Line Health just announced they have a new investor, the US Hardware VC, Bolt.
Developing hardware carries a lot of difficulties and implies specific and advanced knowledge. That’s why Line Health decided to “grab our functional prototype and fly to Boston to engage with Bolt”, as you can read in public statement.
Bolt is a venture capital fund designed to address the needs of early-stage startups at the intersection of hardware and software. They invest up to $500k in the companies they work with. Besides the funding, the teams have unlimited access to their in-house team and cutting-edge prototyping shops. Bolt’s full time engineering staff works with portfolio companies, leveraging their experience of shipping tens of millions of units to ensure the teams execute well every step along the way. They currently manage a fund of $40M and have offices in San Francisco and Boston.
According to Sofia Almeida, COO at Line Health, Bolt’s expertise is the main reason to seek this partnership:
Bolt is specialised in hardware, which is very hard to find. They help startups from the prototyping to the development phase. This is truly smart money.
Besides that, Line Health started developing operations in the US. This connection will make it easier to grow there.
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The management and hardware teams will move to the US. The software team and the people responsible for Business Development in Europe stay in Portugal.
CEO Diogo Ortega is optimistic about what’s to come:
I’m sure that 2016 will be the year that our smart pill dispenser sees the light of day and starts helping chronic patients to better manage their medication.