Medical device competition and accelerator group MedTech Innovator said this week it has incorporated as an independent non-profit.
The Los Angeles, Calif.-based company is backed by RCT Ventures, Johnson & Johnson (NYSE:JNJ) Innovation, JJDC and J&J Medical Devices companies, with addition funding support from Becton Dickinson & Co. (NYSE:BDX and Baxter (NYSE:BAX).
“When I started working on the program that would become MedTech Innovator, venture capital firms were moving away from the medtech industry for a number of reasons, and I wanted to address this gap for entrepreneurs and emerging companies in the space. MedTech Innovator has had early success because it focuses on the needs of companies on both sides of the equation: startup companies require capital, industry feedback, and meaningful guidance, and industry leaders benefit from a strong pipeline of innovative products and promising technologies,” MedTech Innovator CEO Paul Grand said in a prepared statement.
“We have been a proud supporter of the MedTech Innovator program since its early days, and we are thrilled to serve as a founding sponsor for the new organization. We strive to bring ideas, products and services to life to advance the health and well-being of people around the world, and MedTech Innovator’s efforts to find and cultivate the best medtech startup companies in the world supports that mission,” JJDC and J&J Innovation venture investments VP Renee Ryan said in a press release.
Last month, Medtech Innovator said today that Baxter has joined on as a partner to the program.
Baxter will join Becton Dickinson, J&J, AdvaMed, RCT Ventures, Wilson Sonsini Goodrich & Rosati and Innovation in Medtech in its partnership with the group, which will award more than $500,000 in cash prizes, scholarships and services in its 2017 competition.