25 high-potential companies from around the world selected for new Dreamit cohort
Baltimore, March 2016 – Kermit is pleased to announce that it has been selected to participate in Dreamit Health. A leading global accelerator with a proven track record, Dreamit has launched more than 220 startups that collectively have gone on to raise more than $275 million and are worth more than $1 billion in enterprise value.
Kermit was selected for Dreamit’s inaugural 2016 cycle from an applicant pool of nearly 1,000 companies from over 40 countries based on metrics including the strength of the team, uniqueness of insights into the problems they are solving, and their capacity to revolutionize the industries in which they operate: healthcare and education.
The Kermit application, which provides pricing transparency and spend management for hospital executives, surgeons and supply chain staff in the area of physician preference items,was created by the company founders after successful knee and hip implant negotiation consulting projects. Through the Kermit approach, more than $10 million in annual savings were realized between three hospitals during 2015. The team, comprised of supply chain experts and former medical device representatives, now find themselves at the helm of a healthcare technology company.
“Dreamit Health will provide us with access to mentors and client user environments to remove the guesswork and help us hyper-focus on what’s important to ramp up quickly”, said Richard Palarea, Kermit’s CEO. “Dreamit is the premier brand for health technology accelerators in the U.S. and we consider it an honor to have been selected. Their assistance in preparing Kermit for our Series A investment round and the funding introductions that will be made are coming exactly at the right time for us.”
The accepted companies will begin their immersion into startup methodology at Destination Dreamit, a summit bringing together top VCs, Dreamit alumni, and industry thought leaders. The companies will then spend 16 weeks testing their assumptions, iterating their products, growing their pipelines, meeting customers, and interacting with their assigned mentors and advisors.
Dreamit last year announced significant changes to its model to attract a more diverse cohort of startups, including later stage companies that have already received funding and would not typically consider an accelerator. Key upgrades include introducing a “Zero/Zero” offer to allow entrepreneurs to participate without giving up equity, removing the relocation requirement, and adding more customer touch points to allow startups to receive commercial validation and build out their pipelines earlier in the four month program. Additionally, instead of a traditional accelerator Demo Day, Dreamit will now curate targeted investor meetings for companies during a two week bi-coastal investor roadshow at the conclusion of the 16 weeks.
“Dreamit set out to reimagine acceleration in a way that would create greater value for our startups, partners, and investors by breaking down barriers to innovation and attracting a broader range of entrepreneurs,” said Dreamit CEO Avi Savar. “The 25 companies we are announcing, who are based all around the world and represent different stages of the startup lifecycle, are proof that we have succeeded. We are honored to welcome these incredibly talented and passionate founders into the Dreamit network.”
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