Aalto University BEST Ltd (currently under spin-out process)
Many medical implants are recalled from markets. This issue is causing $ billions of losses to the industry. Scalable BEST product helps to prevent the issue.
- Stage Full Product Ready
- Industry Biotechnology
- Location Helsinki, Finland
- Currency EUR
- Founded January 2016
- Employees 0
- Website http://does not exist
Company Summary
Medical devices companies invest annually over 10 billion USD into pre-clinical research of biomaterial implants. During that research process materials are selected and taken towards clinical development. The problem at the market is low regulatory barrier to enter the market with new biomaterial product leading to situation where sub-optimal materials enters the markets. That leads many times to product recalls and damage compensations to patients, thus significant financial losses.
Aalto University has developed a pre-clinical tool (BEST) enabling better selection of the biomaterials for clinical development.The BEST technology is created and tested in EU granted project as well as in recent Tekes TUTL project. Product is ready for launch with commercial partner. The launch is designed in a way that it demonstrates the market for the BEST product. The commercial partner also serves as a potential exit channel in the future. The investment required is around 600 thousand EUR in total and the anticipated exit valuations by 2020 are >10 million EUR.
The team in the company consist Michael Gasik (Inventor) and Ilkka Kangasniemi (biomaterial R&D expert). One angel investor, ID Creations Oy, is considering lead investor role in the upcoming first investment round. ID Creations is looking for other Angel investors to join the seed investment round.
Team
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