MagpieX Accelerator Fund Launches and Seeks Pre-Seed MedTech and Digital Health Startups to Apply for Funding and Curated Accelerator Program. NEMIC Named Strategic Partner.
Providence, RI – MagpieX, a specialized accelerator fund providing pre-seed capital and domain expertise, launches today with applications opening to medical and digital health startups. Magpie’s unique mix of pre-seed capital investment, clinical expertise, regulated technology development and parallel venture formation, makes it a top choice as an investment partner for venture’s with regulated medical technologies and the first of its kind in New England.
Collectively, the MagpieX leadership team brings extensive experiences and successful track records in healthcare, MedTech product development, enterprise, and investments with successful exits. The Leadership team includes Jaymin Patel, Aditya Dhandhania, Paul Ackerman, MD, Prakash Sampath, MD, Alan Litwin, Aidan Petrie, and Lydia Shin Schroter.
“We have seen significant opportunity to fund and support MedTech startups early on in their development stages by utilizing, not only our founding members’ knowledge bases and networks but integrating them into New England’s deep and highly supportive MedTech startup ecosystem.
The environment here in New England is not only accessible but, expedites the developmental process for startups with the Hub here in Rhode Island but, the reach being international, “says Jaymin Patel.
Through a strategic partnership with the New England Medical Innovation Center (NEMIC) as their program partner, MagpieX offers unique hands-on mentoring, leadership training, and access to a network of key opinion leaders, clinicians, and investors.
Aidan Petrie, a Founding Member of MagpieX and Co-Founder and Managing Partner of NEMIC said, “MagpieX was conceived to engage with early stage MedTech companies to provide deep clinical, development, and financial expertise specifically to their individual clinical and technological areas. This is a common area of need for startups at this stage. We have created a program and parallel fund that allows us to address gaps and hire specific specialties, the result being a company much better prepared for future funding and growth.
Aidan Petrie, a Founding Member of MagpieX and Co-Founder and Managing Partner of NEMIC said, “MagpieX was conceived to engage with early stage MedTech companies to provide deep clinical, development, and financial expertise specifically to their individual clinical and technological areas. This is a common area of need for startups at this stage. We have created a program and parallel fund that allows us to address gaps and hire specific specialties, the result being a company much better prepared for future funding and growth.
While there are many accelerators out there, there are few that have the specificity and the depth that can truly help startups in the regulated MedTech space move forward. With the support of the existing NEMIC programming we can provide that support.”
Applications are now being accepted on a rolling basis. Ventures with technologies what are compliant with CDRH regulations in the medical device, diagnostic and imaging, digital health, wearable device,
healthcare monitoring, healthcare information technology, smart device integrations, and drug delivery sectors in the post-ideation stage are encouraged to apply.
Ventures who are accepted into the accelerator are expected to participate in a structured three-month program followed by continued relationships and support post-program. Funding awards consist of a cash investment and in-kind services with a flexible deal structure.
Want to learn more? Join us virtually on February 11th, 2021 at 1:00 – 1:30pm for a MagpieX MedTech Accelerator Information Session where you can meet the investment team and get your questions answered before applying. Register here.