Calling medtech startups! The largest Australian medtech accelerator – Medtech Accuator’s Seed to Series A – is closing its applications for its winter intake soon, in which each chosen startup wins between $50K to $200K seed investment…
With investment thin on the ground, Melbourne-based Medtech Accuator certainly raised some eyebrows at the Startup News’ offices when we saw the program was offering up to $200K seed equity investment for selected startups.
So we rang the program and had a nice chat with a couple of the organisers, including Michelle Kleynhans (Head of Programs).
“We’re a venture-backed program”, Michelle told Startup News. “We have two intakes of 10 startups a year.
“We call the program ‘Seed to Series A’, with the $200K investment coming from our backer, Artesian.”
The investment is based on a pre-money valuation of $1M, and the total amount per startup could vary from $50K up to $200K.
The idea is to select the best medtech startups and take them through a 15-month program, the first 6 months of which is based in Melbourne.
“The first six months is our intensive program,” said Michelle, “but the total commitment in that first 6 months is only 3 weeks in Melbourne, and it does not have to be the same person, but it should be a core team member.”Michelle Kleynhans
After the initial six months, there follows a ‘tailored’ 9-month program of mentoring, depending on the startup involved.
Applications for the winter intake are now open, and close on 30th May. Startups can apply online, and after that there will be further conversations before an in-person pitch in Melbourne in early July.
This will take the form of a 10 minute pitch and then 10 minutes Q&A from an independent panel of judges. Selected medtechs then start the program proper in September.
WA teams are welcome to apply, and current participants include VitalTrace (who are developing a continuous lactate monitoring tool) and Stelect (a joint WA-Vic team who are developing a stent selection product).
Medtech Accuator was established in February 2018, although the people behind it have been working with startups for 13 years.
On 4th July there will be an info session in Perth regarding one of their other programs, MedTech’s Got Talent.
The expected outcome of the ‘Seed to Series A’ accelerator is to build globally competitive medtech companies, taking them from seed to a $3M Series A raise within 15 months, leading to clinical trials, advanced manufacturing and at-scale technology deployment.
Are you ready to go from seed to Series A?