VisionTech Partners

Tag: VIsionTech Angels

  • Meet VisionTech Member-Guest Pitch Event Presenter #2: Nexosome Oncology

    Meet VisionTech Member-Guest Pitch Event Presenter #2: Nexosome Oncology

    Join VisionTech at a very special event: our first ever Member-Guest Live Pitch Event on Tuesday, August 5. Co-hosted by longtime sponsor KSM CPAs + Advisors, the event includes networking and drinks, catered dinner from City Barbecue, and pitches by two portfolio companies, Ateios Systems and Nexosome Oncology, looking for funding to fuel their commercial breakthroughs. 

    This event is about more than just deal flow. It’s about engaging with bold founders, exchanging ideas, and having fun along the way. VisionTech members are encouraged to bring a guest who’s curious about angel investing and VisionTech—a friend, colleague, or future co-investor. We’ll cover their dinner and drinks. 

    Meet Pitch Presenter #2: Nexosome Oncology:

    Todd Hembrough, CEO
    LinkedIn Bio

    Headquarters
    Durham, NC

    Industry
    Life Sciences/Cancer Diagnostics

    Website
    Link

    Joined VisionTech Portfolio 
    2021

    Fueling Hope with Greatly Improved Early-Stage Cancer Diagnostics
    The earlier a person’s cancer is diagnosed, the better the chances are for long-term survival. For example, if breast cancer is diagnosed during stage 1 or 2, the survival rate is 100%. If breast cancer is diagnosed in stage 3 or 4, the five-year survival rate drops to 30% . Likewise, when colon cancer is diagnosed in stage 1 or 2, the survival rate is 91%. That drops to 18% when diagnosed in stage 3 or 4. 

    Nexosome Oncology is transforming early-stage cancer diagnostics with novel plasma proteomics. Current diagnostic tools have sensitivity rates that range from 3% to 57% for stage 1 cancer. Nexosome Oncology’s sensitivity and specificity rates for stage 1 cancer is greater than 95%.

    Technology
    Nexosome Oncology’s EV-based proteomics platform enables a complete system-wide view of a cancer’s patient’s biomarkers. The platform looks at three things: 

    • Tumor-cell specific biomarkers that have a small signal.
    • Tumor microenvironment specific biomarkers that have a modest signal.
    • Immune response and metabolic changes that have a large signal.

    When all of this data is analyzed together, early-stage cancer is nearly 100% detectable, increasing the possibility of successful treatment.

    Nexosome Oncology’s technology encompasses a proprietary EV isolation and liquid biopsy, accelerated proteomic biomarker discovery enabled by machine learning, and fast clinical translation into assays attractive to strategic partners for income-generating pilot studies, clinical studies, licensing and sales.

    Here Are the Benefits
    Ultimately, the most important benefit is creating the opportunity for people to have an earlier diagnosis of life-threatening cancer and greater chances of an extended life.

    Commercially, numerous pharmaceutical and diagnostics companies can benefit from using Nexosome Oncology’s platform that looks at all biomarkers rather than just cancer cells to detect the presence of cancer. This has the potential to make current and future cancer detection tools more effective at diagnosing cancer in its earliest, most treatable stages.

    About this Round
    This is Nexosome Oncology’s Seed Plus Round. The company seeks to raise $2 million on a pre-money valuation of $24 million. They are open to oversubscribing up to $3 million. All VisionTech investors are welcome to participate in this round.

    Use of Funds
    Nexosome Oncology will use funds from the raise to continue R&D, increasing its IP protection with plans to file for up to six new patents, hire additional staff, and general operations. Additionally, the company has set these goals for 2025-2026:

    • Add four new strategic partners
    • Achieve strategic sponsored clinical program of $1-3 million 
    • Secure four to six licensures with royalties over two years
    • Generate $2.6 million in profit from these collaborations
    • Exit by licensure/acquisition

    What Makes this an Attractive Opportunity
    The need for earlier diagnostics of cancer is significant. Nexosome Oncology’s technology is a game-changer that can be licensed or acquired by multiple pharmaceutical and diagnostics companies to improve current solutions or develop new approaches. Through paid strategic partnerships, Nexosome Oncology is de-risking the technology, generating come, opening the door to a potential exit, and creating the opportunity for far better cancer diagnostics.

    (Close)

    Don’t miss the first ever VisionTech Member-Guest Pitch Event on Tuesday, August 5 starting at 5:30 pm at KSM headquarters at 800 East 96th Street, Suite 500 in Indianapolis. The event is all about networking, great food and drinks, and two incredible investment opportunities. FREE to members and guests. Please RSVP no later than Friday, August 1 so we have plenty of ribs, brisket, and sides for everyone. Here’s the link.

  • VisionTech Invests $1 Million-plus in Early-Growth Startups in First Four Months of 2025 

    VisionTech Invests $1 Million-plus in Early-Growth Startups in First Four Months of 2025 

    INDIANAPOLIS, Indiana (May 28, 2025) – – Despite recent gyrations in the U.S. economy, VisionTech and its network of 120-plus angel investors continue to back entrepreneurs whose technology has the potential to disrupt and transform entire market categories. In the first four months of 2025 alone, VisionTech has invested $1,003,600 million in eight deals, with participation from 65 investors.

    Three of VisionTech’s early 2025 deals are new investments made in companies with deep Indiana connections:

    • HAPPE Spine is commercializing the INTEGRATE-C interbody fusion cage that supports faster bone growth thanks to proprietary materials and manufacturing processes. Founder, CEO, and inventor Ryan Roeder earned his undergraduate, graduate and PhD degrees from Purdue University; completed a fellowship at the Indiana University School of Medicine; and is now a Notre Dame University research professor. HAPPE’s platform technology can be applied to a range of other implanted medical devices. VisionTech investors wrote checks totaling $274,850 to HAPPE.
    • Oro Muscles is revolutionizing rehabilitation with AI-powered real-time, actionable insights into muscle activity with live biofeedback and instant analysis. Already, more than 50 percent of Major League Baseball teams, Major League Soccer, and other elite professional and collegiate teams are using Oro Muscles’ technology. The company was co-founded by Rose Hulman Institute alumni Tanya Colonna and Hobey Tam. VisionTech investors chipped in $191,250 to Oro Muscles.
    • SinuSauna has developed a respiratory wellness product that employs dry heat rather than messy liquids to keep nasal passages clear. Two of SinuSauna’s co-founders, Drs. Jack Townsend and Matthew Zielenski, are graduates of the Indiana University School of Medicine. The company was launched out of Indianapolis’ Boomerang Ventures. VisionTech investors contributed  $146,500 to SinuSauna.

    VisionTech’s five remaining investments were follow-on rounds in current VisionTech portfolio companies totaling $391,000. They include:

    VisionTech Executive Director Ben Pidgeon says he’s not surprised by the level of his group’s investments so early in 2025. “Our deal flow continues to offer high potential opportunities to invest in promising early growth companies. Our investors have a passion for startups and appreciate being involved in early-stage companies that are on the cutting edge of innovation. They are not just writing checks; they interact with the founders and CEOs, drive our due diligence process, provide mentoring, and participate on our portfolio companies’ boards. Our investors enjoy making an impact with our portfolio companies.”

    Angel investing is a class investing where accredited individual investors and groups provide capital to startup companies, typically in early stages of commercialization, in exchange for convertible debt or ownership equity. The VisionTech model of angel investing provides structure and autonomy. 

    “We have proven processes for screening, due diligence and portfolio management; the best practices of the Angel Capital Association; and national and state connections critical for quality deal flow. Along with that, each member drives their own destiny. They decide what deals to invest in and how much as well as how involved they want to be with our portfolio companies,” Pidgeon says.

    “Our members have their fingers on the pulse of some of the hottest, most innovative technology around. It’s fun!” he adds.

    VisionTech is not resting on this early success. Two exciting companies in the life sciences and pharmaceutical space pitch the group in May, with another pitch set for June 2 with another disruptive pharmaceutical investment opportunity.

    About VisionTech 
    Founded in 2009, VisionTech is a privately held company that links investors to high-potential, early-growth companies. Based in Indianapolis, VisionTech’s angel investing network includes more than 120 active members across Indiana and Ohio. As of April 30, 2025, the group has deployed more than $32.6 million in capital, investing in 72 portfolio companies from Indiana and across the United States. VisionTech is a member of the Angel Capital Association. Membership is open to accredited investors. Those interested in joining are encouraged to contact VisionTech. For media relations, contact Melanie Lux.

