A St. Louis startup developing a surgical tool to help surgeons avoid muscle pain and fatigue has snagged a spot in an accelerator program, a move that comes as it seeks funding to advance its technology.
The startup, Intuitool Devices Inc., is one of six startups that has been selected for the Flint, Michigan, cohort of Louisville-based health care accelerator XLerateHealth (XLH). The accelerator program, which began in July, is being conducted virtually and runs until its demo day on Sept. 22.
Founded in 2018, Intuitool was launched by St. Louis-based venture development firm Exeteur Group. The startup is designing an ergonomic laparoscope, a surgical instrument used by physicians to view abdominal organs. The company says the device helps physicians steer clear of medical conditions that result from heavy workloads and could potentially impact their ability to perform operations.
“Surgeons perform as many as 15-plus laparoscopic surgeries daily and can develop carpal tunnel syndrome and related conditions. The Intuitool uses a proprietary track ball design that allows the physician to manipulate an articulated arm effortlessly using their thumb that allows 360 degree rotation and avoids some of the causes of the syndrome,” said CEO Dr. Michael Beat, who is a senior partner with Exeteur Group and a radiation oncologist.
Intuitool said the technology for its surgical instrument was born out of the University of Nebraska Medical School and licensed by Kansas City-based Epic Medical Concepts and Innovations. Exeteur Group has an exclusive sublicense of the technology, Beat said. The St. Louis startup's participation in the XLH accelerator does not come with a financial investment, but the incubator program provides coaching and networking assistance meant to help its cohort companies win customers and investors.
“Through its mentorship and network, XLH will help Intuitool refine its commercialization plan, pitch deck and other critical documents and strategies. The strong XLH network will help Intuitool with expertise in developing and testing the device and raising equity capital. It could therefore help accelerate development of the device, its testing and clinical evaluation,” Beat said.
Intuitool said it is currently raising $1 million in equity financing to support development of its surgical instrument. The company is developing a beta version of its laparoscope that will be provided to surgeons for their feedback. It is targeting late 2022 to begin testing the device on animals while eying 2024 for its commercial launch.
The St. Louis startup operates with a team of three employees, which include Beat, Chief Financial Officer Bob Cockrell and Vice President of Engineering Sorn Vaduva.
