For the seven weeks prior to LiveBETA, the third gBETA Medtech cohort of medical device, healthcare-related software, biotech, and diagnostics startups validated their business models, attracted customers and prepared their pitches. We wrapped it all up with LiveBETA which offered an amazing opportunity for the gBETA Medtech companies, entrepreneurs, community members, and investors to commingle.
Over 250 people gathered at the James J. Hill Center to support the gBETA Medtech Fall 2018 cohort. We are grateful for all the support from the center and for being our venue sponsor. gener8tor and our gBETA Medtech companies are truly grateful for your support.
We are grateful to our gBETA Medtech program sponsor Boston Scientific and partners Mayo Clinic, Medical Alley Association, Earl E Bakken Medical Device Center, and Office for Technology Commercialization at the University of Minnesota for bringing gBETA Medtech to Medical Alley!
Congratulations to the gBETA Medtech Fall 2018 cohort for a great night of impressive pitches! A round of applause to CorInnova, DFTx, HabitAware, Nutrimedy, Phraze, and Vital Health Links.
CorInnova designs and develops EpicHeart, a soft robotic non-blood contacting biventricular cardiac assist device for the treatment of heart failure (HF). EpicHeart could eliminate 40% of the adverse events associated with existing cardiac assist devices and promotes heart recovery. EpicHeart may expand the eligible end-stage HF patient population 3 to 4 times, resulting in a device with a $15+B market (similar to pacemaker market size). CorInnova has won numerous pitch competitions and awards throughout the United States since 2017.
DFTx designs and develops EXACT Persona, the first non-invasive vagal nerve stimulator that also records nerve signals. DFTX disrupts the pharmaceutical industry by creating the first-of-its-kind first-line treatment of gastroparesis (paralysis of the stomach) and completely replaces the need for ineffective pharmaceuticals. Gastroparesis is currently a $5B market in drug sales in the US. DFTx’s patent- pending technology is built off $21.5M in NIH and DARPA funding from Purdue University and University of Indiana School of Medicine.
HabitAware’s patented smart bracelet, Keen, manages mental health conditions by passively detecting negative behaviors and using awareness to retrain the brain. Keen was originally invented for trichotillomania (hair pulling), compulsive skin picking, and other related conditions which severely impair social, physical and mental well-being. The NIH awarded HabitAware a $300,000 research grant and their Keen bracelet was recently named one of Time Magazine’s Best Inventions of 2018.
Nutrimedy improves the outdated care delivery model for clinical nutrition by connecting patients with nutrition experts and providing the needed intervention, education, and monitoring right at their fingertips. An improvement to patient nutrition could save $47B in annual healthcare costs. Nutrimedy has raised $1.5M to date with customers in the employer and pharma markets since going live mid-2018.
Phraze solves the number one issue doctors hate about their job: excessive data entry and documentation associated with the Electronic Medical Record (EMR). Phraze automates data entry for physicians, thereby allowing them to spend more time with their patients and less time writing up clinical notes, saving them up to 1.5 hours per day, and generating an additional $9K in monthly revenue. Phraze is set to launch its fully automated scribe AI technology Q1 of 2019 with a targeted 35 pilot physicians.
Vital Health Links’ (VHL) suite of patient coordination solutions help healthcare organizations improve patient outcomes, increase practice revenue, decrease administrative burdens, enhance patient satisfaction, and benefit from the insight of between-visit patient data. Vital Health Links has 19 clinic clients with a 100% retention rate, 6,000 enrolled patients and $77K MRR, up 15% MoM for the past seven months.
Thank you again to everyone who attended the Medtech LiveBETA event!