  • May 13th Pitch Company Tympanogen Has a Patch for Problematic Eardrum Perforations

    May 13th Pitch Company Tympanogen Has a Patch for Problematic Eardrum Perforations

    If you or one of your kids have ever experienced a perforated eardrum, you know it’s nothing to sneeze at. You can’t hear, you might be dizzy or have ringing in your ears. Left untreated, hearing loss can be permanent. Here’s the kicker: there are 5.3 million cases of perforated eardrums each year in the United States alone. 

    VisionTech’s May 13th virtual pitch presenter, Elaine Horn-Ranney, CEO and Co-founder of Tympanogen, will introduce a solution, a literal patch that replaces traditional treatments. Tympanogen is moving quickly to commercialization. You don’t want to miss this pitch! This deal came to VisionTech through another angel network.

    Here’s the problem: traditional treatments for eardrum perforations are outdated.
    Some physicians treat eardrum perforations, tears in the membrane separating the ear canal and the middle ear, with antibiotics and, well, waiting. Healing can take as long as six months.

    The primary standard of care since the 1960s is hospital-based surgery. The procedure takes two to four hours, healing can take up to eight weeks, and the typical cost for surgery is $18,000. It’s not a simple procedure either. It involves anesthesia, incisions and grafts. This can be very stressful, particularly for kids.

    Tympanogen is poised to change this with the patented Perf-Fix™ Otologic Gel Patch.
    This pioneering technology is a solution for eardrum tears that can be applied in a doctor’s office in a ten-minute visit. There’s no trip to the hospital. No anesthesia. No incisions. And it’s so much less stressful. Success rates are as high as surgery. Healing typically takes just three weeks. The good news for parents is that is as tolerable by kids as young as five.

    Tympanogen’s Perf-Fix is also appealing to payers.
    The procedure costs under $3,000, a significant savings over surgery. An existing CPT billing code streamlines reimbursement.

    Tympanogen’s IP is well protected. 
    The company has six global patents issued on its methods of use. It has nine patent applications in process on its Perf-Fix formulations and another three on parts.

    When will Perf-Fix be commercialized?
    Horn-Ranney anticipates their solution will be on the market in less than 12 months. Details on this timeline and go-to-market strategy will be shared during the May 13th pitch.

    What do ENTs think about Perf-Fix?
    They definitely see the value. More than 200 ENT—Ear, Nose and Throat experts—are on Tympanogen’s wait list for Perf-Fix.

    What round is this?
    Tympanogen is raising a $5 million Series A Round of which $1.4 million has been raised as of May 1. Keiretsu Mid-Atlantic, an angel investing group based in Philadelphia, is leading the round. Funds raised will be used to support commercialization, including hiring a sales lead and scaling production capacity. Notably, no additional fundraising rounds are planned after this round closes. Additionally, Tympanogen has secured $6.8 million in nondilutive grant funding, including $3.23 million from the National Institutes of Health.

    Why invest in Tympanogen?
    Horn-Ranney offered three reasons: Tympanogen has a unique solution in an established, large market that relies on traditional, inefficient and costly solutions. Perf-Fix is de-risked and has a short timeline to success. Acquirers are interested.

    VisionTech’s Virtual Pitch Event featuring Tympanogen CEO Elaine Horn-Ranney on Tuesday, May 13 begins promptly at 12 noon ET. We will have a full hour for  the pitch and questions from participants. VisionTech virtual pitch events are open to our member-investors. Guest interested in joining our group are welcome with advance approval. Please register here.

  • Start Your Engines with VisionTech + EO Advisors on May 2!

    Start Your Engines with VisionTech + EO Advisors on May 2!

    VisionTech and EO Advisors are teaming up on a special event to kick-off the month of May in signature Indianapolis race month style.

    Set for Friday, May 2 from 4-6 p.m. at EO Advisors’ office, the “Start Your Engines” May Mingle is a casual networking event. It is designed to bring together angel investors, startup CEOS, and others with a passion for tech innovation and the economic activity it generates. EO Advisors is located at 91 South Main Street, Suite 200, Zionsville, IN.

    The Indy 500 race themed Start Your Engines is the brainchild of VisionTech Executive Director Ben Pidgeon and EO Advisors Partner Alex Shortle who recognize the synergy between the two organizations. VisionTech provides capital investment and mentoring to early growth startups to scale their businesses and ultimately position for exit. EO Advisors is an integrated strategic advisory and investment banking firm that serves business owners and entrepreneurs. This includes M&As advisory, strategic advisory and capital formation services.

    Ben Pidgeon, VisionTech

    “There’s a great deal of interest in angel investing because of the robustness of Indiana’s success in tech innovation and startups, much of it out of the state’s outstanding universities and from serial entrepreneurs,” Pidgeon explains. “The questions I get from people are how do I get involved, what kind of deals do you do, and what’s the advantage of being part of a group like VisionTech.”

    He adds, “On the flipside are startup founders who need strategic advisors when they launch, as they fundraise and scale their companies, and the last piece of the puzzle, positioning for exit. Hosting this event is a great way for people to learn more about angel investing, deal flow, the importance of due diligence, and to meet VisionTech member-investors.”

    L-R: Alex Shortle, Brian Mihelic, Doug Conner

    Start Your Engines also showcases the EO Advisors’ portion of investor-entrepreneur equation. In addition to Alex Shortle, EO Advisors Partners Brian Mihelic and Doug Conner will also be in attendance and available for casual conversation.

    Says Shortle, “Our firm is uniquely positioned in that not only do we provide strategic advice to startups and first-time founders, we also advise established, closely held companies, corporations and high net worth individuals. Our diverse backgrounds in finance and entrepreneurship is invaluable in identifying opportunities for clients and positioning them to achieve an optimal outcome for themselves and their stakeholder.”

    He adds, “Our group is looking forward to hosting this event with Ben and VisionTech. This is a great opportunity to kick-off Indiana’s most exciting month—thanks to the Indy 500—and for all of us to make connections.”

    The Start Your Engines May Mingle on Friday, May 2 at EO Advisors is open to VisionTech member-investors, sponsors and portfolio company CEOs. Advanced registration is required. Register here. If you are not affiliated with VisionTech but are interested in potentially joining our group, please reach out to Executive Director Ben Pidgeon for an invitation.

    EO Advisors is located at 91 South Main Street, Suite 200, Zionsville, IN.

  • Crops that Talk? Meet March 19th Pitch Presenter Kyle Mohler Whose Company, Insignum AgTech, Makes It Possible

    Crops that Talk? Meet March 19th Pitch Presenter Kyle Mohler Whose Company, Insignum AgTech, Makes It Possible

    Growing up in West Lafayette, I have “fond” memories of my summer job de-tasseling corn. This entailed waking up at the crack of dawn, walking through corn fields getting soaked by dew and cut by the corn stalk leaves, pulling off the tassels, and  finishing by 2 p.m. just as it was starting to get really hot—all for $300 a week. See how it’s done here.

    Corn came back into my life when I met Kyle Mohler, founder and CEO of Insignum AgTech, several years ago. He shared how his biotech company was developing genes that could solve some of ag’s biggest crop protection problems. The genes allow plants to “talk” with farmers about what ails them, so farmers can effectively treat their crops and avoid losses. The idea of “talking plants” caught my attention. Kyle is now preparing to commercially launch Insignum’s first product after meeting impressive milestones. It’s a unique investment opportunity and invite him to pitch to VisionTech investors on March 19. Here’s my preview.

    BP: How did you hear about VisionTech?
    KM: If you’re developing a startup in Indiana, you know VisionTech. Insignum AgTech has been in its R&D phase since 2020. Now that we’re moving into commercialization, the time is right to actively engage with your group.

    BP: What’s your experience in the agriculture industry?
    KM: How far back would you like me to go? (Laughs) I grew up on a farm outside of Lebanon, Indiana, that raised corn, soybeans, cattle, and pigs. I was a member of 4-H and FFA, and as an FFA project in my teens, I rented a field from a neighbor, rented equipment from my dad and raised my first corn crop. I’m sure they both gave me a deal to help steer me to a career in agriculture. It worked! I went on to earn a BS in Plant Biology at Purdue and a PhD in Plant Biochemistry at the University of Edinburgh in Scotland. I followed up with post doc research stints at the University of Georgia and Purdue. 

