GRAND RAPIDS, Mich., July 25, 2022 /PRNewswire/ — Genesis Innovation Group cultivate (MD) Capital Funds LP, funds focused on investing in early-stage healthcare companies with innovative technologies, today announced that one of its portfolio companies, Bingham Farms, Michigan based at SpinTech MRI announced a $6.5 million Series A financing.
SpinTech MRI are the creators of the FDA-approved STAGE™ (STgradually Aacquired gradiant Echo) quantitative magnetic resonance imaging (MRI) platform that accelerates and improves the diagnosis and treatment of Parkinson’s disease, Alzheimer’s disease, dementia and other neurological diseases.
Led by Genesis Innovation Group Cultivate® Capital Fund and Level 8 Ventures, the funding will be used to expand deployments of STAGE software for neurologists, radiologists and researchers. The STAGE platform is already deployed in more than 50 hospitals and institutions, including the Yale School of Medicine, for advanced research, analysis and treatment of Parkinson’s disease and other movement disorders. The platform is also used to increase diagnostic accuracy and efficiency in conditions such as multiple sclerosis, traumatic brain injury (TBI), stroke, and cerebral microhemorrhage (CMB). STAGE has received 510(k) clearance from the United States Food and Drug Administration (FDA) for use on 1.5T and 3T systems from all MRI manufacturers.
“This round of funding from venture capital leaders in information technology and medical devices allows us to expand the awareness and deployment of the STAGE platform among neurologists, radiologists and researchers at scale,” said the President and CEO of SpinTech MRI. Karen Holzberger. “Neurologists who use our software report that it is the first convenient and efficient quantitative MRI solution with comprehensive data and visualization tools to inform diagnosis and treatment. Radiologists also find it increases imaging efficiency and clinical value without the need for time-consuming training, testing and validation, or changes to already demanding workflows Care teams simply choose the image outputs they wish to review, rather only the sequences to run, because STAGE provides them with all the data and images they need in a single fast protocol.
Matt AhearnManaging Director of cultivate(MD) Funds, said, “We are very pleased to co-lead SpinTech MRI’s Series A funding and support the team’s tremendous progress. Since joining the SpinTech MRI team as CEO in January 2022, Karen Holzberger did an incredible job aligning R&D and commercial efforts to ensure a targeted and effective go-to-market strategy. SpinTech MRI’s STAGE SaaS platform brings quantifiable economic and clinical value to all of its customers, helping clinicians better diagnose and develop treatment plans for their patients with neurodegenerative diseases. »
About SpinTech MRI
SpinTech MRI was founded in 2017 by internationally recognized MRI industry professionals to transform quantitative MRI imaging with advanced data acquisition and visualization tools that are easy to deploy and convenient for everyday clinical use. The Company’s STAGE Software Platform Significantly Improves the Efficiency and Clinical Value of MRI for Neurologists, Radiologists and Other Physicians to Improve Quality of Life and Care Outcomes for Patients with the Disease Parkinson’s, Alzheimer’s, dementia, multiple sclerosis, traumatic brain injury (TBI), stroke, microhemorrhages (CMB) and other neurological diseases.
About Cultivate® Capital Funds
Like a venture capital fund for medical devices, cultivate (MD) is dedicated to bringing emerging healthcare innovations to market, with a particular focus on medical devices and orthopedic technologies. cultivate® is focused on investing in early-stage healthcare companies with innovative technologies that have been proven to be effective. For more information visit: https://genesisinnovationgroup.com/
This press release does not constitute an offer to sell or a solicitation of an offer to buy securities pursuant to a securities offering. There will be no sale of securities in any state or jurisdiction where such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
Certain statements contained in this press release constitute forward-looking statements. When used in this press release, the words “will”, “anticipate” and similar expressions or their negative forms are generally intended to identify forward-looking statements. These forward-looking statements, including intended actions and performance objectives of the fund, its general partner, cultivator® or any cultivator® holding company referenced herein, involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the General Partner, or any Cultive(R) fund or portfolio company to differ materially from any future results, performance or achievements expressed or implied by such statements prospective. No representations or warranties are made as to future performance or these forward-looking statements. All forward-looking statements contained in this press release speak only as of the date hereof. The fund, its general partner and cultivate(R) expressly disclaim any obligation or undertaking to release any update or revision to any forward-looking statements contained herein to reflect any change in its expectations with respect thereto or any change in events, conditions, or circumstances upon which such statement is based.
SOURCE Genesis Innovation Group