Two startup companies based on Vanderbilt technologies will participate in Memphis Bioworks 2014 ZeroTo510 medical device accelerator program. Blood Monitoring Systems, a blood waste reduction system, and EndoInSight, a low-cost carbon dioxide insufflation system, were two of four companies selected to participate in this year's 12-week accelerator.
In a news release issued by Memphis Bioworks, Director of Entrepreneurship and Sustainability Allan Daisley said:
“We received a high quality of applications this year, which made the selection process a challenge. 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 Systems is based on a Smart Blood Cooler System that was developed by the associate medical director of the Vanderbilt University Medical Center blood bank, Dr. Garrett Booth, and four Vanderbilt engineering students. It reduces red blood cell wastage through the utilization of feedback systems.
EndoInSight is based on a low-cost, CO2 insufflation device system developed by Dr. Pietro Valdastri, Vanderbilt assistant professor of mechanical engineering, Byron Smith, former Vanderbilt graduate student turned CEO of EndoInSight, and Keith Obstein, M.D., assistant professor of medicine at Vanderbilt. The system greately reduces the pain associated with colonoscopies. This technology earned a spot in the National Science Foundation Innovation Corps Program in 2013.
Blood Monitoring Systems and EndoInSight will receive detailed instruction and mentorship, collaboration and networking opportunities, and $50,000 in initial seed capital. The program will conclude on Demo Day, August 14, with each team pitching to a group of investors. The finalists will receive as much as $100,000 in additional capital funding and the opportunity to participate in Phase II of the program. Read the full release here.
Just in its third year, Memphis Bioworks is turning heads in the entrepreneurial community. In May, its ZeroTo510 program was awarded the SEMDA Spotlight Award at the 2014 Southeastern Medical Device Association (SEMDA) conference.