Plug and Play Cleveland invests in Cleveland Medical Device Startup Sotera Medical Corp.

Monday, October 15, 2018 Medical Gadgets
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Plug and Play Cleveland Investment Helps Close out Sotera Funding Round

CLEVELAND, Oct. 15, 2018 /PRNewswire/ -- Plug and Play has announced its latest investment in Sotera Medical Corp., a

medical device company developing a device for use in cardiac procedures to treat atrial fibrillation (AF). This device addresses an important unmet clinical need in the treatment of AF, an irregular heartbeat that, if left untreated, can lead to blood clots, stroke, or heart failure.

"A major hurdle in completing a safe ablation of atrial fibrillation is to avoid injury to the esophagus," Dr. Emile Daoud discusses the risks posed during catheter ablation of AF. Dr. Emile Daoud is Director of Electrophysiology and Professor of Clinical Medicine at The Ohio State University Wexner Medical Center. He is also an inventor and co-founder of Sotera and, along with a team of physicians, developed this device.

Dr. Daoud continues: "Navigating around the esophagus prolongs the ablation procedure and reduces the ability to readily deliver the ablation energy. The new catheter device by Sotera will simply and safely deviate the esophagus and manage an important unmet need to provide better patient care."

"Sotera's compelling technology and impressive team are what drew us to the opportunity," said Chantel Moody, Platform Director of Plug and Play Cleveland. "We're committed to finding great startups in the region and pleased to join a seasoned group of investors to propel this technology forward."

With this investment, Plug and Play joins other seed round investors including Venture Growth Fund, JumpStart Inc., North Coast Angel Fund, Northwest Ohio Tech Fund II managed by ProMedica Ventures, private investors, and the State of Ohio.

"Sotera Medical has developed a very elegant device, and is taking a very strategic approach to the growing problem of atrial fibrillation," explains Neda Amidi, Global Head of Health Investment at Plug and Play. "What's more, the company is backed by a seasoned team that we're excited to support in their journey to improving patient care and safety around catheter ablation."

"Plug and Play is an outstanding partner for us," says William Fuller, CEO and Co-Founder. "Their innovation platform and corporate connections are a major benefit for Sotera and closing the seed round demonstrates the vast interest in Sotera's technology which will help to further accelerate the company's milestones."

About Plug and PlayPlug and Play is a global innovation platform. Headquartered in Silicon Valley, they have built accelerator programs, corporate innovation services, and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006, their programs have expanded worldwide to include a presence in over 20 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 6,000 startups and 280 official corporate partners, they have created the ultimate startup ecosystem in many industries. They provide active investments with 200 leading Silicon Valley VCs, and host more than 700 networking events per year. Companies in their community have raised over $7 billion in funding, with successful portfolio exits including Guardant Health, Danger, Dropbox, Lending Club, and PayPal. For more information, visit http://plugandplaytechcenter.com

About SoteraSotera Medical Corp., formed in early 2017, is a medical device company focused on innovative solutions for cardiac procedures. The company's initial product is a simple, yet comprehensive solution for reducing complications to the esophagus during catheter ablation treatment for atrial fibrillation. Sotera's team is motivated to provide advanced solutions for superior healthcare.

Plug and Play Contact Kelly Samardak ksamardak@pnptc.com

 

Cision View original content:http://www.prnewswire.com/news-releases/plug-and-play-cleveland-invests-in-cleveland-medical-device-startup-sotera-medical-corp-300730511.html

SOURCE Plug and Play



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