Earlier this morning we said it was going to be a big day for summer accelerators here at nibletz.com The Voice Of Startups Everywhere Else. We kicked it off with the Techstars Boulder Summer 2013 class. Now we’ve got the official list of startups selected to participate in the highly successful medical device startup accelerator in Memphis Tennessee, Zeroto510.
Last year, 5 out of the 6 startups in the first cohort at Zeroto510 raised “follow on” funding. Four of the startups raised an additional $100,000 while the 5th, Restore Medica, went straight to series A closing a $2.5 million dollar round.
ZeroTo510 is a cohort based medical device accelerator that prepares medical device startups to go through the 510k clearance process. This is a process that shortens FDA approval because the startup idea or product concept is improving on something that’s already been through the FDA process. Often times, these new products and devices solve problems that previous devices or methods manifest.
James Bell, the CEO of Handminder, a startup in last year’s cohort is back again this year leading a different team with a startup called Mobilizer. This device helps ambulatory patients become more mobile. When we spoke with Bell he said that the big problem their product is solving is the four highly paid technicians it takes to transport a patient on monitors, IVs and pumps from one section of the hospital to another. Mobilizer allows a more modular setup of equipment that can than be monitored by one technician.
The rest of the class includes:
AIS Inc. – This is a local team led by a biomedical engineering student from The University of Memphis who previously had a career in the Army. They are building a leadless, single-surgery (battery is external), GPS- and Bluetooth-enabled hybrid cardioverter defibrillator. Their product is targeted to pediatric patients because surgery is not required to replace the battery.
Better Walk – A team of biomedical engineering students from Georgia Tech are making a redesigned crutch that relieves the primary complaint of crutch users by eliminating the discomfort experienced in the underarm area due to axillary nerve damage.
Cuff-Gard – A nurse from West Memphis has designed a disposable skin barrier, worn by a patient, to protect and extend the life of blood pressure machine cuffs. The barriers are impenetrable; one side absorbs fluids or drainage from the skin, and the other side is a polypropylene backing that protects the blood pressure cuff from contamination.
Health and Bliss – A team from Baltimore, H&B is attempting to revolutionize the way people detect strep throat by introducing to the market a patented self-contained screening test. Strep Test Anywhere allows patients to be tested for strep throat in a convenient, affordable, and time-saving manner.
SurgiLight – This team has designed a novel LED light for use in surgeries and is led by an electrical engineering student from The University of Memphis. Connected by a long flexible tube, the light allows easier and better lighting to hard-to-access surgical sites.
During the recruitment process, we received competitive applications from around the United States, and we had two international applicants,” said Allan Daisley, director of entrepreneurship and sustainability for Memphis Bioworks in a statement. “The high quality of the applications made the selection of this year’s participants quite a challenge.”
The companies will matriculate through an intensive, mentorship-driven, 12-week program of instruction and hands-on activities designed to guide the entrepreneurs through the process. Each company chosen for the program will receive $50,000 in initial seed capital from co-investors Innova, a pre-seed, seed and early-stage investor focused on starting and funding high-growth companies in the healthcare, technology and healthcare technology fields across the state of Tennessee, and MB Venture Partners, a Memphis-based venture capital firm that provides equity capital and strategic direction to life sciences start-ups.
Zeroto510 partners with SeedHatchery, and Launch Your City, which provides the business portion of the programming and helps develop the medical device startups investible stories.
You can find out more about Zeroto510 here at zeroto510.com.