Arthur Ventures put $1.5m into Rochester’s Boost

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Boost Information SystemsIt was reported mid-January that North Dakota venture capital firm Arthur Ventures had “backed Boost,” although no specific terms we’re cited at the time.

We now know that $1.5m in equity financing was received on Feb 2 by the Rochester maker of health-related mobile applications, which got its start in 2007. Fr0m the original report:

“Apps include ActiveRx, which acts as an “electronic pillbox” that reminds users when to take medications, and Vree, an app that helps people suffering from type-2 diabetes better manage the disease.”

“Boost also focuses on integrating body sensors into its technology and making data collected via those sensors available to health providers online. For instance, as part of its BodyGuardian application, users wear a small sensor that monitors their heart rate and breathing patterns. A doctor can then view that information remotely

Jon Otterstatter, Scott Burrichter, Dan Spors and Greg Wobig founded Boost, which now has about 17 employees and generates annual revenue of more than $2.5 million. Boost plans to use its recently won funding partly to grow its staff, said Otterstatter, Boost’s president and CEO.”

Arthur recently fulfilled their inaugural fund ($11m) and is in the midst of establishing a second, AV II, with a target amount of  $30m for cross-sector startups. As much as 40% of their dealflow comes from Minnesota, according to Partner Tadd Tobkin, who was quoted as saying: “A lot of early-stage capital has gone away, and it’s made it really hard for entrepreneurs.”

The firm is ideal fit for those startups that which have previously raised an initial/angel round of financing and are looking for “pre-series A” funding. Other known local tech portfolio companies include Minneapolis’ Workface (BusinessCard2) and Hardcore Computer, also in Rochester.

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