Slater Technology Fund Invests in Robotics Startup
Providence, RI, June 11, 2007 – The Slater Technology Fund announced today that it has committed $500,000 in funding to medtech startup Innovention Technologies to further develop its robotic medical device prototype for use in upcoming human clinical trials. The robotic technologies company, whose devices enable minimally invasive surgical procedures, recently established commercial operations in Middletown, RI.
Founded in 2005, Innovention Technologies began as a collaboration between scientists and clinicians from Carnegie Mellon University and the University of Pittsburgh. Since inception, the company has operated within the Pittsburgh Life Sciences Greenhouse, a collaborative effort funded by the Commonwealth of Pennsylvania and designed to support early stage life sciences companies originating within its biomedical research institutions. In 2006, the company hired David W. Wagner, a long-time resident of East Greenwich, R.I., as CEO.
Innovention is developing advanced robotic probes for a broad range of medical applications with an initial focus on minimally-invasive cardiac surgery. The company’s first-generation technology, its Articulated Robotic MedProbe, is a flexible, teleoperated instrument that allows for steering, self-support, and non-linear access paths for visualization and therapeutic intervention in minimally invasive surgical procedures. Unlike most other probes currently on the market, the device is memory-based and can "recall" its previous configurations as it moves through three-dimensional volumes.
CEO David Wagner has more than twenty years of management experience and has served on boards of directors of over two dozen companies. Most recently, as founder, chairman and CEO of strategy consulting firm Nova Group, Mr. Wagner served as a consultant to several of the world’s leading medical device companies. Previously, he served as corporate vice president of strategic marketing at Boston Scientific Corporation (NYSE: BSX), as president of Dryvit Systems’ international division, and as president and CEO of tech startup LDR Corporation. Wagner is a graduate of Trinity College and holds an MBA from the Tuck School of Business at Dartmouth College.
"Attracting quality companies like Innovention to Rhode Island is an important part of our strategy for building the biotech sector here in Rhode Island," said Richard G. Horan, managing director of the Slater Technology Fund. "We are pleased to support Innovention as it moves into the critical clinical-trial phase, and look forward to its continued success under David Wagned’s leadership."
"We are delighted to have the Slater Fund on-board as an investor in Innovention," said Wagner. "We expect their support will be extremely valuable, both in developing the team we are recruiting here in Rhode Island as well as in attracting venture capital financing. We have chosen to locate the company in a region whose talent pool in medical devices is truly world-class, and we could not be more excited about the progress being made."
About Slater Technology Fund
The Slater Technology Fund supports the development of emerging industries with potential for significant long-term growth within the State of Rhode Island. Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.
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