Lazurite Holdings LLC, the Cleveland-based developer of the ArthroFree surgical system, is one of 50 companies worldwide and the only one in Ohio to be chosen to participate in a prestigious medical technology accelerator program.
MedTech Innovator in Mountain View, California, bills itself as the largest accelerator in the world for medical device, digital health and diagnostic companies, and the industry’s nonprofit global competition.
Lazurite is expected to get visibility and access to leading medtech manufacturers, providers, investors and other industry stakeholders as a 2022 cohort member of the MedTech Innovator, the company said in a statement.
At the conclusion of its four-month accelerator program, MedTech Innovator also will award $500,000 in cash and prizes in a competition held at its annual conference in Boston this fall, Lazurite said.
Eugene Malinskiy, Lazurite's CEO, and Leah Brownlee, the company's president, will attend networking events and workshops with MedTech Innovator partners and other industry leaders. The 2022 cohort also will be featured at the Wilson Sonsini Medical Device Conference in San Francisco on June 17, Lazurite said.
In March, Lazurite received regulatory clearance to market and sell its ArthroFree wireless surgical camera system in the United States.
The landmark approval from the U.S. Food & Drug Administration marks the completion of Lazurite's multiyear effort to commercialize its wireless light and camera system, which is used during minimally invasive surgery.
"Over the past nine years, MedTech Innovator has established a unique track record of identifying and supporting leading startups, with 95% of our graduates either still in business or having been acquired," said Paul Grand, CEO of MedTech Innovator, in Lazurite's statement.
Lazurite (formerly Indago) is a pre-revenue medical device startup company backed by private capital. The Cleveland company has raised more than $25 million from institutional investors, family offices and more than 70 physicians since its rounding in 2015, the company said.
