Diabetes Sentry Products Inc. beat out 400 other startups from across the country to win the best pitch competition at the PerfectBusiness Entrepreneur & Investor Conference in Las Vegas.
Tthe company’s device alerts diabetic patients when their blood sugar levels fall dangerously low. Its sensor monitors skin temperature and perspiration, and alerts the patient to possible signs of hypoglycemic shock. A group of engineers at Teledyne Avionics in Virginia created the watch-like monitor in the 1990s.
The Orono, Minn. based company is trying to raise $1 million to $1.5 million to commercialize its device.
During the PerfectBusiness competition, companies gave five-minute presentations to angel investors, venture capitalists and business experts. To win, Diabetes Sentry edged out fellow finalists ElliptiGO, Inc., which makes outdoor, low-impact exercise bicycles, and Quantum Sphere Inc., a nanotechnology firm specializing in clean energy and power storage.
Diabetes Sentry won free business development and website services, but the real prize is exposure to prominent investors such as Draper Fisher Jurvetson and Tech Coast Angels, said Diabetes Sentry co-founder and vice president Michael Russin.
As a winner of the New Technology Showcase, Diabetes Sentry will also be presenting at the LifeScience Alley annual conference in December.