$10 Million Fund is dedicated to bringing emerging healthcare innovations to market.
HOLLAND, Mich., November 28, 2017—
Genesis Innovation Group, LLC, an emerging developer of medical device technologies, today announced the formation of cultivate(MD) Capital Fund I, LLC, a venture capital fund focused on investing in early-stage healthcare companies, with special focus on medical device and orthopedic technologies. cultivate(MD) LLC is expected to manage $10M, is limited to private placements, and closed to the public. Genesis anticipates the cultivate(MD) fund to be fully operational and actively seeking companies in which to invest by early 2018.
cultivate(MD) begins with the premise that health care remains a top, global priority and opportunity. During the past four years, Genesis has focused on investments in technologies at the earliest stages, having founded a number of companies and invested at the seed and pre-seed stages. Its cultivate(MD) Fund will expand further into this space and focus on mid- to later-stage companies and investment opportunities.
“Health care is a dynamic space, and inventors and entrepreneurs face significant risk during their development stages, cultivate(MD) brings the necessary capital and access to an experienced team that will guide an innovation to market,” said Rob Ball, CEO of Genesis Innovation Group and fund manager of cultivate(MD). “In addition to financial capital, innovators need a network of intellectual capital that will help convert their ideas and assumptions into marketable innovations. Genesis provides a nurturing environment for healthcare innovations.”
cultivate(MD) will invest in innovative technologies, with demonstrated evidence of effectiveness. It will partner with Genesis Innovation Group to deploy its team and network, which has a proven, results-driven approach that improves outcomes and reduces the cost of healthcare, while simultaneously improving care and service to patients.
“Health care innovations can come from many sources, including surgeon or other practitioners, and Genesis has quickly brought together a network of talented and experienced professionals with a successful track record,” said Don Running, vice president of R&D. “Genesis’ deep connectivity with key opinion leaders in the medical device field has given us access to test and drive solutions to successful execution.”
Genesis brings a team with hundreds of years of cumulative experience, and hundreds of patented inventions. Members include Ball and Running, as well as professionals in product development, supply chain management, manufacturing and marketing, such as: Matt Ahearn, VP of Finance and Operations, Dave Blue, VP of Sales and Marketing, Jeff Ondrla, VP of Supply Chain and Quality, and noted orthopedic surgeon and inventor, R. Sean Churchill, MD, who serves as the organizations’ Medical Director.
“For more than three decades, the Genesis team members have created and launched dozens of successful healthcare technology ventures. Throughout this process they have developed close relationships with leading experts in the medical community”, said Dr. Churchill. “I have been personally engaged with several of these projects and witnessed their attention to the entrepreneur and advisors, as well as their never-ending commitment to patient care.”
The Genesis and cultivate(MD) model has yielded several high-growth, emerging medical device companies including Magnesium Development Company, Shoulder Innovations, and iMAGEN Orthopedics.
“We derive our success through the intersection of improved outcomes, cost savings, experienced teams and strong brands” added Ball. “Cultivate(MD)’s unique partnership with Genesis Innovation Group provides for a rich and tangible participation, and a capital-efficient process, that delivers true innovation in the market.”
cultivate(MD) becomes the latest venture capital fund based in Michigan and part of a growing industry that invested $222 million into 54 startup companies, according to the Michigan Venture Capital Association.Healthcare and life sciences companies accounted for 34 percent of the amount invested in the state during 2016.
This press release does not constitute an offer to sell or the 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.
About Genesis Innovation Group LLC
With more than 100 patents and innovations among its founders, Genesis Innovation Group LLC is a leader in medical device development and commercialization. The company partners with private sector businesses and surgeon-inventors to develop new technologies that advance human health and medicine. More at genesisinnovationgroup.com
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