Innovative Medical Device Startup Locating Headquarters in Jeffersonville
Firm picks Indiana with support from state’s venture development partner
Inscope Medical Solutions, a developer of suction and video laryngoscopes, announced today that it has selected Jeffersonville, Indiana, for its new headquarters.
"I am thrilled Inscope Medical Solutions is choosing to build its home base right here in Indiana,” Governor Eric J. Holcomb said. "Inscope’s story reflects our state’s thriving entrepreneurial spirit, growing venture communities and vibrant medical device industry. Indiana will continue to nurture innovation and invest in regional economic and workforce development so that startups like Inscope have the tools they need to succeed."
Inscope Medical is a medical device company focused on improving the speed, safety and effectiveness of airway intubation through laryngoscopes with integrated suction and wireless video. By integrating suction directly into the laryngoscope, physicians are able to quickly clear a patient’s airway during medical procedures to help secure breathing. The company has also developed a single-use, Wi-Fi direct-enabled video laryngoscope, which streams video from the device to a tablet, allowing medical facilities to integrate video into their procedures more cost efficiently than traditional video laryngoscopes.
Founded by Maggie Galloway, Adam Casson and Dr. Mary Nan Mallory, Inscope Medical initially launched its research and development in Louisville in 2014 before locating its headquarters in downtown Jeffersonville in December 2016.
Earlier this month, Inscope Medical took the top prize in the Venture Club of Indiana’s Innovation Showcase Pitch Competition, receiving a $100,000 prize package. The Innovation Showcase has become Indiana’s premier event for connecting idea generators to funds and resources as well as fostering new business growth and job creation in the Hoosier state. The ninth annual event was hosted at inX3, the Midwest’s largest gathering of entrepreneurs, influencers and venture capitalists.
“We are delighted to be part of Indiana’s thriving medical device ecosystem," said Maggie Galloway, chief executive officer of Inscope Medical. “Our location in downtown Jeffersonville allows us to benefit from the region’s entrepreneurial community as well as Indiana’s funding support.”
The company’s laryngoscopes are currently undergoing a clinical study in California, with plans for the first devices to be commercially available this fall and its video laryngoscopes to be available in 2018. With its growth, the company plans to hire engineers and sales representatives to expand its current team.
Last year, Inscope Medical completed the three-month Techstars Healthcare Accelerator, in partnership with Cedars-Sinai in Los Angeles. Through this highly competitive program, Inscope Medical received capital investment, mentorship and clinical resources to successfully transfer its new medical technology to market.
Elevate Ventures, the state of Indiana’s partner in managing seed and early-stage investments, has invested in Inscope Medical Solutions through the Indiana Angel Network Fund, along with funding from individual and institutional investors. In addition to this investment, Elevate Ventures’ Entrepreneurs-in-Residence program has provided business referrals and technical assistance, enabling Inscope Medical’s development in Indiana.
To continue to support growing Hoosier firms like Inscope Medical and attract more private investment to Indiana, Governor Holcomb has proposed an agenda to grow Indiana as a magnet for job creation. As part of this agenda, Indiana plans to invest $1 billion over the next 10 years to make Indiana the capital of innovation and entrepreneurship, which includes an expansion of funding availability for Hoosier entrepreneurial ventures.
“It takes talent, expertise and capital for startups to become market leaders and significant economic growth engines for communities,” said Chris LaMothe, chief executive officer of Elevate Ventures. “We see tremendous potential in Inscope Medical and appreciate the opportunity to partner with the company.”
Innovative medical device companies like Inscope Medical are choosing to locate their operations in Indiana because the Hoosier state is a global leader in the life sciences industry. According to BioCrossroads and the Indiana Business Research Center, Indiana is the second largest exporter of life sciences products in the U.S., totaling nearly $10 billion and accounting for nearly one-third of Indiana's total exports. More than 1,600 life science companies operate in Indiana, supporting more than 56,000 Hoosier jobs with average wages of nearly $99,000 annually.
“Inscope’s decision to move its operations to Jeffersonville is a good first step toward creating more parity within the Kentuckiana region for startups,” said Kent Lanum, president and chief executive officer of the Jeffersonville-based Ogle Foundation, which supports philanthropic activities within the region’s startup ecosystem. “The state boundary line is merely a line on a map and not a physical barrier. One of the many things that’s great about this region is that both states have something unique and industry-specific to offer. With Jeffersonville’s proximity to the urban Louisville core, it provides the perfect location for Inscope to quickly scale up its business.”
About Inscope Medical Solutions
Inscope Medical is a medical device company focused on improving the speed, safety and effectiveness of airway intubation through our novel laryngoscopes with integrated and controllable suction. Inscope’s current device portfolio consists of a disposable direct laryngoscope with suction and a disposable, wireless video laryngoscope with suction. For more information, visitwww.inscopemedical.com.
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, helping businesses launch, grow and locate in the state. Governed by a 12-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit www.iedc.in.gov.
About Elevate Ventures
Elevate Ventures is a private venture development organization that nurtures and develops emerging and existing high-potential businesses into high-performing, Indiana-based companies. Elevate Ventures accomplishes this by providing access to capital, rigorous business analysis and robust advisory services that connect companies with the right mix of resources businesses need to succeed long term. As a not-for-profit organization, Elevate Ventures is able to offer unbiased, in-depth perspective and recommendations. To learn more about Elevate Ventures, its team and its funds under management, visit www.elevateventures.com.