DreamIt Health startup raises $650K, moves to Austin for its investors - Technical.ly Philly

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Jun. 8, 2015 12:03 pm

DreamIt Health startup raises $650K, moves to Austin for its investors

NarrativeDx had customers and a network in place in Philadelphia, but it was investors that ultimately swayed them to move to Texas.

NarrativeDx cofounders Senem Guney and Kyle Robertson with Mark Cuban (center) at SXSW 2015.

(Courtesy photo)

After graduating from DreamIt Health, NarrativeDx immersed itself in the Philly tech scene.

The patient feedback startup joined the Philly Startup Leaders Accelerator and cofounder Senem Guney, 42, was named an Alliance of Women Entrepreneurs fellow. Among other customers in New York and Texas, two of its latest pilots are with Penn Medicine and Independence Blue Cross. At the Philly Startup Leaders Accelerator demo day in April, Guney credited Philadelphia with her startup’s early success.

But it was investors who ended up tipping the scales for NarrativeDx.

The team of three relocated to Austin in May, as per their investors’ request.

NarrativeDx recently closed a $650,000 round led by Austin-based LiveOak Venture Partners, with participation from fellow Austin investors Silverton Partners and Capital Factory, as well as DreamIt Ventures and Silicon Valley-based Floodgate, which has backed startups like Twitter, Twitch and Lyft. The round was convertible debt, said cofounder Kyle Robertson, and will be used to grow the team.

“We did look for funding in Philly, but the offer best suited for us was in Austin,” said Robertson, 33, who met Guney in Austin while he was working on a mobile crowdfunding platform called iCare. At the time, Guney was working on NarrativeDx. She got her Ph.D. in organizational communication and technology at the University of Texas in Austin.

He knew Austin-based investors through his previous startup, he said.

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South by Southwest was also helpful in getting the attention of investors — NarrativeDx was a finalist in the Impact Pediatric Health Pitch Competition. That’s where the founders pitched to Mark Cuban, and that helped them raise additional funds, Robertson said.

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Juliana Reyes

Juliana Reyes became Technical.ly's associate editor after reporting on the Philadelphia tech scene for four years. She's co-president of the Asian American Journalists Association Philadelphia chapter and a two-time Philadelphia News Award winner for "Community Reporting of the Year." The Bryn Mawr College grad lives in West Philly, likes her food spicy and wears jumpsuits often.

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