    BP: What’s the back story on Insignum? 
    KM: I was doing research at Purdue for my post doc from 2015-2018 and looking at farmers’ crop protection strategies. About this time, Mohler Family Farms had just begun applying fungicides as a prophylactic. This of course was another input cost to already thin margins. I believed there was a better way to approach crop protection by engaging the plants themselves in the process. In a sense, having the plants “talk” to farmers when facing stresses like fungus, insect pests or lack of fertilizer.

    Without getting too deep in the science, I devised a way to leverage naturally occurring color genes in plants that are activated to fight disease. In many varieties, these genes have been switched off to ensure the corn or grapes or cabbage is green. But we reactivate the genes to do something new, to communicate at the earliest stage of stress.  For example, when corn is attacked by a fungus, purple spots appear on the leaves—kind of like real time sensors. With this information, farmers get both precision ag and decision ag. With Insignum, they can precisely treat when and where needed rather than arbitrarily treating an entire field. This has a positive impact on yields, input costs and the environment.

    Insignum’s patented gene system allows crops like corn to signal farmers at the very earliest stages of stress from fungus, insects, and infertility using color. Farmers can then treat accordingly.

    BP: Are there any negatives about using this type of genetically modified seeds?
    KM: No. We are leveraging existing genes and natural processes in the plant. We are not making artificial modifications. That’s a win for agriculture, consumers and the environment.

    BP: Is your gene technology limited to corn and fungus?
    KM: Not at all. The Insignum system can be applied to all crop categories such as row crops, vegetables and high-value crops like fruits, nuts, grapes and hops. While we started with fungus, we are developing genes that also detect and signal insect damage and infertility/lack of adequate fertilizer at early stages so farmers can react and treat accordingly. Insignum is definitely a gene technology platform.

    BP: What’s going to make farmers say, “I need this”?
    KM: Agriculture is full of uncertainty—droughts, floods, hurricanes, global tariffs—and involves a series of complex decisions to deliver profitability on every acre.  As operations become larger, every decision costs more for the farmer, the crop and the environment. Insignum gives farmers a powerful new tool that allows them to respond specifically and quickly to what their crop signals is threatening its health before typical symptoms appear. No more guesswork. This is a gamechanger.

    BP: Who are your customers, the seed companies or the farmers? 
    KM: Farmers are our end users. However, our business model involves licensing our gene—and ultimately genes—to seed companies. They will cross breed our genes with their seeds to deliver new value-added seeds with enhanced crop protection. This helps their customers achieve better outcomes and builds brand loyalty.

    BP: What are major milestones to date you’d like to share with VT investors? 
    KM: 2023 was a big year for us. The U.S. Department of Agriculture’s Animal and Plant Health Inspection Service approved the use of our gene quickly and without regulatory hurdles because we use genes naturally occurring in plants. This cleared the way for us to sign an agreement with Beck’s Hybrids to test Insignum’s corn traits in Beck’s elite varieties. This relationship has been very positive and we’re now in year three of testing with Beck’s.

    We recently signed an agreement with another top five seed company and will be testing with Keystone Cooperative, which supports farmers across Indiana, Michigan and Ohio.

    BP: Do you have IP protection?
    KM: Although our gene for fungus detection in corn is natural, it is novel. We have patented the platform to make plant sensors out of pieces of DNA that are naturally in the plant.

    BP: How have you funded Insignum to date?
    KM: We received non-dilutive funding and support from the Indiana Corn Growers Association last year. We’ve raised just over $2 million in dilutive funding from a farmer-led investment group in Iowa called Ag Ventures Alliance, Elevate Ventures, Purdue Ventures, and angel investors.

    BP: What investment round is this and what are your intended use of funds?
    KM: We are looking to raise a $2.5 million Seed Round. We will have a first in March. I’ll make sure there’s room for VisionTech.

    This round will be used to propel our commercialization efforts of our first gene and expanding our gene platform to include a new product and new plant species, likely canola. Corn is king in the Midwest, and canola is the premium crop for Canadian farmers. We’re currently recruiting a business development person as well as an agronomist for field trials and additional data scientists. 

    BP: Give me three reasons VisionTech investors should invest in Insignum AgTech.
    KM: First, it’s the right time to invest in the agriculture industry. The seed industry has consolidated and have cut R&D budgets. They are looking externally for innovation. Second, genes in agriculture are like pharmaceuticals in health care. A single gene can be worth a billion dollars. And we are creating a suite of genes. Finally, we are early in our development, so our valuation is low. It’s a good time to get in with Insignum AgTech.

    VisionTech’s Virtual Pitch Event on Wednesday, March 19 begins promptly at 12 noon ET. Plan to join me and Insignum AgTech Founder and CEO Kyle Mohler and fellow VisionTech investors. Please register here.

  • A Cap Table Dilemma: Founders, Boards, and the Hard Call to Reset

    A Cap Table Dilemma: Founders, Boards, and the Hard Call to Reset

    Conversations around cap table resets have come up with more company founders than you might think over the last year.

    Here’s the situation: The company has raised capital from investors on terms reflecting the broader funding environment and are typically favorable to investors. Everyone aligns on a set of milestones, knowing that while they’re ambitious, they represent the company’s best path to increase valuation and attract future funding. Fast forward 18 months. The company has made meaningful progress, hitting some milestones, though not all.

    With the board’s approval, the founder starts conversations for the next fundraising round. But the feedback quickly turns from product and market strategy to cap table complexity. Some typical comments: “Your cap table is messy.” “Founders should hold more equity at this stage.”

    That’s when the dilemma sets in.

    There’s a strong temptation to “fix” the cap table proactively. That is, to align equity stakes with what new investors expect before the next round. It’s within the founder’s control to do so and seems like it could set up the next raise for success.

    But here’s the unpopular opinion: changing the cap table ahead of a funding round can be like a “Field of Dreams”—if you build it, they might come. The illusion is that a reset will make the company instantly more attractive, but without fresh capital or a value inflection point, it’s often just a cosmetic change.

    So what’s the path forward?

    Transparent Board-Driven Discussion. Before resetting equity, boards and founders should align on whether these changes genuinely impact the company’s ability to reach its next value milestone. If not, they risk sending mixed signals to investors.

    Timing Is Everything. The true value of a cap table reset often comes in tandem with a funding round, reinforcing both the new capital and the refreshed structure as a cohesive step toward growth.

    Clarity for Future Stakeholders. Rather than a field of dreams, investors want a clear path to ROI. Cap table structure should reflect the company’s growth story, not a rebalancing for the sake of optics. If a new investor wants to pursue an investment because they have conviction in the opportunity, they will work with the founder to create a solution concerning the cap table.

    Over the next 18 months, more founders and boards will face this choice: to simplify their cap table now or wait until new capital validates the reset. While the appeal of a clean cap table is undeniable, timing and strategy matter more than aesthetics.

    What would you do in this situation? Drop me a line at bpidgeon@visiontech-partners.com

    Ben Pidgeon is the executive director of VisionTech, a position he’s held since 2016. During this time, Ben has grown member in the angel investing group to 130+ members, the portfolio to 72 companies, and led VisionTech to nearly $4.3 million in deployed capital. Past president of the Venture Club of Indiana, serves on the board of directors for several early-growth companies and does speaking engagements on angel investing and startup capital.

  • Baby, It’s Cold Outside: VisionTech Announces Hot Pitch Lineup of NuvOx,  SinuSauna and NICKLpass

    Baby, It’s Cold Outside: VisionTech Announces Hot Pitch Lineup of NuvOx,  SinuSauna and NICKLpass

    Register now for virtual pitches January 10, 13 + 14!

    While some are still recovering from the holiday break and slogging through snow and ice, VisionTech has just announced a flurry of virtual pitch events set for the second week of January. On-deck for a shot at capital are current portfolio company NuvOx Therapeutics and two newcomers, SinuSauna and NICKLpass. (Dates, times, previews and registration info below.)

    All three presenting company CEOs will get a full hour to pitch in a live, virtual format that gives VisionTech investors from across Indiana and the country to interact with the CEOs and get an insider’s look at the opportunity. VisionTech Executive Director Ben Pidgeon tested the single company pitch event format in 2024 and made the decision to go to it fulltime in 2025.

    “Having more time for investors to really dive in and ask questions of the CEOs following the formal presentation is a huge benefit,” Pidgeon says. “Our investors want to go beyond the pitch deck and uncover compelling reasons to invest in early growth companies. The single pitch company format does that.”

    VisionTech virtual pitch events are open to member-investors and pre-registered guests. Pidgeon encourages those interested in potentially joining VisionTech’s vibrant angel network to experience a pitch event firsthand. Guests may register by contacting Pidgeon. “As one of the Midwest’s most active angel groups, our deal flow, due diligence process, and opportunities are second to none.”

