Biomedical engineering startup Stelect wins Medtech’s Got Talent
Biomedical engineering startup Stelect, co-founded by Melbourne School of Engineering alumni, have received $60,000 in funding as winners of Medtech’s Got Talent.
Stelect, which made its debut at the 2017 Endeavour Exhibition, aims to improve stent selection for heart surgeries by helping surgeons select the right stent length and diameter. It uses sensory technology to create a visual representation and 3D model of the artery to get the required dimensions.
“70% of the time a stent of incorrect size is inserted into the patient, and once it’s inserted, there’s nothing they can really do about it, except putting additional stents in,” says Elise Sutherland, co-founder of Stelect and Master of Engineering (Biomedical with Business) alumnus.
This technology seeks to assist patients with coronary stenosis or coronary artery disease, reducing the incidence of thrombosis and restenosis.
As a finalist of Medtech’s Got Talent, Stelect received $20,000 in non-dilutive, stage-gated funding to kick start their medtech startup. Finalists also participated in an intensive six week accelerator program, covering regulatory strategy and intellectual property protection.
In the competition final, Stelect was named the most investible team and winners of Medtech’s Got Talent, receiving an extra $40,000 in funding.
“Winning Medtech’s Got Talent will allow Stelect to continue product development and to ensure Stelect builds strong foundations as a business that will allow us to grow. It has also provided extensive exposure for our business and provided access to future investors and individuals in the industry that can aid Stelect in getting our product to market,”
“Winning this event also shows how much as company we have grown. From starting in the BioDesign Innovation subject, to graduating and now to being in a startup, raising capital and on a pathway to potentially improve and add value to the healthcare industry. It’s something we are very proud of and we cannot wait to see what the future holds,” says Elise.
BioDesign Innovation is a unique and interdisciplinary biomedical engineering subject. It enables Master of Engineering students to work in a team with Master of Business Administration students to create a prototype and develop a supporting business plan.
“This subject was crucial in developing our project. BioDesign Innovation allowed us access to clinicians in hospitals around Victoria which was necessary to understand the needs that hospitals have. The structure of the course ensured every decision was thoroughly thought through, allowing for the best possible outcome,” says Elise.
NAVi Medical Technologies, which also originated form the BioDesign Innovation subject, were Medtech’s Got Talent finalists and received the People’s Choice Award. The startup is developing a medical device that aims to improve health outcomes for critically ill newborns and has been previously awarded more than $200,000 in funding.
This story was first published 22 March 2018