The rounds of Memphis Inno Madness are complete, and a winner is ready to be named.
In a final round of competition between Planet Wealth and Hera Health Solutions, the matchup was essentially tied on the third day of voting. After final votes were tabulated, Hera Health came out on top.
The pharmaceutical device startup is developing a biodegradable contraceptive implant, and its bioerodible drug delivery implants could have multiple applications. In January, the company was highlighted by Memphis Inno as one of the metro's Startups to Watch. Hera’s flagship product, Eucontra, was selected in 2021 as a global emerging leader in the innovative contraceptive space, with input by judges from the Gates Foundation and the Clinton Health Access Initiative.
"We are proud to be named the winner of the Inno Madness bracket challenge. We're a team of scientists and engineers at Hera Health Solutions, and being a part of this inaugural event helps us highlight the exciting innovation and technology our team is working on," Idicula Mathew, Hera's co-founder and CEO, told MBJ. "As a biotechnology startup, having access to opportunities like this … helps us get the word out to new customers and potential investors about what we're building. Congratulations to all the other participating companies and founders!"
While Planet Wealth wasn’t crowned Inno Madness champion, it too is a promising local startup. The aim of its digital platform is to help people build wealth by providing them tools to raise funds and purchase valuable assets — from rental properties and cars to collectible stamps, oil and gas rights, and whiskey barrels.
Already, Planet Wealth has raised more than $10 million in funds; and it’s waiting on FINRA approval to complete the acquisition of a broker-dealer, which could give it a clear revenue path. It’s also kicking off its national marketing campaign — and will begin operations this summer.
