Memphis Bioworks Foundation's
ZeroTo510 medical device accelerator has tapped the next four companies that it will assist in bringing new medical device innovations to market. Blood Monitoring Solutions, EndoInsight, Innomterix and Compression Kinetics will participate in an intensive, mentorship-driven 12-week program at the Memphis Bioworks Business Incubator in the Medical District.
"We received a high quality of applications this year, which made the selection process a challenge," said Allan Daisley, Director of Entrepreneurship and Sustainability for Memphis Bioworks Foundation, in a prepared statement. "In watching the development of the first two years' companies, we have learned what types of concepts and products have the greatest likelihood of emerging into our ecosystem with both the potential for follow-on funding and long-term business viability. As a result, we chose to accept fewer teams into the program this year to be able to focus more time and attention on their success."
Blood Monitoring Solutions from
Vanderbilt University has devloped a tracking system device that reduces the amount of blood that is wasted in hospitals due to compliance parameters.
EndoInsight, using patented technology out of Vanderbilt University, will produce a novel low-cost carbon dioxide insufflation system that will help reduce the pain and discomfort associated with colonoscopies.
Innometrix from Oxford, Miss., has created a diagnostic technology that produces a biomechanical snapshot of the female pelvic floor that will give physicians better data prior to surgery.
Compression Kinetics from Chapel Hill, N.C., will attempt to commercialize a new type of compression sleeve, which uses a shape memory alloy to create a pressure wave to increase circulation throughout the human body and decrease peripheral edema.
Each of the four companies will receive $50,000 in initial seed capital from co-investors
Innova and
MB Venture Partners.
The accelerator program will wrap up on "Demo Day" on August 14, when the companies will pitch to a group of investors.
The ZeroTo510 program is now in its third year, and last year three companies in the program received $100,000 of follow-up funding. Over the past two years companies have achieved $4.5 million of investment funding, and overall the program has graduated 12 companies so far.
By Michael Waddell
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