MedTech Innovator, a global medtech accelerator, today announced that StrokeDx won the grand prize in its 2023 Global Competition.
StrokeDx develops a rapid, portable and affordable stroke diagnostic device. The Pasadena, California-based company won a live audience vote at AdvaMed’s The MedTech Conference on Oct. 10. It beat out four other finalists within the 2023 MedTech Innovator cohort.
Phiex, which will participate in a panel at DeviceTalks West in Santa Clara, California, Oct. 18-19, won the grand prize last year. (Learn about that panel and more at West.DeviceTalks.com).
(And want to find out more about all 10 finalist in the competition? Our DeviceTalks Weekly podcast has you covered with interviews with each of the 10 startup CEOs.)
The winner StrokeDx seeks to speed up stroke diagnosis in the critical window
The primary objective at StrokeDx is to transform stroke diagnostic paradigms. The company aims to deliver faster and more accurate results to healthcare providers to save crucial time in critical situations. StrokeDx’s technology combines state-of-the-art engineering, novel algorithms and exceptional end-user design.
Dr. Shane Shahrestani, co-founder and COO, said in a news release that he and Alexander Ballatori conceived the idea in medical school. Shahrestani said they were told they “were crazy,” and failed to get into the MedTech Innovator program last year.
“To stand here today, it means the world to us,” Shahrestani said. “We can finally deliver something that can really help patients.”
Ballatori, co-founder and CEO, said the impact on StrokeDx from winning the competition “will be significant.
“Being able to raise this much money as a seed stage company will allow us to move faster, collect more clinical data, refine our hardware, and ultimately get to patients faster,” said Ballatori. “We’re ecstatic about being chosen as the grand prize winner.”
Here is the company’s video pitch:
More about the MedTech Innovator accelerator
MedTech Innovator’s 11th accelerator cycle saw the organization receive more than 1,200 applications. In total, 200 companies pitched during its road tour, whittling down to 61 participants in the 2023 cohort.
On top of the $350,000 grand prize, StrokeDx also received a one-year AdvaMed Accel membership. The other finalists, Fingy3D, IFPx, Neurava and Newrotex each received a $25,000 prize.
Sparta Biomedical also received the accelerator’s Execution Award, which recognizes strong leadership teams with next-generation innovations and the resources to successfully execute their goals of improving patient care.
MedTech Innovator’s competition has awarded more than $500,000 in cash prizes and in-kind awards so far in 2023. It still has another $325,000 to award in its two remaining competitions this year. Those will take place on Nov. 14 and 15 at the MedTech Strategist San Francisco event.
“For more than a decade, MedTech Innovator has helped innovative medical device, diagnostic, and digital health startups advance their life-improving products from concept to commercialization,” said Paul Grand, founding CEO of MedTech Innovator. “Alex, Shane and the team at StrokeDx exemplify the innovation that will improve the health and quality of life of patients globally.”