EAST LANSING — The medical device company Retia Medical has secured $7 million in funding.
The Lansing Regional SmartZone said the company used many SmartZone resources in securing the funding from the Pritzker/Vlock family.
The company has created an accurate, less-invasive cardiovascular monitoring system. Led by founders Rama Mukkamala, associate professor of electrical and computer engineering at Michigan State University and Marc Zemel, CEO, an experienced entrepreneur formerly of Becton Dickinson, Retia Medical is currently housed in the East Lansing Technology Innovation Center.
“Many young companies can get lost in the shuffle when trying to utilize resources dedicated to serve them,” said Bob Trezise, president and CEO of Lansing Economic Area Partnership, the mid-Michigan economic development group. “Retia Medical will be the poster child for navigating the complex system of services that are available to an entrepreneur. We are excited to continue to assist them through their growth while using them as an example for other companies looking to find funding in the startup phase.”
Michigan State University enabled Retia Medical’s formation and success by creating a supportive environment for the research that led to the invention, protected the invention through MSU Technologies disclosure and review processes, and assisted Retia Medical is securing funding from the Michigan Initiative for Innovation & Entrepreneurship and Michigan Universities Commercialization Initiative for product development.
Additionally, the Small Business Technology Development Center, Michigan Economic Development Corp. and LEAP awarded Retia Medical $5,000 in business accelerator funding for legal services to secure the agreement between investors and inventor of their medical device.
Said Carol Lopucki, state director of the Michigan Small Business and Technology Development Centers: “Dr. Mukkamala is a perfect example of the type of entrepreneur our technology commercialization program, in concert with our other MEDC-funded partners, is supposed to help. He is a talented scientist with outstanding business instincts, and although we provided a platform of support, the success of this venture resides in the strength of his technology along with the talent, expertise and determination of the team that Dr. Mukkamala is building. We look forward to the continued Michigan-based success of Retia Medical.”
Through all of these partnerships and resources, Retia Medical went on to secure funding through the federal Small Business Innovation Research program, private seed investment, and now, the $7 million follow-on investment.
To find out more about Retia Medical, visit www.retiamedical.com.