Minneapolis connected device firm Logic PD announced earlier this week a strategic investment and partnership with emerging healthcare technology venture WellClub.
VP of Marketing Jason Voiovich says that’s an indication of what’s to come.
He declined to talk about the specific terms of this deal, but did say there there is hard cash and services involved. On that note, the company doesn’t have a venture fund, per se, but they do have “dedicated R&D dollars” for very targeted investments, such as the case with WellClub.
“We’ll absolutely see more of these types of deals focused in healthcare and other markets.”
WellClub is a relatively new player in the health IT space focused on reducing chronic care management costs through wearable devices. Voiovich says the appeal with WellClub, at the end of the day, is about data.
“We’re keen on data analytics applied to healthcare, among other areas. The macro in healthcare is there’s an opportunity to reduce costs that intersects with the IoT. We’re very interested in what can we learn about actual behavior of patients using wearable technologies.”
Logic PD got its start in 1960 as an industrial design firm and today has over 450 employees. Headquartered in Eden Prairie with offices downtown Minneapolis and manufacturing in Montevideo, there’s also satellite offices in Boston and San Diego. Their motto is ‘turn key’ hardware support — helping to launch products and accelerate growth through design, development, manufacturing, delivery and fulfillment.
The firm has a sweet spot with mid-sized OEM ($50-$500m annual rev), but as Voiovich illustrates, there’s an increasing interest in the burgeoning IoT startup space.
“We’ve made previous investments into other and even larger startups than WellClub,” he says, suggesting that Logic’s IP portfiolio makes significant contributions to top line revenue.
“We’re good at devices and electronics, so we seek entrepreneurs who understand application specific software and hardware combinations. The geography does matter to us in a number of ways…with as much happening on the coasts, we see it happening here in Minnesota too.”