PORTLAND, Ore.–(BUSINESS WIRE)–July 13, 2022–
LG Electronics’ North American Innovation Center (LG NOVA) chose medZERO as one of the ” Selected 20 ” startups taking the next step in their Mission for the future global challenge competition. The honor comes with $100,000 to help fund a collaboration for the next round of the contest.
The recognition is the latest for Portland-based startup medZERO, an employer-sponsored financial wellness platform that gives employees a smarter way to pay for healthcare via on-demand access to funds to pay their disbursements over time at zero interest and zero fees.
In May, medZERO was one of six companies selected for the Meta Lab challenge, a prestigious competition sponsored by the Carolina Fintech Hub and MassChallenge, an international business acceleration program based in Boston.
Since securing $5.7 million in seed funding last year from Silicon Valley giants True Ventures, Village Global and other angel investors, medZERO launched its app in November 2021 and has hired and more than doubled its customer base.
Each of the top 20 applicants in the LG NOVA program received $100,000 for proof-of-concept projects. medZERO was chosen in the Connected health category as a company that creates a new solution with the potential to transform markets and industries, especially when people change their perspective on new technology-enabled care.
“We are honored to be part of this round,” said Craig Froude, co-founder and CEO of medZERO. “LG recognized that our highly scalable mobile payment platform leverages technology to give employees greater control over their healthcare services and spending. »
Chosen from a pool of more than 1,300 applicants, the 20 selected will continue the process of developing their ideas while working closely with LG NOVA’s team of innovation and entrepreneurship experts over the coming months, in the purpose of being chosen as Mission for the future “Top 10” finalist challenge. Nominated in August 2022, the top 10 will have the opportunity to grow their business together with LG on an accelerated path to success, with full access to LG expertise, mentorship, NOVA Capital Alliance and investments from LG.
Since its official launch in August 2021, the Mission for the future invited innovators and entrepreneurs to submit their business ideas, technologies and concepts that aim to advance people, communities and the planet. The top 50 First startups selected under the challenge program gained access to grassroots business infrastructural support and networking after demonstrating outstanding proof of concept in emerging industries, as well as potential for partnership successful within the wider LG business.
“Over the past few months, our work with the top 50 startups has helped us continue to refine our vision for the future as we examine new areas of growth for LG,” said LG Electronics’ senior vice president. for innovation, Dr. Sokwo Rhee, director of LG NOVA. “We are inspired by everyone who has participated to date with groundbreaking and thoughtful technology innovations to drive and contribute to our collaborative community and the guiding principle of ‘outside in’ innovation. With this announcement, we are sharing the results of our ongoing work engaging with the startup and entrepreneur community to create impactful technologies that will lead society into the future.
medZERO is a healthcare-focused fintech company from Portland, Oregon ( www.medzero.com ) designed to make health care accessible, affordable and equitable. Our employer-sponsored platform gives employees instant access to funds to pay for their healthcare costs without interest or fees. Reimbursement is made by direct debit from payroll and for users with health savings accounts, medZERO payments are pre-tax, saving them up to 30% on all eligible medical expenses. Learn more about medzero.com.
About LG NOVA
LG NOVA, the North American Innovation Center for global innovation leader LG Electronics, is a team focused on bringing innovation from outside LG. LG NOVA is based in Santa Clara, California. The center’s mission is to build, nurture and develop innovations that impact the future. Learn more about www.lgnova.com.
About LG Electronics United States
LG Electronics USA, Inc., based in Englewood Cliffs, NJ, is the North American subsidiary of LG Electronics, Inc., a $63 billion global technology and manufacturing innovator. In the United States, LG sells a wide range of innovative home appliances, home entertainment products, commercial displays, air conditioning systems, energy solutions and vehicle components. LG is the 2022 ENERGY STAR® Partner of the Year for Sustainable Excellence. The company’s commitment to environmental sustainability and its “Life’s Good” marketing theme encompasses how LG is dedicated to making people happy by exceeding expectations today and tomorrow. www.lg.com.
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CONTACT: Traci Williams
KEYWORD: UNITED STATES NORTH AMERICA OREGON
INDUSTRY KEYWORD: TECHNOLOGY PAYMENTS FINTECH HEALTH TECHNOLOGY TELEMEDICINE/VIRTUAL MEDICINE PROFESSIONAL SERVICES DIGITAL CASH MANAGEMENT/DIGITAL ASSETS START-UP MANAGED CARE HEALTH
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PUBLISHED: 07/13/2022 14:55 / DISK: 07/13/2022 14:56