    Here is VisionTech’s January Virtual Pitch Lineup:

    NuvOx Therapeutics
    Rong Wang, CEO + President
    Friday, January 10, 9 a.m. ET
    Website

    A VisionTech portfolio company since 2023, NuvOx returns for a follow-on round. The clinical stage pharmaceutical company has developed first-in-class oxygen therapeutics and is currently raising a $7 million round in two tranches. The first tranche of $3 million will support three active clinical trials: two Phase IIb trials (glioblastoma and stroke) and a Phase Ib (respiratory distress). NuvOx has already successfully completed two Phase IIa trials in Glioblastoma and stroke.

    NuvOx’s lead therapeutic, NanO₂, has a unique mechanism of action that improves the flow of oxygen from lungs to blood and from blood to tissue. Over 30 animal studies have shown therapeutic effect in seven different indications where hypoxia is life threatening. This includes acute hypoxemic respiratory failure, traumatic brain injury, myocardial infarction (heart attack), and hemorrhagic shock.

    NuvOx was co-founded by serial entrepreneur Evan Unger, MD, a board-certified radiologist and Professor Emeritus of Medical Imaging at the University of Arizona. His first biotech company, ImaRx Pharmaceutical, developed three FDA-approved drugs and was acquired by DuPont. His second company, ImaRx Therapeutics, went public. NuvOx’s has a highly experienced leadership team. Learn more.

    SinuSauna
    Nancy Wright, CEO
    Monday, January 13, 12 noon ET
    Website

    SinuSauna is the first respiratory wellness solution invented by physicians that uses the power of heated dry air therapy to counter nasal congestion. Backed by clinical studies that support the benefits of heated, dry air to proactively limit germs before they build up, SinaSauna is a soothing, effective alternative to nasal irrigation products. Users enjoy nasal wellness benefits without drugs, chemicals, mess, and discomfort.

    SinuSauna is the first commercially available product of Respiratory Health Technologies, launched with the support  of Boomerang Ventures, an Indianapolis-based venture fund and studio. The product is available now on Amazon and is generating revenue. SinuSauna seeks to raise $140,000 that remains in a $700,000 pre-seed round to accelerate commercialization.

    NICKLpass
    Sumorwuo Zaza, CEO
    Tuesday, January 14, 12 noon
    Website

    Companies and their teams rely on news sites to stay on top of breaking news and critical trends. The challenge is most news sites require subscriptions, which can be cost prohibitive. There are very few tech-enabled ways for companies to purchase and manage enterprisewide subscriptions. NICKLpass is the solution, a digital platform that provides access to 100-plus (and growing) paid news subscriptions in one account with one login and without passwords or paywalls for an entire team. The savings are significant: up to 50% off retail subscriptions.

    NICKLpass’s client list is impressive and includes Ford, Microsoft, and VISA where senior executives are active users. Its leadership and advisory teams have deep media and technology experience from places like HuffPost, CNN, Thomson Reuters, Google, CBS, iHeartRadio, and The New York Times. The board includes the founder of women.com which IPO’d and was sold to Hearst.

     NICKLpass is raising $1.25 million primarily for business development and ongoing product development. The goal is to break even by mid 2025 and fund company continued growth through earnings or a Series A.

    Registration is required to attend any or all of VisionTech’s January virtual pitch events and digitally meet the CEOs. VisionTech member-investors should email thensley@visiontech-partners.com to register. Guests should reach out to bpidgeon@visiontech-partners.com

  • Check Out VisionTech’s Holiday Roundup of Portfolio Company News

    Check Out VisionTech’s Holiday Roundup of Portfolio Company News

    Despite the headwinds of a presidential election year, a poor economy and high interest rates, 2024 has been a busy year for VisionTechportfolio company, many of which have continued to make measurable progress. VisionTech member-investors have also demonstrated resilience and enthusiasm, completely multiple follow-on rounds with our portfolio companies. As we close out the year and into “Santa Season,” we’re gifting you with a roundup of updates encompassing news from September-November. Keep in mind, we still have one month to go in 2024. We may have more big news soon!

    PORTFOLIO COMPANY NEWS 

    ADIPO THERAPEUTICS

    Indianapolis-based biotech startup Adipo Therapeutics presented scientific data in June at the American Diabetes Association Scientific Sessionin Orlando that demonstrated that their lead asset, ADPO-002NP, can effectively “brown” white adipose tissue in humans. Studies with white adipose tissue from patients undergoing bariatric surgery have shown the expression and up-regulation of two key biomarkers in the process of mitochondrial biogenesis (browning of white adipose tissue,) which has the potential to increase energy expenditure or calories burned. 

    Adipo welcomed two new team members this fall. Marco Verwijs, PhD, is a senior CMC advisor for Adipo and has over 18 years of product development and manufacturing experience. He has a passion for bringing meaningful drugs to patients and has worked on multiple commercial products, leading them from clinical product development through NDA filing and commercial launch. He joins Adipo from Aerovate Therapeutics, where he served as chief technical officer responsible for developing and manufacturing its drug-device product for pulmonary delivery. He has also worked at Vertex, Flexion Therapeutics, and Epizyme. 
     
    Sumitra Ghate joined Adipo as vice president of Product Development and Global Regulatory Affairs. She has nearly 30 years of experience in drug development across both large pharma and emerging biotech firms. Sumitra spent almost two decades at Eli Lilly in Chemistry, Manufacturing and Controls (CMC) and Regulatory Affairs. Much of her time was spent advancing diabetes therapies. Notably, she played a pivotal regulatory lead role in the development and submission of the market application for Trulicity (GLP-1 analog), as well as leading submissions across the insulin portfolio. 

    AKADEUM LIFE SCIENCES

    Akadeum Is closing out 2024 with solid progress. Akadeum, which has developed a patent-protected flotation-based separation platform that is revolutionizing biotech workflows across cell therapy, research, diagnostic, and therapeutic markets, continues to make progress. The Ann Arbor, Michigan-based company currently has two demo units of its AlerionTM Microbubble Cell Separation System in the field with cell therapy customers who are either looking to use Akadeum products in process development or in active clinical trials. The Alerion instrument will be commercially launched in Q1 2025. 
     
    CEO Brandon McNaughton reports demand for the Alerion instrument is growing, with multiple users interested in integrating it into upcoming clinical trials. Additionally, Akadium has received continued market validation of its industry-first ability to isolate untouched T cells at scale. It successfully completed its first customer GMP audit. Akadeum has also identified FDA-registered, third-party manufacturing sites ready to help scale the company’s product line. Kits are currently available for cell therapy, purification, culture cleanup, and small-scale immunology research. Akadeum is actively collaborating with federal and corporate partners. Inquiries should be directed here.

    AMPLIFIED SCIENCES

    Amplified Sciences’ lead diagnostic test, PanCystPro, received regulatory clearance in its CLIA certified lab in late July, a major milestone. Congratulations to the Amplified Sciences team and to Jessica Alvarez who led the assay validation efforts with partners at ResearchDX. The company is now shifting focus to the commercialization of the PanCystPro test. This includes navigating the gauntlet to Medicare reimbursement, a pivotal clinical utility trial, and providing PanCystPro to a targeted number of clinicians and patients through an Early Access Program in early 2025. 
     
    CEO Diana Caldwell reported several more recent wins. Amplified Sciences has delivered a second assay, PanHGLG, to further risk stratify patients diagnosed with pancreatic cystic lesions. The assay was able to accurately grade the level of dysplasia as demonstrated in a multi-analyte assay in a diverse cohort of 70 patients. The company has submitted two NIH-NCI grants totaling over $3.4M in potential awards.

    The company has earned well-deserved recognition this year. It won the Innovation Showcase’s Pitch Competition’s Life Sciences Division in June, an honor that came with $10,000 in cash and a $25,000 investment from Elevate Ventures. In September, Amplified Sciences took first place in the RESI Innovators Pitch Challenge and Judges Pick in Boston. 

    Amplified Sciences has added tremendous bench strength to its team with the additions of (L-R) Mike Poderycki, PhD, Director of Research and Technology; Daniel Beck, PhD, Senior Scientist in Chemistry; and Kaitlyn Varela, PhD, Post Doctoral Associate. Poderycki and Beck have nearly 30 years of combined industry and research experience. Varela is launching her career with Amplified. Congratulations  to all!

