Illness Forecasting Start-Up Receives $150,000 in Funding
Baltimore based Sickweather has received funding from a Catalyst Loan Fund from the Howard County Economic Development Authority
COLUMBIA, MD (March 1, 2016) – The Howard County Economic Development Authority (HCEDA) announced today the issuing of a $150,000 loan for the start-up Sickweather from their Catalyst Loan Fund through the use of Video Lottery Terminal (VLT) Funds.
Baltimore based Sickweather is a data platform for public health prediction, and real-time Doppler radar for sickness. It is also the largest illness crowdsourcing community of its kind — processing over 6 million reports of illness every month.
“We are very pleased to be able to support and assist Sickweather along their journey to success through the use of VLT funds,” said Beth A. Woodring, Loan Fund Manager at the HCEDA.
The HCEDA is one of 7 Fund Managers approved to issue loans from the VLT funds. Of the $1.75 million the HCEDA has to lend, 50% is required to be distributed within 10 miles of one of Maryland’s casinos, while the rest can be distributed outside of that area. The HCEDA has approved 7 loans this fiscal year.
“This funding comes at a crucial time in our early growth as we use it to take new revenue generating products to market,” Graham Dodge, CEO of Sickweather.
All funding is in the form of loans, which are repaid with interest. A maximum loan term is 5 years and interest rates vary based upon credit risk. Processing time varies by deal but the key to quick processing is a complete, accurate data package.
About HCEDA: The Howard County Economic Development Authority is a public-private partnership whose primary goal is to promote economic growth and stability by supporting existing businesses, targeting new businesses, and attracting corporate/regional headquarters. The Authority also maintains several programs aimed at the special needs of small and agricultural businesses. Additionally, the Authority strives to preserve the distinctive quality of life in Howard County. The Authority can be reached at www.hceda.org.
About Sickweather: Sickweather, Inc., a Baltimore-based company, provides real-time disease surveillance and forecasts for more than 23 different symptoms and illnesses. In 2012, they were recognized among “100 Brilliant Companies” by Entrepreneur Magazine and featured on the TODAY Show for successfully identifying the early start of the 2012 Flu Season 6 weeks before the Centers for Disease Control & Prevention (CDC). In 2014, the startup company graduated from the Sprint Mobile Health Accelerator powered by Techstars. For more information, please visit: http://www.sickweather.com
Howard County Economic Development Authority
Office: (410) 313-6500