Automation Alley startup portfolio company Critical Signal Technologies (CST), a provider of personal emergency response systems to the health care industry, was recently acquired by electronics giant Best Buy for an undisclosed amount. In 2009, Automation Alley, through funding and support from the Michigan Economic Development Corporation (MEDC), invested $451,964 in the Novi, Michigan-based company to support the development of its health care solutions that allow seniors and people with disabilities to live independently, avoid unnecessary hospitalization and manage their chronic disease.
The recent acquisition is a part of Best Buy’s continuing effort to grow its at-home health services business. Best Buy is using the acquisition as a platform to bolster a push into the Medicare Advantage market.
According to its website, CST provided services nationwide to more than 100,000 patients and has partnerships with 1,500 payers. In 2009, the company acquired Link to Life, an emergency home response company that also provides transportation and continuing care services.
“This news is a testament to Michigan’s strong entrepreneurial ecosystem, working together to help Michigan-based startups achieve success in our state. Congratulations to Jeffrey Prough and Critical Signals Technologies. Your innovative technology is helping many people live better, healthier lives,” said Automation Alley Executive Director and CEO Tom Kelly.
“CST is a great example of the revolutionary technology being developed here in Michigan,” said Nataliya Stasiw, portfolio manager at the Michigan Economic Development Corporation’s Entrepreneurship & Innovation initiative. “Our state is increasingly home to some of the most innovative health science startups in the country, thanks to a supportive economic ecosystem and competitive business environment. Moving forward, we must continue to work together to support Michigan startups as they seek to join CST in making a positive, national impact.”
Today, Automation Alley, through the Gateway grant, and further support from the MEDC, continues its entrepreneurial efforts by connecting startup companies to the ecosystem of economic development tools available in Michigan.
About Automation Alley
Automation Alley is a nonprofit manufacturing and technology business association and Michigan's Industry 4.0 knowledge center, with a global outlook and a regional focus. We connect industry, academia and government to fuel Michigan's economy and accelerate innovation. We offer programs, resources and knowledge to help our members grow and prosper in the digital age. Visit automationalley.com.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook, Instagram, LinkedIn, and Twitter.