    AUGMENT THERAPY

    Augment Therapy has teamed up with Niantic, Inc., creators of hit augmented reality games like Pokémon GO and Peridot. The collaboration aims to elevate rehabilitative care by integrating the beloved Peridot virtual pets into the realm of physical rehabilitation, focusing on both pediatric and geriatric care. Patients will engage with their virtual “Dots” within Augment Therapy’s ARWell apps by performing therapeutic movements like throwing, brushing, and walking that are designed to improve mobility and well-being. 
    Augment Therapy will pilot Peridot-inspired experiences in clinical settings, encouraging patients to stay active and adhere to their therapy programs. The company also plans to conduct multi-phased research to measure how these digital companions can enhance patient motivation and performance. The partnership opens up endless possibilities for improving rehabilitation outcomes in fun, engaging ways.

    Asim Ahmed, Global Product Marketing Lead for Niantic, said, “We’re impressed by Augment Therapy’s success in using augmented reality for physical rehabilitation. Together, we’re excited to create engaging therapeutic experiences within the Peridot franchise that transform recovery into a playful journey, enhancing motivation, and making therapy more enjoyable for patients of all ages.” 

    Early this fall, Augment Therapy traveled to New York City to participate in the National Down Syndrome Society’s Buddy Walk. CEO Lindsay Watson and her team performed more than 50 live demonstrations of their ARWell app with participants as young as two years old. Check out the fun here. They also shared their software with Kate Eberle Walker, CEO of Presence, a leading provider of teletherapy services to some 10,000 schools and 2,000 therapists. This led to meaningful conversations on the benefits Augment Therapy could bring to the Presence network, particularly in improving therapy engagement for students with special needs. Augment Therapy also met with members of the Sesame Street Workshop, with whom they have a partnership. Augment Therapy has been a VisionTech portfolio company since 2021.

    ELEVATE K-12

    Piyush Lumba was named CEO of Elevate K-12 on September 18, 2024.  Prior to joining Elevate K-12 in 2022, Lumba served in executive leadership roles at Microsoft, Amazon, and CommerceIQ. Founder and former CEO Shailey Baranwal will continue as Chair of the Board and Chief Learning Officer, focusing on advancing the category of LIVE teaching, forming strategic partnerships, and gathering insights from districts, teachers, and students to help enhance the company’s solutions. Elevate K-12 joined the VisionTech portfolio in 2018. 

    ONSTATION

    OnStation hosted its first in-person OnStation Nation on October 1. For the past two years, this was a virtual event and featured OnStation team members only. In 2024, five customers and two prospects traveled to Cleveland for two days of conversation around what they like, want improved, or added to the collaborative digital stationing platform for  highway construction projects. OnStation received valuable input for its product roadmap and gathered use case stories. Those in attendance felt the passion of the OnStation team, and asked if they can come back to next year’s OnStation Nation. One more bonus of the event: CEO Patrick Russo reports that six-figure proposals were written for both prospects and have a strong likelihood of closing. 

    FLYTE BY PELVITAL

    Effective October 1, the Centers for Medicare and Medicaid Services (CMS) granted PelVital’s Flyte device for treating female stress urinary incontinence a new HCPCS code. PelVital has also received confirmation from Minnesota Medicaid that they are moving Flyte’s HCPCS code from non-covered to covered with prior authorization. This is a significant win for multiple reasons. First, it is the first positive reimbursement policy from a non-Veterans Administration payer. Second, it enables PelVital to drive Medicaid prescriptions in Minnesota. And third, it establishes a precedent to use with other payers in Minnesota as well as other state Medicaid agencies. 

    Flyte, the only at-home therapy of its kind that offers users surgical level results without surgery, has begun shipping its Gen 1.5 device that now includes an app. This upgrade allows the capture of users’ outcome data, supporting clinical care. Flyte users as well as those considering the device also receive expert support from licensed physical therapists to answer questions and ensure proper use.

    HEALIONICS

    Healionics has received the FDA’s Breakthrough Device designation for its innovative STARgraft vascular graft. The STARgraft arteriovenous graft is intended to provide a safer, more reliable means of dialysis access in patients with kidney failure. The FDA’s Breakthrough Devices Program aims to identify important new medical devices that provide more effective treatment of life-threatening and irreversibly debilitating conditions. The Program fast-tracks FDA regulatory review in order to provide timely access for patients and healthcare providers. Healionics’ Breakthrough Device designation signifies FDA acknowledgment that STARgraft clinical outcomes show evidence of significant advantages over current alternatives for dialysis access. The benefits of receiving Breakthrough Device designation include expedited interactions with FDA regarding market clearance and with Medicare regarding potential added reimbursement for healthcare providers.

    “FDA recognition of STARgraft’s potential to significantly improve the standard of care and quality of life for dialysis patients is a major company milestone and validation of our team’s efforts,” said Healionics CEO Mike Connolly. Read press release here.

    In August, Healionics announced that all patients in its current clinical trial of STARgraft had reached the 12-month endpoint with excellent results. The 12-patient cohort implanted with the current version of STARgraft maintained 100% primary unassisted patency through 12 months post-implant, meaning zero interventions were required to maintain sufficient blood flow for dialysis therapy. A zero-infection rate was also achieved. These results are for a limited number of patients, but far exceed the performance of on-market grafts as reported in historical literature and as observed for the Gore-Tex graft control arm of our first clinical trial. The results were recently presented by Dr. John Ross at a major clinical conference, Controversies in Dialysis Access Symposium. Healionics continues to follow patients in this trial, and median duration of functioning implants is now more than 19 months.
     
    HOW’S MOM

    In January 2024, Matt Prasek became CEO of Howe’s Mom and made significant changes to the company’s market strategy to better align with customers’ needs. This included doubling pricing and opening new avenues for growth. One of these is a partnership with Midwest Insurance Group (MIG) established in March. This agreement covers the cost of the How’s Mom Platform automated communications for all 500 senior care facilities insured by MIG. The partnership has contributed to a 56% increase in How’s Mom’s growth resulting in a doubling of annual recurring revenue in just six months. Prasek says the company’s focus for the remainder of the year is to continue success with MIG and scale this model to other carriers to achieve faster growth. 

    LAXIS

    Laxis has introduced OSO: The AI-powered earbud revolutionizing conversations. OSO is an AI-powered personal assistant that is designed to capture, transcribe, and summarize conversations effortlessly. Powered by Laxis AI, OSO records in-person discussions, phone calls, and virtual meetings, generating real-time transcriptions and summaries in 50+ languages. With seamless integration across platforms like Zoom, Google Meet, Teams, Hubspot, and Salesforce, OSO gives users’ productivity a serious upgrade.View promotional video here. 

    Laxis will be exhibiting its AI-powered sales automation solution  at CES, the most powerful tech event in the world, January 7-10, 2025, in Las Vegas. It is the premier show for introducing hot tech, making deals and connections. Additionally, Forbes recently published an article submitted by Laxis that explores how AI is transforming the sales landscape. Read it here.

    MENTAVI HEALTH

    Mentavi Health, a provider of mental health diagnosis and treatment, has introduced a new affordable offering aimed at helping individuals proactively steward their mental wellness. The Mentavi Mental Wellness Snapshot is a tool that provides a quick, accessible gauge of a person’s mental wellness. It takes about 20 minutes to complete and costs $29.99, with the option for employers to cover the cost for employees. The assessment provides a Mental Wellness Score of Green Zone (all is well), Yellow Zone (consider some proactive actions), and Red (seek further specialist help). The Wellness Score includes detailed breakdowns across various conditions such as anxiety, depression, PTSD, dementia warning signs, ADHD, and loneliness. These results can help determine if a comprehensive diagnostic evaluation and treatment are needed. Contact Corey Hart for more information. Mentavi Health (ADHD Online) joined the VisionTech portfolio in 2023.

    NUVOX

    NuvOx Co-founder, Dr. Evan Unger, won the 2024 Harry Fischer Award for Excellence in Contrast Media Research (CMR). The award recognizes Unger’s exceptional contributions to the field of contrast media research. A commemorative medal was conferred at the annual CMR meeting in October in Oslo, Norway, in early October. Unger, executive chairman of Nuvox Therapeutics, has been at the forefront of ultrasound contrast agent development since 1994. He pioneered the best-selling microbubble contrast agent, Perflutren, and continues to innovate at NuvOx by applying his expertise in microbubble technology to develop nanobubbles for oxygen delivery, the basis of NuvOx’s product, NanO2TM.
     
