File photo / Jim Neuger
Startup Maine President Katie Shorey
February 17, 2021
Startup Notebook: Portland software developer raises $600K, joins Roux residency starting lineup
Courtesy / KinoTek Inc.
KinoTek Inc., a Portland-based startup whose team is shown here in pre-pandemic times, develops software for movement clinicians.
KinoTek Inc., a Portland-based developer of a digital health platform that uses computer-vision technology for body-motion assessment, said Tuesday that it has raised $600,000 in a pre-seed funding round that was oversubscribed.
The company was founded in 2018 by University of Maine students Justin Hafner and David Holomakoff, who won the "Greenlight Maine Collegiate Challenge" in 2019.
In Tuesday's announcement, KinoTek said it will use funding raised in its first round to launch its first product, called Move.ly, to the public later this year.
Investors include IeAD Sports and Health Tech Partners, Tavistock Group, Maine Technology Institute and independent angel investors.
“Every dollar of this round is what we consider ‘smart money,'" said Hafner. "Each investor adds immense value to our company an allows us to build a strong foundation for future growth.” He also referred to the closing of the first funding round as "a testament to the team's hard work throughout the pandemic and proof of the growing startup ecosystem in Maine.”
KinoTek is also one of six companies in the starting lineup of Northeastern University's Roux Institute Startup Residency in Portland, and one of six participants in a new Florida-based sports health and health accelerator program launched by IeAD.
“What drew us to KinoTek was their well-rounded team and cutting-edge technology”, said Christoph Sonnen, co-founder and CEO of leAD Sports & Health Tech Partners. “Their goal of empowering professionals and patients to better understand human movement has the potential to truly disrupt this industry. Now it’s all about executing and bringing their vision to life.”
On Tuesday, Hafner told Mainebiz that it's an honor to be accepted into the Roux program in Portland.
"Roux provides us with an incredible talent pipeline and access to an extensive network of strategic partners," he added. "As part of the first cohort of startups, KinoTek has the exciting opportunity to help shape how Roux assists high-growth companies in Maine and lay the foundation for attracting out-of-state startups to Portland."
KinoTek recently named its first two independent board members, both of whom are entrepreneurs.
Residency program participants
Besides KinoTek, other members of the Roux institute Startup Residency inaugural class include Forerunner, developer of a platform to help communities manage flood risk; Hydronet, which aims to build an underwater WiFi network; Lief, which is setting out to reinvent childcare for families and providers starting with a pilot in southern Maine; fisheries-focused New England Marine Monitoring; and UNAR Labs, a University of Maine spinout company that develops assistive technology for blind and visually impaired users. Products include a game app for visually impaired players released in 2018.
Participants will be able to work alongside other resident companies and Roux Institute research teams as well as interact with Roux Institute students and corporate partners including WEX Inc., which is leasing space to the institute on the Portland waterfront.
Katie Shorey, president of volunteer-run nonprofit Startup Maine and a 2020 Mainebiz Next List honoree, welcomed news of the inaugural cohort.
“The companies in Roux’s residency will ideally stay in Maine, grow and bring more talent to our startup scene," she told Mainebiz. "This type of dedicated programming will help attract more founders and outside investors to our already thriving ecosystem."
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