IBJNews

Indy loses promising health startup

Back to TopCommentsE-mailPrintBookmark and Share

Indianapolis would probably like to have this one back.

LabDoor, which formed here in the spring, moved last month to San Francisco after it was picked as part of the latest class of startups to be housed in the Rock Health seed accelerator for digital health companies.

LabDoor soon will launch an iPhone app that pulls from clinical trials and independent experts to immediately assign an A-F grade for vitamins and over-the-counter medicines. The grade, based on safety, efficacy and price information, is generated by scanning the label on a box or jar in the pharmacy aisle.

As part of its acceptance by Rock Health, LabDoor will receive $100,000 in startup funding from a group of venture capitslists, which include Silicon Valley behemoth Kleiner Perkins Caufield & Byers.

Perhaps even more importantly, Rock Health works with a constellation of other health companies and venture capitalists, including Kaiser, The Mayo Clinic, Mohr Davidow Ventures, Aberdare Ventures, General Electric Corp., Genentech, United Healthcare, the University of California at San Francisco and Harvard Medical School.

Those connections will be hugely helpful as LabDoor tries to bring its product to consumers, said Tercio “T.J.” Junker, the firm's chief operating officer.

The LabDoor team now consists of just four principals: CEO Neil Thanedar, Chief Technology Officer Helton Souza, Chief Creative Officer Rafael Ferreira and Junker.

Members of the LabDoor management team said it was a tough decision to leave Indianapolis, but that the opportunity in San Francisco was too good to pass up.

“The Indy startup scene is definitely on the rise, but is years away from being a true startup hub,” Thanedar said in an interview published Nov. 1 on nibletz.com. “Most startup cities grow in a predictable way: Startups form organically, a few hit big financial exits, creating angel investors who support the next generation of startups. We’ve seen the exits (IPOs for Angie’s List and ExactTarget). The next set of startups are ready to grow, they just need the early capital to succeed.”

 

ADVERTISEMENT

  • Dreamapolis Accelerator hurry up
    Indianapolis is a hub for entrepreneurship and growing still everyday. I wish LabDoor the best, but they are still one of many promising start-ups that have left to find investment elsewhere. The question should be...how many more are we willing to lose.
  • no hard feelings
    I've heard of them. I don't think he meant it in a bad way. The fact that Indy is not Silicon Valley doesn't mean that Indy is bad or not getting better. My guess is that money didn’t play a key role in their move (you don't move to SF for $100K), but the fact that it would be harder for them to recruit highly skilled people if they stayed. That doesn't mean they might not consider a move back once they are more established (i.e. have easier time attracting talent) and start looking to lower cost. Now, I’m not sure this is a “blow” to Indy. They are a small start-up with somewhat limited potential (from what I gathered about their app idea).
  • What. The. What?
    For ghe record, I like Neil but I'm not sure what his comments are rooted in. "Indy is year's away from being a true startup hub?" "Lack of early capital?". I know for a fact that Gravity Ventures invited them to pitch - and they told us that they didn't need to raise money. I also know that Neil came to Indy from Michigan, built his team here, and launched his company here. Something must be working. I'm all about following the opportunity and I wish Labdoor the best but, like Chris indicated in his comment, their departure is no reflection of the vibrancy of the Indy startup scene. Kristian Andersen Kristian.vc Indymade.com
  • Who did they talk to?
    I wonder who these guys talked to? Are they saying they were turned down by anyone here? I've not heard of them and don't know of anyone in the Angel community that has? An interesting article might be to examine how many companies are leaving because they find greener funding pastures elsewhere and point out who turned them down & perhaps compare it to the number that are actually getting started. It's a disappointing spin on this story to once again put the blame on Indy as if we are not world class in some respect. We don't need to be embarrassed about anything here as it relates to a fertile environment for startups. Indianapolis is the envy of most of our peers and we should be doing a better job of recruiting the many San Francisco startups who are fed up with the high costs, high turnover and stressful lifestyle found on the coast.

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Yes sir keep cashing those 300K a year checks direct to IMS, while millions disappear from the teams like Rahal's. Guess there wasn't enough ka- ching going around to keep Sarah Fisher in business without their "merger". LOL._____.Meanwhile back in Realville the series with the "best racing in the world" drew what appeared to be about 5000 live spectators ( and probably 1500 of those Target "freebies", and was beaten in the ratings by a series that reportedly consists of "parades" and aired while most people are still sleeping. That will generate those big ka-chings for sure. :-). But, hey, as long as the Speedway gets the cash who gives a damn about the teams?

  2. Welcome to PETERSON LOAN AGENCY Company (A Personalized Service for All Your Financial Needs) We, Liberal Investment Company Providers offers loan at a very low interest rate of 2%, we offer Personal loans, Debt Consolidation Loan, Venture Capital, Business Loan, Educational Loan, Home Loan, and Loan for any reason and urgent needs!. with a maximum duration of 30 years. Have you been turned down by your bank? Do you have bad credit? Do you have unpaid bills? Are you in debt? Do you need to set up a business? Worry no more as we are here to offer you a low interest loan. Our loan ranges from $5,000-USD (Five Thousand US dollars) to $50, 000,000.00.(Fifty Million US dollars). We also lend in USA DOLLARS EURO and POUNDS ! Fill in this form and forward it to our email: PETERSONLOANAGENCY@GMAIL.COM 1. Your Full names:_______ 2. Contact address:_______ 3. Country Of Residence:______ 4. Loan Amount Required:________ 5. Duration:_____ 6. Gender:_____ 7. Occupation:________ 8. Monthly Income:_______ 9. Date Of Birth:________ 10.Telephone Number:________ 11. Purpose of loan:_________ Yours In Service, MR PERRY, PETERSONLOANAGENCY@GMAIL.COM

  3. If I could actually get the prices...I would do this on my own. We need laws that force provides to publish the costs they will charge. Everyone else gives you the price in advance...except hospitals.

  4. I was under the impression that fencing is not allowed on a front yard and that on a corner, both sides are considered "front" yards, therefore can't be fenced without a variance. Also impedes the visibility for drivers at the intersection. Am I understanding this correctly? Might be why a fence was not included in the plans and a request for a variance will have to be made?.

  5. I was a big fan of Cowards and Carrots, which I got a chance to see at the show. It's currently on Kickstarter, but the designer also put out What's He Building in There last year, which got a fair amount of buzz.

ADVERTISEMENT