Connecticut Innovations Commits $200,000 in Second Round of Financing to Queralt Inc.
North Haven cloud-based applications developer expands customer base, products and staff
Rocky Hill, Conn., October 17, 2012 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for growing Connecticut businesses through innovative financing tools and assistance, today announced it has committed $200,000 in follow-on financing to cloud-based application developer Queralt Inc. of North Haven, Conn. CI’s funding was part of a $500,000 investment round. In 2011, CI provided Queralt with $150,000 in pre-seed funding.
“The broad range of applications for Queralt’s technology was attractive to CI,” said Claire Leonardi, chief executive officer and executive director of CI. “Queralt’s systems can be found in settings ranging from senior living facilities to homeland security sites. We think the systems have tremendous market potential.”
Queralt is a leading developer of cloud-based applications for real-time monitoring and management of physical assets and people. The company’s iQ3 platform gathers and processes data from multiple sensors, radio-frequency identification tags, and GPS and mobile devices to provide output and trigger actions, such as real-time alerts, activation of remote devices, and so on. Customers use iQ3 systems to help prevent potential problems, reduce operating costs and differentiate their products and services. In senior living facilities, such as Seabury, of Bloomfield, Connecticut, the iQ3 system typically includes pendant tag alerts worn by residents, door and temperature sensors, and employee access tags, in addition to the company’s proprietary software. The system allows residents more independence, increases safety, enables faster response when unwanted events happen and cuts labor and energy costs.
“Connecticut Innovations’ investment in Queralt Inc. has helped us expand our R&D efforts, our customer base and our staff. We’ve added new employees as a direct result of this investment and we expect to add at least three more over the next two quarters, as our context-driven real-time cybersecurity engine is utilized for operational pilots within the Department of Homeland Security and other government agencies; our independent elder care solution expands into additional retirement communities; and our industrial solution, currently being utilized by Matheson Gas, expands into new customers,” said Michael Queralt, president of Queralt Inc. “Equally important is the tremendous benefit of CI’s network of resources and sound business advice.”
iQ3 systems work in a multitude of settings with a wide range of asset types. In addition to senior living facilities, the systems have been installed in healthcare and medical facilities, corporate offices, manufacturing facilities and schools and government agencies.
Matthew Storeygard, CI investment associate, will monitor and advise Queralt on behalf of CI.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is a quasi-public corporation providing equity, debt and bond financing and other forms of financial assistance to companies in all stages of the business life cycle, from startup to later stage. CI offers its portfolio companies strategic guidance and collaborations with partners in business, finance, education, government and nonprofit sectors. CI’s initiatives are designed to grow the state’s economic and technology base, and to stimulate business investments and job creation. For more information on CI, please visit www.ctinnovations.com.
About Queralt Inc.
Queralt Inc. is a privately held software development company located in North Haven, Conn., that has a growing list of customers in the industrial, financial, security, manufacturing and service industries, as well as in healthcare, educational and governmental organizations. For further information on Queralt Inc., please visit www.QueraltInc.com.