    Commenting on behalf of CMR, Dr. Jeff Bulte, a professor of Radiology and director of Cellular Imaging at the Johns Hopkins University School of Medicine, said,  “This award honors a long-term track record of outstanding research that has significantly shaped the field of contrast media. Specifically, Dr. Unger is recognized for his work toward the creation, thorough characterization, and demonstration of the feasibility of ultrasound contrast agents in clinical practice.”

    FLYTE BY PELVITAL

    PelVital is capitalizing on growth opportunities within the Veterans Administration (VA). Sales of the Flyte device for female urinary incontinence within VA health centers rose by 10% in September over August. In that same time period, the number of contracted VA Centers rose 17% with 27 centers contracted. PelVital CEO Lydia Zeller says the VA represents a significant growth opportunity as it operates a total of 160 health centers across the United States. PelVital has broadened its prescriber base beyond OB/GYNs to include Primary Care/Family Medicine physicians and nurse practitioners, a move that will increase access to the Flyte device and grow sales.

    ONSTATION

    OnStation has welcomed a former Montana DOT official, Mack Long, as a strategic advisor. Long is responsible for guiding relationships with public sector officials, research and grant funding. Long has 30 years of industry experience, including serving as director of the Montana Department of Transportation. Long also chaired the American Association of State Highway and Transportation Officials’ Construction Committee. Learn more here.

    TRIO LABS

    Trio Labs sees more growth from commercial production.The company, which combines the speed of metal additive manufacturing with the precision of CNC machining to create complex, microscale parts, is seeing more growth from customers transitioning from prototypes to in-market production and from those in full scale production. Trio Labs CEO Adam Steege reports that third quarter revenue exceeded the company’s target by 5% despite anticipated seasonal slowdowns. Trio Labs has also made progress in adding production capacity to meet customer demand. It recently qualified a strategic partner to bolster capacity and supply security.

    SCALE COMPUTING

    Scale Computing was named in Gartner® Hype Cycle™ for Data Center Infrastructure Technologies this year. A market leader in edge computing, virtualization and hyperconverged solutions, Scale Computing announced on September 18 it was recognized as a Sample Vendor in the 2024 Gartner® Hype Cycle™ for Data Center Infrastructure Technologies. Commenting on the news, CEO and Co-founder Jeff Ready said, “Scale Computing has long been dedicated to developing innovative solutions that empower businesses to meet their goals in an increasingly complex IT environment.” Read the release here. Scale Computing joined the VisionTech portfolio in 2015.

    SPINTECH HOLDINGS

    SpinTech has added two to its Board Directors. VisionTech is pleased to announce that VisionTech member-investor Gail Rominger has joined the Board of Directors of SpinTech Holdings. Rominger is president of Rominger Consulting and has more than 30 years of experience in business development. In addition to VisionTech, she is an active mentor, investor, and founder of Dayton, Ohio, area startups. Brian Schafer, managing director of McKenna & Associates, has also joined the SpinTech Board. McKenna is a fast-growing advisory and investment firm that manages complex mergers and assists on government arbitrage efforts for Fortune 500 companies and high-net-worth individuals. Schafer also served more than 25 years in the U.S. Air Force, including time as an F-15 fighter pilot.

    3AWARE

    Congratulations to CEO Bill Moss and the 3Aware team on becoming VisionTech’s newest portfolio company. Twenty-two VisionTech investors wrote checks totaling $145,500 in the deal. Headquartered in Indianapolis, 3Aware has a first of its kind, real-time software surveillance platform, aiSurveillance™, for the post-market life cycle of medical devices. Moss originally pitched VisionTech August 31, 2024.

    WICKED TECHNOLOGIES

    Wicked Technologies continues to meet key milestones in commercializing its Wicked Smart Pad. Designed to combat moisture-related bed sores in seniors, the Wicked Smart Pad is a washable, reusable, sensorized bed pad that detects moisture in real-time and sends alerts to caregivers for quicker response to incontinence events. According to CEO Alli Truttmann, the company is hitting its regulatory pathway target with FDA registration. Wicked Technologies does not need FDA approval as a 510(k) exempt device, just a registration once its Quality Management System is complete. The company’s in-house manufacturing success rate is 98.6% on pads and 97% on modules/software. Additional pad connector modifications are underway to increase durability when laundering the pads. On the sales side, in early October Wicked Technologies successfully installed 23 paying beds at Atria Senior Living’s flagship luxury senior living residence, Coterie, in Hudson Yards, New York.

    ZIVE

    Zive, the creator of Kiwi for Gmail, was invited to participate in the Google Growth Accelerator Program. The accelerator has given Zive direct access to Google marketing experts who have been working alongside the Zive team to refine its marketing approach. Under Google’s guidance, Zive has created new content, targeted new demographics, and explored new pathways to revenue by hitting new keywords. Customer conversion tracking has also been optimized. As a result of these efforts, Zive has increased its marketing spend-to-return ratio from $1.35 to $1.49 in which every dollar spent on ads returns $1.49 in sales. A Q1 marketing blitz is planned to start 2025 strong. See how Kiwi enhances users’ Gmail and office suite experience in this video.

    CLOSED ROUNDS

    Adipo Therapeutics Secures New VisionTech Funding
    VisionTech investors, who wrote checks totaling $242,000 to Adipo Therapeutics in April 2023, invested another $166,000 in early November. VisionTech’s total investment now stands at $408,000. Indiana-based Adipo is advancing a novel treatment to fight the global obesity epidemic. Adipo’s Series A Equity round seeks to raise between $6M and $12M.

    GEOH Closes Seed Plus Round at $3M; Focused on Putting Funds to Work
    GEOH, whose user-friendly software platform is tailored to meet the complex needs of home health agency owners, closed its $3M Seed Plus Round at the end of June. Under the leadership of CEO Tom Bumgardner and CFO David Gunn, GEOH has achieved a 260% increase in year-over-year revenue growth. Proceeds from the round are directed to sales and marketing, expanding geographic footprint, and a hiring business development leader. GEOH became a VisionTech portfolio company in 2022.

    iCHOR Vascular Closed $6 Million Series A Round. 
    iCHOR oversubscribed its Series A Round by $1 million that closed this summer. Queen City Angels led the round with participation from VisionTech and other investors. iCHOR, guided by CEO Tim Blair, is commercializing a platform technology for opening vascular occlusions (blood clots). iCHOR’s first device recently received 510(k) market clearance from the FDA and will be commercially available in October 2024. iCHOR became a VisionTech portfolio company in 2024.

    1LogTech Successfully Closes Round with VisionTech Investors.
    On Monday, October 21, VisionTech closed its round with 1LogTech. Twenty-one VisionTech investors wrote checks totaling $132,500 to the group’s newest portfolio company. Led by CEO JP Wiggins,1LogTech is providing the first transportation-focused integration platform as a service (iPaaS) enabling shippers to self-deploy and maintain carrier integrations. Wiggins originally pitched VisionTech in May 2024.

    OnStation Closes $8.5 million Series A Round in June, Nabs Award.
    Congratulations to CEO Patrick Russo and OnStation team! The round was led by Hardik DeSai and JumpStart Ventures. VisionTech participated, with 37 investors contributing $467,000. VisionTech has invested $1.27 million over three rounds since 2021 when OnStation became a portfolio company. In early September, OnStation was selected as a winner of the Ohio Venture Pipeline All-Star Class of 2024. The award recognized OnStation’s success in closing its Series A round as well as strong growth. 

    Pelvital Closes $1.5 Million Series Seed Plus Round.
    Pelvital CEO Lydia Zeller reported strong demand for Pelvital’s Series Seed Plus financing round, which closed fully subscribed in early September at the maximum authorized amount of $1.5 million. Pelvital is commercializing Flyte, the only at-home, intra-vaginal device that treats stress urinary incontinence in women. Pelvital became a VisionTech portfolio company in 2023. Stay tuned for updates on commercialization of the Flyte device in October.

    Wicked Technologies Led by CEO Alli Truttman Closes Second Round with VisionTech.
    Wicked Technologies CEO Alli Truttmann first pitched VisionTech in October 2023, becoming a portfolio company in early 2024 with an investment of $281,000. Truttmann presented a follow-on round opportunity in October and secured another $100,000 from 15 investors. To date, 35 unique VisionTech investors have ante upped $381,000 to support commercialization of the sensorized Wicked Smart Pad, which is solving the issue of moisture-related bed sores in the elderly.

