Monthly Archives

February 2021

Medical Device Startup Secures Seed Funding

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Medical Device Startup Secures Seed Funding

| Inside Indiana Business

February 26, 2021

WARSAW – A Warsaw-based medical device startup has closed on a $400,000 seed round of funding. Eclipse Orthopaedics says it will use the funding, along with previous grant awards, to accelerate product development toward receiving clearance from the U.S. Food and Drug Administration.

The funding round was led by Indianapolis-based Elevate Ventures, with participation from First Leaf Capital in Illinois.

Eclipse is developing a device to help surgeons perform distal locking, which involves placing a rod to improve healing from a fractured bone. The company says the device is a radiographic targeting attachment that gives surgeons better visibility to drill pilot holes, improving accuracy and reducing operating time.

“This investment will allow us to improve our design and make critical tests that will demonstrate the value to our surgeon customers. As a first-time entrepreneur, I did not know how to navigate the world of seed-stage investment,” said David Rich, founder and chief executive officer of Eclipse. “Elevate showed me how to get it done. With Elevate and First Leaf Capital on board, we can focus on developing the product.”

In 2018, the National Institutes of Health awarded a SBIR/STTR Phase 1 grant, with matching funds from Elevate Ventures, which was used to build a prototype.

Rich says the company is pursuing a Phase II grant to build another prototype for testing and working toward regulatory approval.

Eleven Fifty Launches Coding Bootcamp in Fort Wayne

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| INside Indiana Business

February 10, 2021

Indianapolis-based nonprofit Eleven Fifty Academy is taking its computer coding bootcamp to Fort Wayne in a joint effort with Elevate Ventures and the Northeast Indiana Regional Partnership.

The organizations created Elevate Northeast Indiana, an initiative to spur investment in local high-growth, high-potential businesses, and to support entrepreneurs.

(photo courtesy of Eleven Fifty Academy)

As part of the effort, the organization is trying to enhance the technology pool of skilled workers in the field of information technology.

Dr. Michael Mirro, chair of Elevate Northeast Indiana, has been a driving force to bring the coding bootcamp to the area to upskill individuals into sustainable careers.

“Eleven Fifty Academy graduates are already part of our economy and we are working on creating more opportunities for our residents to upskill into tech careers,” said Mirro.

Eleven Fifty Academy operates intensive coding classes which typically run for 12-to-24 weeks and where students are immersed in the curriculum.

“I work with early-stage companies in need of tech talent every day,” said Dan Meek, entrepreneur-in-residence at Elevate Ventures. “Eleven Fifty Academy will be a great resource and technology advisor to help continue the development and acceleration of new business in the region.”

The funds provided by Elevate Northeast Indiana and corporate partners will be matched by the Indiana Economic Development Corp. to provide a total of $500,000 in the form of tuition support. Bootcamp students who qualify will be able to apply for zero-interest financial aid that is only paid back once the student is hired.