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