    OPEN ROUNDS AS OF DECEMBER 1

    HAPPE Spine Led by Interim CEO and Co-Founder Dr. Ryan Roeder Is Raising a $1.5M Bridge Round. 
    Roughly 18 months after FDA clearance, early-growth startup HAPPE Spine’s progress is impressive. Some 30 surgeons across the U.S. have implanted more than 700 INTEGRATE-C Interbody Fusion Cages in 300+ patients with cervical disc degeneration with positive outcomes. HAPPE is looking to expand its patented material and manufacturing platform to  other orthopedic applications. This round will close soon. 

    Nuvox Therapeutics Led by CEO Dr. Evan Unger Is Raising $7M to Complete Three Active Clinical Trials.
    This round is intended to mitigate any risks for completing three clinical trials: Phase IIb trials in gioblastoma and stroke and a Phase Ib in ARDS. The raise includes two tranches, with a first tranche of $3M. This will extend Nuvox’s runway on its trials. The company is pursuing non-dilutive funding through the National Cancer Institute and has two grants under consideration. 

    Scioto Biosciences Led by CFO and Founder Jim Schutz, Is Raising a $750K Bridge Round.
    A VisionTech portfolio company since 2018, Scioto Biosciences is developing the next generation of formulated live bacterial therapeutics leveraging the gut-brain axis to optimize microbiome delivery to benefit children and adults with autism and GI disorders. Studies of autistic children treated with Scioto’s therapeutic are promising.

    Seneca Therapeutics Is Raising a $10M Round.
    A VisionTech portfolio company since 2021, Seneca Therapeutics led by CEO Jim Hussey is developing revolutionary immunotherapeutic candidates to provide advanced targeted treatments for solid cancer tumors. A final capital call is expected in December.

    We hope you have enjoyed this isionTech portfolio company news round up. If you have questions about these companies or are interested in joining VisionTech as a member-investor, please reach out to Executive Director Ben Pidgeon. Find his contact information here. If you’re interested in pitching our group, learn more here.

  • Meet October 21st Pitch Presenter Dr. Ryan K. Roeder, CEO of HAPPE Spine

    Meet October 21st Pitch Presenter Dr. Ryan K. Roeder, CEO of HAPPE Spine

    I originally learned of HAPPE Spine in September 2023 when the co-founder and CTO Dr. Ryan K. Roeder was profiled by the Notre Dame IDEA Center. (Read it here.) Ryan’s INTEGRATE®-C spinal fusion cage had recently been implanted in the first patient, offering significant advantages over traditional devices. Fast forward to this year’s RALLY hosted by Elevate Ventures where I met Ryan in person. He shared that HAPPE Spine’s INTEGRATE-C device has since been implanted in 250 patients, with promising results. I invited Ryan to present to the VisionTech Screening Committee and they fast-tracked HAPPE Spine to pitch to VisionTech Angels investors on Monday, October 21st at 12 noon ET. Please read my conversation with Ryan and make plans to participate in HAPPE Spine’s virtual pitch. 

    BP: Tell us a little about your background.
    RR: I grew up on a family farm in Bremen, Indiana. My initial thoughts of studying mechanical engineering at Purdue changed when I discovered materials engineering, which applies chemistry and physics to design and create materials for all types of technology. I was given opportunity as an undergraduate to do research and realized I liked the independence of working in a research lab and exploring new ideas, so I earned a PhD in materials engineering from Purdue. I then did a post-doctoral research fellowship at IUPUI’s Department of Orthopedic Surgery and then accepted a faculty position at Notre Dame in 2001. So I’ve covered the three major universities in the great state of Indiana! 

    BP: People don’t normally equate Notre Dame with medical devices. Explain the connection.
    RR: Of course nationally most people think of football when they think of Notre Dame. What attracted me was the university’s commitment to growing the engineering and research programs. I’ve been at Notre Dame 24 years during which time research expenditures have grown by more than five-fold. During my first decade at Notre Dame, my research lab was focused on studying bone and biomaterials that integrate with bone and even act like bone. HAPPE’s core technology came out of that research more than 15 years ago. 

    BP: Explain the problem you are solving.
    RR:  Nearly all orthopedic implants have at least one component that needs to interface with living bone. These implants or components are primarily made from two materials – a metal (titanium) or a plastic called PEEK – which are both flawed. Titanium implants support bone growth along surfaces and recent advances in 3D printing allow the production of porous titanium implants that support bone ingrowth. However, the rigidity of titanium shields bone from mechanical loads that stimulate bone growth, and the metal’s density inhibits imaging, making it impossible for physicians to get an unobstructed assessment of healing and fusion post-operatively. PEEK implants allow clear radiographic imaging and transmit mechanical loads to bone, but bone does not like PEEK surfaces. Surgeons have to decide between two non-ideal solutions. 

    HAPPE is an acronym for HydroxyApatite Porous PolyEtheretherketone. Our secret sauce is that this platform addresses the deficiency of PEEK in a way unlike anything on the market. We have modified PEEK to integrate with bone. We added porosity to draw blood and other autologous factors into the implant to promote rapid healing and bone in-growth. We also added hydroxyapatite, which is the same mineral found in bone, into the PEEK such that it is exposed on all material surfaces to promote cell signaling and bone on-growth. Once placed in a patient, the implant looks and acts more like bone. HAPPE also allows clear post-operative imaging of both the implant and new bone growth. This part of our value proposition has become even more important with the rise of AI and data analytics, which require quality imaging data. With our biomaterial platform, physicians are able to assess patient outcomes with much greater clarity.

    BP: Why is your device the right solution?
    RR: The HAPPE INTEGRATE®-C interbody spinal fusion cage is a device that acts as a spacer in the disc space to re-establish proper disk height and spinal alignment. These devices are intended to encourage bone to grow between adjacent vertebrae and fuse them together. We chose this market for our initial product launch because the tradeoffs between PEEK and titanium are acute, and poor outcomes in multilevel fusions provide an opportunity to show improved outcomes with our product. 

    BP: Where are you in terms of commercialization?
    RR: We have been very strategic and methodical in our commercialization efforts, focusing on key influential adopters and serving only a few markets. Our number one focus in commercialization is to validate the efficacy of our platform through clinical studies. This is a large part of this funding round.

    In May 2023, we received FDA clearance. Dr. Stephen Smith performed our first clinical case with the INTEGRATE®-C in August 2023, at Beacon Health in South Bend. Thanks to our 28 early adopter surgeons across the country, more than 500 INTEGRATE®-C spinal fusion cages have been implanted in more than 250 patients, with up to a year of patient follow-up.

    BP: What has the reaction been from orthopedic surgeons? 
    RR: Clinical outcomes have been uniformly excellent on post-operative follow-up. Several surgeons have described three- and six-month post-operative images of bone healing as the best they have ever seen. We are seeing robust fusion even among patients that present challenges due to osteoporosis, diabetes, and heavy smoking or drinking. Dr. Smith says our device is the closest equivalent to a fusion with allograft (actual bone tissue) that he’s ever seen from a synthetic product.

    BP: Any feedback from patients?
    RR: As a company we don’t have direct patient interaction, but we do hear stories from our physicians. Our very first patient told her doctor at her three-month follow-up that she didn’t need to see him anymore. Her pain was gone. A farmer with severe spinal cord compression was treated with a challenging four-level fusion (four HAPPE implants) and returned to work in six months. 

    BP: Is this a platform technology? 
    RR: This is very much a platform technology. The material and manufacturing process are proprietary. This combined with the healing environment that HAPPE promotes and visibility in radiographs opens the doors to additional applications in the spine, as well as sports medicine, extremities and trauma. I will mention these and show examples in my pitch.

    BP: What is the market opportunity?
    RR: Our initial market entry has potential to capture $60 million within the total spine interbody fusion market of $2.5 billion. When you consider bone interfacing components across all orthopedic implants, we have a total addressable market of approximately $10 billion.

    BP: Any competitors?
    RR: HAPPE Spine is first to market with this technology and to protect our position, we have built a deep patent portfolio—ten active and six pending. We have three patent families that protect our material, our manufacturing process and our products.

    BP: Right now, you’re serving as interim CEO. Can you comment on that and on your board?
    RR: Prior to our FDA clearance, we hired a part-time CEO with extensive product launch experience to lead us through that process. After nearly a year, he resigned for personal reasons. I am currently CEO. We anticipate filling the position by the end of 2025. In the meantime, our board of directors includes a wealth of executive leadership talent with a CEO, COO, and former CEO/CFO.  They all have experience in medical devices and orthopedics.

