University of Notre Dame startup Intrepid Phoenix Ventures, a technology company focused on substance use disorder recovery software, continues to rise as it just closed a $2 million investment from Red Rock Equity Group on April 17. “We had a $400,000 round open but Red Rock Equity was so impressed with our business plan and our mission that they decided to fund our operations for the next two to three years,” says Larry Smith, Founder, president and CEO of Intrepid Phoenix Ventures.
The company is now in a position to go much deeper in the execution of their strategic plan. “We’ve hired sales executives to build up our business development efforts and a product director," Smith says. “We’re also boosting our investment on the digital side, from our new website to social media marketing. And as far as the product is concerned, we are investing in our application with a major software development project improving the look and feel of both the phone app and clinician desktop. We believe our software tool empowers individuals to live sober, healthy and happy lives.”
The company has collaborated with the University of Notre Dame and Bowen Center, the largest mental health and substance use treatment provider in Indiana, on its software platform.
Founded in 2019, the road to this latest funding for Intrepid Phoenix Ventures began with a five-minute pitch by Smith at an IDEA Center Innovation Rally before a Notre Dame football game in October. “Vince Robinson at Red Rock Equity apparently had been in attendance, saw the pitch and then asked (IDEA Center director) Kelley Rich to introduce us,” he says.
This is yet another breakthrough for the IDEA Center, Smith says. “Vince shared with me that they had talked to 100 startups, and they picked three for investing and all three are IDEA Center startups,” he says.
The IDEA Center, in fact, has been with Intrepid Phoenix Ventures since the beginning.
“We went through the de-risking and commercialization engine program, and we wouldn’t be where we are at without the IDEA Center,” he says. “I think I’ve done four pitches at Innovation Rallies now.”
Smith is elated by the latest funding but sees the big winner as a community dedicated to helping others with their addiction. “We’re doing this to reach and help people with substance use disorder and to help them live a better, more fulfilling life,” he says. “I can tell you from my own personal experience that being clean and sober is a life-changer.”