Inova Personalized Health Accelerator accepts first company - Technical.ly DC

Business

Dec. 4, 2017 10:04 am

Inova Personalized Health Accelerator accepts first company

Rockville-based HeMemics is looking to bring its tests to the clinic. It's an early example of the Virginia health system's effort to help startups.

The ribbon cutting of the Inova Personalized Health Accelerator, Nov. 30, 2017.

(Photo by James Cullum)

The Inova Personalized Health Accelerator opened its doors on Wednesday, with a ribbon cutting attended by over 300 guests. Rockville, Md.–based HeMemics was named as the first of six health technology startups that the hospital system will invest in its portfolio by the second quarter of next year.

The startup is developing a test to detect infections, some of which could be picked up in a hospital. It uses an electronic chip and reading system that would allow a test to be completed without sending a sample to the lab.

“We are excited about an opportunity for clinical use of our device,” said John Warden COO of HeMemics. “We have it working very well in controlled environments, but now we have to move it out to a clinical floor for an opportunity to improve on the product.”

The accelerator is located within the Inova Center For Personalized Health – right next door to Inova Fairfax Hospital. As we’ve reported, Inova is offering $75,000 in exchange for 10 percent equity in the companies it accepts – a relatively high $750,000 valuation for an early-stage accelerator. The companies will then run through four-to-five month individualized programs. If founders can raise $250,000 in third-party commitments, then Inova will match the funds.

“An entrepreneur might have an idea on a product that they think may have a disruptive impact on the way that we deliver health care. We’re inviting them here,” said accelerator co-director Rick Gordon. “We work with them to give them the tools, imbue them with a vision and a process and evaluate whether a business makes sense. Generally that takes years and years of trial and error and making mistakes.”

Inova Personalized Health Accelerator Co-Directors Rick Gordon (left) and Mike Thomas. (Photo by James Cullum)

Inova Personalized Health Accelerator Co-Directors Rick Gordon (left) and Mike Thomas. (Photo by James Cullum)

Todd Stottlemyer, CEO of the Inova Center for Personalized Health, said that it’s an exciting and uncertain time for health care.

Advertisement

“Our industry is undergoing dramatic change, including disruption in clinical practice and precision medicine, increased availability to health data and growing consumer engagement and personal wellbeing,” he said. “These changes provide new opportunities for Inova to facilitate development of the next generation of innovations that will improve the way that we deliver care.”

-30-
LEAVE A COMMENT

Advertisement

Verodin raises $21M Series B, plans international expansion

Capango looks to remake retail hiring

1776 launches accelerator to help startups get ‘investor ready’

SPONSORED

DC

Pitch for up to $360,000 in funding at the WeWork Creator Awards

Philadelphia, PA (or surrounding areas)

Technically Media

Events Coordinator

Apply Now
Philadelphia, PA OR Remote

Stitch, Inc.

Director, Alliances

Apply Now
DC, SF, NYC

Nava

Experienced Software Engineer – Backend

Apply Now

Following $23M Series A, CloudBolt Software plans hiring

Xometry acquires competitor MakeTime, raises $25M

Cybersecurity training startup Ataata acquired by Mimecast

SPONSORED

DC

VR is cool, but it isn’t mainstream. This local company has a fix for that

Baltimore/DC

GiveCentral

Outside Sales Rep

Apply Now
Washington, DC

Nava

Infrastructure Engineer (DC, SF, NYC)

Apply Now
Washington, DC

Technically Media

DC Tech Reporter, Technical.ly

Apply Now

Sign-up for daily news updates from Technical.ly

Do NOT follow this link or you will be banned from the site!