    BP: What investment round is this?
    RR: This is a bridge round to take us through the next 12 months of continued clinical validation and into a presumed Series B round.

    BP: What is your planned use of funds?
    RR: We have three priorities. First, ongoing clinical validation that includes achieving a milestone of 1,000 successful cases, demonstrating clinical outcomes in a retrospective study, and starting a prospective study. Second, manufacturing validation. We’re producing a diverse array of prototype orthopedic and spinal implants to demonstrate product capabilities. Third, commercial validation aimed at achieving sustainable sales and distribution of the INTEGRATE®-C. Last, we are exploring strategic partnerships, including a lead investor for the next equity round.

    BP:  Give me three reasons VisionTech investors should invest in HAPPE Spine?
    RR: Sure! First, we’ve put implants in 250-plus patients and are seeing uniformly excellent early clinical outcomes. Second, we are preparing to engage strategic partners who are taking notice thanks to our surgeons and independent distribution partners. Third, we have built a passionate leadership team and board of directors with a wealth of experience in our target market. We will be adding to our team in 2025. We believe we are on the cusp of an inflection point!

    VisionTech’s Virtual Pitch Event on Monday, October 21st begins promptly at 12 noon ET. Plan to join me and HAPPE Ortho Founder and acting CEO Ryan Roeder and fellow VisionTech investors. Please register here.

  • Meet August Pitch Presenter 3Aware’s Joe Adams with an AI Inflection Point for MedTech

    Meet August Pitch Presenter 3Aware’s Joe Adams with an AI Inflection Point for MedTech

    Have you read the book Exponential Organizations by Silicon Valley legend Salim Ismael? It’s billed as the playbook for 10X growth and impact. When I recently met with Joe Adams, Indianapolis-based serial entrepreneur and now senior vice president for strategic alliances at 3Aware, he highly recommended that I read it. Given the senior leadership team of 3Aware is responsible for $6 billion in M&A transactions, have founded and exited multiple Indiana-based companies and is poised to profoundly disrupt yet another industry, I think I’ll tap into this source of 3Aware’s mojo. This deal came to VisionTech through an individual referral, and I’m super excited VisionTech Angels investors have an opportunity to invest. Please read my conversation with Joe and make plans to participate in his and Bill’s virtual pitch on Wednesday, August 14 at 12 noon. 

    VisionTech Executive Director Ben Pidgeon and 3Aware Senior Vice President Joe Adams

    BP: You’ve said you’re fiercely loyal to Indiana and that’s one reason you’re courting Indiana investors.
    JA: I was raised in Indiana, am a graduate of Indiana University, and have been involved in multiple highly successful startups since the mid 1970s. My very first startup was a collaboration with Dr. Don Brown, who is among the most successful serial software entrepreneurs in the Midwest. Later I was involved with Interactive Intelligence and Software Artistry. Over the course of my career, getting investors in Silicon Valley and Boston to look at us was difficult despite the vibrancy of Indiana’s tech scene. With 3Aware, we have a potentially exponential organization with an incredible leadership team that’s rooted in Indiana. We have amazing early investors from across the country and would like fellow Hoosiers to be part of our success. That’s why we’re excited to participate in VisionTech’s virtual pitch event August 14th.

    BP: Explain the problem you are solving.
    JA:  The medical device industry is near and dear to us in Indiana. But this $500 billion industry is in turmoil due to shrinking margins and the increasing costs and time involved with regulatory compliance. As an example, the costs associated with new EU medical device regulations around recertifications of devices are predicted to exceed 5% of sales. Because of this and already thin margins, companies may have to pull as many as 30% of their products. The U.S. FDA is hot on the heels of the EU with their own time and resource intensive regulations.

    Medical device companies are in dire need of a tech-based alternative to traditional clinical trials and manual re-certifications that consume scarce resources and threaten device viability and corporate profitability. 

    BP: Why is 3Aware the right solution?
    JA: Medtech companies need a way to quickly and easily leverage real-world data about their devices that currently exists in electronic health records (EHR) databases maintained by health systems. We have the answer. 3Aware’s aiSurveillance Platform is a cloud-based SAAS solution that:

    • integrates with EHR and other business systems. 
    • triangulates data from a variety of sources. 
    • links individual patients to their longitudinal experience with devices, allowing on-demand access to device-specific cohorts of patients.
    • and facilitates the mining, analysis, and surveillance of patients’ structured and unstructured real-world evidence (RWE) data to understand indications, experience and outcomes. 

    Our platform automates post market studies, powers ongoing vigilance, and dramatically reduces the time and  money needed to achieve this. It will literally stand the world of medical device manufacturing and compliance on its head – in a good way. Instead of 12 to 18 months for a post-market study, 3Aware can deliver study results in weeks and at a fraction of the cost.

    Access, Analysis, Alerts

    BP: The benefits seem ridiculously huge.
    JA: We truly believe that 3Aware is at an inflection point for the medical device industry. By automating post-market clinical analysis of data that resides in EHRs and  is largely unusable in its current form, we enable medical device companies to secure compliance in 20% of the time and at less than half of the cost of traditional methods. Our analysis also provides ongoing access to data that can be used for other studies, to extend current devices into new applications or enhanced performance as well as support more accurate patient monitoring.

    BP: What is the market opportunity?
    JA: Our initial focus on medtech compliance and product line optimization supports $6 to $9 billion in annual recurring revenue. From there, we can expand into regulatory and safety surveillance, which has a total addressable market of another $56 billion. Further down the road, we can leverage into clinical outcomes analytics and total cost of care for a specific device. This, of course, appeals to health systems, payers, accountable care organizations. Market value to be determined.

    BP: Where are you in terms of commercialization?
    JA: We launched with our initial version of the aiSurveillance Platform and are currently in conversations with two dozen medical device companies, including six of the largest. Cook Medical was our first customer, Zimmer is onboard and there are others close to finalization. We’ve identified and targeted potential customers enabling $150 million in annual recurring revenue, with  an active sales pipeline of nearly $5 million including top ten manufacturers. We are moving ridiculously quickly to scale to meet demand.

    BP: How is the market responding? 
    JA: I wish you could sit in on our presentation to medical device companies. They get it immediately. They don’t get lost in the weeds; they ask “buy” questions. It’s really exciting.

    BP: What kind of IP protection do you have?
    JA: Our platform is enabled by proprietary technology. The basic platform infrastructure was initially developed by HC1. Less than two years ago, the 3Aware aiSurveillance platform application was developed as a joint venture with Cook Medical, Health Cloud Capital and the Mayo Clinic. Since then, 3Aware has been developing the 3Aware WorkBench, which has a patent application filed that protects systems and methods for managing, storing, organizing, and classifying clinical health data associated with medical devices. Soon to follow will be patent applications that cover a host of human assisted adjudication processes and procedures, which will lead to the holy grail of real-time adverse event notification and active surveillance.

    BP: Any competitors?
    JA: We are first to market. There are other companies out there, but they don’t have the breadth of capabilities or the automation that 3Aware already has or the future vision of 3Aware. 

    3Aware CEO Bill Moss and Senior Vice President Amelica Hufford will be presenting August 14.

    BP: Your leadership team is impressive. Let’s touch on that.
    JA: 3Aware’s leadership team has combined experience of more than $6 billion in merger and acquisition transactions. Plus deep, deep experience in tech, medical devices and life sciences. Our CEO Bill Moss alone has five successful exits. Chris Brown, our CFO, is a founding executive of hc1 Insights, whose technology we use. Prashant Thumma, our CTO, was senior director at TelaDoc where he led enterprise architecture. David Kates, our chief data officer, is a leader in the linkage and analysis of healthcare data. And Amelia Hufford, our senior vice president of scientific affairs, came to us from Cook Medical where she led multiple clinical and regulatory science teams. We’ve stacked the deck!

    BP: What investment round is this?
    JA: This is an $8 million seed funding extension round.

    BP: What is your planned use of funds?
    JA: Pretty simple – we’re scaling to meet market demand. 

    BP:  Give me three reasons VisionTech investors should invest in 3Aware?
    JA:  3Aware is truly an inflection technology with the potential to redefine the medical device industry and how devices are validated, certified, and monitored for safety and performance. There is overwhelming market interest as evidenced by the global corporations we’re engaged with, the strength of our pipeline and current recurring revenue. We also have the leadership team to get it done.

    VisionTech’s Wednesday, August 14 Pitch Event will have one virtual session only at 12 noon ET. Plan to join me, Bill Moss, Joe Adams and fellow VisionTech investors. Please register here.