PROPEL Companies Raise $10 Million in 1H2017
PROPEL, dedicated to increasing the number and success rate of early-stage life sciences companies in Illinois, announced today that it has awarded 5 grants to help Illinois entrepreneurs attend the 2017 MedTech Conference in San Jose, California. The MedTech Conference is the leading medtech conference in North America, bringing together thousands of medical technology professionals in a uniquely multifaceted environment for business development, innovative technology presentations, world-class educational opportunities, and networking with policymakers, business executives and industry leaders. The MedTech Innovator Showcase series will feature the most promising medical device, diagnostic and digital health technologies to industry leaders and investors at the 2017 MedTech Conference under common technology themes.
“The MedTech Conference is the perfect opportunity to meet with strategic partners and investors to show our functional device in a face-to-face meeting,” said Tyler Wanke, CEO of Innoblative, a Chicago-based medical device company developing innovative advanced energy medical devices including Sira™, a Saline-assisted Intraoperative Radiofrequency Ablation device that uses bipolar current to intraoperatively create a controlled zone of ablation and coagulation, and Sira-S™ an advanced energy platform that uses artificial intelligence to deliver optimized zones of treatment. “Innoblative is grateful to PROPEL for this grant to support us in this year’s Innovation Showcase – and throughout the year.”
PROPEL awarded grants to help some of its portfolio of Illinois early-stage medical device and medtech companies participate in the conference’s Innovation Showcase, as well as grants to attend the conference itself. In addition to Innoblative, PROPEL grant recipients include Briteseed, NovaScan, Preora Diagnostics and Visura Technologies.
“The MedTech Conference provides many opportunities for early-stage life sciences companies, from strategic partner and investor conversations to education and networking. But often, the cost of registration can be high to bootstrapping startups,” said Barbara Goodman, senior vice president of PROPEL.
“At this year’s MedTech Conference we’re looking at ‘What’s Next’ for innovation and patient care, and thanks to PROPEL, some of the most cutting-edge startups from Illinois will be able to make the connections they need to bring their medical advancements once step closer to market,” said Ashley Wittorf, executive director of AdvaMed Accel. “PROPEL’s support of startups throughout Illinois dovetails well with AdvaMed Accel’s mission to strengthen the pipeline of small medical technology companies, and we are proud to work together this year and for many years to come.”
PROPEL’s active companies raised $80 million in new funding during 2016 and $10 million during the first half of 2017. Since its launch ten years ago, PROPEL has funded over $1.3 million in grants and awards in programs including MedTech Conference registration grants. PROPEL’s active portfolio of companies have raised more than $200 in new funding for every $1 that PROPEL has awarded.
Funding for PROPEL and its grants to attend the 2017 MedTech Conference comes from a grant from:
For more information on the 2017 MedTech Conference, visit www.themedtechconference.com.