We intend to invest in the best local companies in the fields of biometrics, communications, robotics, and AR, and to take them to the next level commercially and technologically,” said Ruopeng Liu, the group’s chairman. Based in Shenzhen, Kuang-Chi was founded in 2010 by five Chinese scientists who returned home after earning advanced degrees at Duke, Oxford and Cambridge universities. It now has a portfolio of companies that include KuangChi Science Limited, Martin Aircraft Company and the biometrics company Zwipe. Asset management firm Indigo Global will manage the fund. (TheMarker Staff).
BlueVine gets capital i from Citi Ventures
Just three months after raising $40 million, the financial technology startup BlueVine said last week that the venture capital unit of Citibank had made a “strategic investment” in the company. Neither BlueVine nor Citi Venture disclosed terms but they said proceeds will help the company expand its operations from providing working capital to small businesses into other segments. Founded by CEO Eyal Lifshitz in 2013 and based in Palo Alto, California, BlueVine began by offering online factoring services, in which businesses sell their accounts receivable at a discount to a creditor so they can have cash on hand to fund operations. This year it began offering small-business loans. The two firms haven’t yet worked out a formal partnership, but they’re already exploring options, said Arvind Purushotham, managing director at Citi Ventures, told CNBC. (TheMarker Staff)