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Print Edition StoriesIntelligent Clearing Network Inc. (ICN) has attracted a $1 million funding round for the New Canaan, Conn.-based software firm. The investment was led by quasi-public state funding agency Connecticut Innovations and backed by LaunchCapital, Early Stage Partners II and W. Wynne Limited Partnership.
ICN develops software-as-a-service that works as a clearing network for digital and paper coupons which get delivered at the point of a sale. The company collects associated processing fees.
The business model for ICN seems similar to Newton-based startup inStream Media Inc., which has been backed by at least $3.6 million for investors StageOne Ventures and Common Angels.
CI’s lead investment of $600,000 was given through its Eli Whitney Fund. Created by the Connecticut Legislature in 1989, Connecticut Innovations is charged with stimulating the tech industry in the state. The group turns any profits it makes from investments back into a pool used to invest in new companies. Since 1995, it has funded more than 100 companies
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