St. Louis Inno is publishing profiles of its 2024 Startups to Watch this week. See the entire list of honorees below.
IDEATE MEDICAL
Headquarters: St. Louis
CEO: Bill Wong
What it does: Ideate Medical has created a sterilization technology and system to sterilize endoscopes used in endoscopies, the nonsurgical procedures that examine the digestive tract. It says that 90% of endoscopes are only disinfected, rather than sterilized, for procedures, due to their design and shape. Ideate says its technology, which uses vapor hydrogen peroxide, is “one million times more effective on microorganisms than disinfection.”
The latest: Ideate in November 2023 submitted its application to the U.S. Food and Drug Administration for 510(k) clearance for its sterilization technology. Companies must seek 510(k) clearance for the FDA to receive approval that their devices are safe and effective, allowing for them to be legally marketed.
Why you should watch it: Given that 90% of the endoscopes are not sterilized, Ideate says its technology has the potential to fill a “huge unmet need” in the health care industry. It envisions a large market opportunity, estimating that 60 million endoscopes are used annually in medical procedures in the U.S. alone. With its technology and the market size, Ideate is bullish its technology can improve health care for patients by providing cleaner endoscopes used on patients.
What’s next: Ideate anticipates receiving its 510(k) clearance from the FDA in the first half of 2024, with plans to focus on commercializing its sterilization system once it receives the approval. It said it is taking steps in the meantime to build out its supply chain to have the necessary inventory to debut on the market.
More about Ideate Medical
Year founded: 2019
Founders: Bill Wong, Bob Mosher, Florencia Chicatun, Philippe Conseil
Employees: 12
Capital raised: $9.5 million
Investors: St. Louis Arch Angels, Arsenal Capital Management
