12 Korean Startups Explore Providence's Med Tech Ecosystem - Global Med Tech Bootcamp

November 15th, 2019 — On November 3rd, 2019 NEMIC welcomed 11 Korean startups, 1 Korean Accelerator, and 1 Korean University to Providence, Rhode Island for our 3rd Global Med Tech Bootcamp.

Through our Global Med Tech Bootcamps, we immerse participants in the US regulated medical device commercialization process through classes, workshops, and round table discussions. We start by working with startups, one-on-one, on their US market entry strategy and connect them with our network of nurses, doctors, and advisors who specialize in areas such as regulatory, IP, business development, and fundraising. Our goal is to, not only help them begin planning their entry to the US market but, to show startups that Providence is the ideal location to start their businesses in the United States. Due to Rhode Island’s high concentration of Med Tech-focused intellectual capital, high accessibility to resources like clinicians, hospital systems, product developers, and connections to funding sources, Rhode Island is in strong competition to attract foreign and out-of -state Med Tech startups.

And this past week we did just that. Kicking off the week on Sunday evening with a welcome reception at NEMIC’s headquarters on Chestnut Street in Providence. Monday through Friday mornings were jam-packed with classes, workshops, and round table discussions, at the CIC Providence, covering topics such as:

• IP Landscape + Strategy

• What Investors Want to See

• Reimbursement Strategy

• Marketing, Sales, + Distribution

• Market Driving Forces

• Future of AI + Wearable Health

• Pitch Deck Development + Presentation Skills

• Med Tech 101

• Product Development + Integrating User Research

• Regulatory Strategy

• Clinical + Science Validation

• Capital Raising Ecosystem + Financing Options

• Exit Strategy + Strategic Partnerships

• Legal Formation

Monday through Friday afternoons were reserved for one-on-one meetings, tours, and time to work on pitch presentations for Friday’s Pitch Competition and Demo Day.

The startups met with the following NEMIC advisors:

• Brian Alverson, MD, Director, Pediatric Hospital Medicine, Hasbro Children's Hospital

• Lauren Beauchamp, Nurse, Miriam Hospital

• Tom Varricchione, SMARTeam Member, Regulatory

• Carsten Eickhoff, Assistant Professor, Brown University + Brown’s AI Lab

• Katie Gordon, Lifescience + Pharma Advisor

• Ralph Beckman, President, Design Lab LLC

• Karen Bulock, Managing Director, Brown University Biomedical Innovations

• Aidan Petrie, NEMIC Managing Partner + SMARTeam Member, Product Development

• Lydia Schroter, NEMIC Managing Partner + SMARTeam Member, Capital Raising

Carsten Eickhoff, Assistant Professor, Brown University + Brown’s AI Lab meeting with Apex AI and Synergy AI.

The Bootcamp concluded with our Pitch Competition and Demo Day. Our panel of judges, investors, and NEMIC community judged the companies on their commercial viability in the United States and articulation of a clear pitch. The winner, Apex AI won $1,000 in cash and $20,000 of in-kind services from NEMIC that includes hands-on support, advisory services, and project management by NEMIC to begin the process of entering the US market over the next 3 months.

APEX AI Director, Sunny Kim receiving his Pitch Competition winning certificate from NEMIC Managing Partners, Lydia Shin Schroter and Aidan Petrie

Download the Bootcamp Schedule Below to Explore the Entire Program

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Feedback from our Participants

“The program was really informative, inspiring and fun. Everyone from the program was willing to help. All the feedback we received was truly supportive and helpful. Thank you NEMIC!”

“Powerful advisors”

“I was very satisfied because I learnt about the overall environment of Medical device business in America in a very short time.”

"It was very helpful to us, and we're discussing collaboration with Dana-Farber Cancer Institute, Brown University, University of Rhode Island, etc.."

“I felt our Medical Device product can be a new market opportunity in USA market. And potentially being based in Providence will be very competitive and have many advantages. Especially working with NEMIC, we can accelerate our market entry.”

“I'd like to appreciate NEMIC's good program and all of the NEMIC member's kindness and passion to program.”

"The doctor guided me on what the shortcomings were in the prevention of sudden death of infants, and gave me a lot of good advice to make these products predictive of a new disease then the one we were targeting."

"It was so good, everyone who mentored our company, and kindly guided me, it was good and touching."

Explore the Cohort

• Pitch Event Winner: Apex AI — APEX AI is a startup in AI-based digital healthcare that introduces an artificial intelligence platform for medical image analysis. Through innovative R&D and new challenges, APEX AI has developed an early diagnosis platform for skin diseases, colorectal cancer and gastric cancer.

• ActnerLab — ActnerLAB is a startup accelerator based in Seoul, South Korea, established in 2014. ActnerLAB has invested in over 100 startups and among the portfolio, more than 70% consists of biotech startups. ActnerLAB is known as a leading biotech startup accelerator and is known for providing high-quality mentoring and working intimately with startups. As of Oct 2019, the investee enterprises have attracted more than $120M+ in follow-up/follow-on investment.

• University of Ulsan

• Allcarable — Allcareable aims to predict diseases and execute actual procedures by processing bio-information and monitoring health and safety. Allcareable’s infant SIDS prevention products and wearable products for adults have signal stabilization technology and bioanalytical techniques, which produce great results in accuracy, function, price, and cost-effectiveness.

• Artifex — Artifex began its journey by making walking aids for seniors aged 75 years and older. Their priority product, The Artifex 753 series, originates from its initiative to “help seniors over 75 years old walk more than 3 km a day.” Artifex also produces Medi-Clock, a smart pill case to help seniors manage their medications in order to increase medication adherence and prevent over-prescription and economic loss.

• DNA Boy — DNABoy is a laboratory on a palmtop that automates complicated chemical analysis process. DNABoy’s “Lab-on-a-card” techniques create a strong and automatic experimental piece of equipment. The pesticide residue analysis device is very comfortable to use at agricultural products quality management services and organic farms since it conducts a complicated chemical analysis on behalf of its user.  

• Gene 1:1 — When the diversity and balance of gut microbiota break down, it can cause gastrointestinal disorders, metabolic syndromes, depressive disorders, and neuropsychiatric disorders. GENE 1:1 contributes to the healthy lives of customers by helping the balance and coordination of gut microbiota.

• KH Medical

• Mirint — KoRhina is a smart laser treatment device for allergic rhinitis. It is designed as a small and portable device that can be used anytime and anywhere for treating allergic rhinitis.

• Procagen — Procagen is a genetic analysis service company that predicts the risk of prostate cancer with the largest genetic database in Korea. Procagen predicts potential prostate cancer patients by discovering the genetic biomarker of prostate cancer among Koreans and performing a genetic test to provide the polygenic risk score on a quantitative scale. According to the risk score, Procagen provides customized genetic counseling services and helps customers schedule regular medical examinations in order to increase the chances of cancer prevention and early detection in the future.   

• Synergy AI

• Wellmarker Bio — As a representative anticancer drug for colon cancer patients, Erbitux (Cetuximab) is the EGFR targeted therapeutic antibody and used for the treatment of KRAS wild type (wt) colon cancer patients.

• WithUs