HOLLAND, MI, cultivate(MD) Capital has announced its investment into SpinTech.
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Genesis Innovation Group's cultivate(MD) Capital Fund II, LP, a fund focused on investments in early stage healthcare companies with innovative technologies, announces its investment into SpinTech.
SpinTech has developed a suite of software that offers innovative advancements for brain scan MRIs. The company has developed a method to collect data differently using a software processing technique that increases speed and accuracy while improving the overall workload. One of the problems facing radiologists today is that biomarkers critical for proper diagnosis and treatment of brain disorders are difficult to accurately detect in a meaningful timeframe and within clinical workflows. SpinTech's novel acquisition technique and post-processing software is designed to enhance visualization of biomarkers that you really couldn't see in the brain before while improving throughput and accuracy, making it a significant advancement in imaging.
Ward Detwiler, CEO of the Detroit, MI-based SpinTech said, "We are pleased to have received this investment from Genesis Innovation Group's cultivate(MD) fund and the support of their team, not only from the investment side but also for their operational experience in the start-up environment." He added, "The innovative platform we have developed not only makes brain imaging faster and easier to read, but also provides quantitative data that improves accuracy and allows for enhanced detection through AI, which will significantly improve radiologists' workflow while enhancing patient care. The investment funds will be used to support commercialization of our first FDA cleared product while expanding pilot testing of our next generation products. The medical device expertise that Genesis brings to the team will be a major asset as we bring this exciting new platform to market."
Matt Ahearn, Vice President of Finance and Operations for Genesis Innovation Group said, "We are very excited about SpinTech's vision to build a comprehensive software platform for the diagnosis and treatment of brain trauma and neurological degenerative diseases. They have decades of technical and thought leadership in the field of MRI, a global network of clinical partners and a product vision to help people suffering from neurological disease. We couldn't be more excited to partner with Ward and the SpinTech leadership team."
About cultivate(MD) Capital Funds
As a medical device venture capital fund, cultivate(MD) is dedicated to bringing emerging health care innovations to market, with a special focus on medical device and orthopedic technologies. cultivate(MD) is focused on investing in early stage healthcare companies with innovative technologies that have demonstrated evidence of effectiveness.
This press release does not constitute an offer to sell or solicitation of an offer to buy any securities in any offering of securities. There will not be any sale of any securities in any state or jurisdiction in which such offering, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.