Seedfunders, an investment group that backs startups with a minimum viable product but little or no revenue, announced that its portfolio company Intelligent Observation has been acquired by HID Global Corporation for $14 million, in cash.
Founded by entrepreneur Seth Freedman, Intelligent Observation develops equipment and software that helps health care facilities monitor and manage hygiene compliance. The company’s tools are designed to improve patient safety and regulatory adherence in hospitals and clinical settings.
Seedfunders first invested in Intelligent Observation in 2019, with a follow-up investment in 2020. The St. Petersburg firm supports early-stage technology startups until they reach proof of concept and can attract follow-on funding.
Seedfunders has made nearly 50 investments in 30 portfolio companies. Several of its startups have gone on to raise capital at valuations more than 10 times higher than the original investment, according to a statement.
The firm has more than 70 partners across Florida and focuses on helping early revenue technology startups launch, scale and secure long-term growth.