First Deal in 2014: VisionTech Partners Invests in Indy-Based FAST BioMedical
INDIANAPOLIS, Ind., April 7, 2014 – – Making good on its commitment to advance Indiana’s innovation ecosystem, VisionTech Partners has announced that its angel investing network has invested in Indianapolis-based FAST BioMedical, a company that is gaining significant traction in the medical technology sector.
All four chapters of VisionTech Angels—Bloomington, Indianapolis, Lafayette and Warsaw—participated in the follow-on investment deal in FAST Biomedical. VisionTech Angels originally invested in FAST BioMedical in 2011 when the private investment company was operating as Stepstone Angels.
Co-founded by Dr. Bruce Molitoris, a professor of Medicine at the Indiana School of Medicine, and Jim Strickland, an Indiana University graduate, FAST BioMedical has developed a patented technology that provides an accurate and sensitive measurement of plasma volume and kidney function. The technology will help clinicians improve outcomes for millions of Intensive Care Unit patients, including those undergoing major surgery and patients with acute kidney injury, chronic kidney disease and sepsis.
Commenting on the deal, VisionTech Partners Managing Director Oscar Moralez cited FAST BioMedical’s momentum as the driver for VisionTech Angels’ investment. “FAST BioMedical’s technology has the potential to satisfy an unmet $1.5 billion need in the initial European and U.S. intensive care markets alone. The company recently received a $1 million grant from the National Institutes of Health (NIH) to fund an ongoing U.S. Phase II clinical study using FAST BioMedical’s technology. We believe this puts them one step closer to commercialization,” Moralez said.
“The commercialization path for medical innovations is lengthy, requiring patience and capital from investors like VisionTech Angels,” said FAST BioMedical CEO Joe Muldoon. “Their investment, along with the support of other experienced life science investors like IEDC, BioCrossroads, NIH, and Elevate Ventures has been a large difference maker.”
The FAST BioMedical deal is the first of 2014 for VisionTech Partners, but it won’t be its last. The investment firm recently signed an agreement with The Purdue Foundry to support Purdue entrepreneurial activities and startups. “We are always evaluating promising new technology and startup companies,” said VisionTech Partners Managing Partner Don Scifres. “We want to be the ‘go to’ firm for smart capital and entrepreneurial support in Indiana.”
About VisionTech Partners, LLC
Founded in 2008, Vision Tech Partners is a privately held company focused on linking investors to high-potential early-stage companies. Headquartered in Indianapolis, one of the most vibrant innovation regions in the country, VisionTech Partners is where inventors, entrepreneurs, investors, universities, and strategic partners converge to share, develop, fund, and launch innovative technologies. Learn more at www.VisionTech-Partners.com.