VC fund invests in medical software startup
A venture capital fund in the region has invested in a medical startup on the state’s east side.
The cultivate(MD) venture capital fund, by Holland-based Genesis Innovation Group, said this week it invested an undisclosed amount in Detroit-based SpinTech, the startup developer of “innovative advancements” in data collection for brain scan MRIs.
The company has developed a software processing technique, using more advanced imaging, that increases data collection speed and accuracy, while improving the overall workload.
Ward Detwiler, CEO of SpinTech, said the funds will support commercialization of the company’s first FDA-cleared product and expand pilot testing.
Matt Ahearn, VP of finance and operations for Genesis Innovation Group, noted the SpinTech team's decades of experience in the MRI field and its global network of clinical partners.
Ahearn added that he thinks the product vision will help people suffering from neurological disease.
Genesis Innovation Group
Genesis Innovation Group was founded by long-time friends and medical device entrepreneurs Rob Ball, Jeff Ondrla and Don Running, first to meet incoming demands for medical device development. The group later created the cultivate(MD) venture capital fund in 2014.
The fund promises a minimum $100,000 investment per project.