A Bay Area tech startup has brought its operations to Albuquerque.
In May, BroadSpot Imaging Corp. announced that it had relocated to Albuquerque after spending years in Emeryville, California, and the Bay Area. The company has developed a low-cost, portable retinal camera for non-invasive diagnoses and disease management with the use of machine learning. It claims its technology improves patient access and efficiency.
BroadSpot Imaging was founded in 2018 by chief medical officer Tushar Ranchod, a practicing eye specialist. It is also hiring, with 10 engineering and manufacturing-related positions open as of June 30. Its new location is at 2420 Comanche Road NE.
A representative for BroadSpot was unable to be reached for comment.
In 2018, the company closed an $8.6 million Series A investment round, which it planned to use to manufacture and launch its first imaging devices and software services, according to the company. The round, which initially closed at $7.5 million, was led by Phoenix Venture Partners, an investment firm with a focus on advanced materials and device innovations.
BroadSpot is the assignee for four patents in the U.S. and has pursued state incentives to help fuel growth locally. In June, it was approved for $253,126 for 12 trainees in Albuquerque as part of the state's Job Training Incentive Program. JTIP incentives are meant to help fund training for new jobs at expanding or relocating businesses.
Another eye-focused startup, VisionQuest Biomedical, is also based in Albuquerque. That company develops artificial intelligence-based imaging technologies meant to help identify eye diseases and other health complications. It offers products for diabetic retinopathy, diabetic peripheral neuropathy and malarial retinopathy.
Companies have reportedly pointed to cost of living and high taxes as reasons for leaving California. Meanwhile, among the New Mexico business community, people often tout the state's relatively low cost of living and quality of life as reasons to move here.
While there has been interest from some companies in moving out of the Bay Area, some media reports of the so-called "Bay Area Exodus" during the pandemic were exaggerated, according to reporting from the Wall Street Journal.
Less than 4% of the households and businesses that filed address changes in the Bay Area's five counties between March and November of 2020 left the state, reported the San Francisco Chronicle. Most reflected moves to other counties in the Bay Area.
