Grand Rapids, MI, July 25th, 2022 — Genesis Innovation Group’s cultivate(MD) Capital Funds LP, funds that are focused on investments into early-stage healthcare companies with innovative technologies, announced today that one of their portfolio companies, Bingham Farms, MI based SpinTech MRI announced a $6.5 million Series A financing.
SpinTech MRI are the creators of the FDA-cleared STAGE™ (STrategically Acquired Gradient Echo) quantitative magnetic resonance imaging (MRI) platform that speeds and improves the diagnosis and treatment of Parkinson’s, Alzheimer’s, dementia, and other neurological diseases.
Led by Genesis Innovation Group’s cultivate(MD) Capital Fund and Level 8 Ventures, the funding will be used to expand deployments of STAGE software for neurologists, radiologists and researchers. The STAGE platform is already deployed at more than 50 hospitals and institutions, including the Yale School of Medicine, for advanced research, analysis, and treatment of Parkinson’s disease and other movement disorders. The platform also is used to increase diagnostic accuracy and efficiency for conditions including multiple sclerosis, traumatic brain injury (TBI), stroke, and cerebral microbleeds (CMB). STAGE has received 510(k) clearance from the US Food and Drug Administration (FDA) for use on both 1.5T and 3T systems from all MRI manufacturers.
“This funding round from venture capital leaders in healthcare IT and medical devices enables us to expand awareness and deployment of the STAGE platform among neurologists, radiologists and researchers at scale,” said SpinTech MRI President and CEO Karen Holzberger. “Neurologists using our software report that it is the first practical and efficient quantitative MRI solution with comprehensive data and visualization tools to inform diagnosis and treatment. Radiologists also find that it increases imaging efficiency and clinical value without requiring time-consuming training, testing and validation, or changes to already demanding workflows. Care teams simply choose which image outputs they want to examine, rather than which sequences to run, as STAGE gives them all the data and images they need in a single rapid protocol.”
Matt Ahearn, Managing Director, cultivate(MD) Funds said, “We are very excited to co-lead the Series A financing into SpinTech MRI and support the tremendous progress of the team. Since joining the SpinTech MRI team as CEO in January 2022, Karen Holzberger has done an incredible job of aligning the R&D and commercial efforts to ensure a focused and efficient go-to-market strategy. The SpinTech MRI’s STAGE SaaS platform is bringing quantifiable economic and clinical value to all of its customers, helping clinicians better diagnose and develop treatment plans for their patients with neurodegenerative diseases.”
About SpinTech MRI
SpinTech MRI was founded 2017 by internationally recognized MRI industry professionals to transform quantitative MRI imaging with advanced data acquisition and visualization tools that are easy to deploy and practical for everyday clinical use. The company’s STAGE software platform significantly enhances MRI efficiency and clinical value for neurologists, radiologists, and other physicians to improve quality of life and care outcomes for patients with Parkinson’s, Alzheimer’s, dementia, multiple sclerosis, traumatic brain injury (TBI), stroke, cerebral microbleeds (CMB), and other neurological diseases.
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. For more information, visit: https://genesisinnovationgroup.com/
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.
Genesis Innovation Group
Certain statements in this press release constitute forward-looking statements. When used in this press release, the words “will,” “anticipate,” and similar expressions or the negatives thereof are generally intended to identify forward-looking statements. Such forward-looking statements, including the intended actions and performance objectives of the fund, its general partner, cultivate(MD), or any cultivate(MD) portfolio company referenced herein, involve known and unknown risks, uncertainties, and other important factors that could cause the actual results, performance, or achievements of the general partner, or any cultivate(MD) fund or portfolio company to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. No representation or warranty is made as to future performance or such forward-looking statements. All forward-looking statements in this press release speak only as of the date hereof. The fund, its general partner, and cultivate(MD) expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectation with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.