$10 Million available to Patient Monitoring Engineering Team

Business 2.0’s The $100 million giveaway article has an offer of $10 million for “an engineering team to design implantable wireless devices capable of 24/7 patient and data monitoring for conditions such as heart disease and diabetes.” It seems there’s decent startup money available if you’ve got the right ideas and can execute. Here’s the snippet from the article in case you’re interested:

Patient Monitoring to Go

The Investor: Corey Mulloy, general partner, Highland Capital Partners
What he’s backed: AccentCare, Archemix, Yoga Works

What he wants now: An engineering team to design implantable wireless devices capable of 24/7 patient and data monitoring for conditions such as heart disease and diabetes.

Companies like Medtronic and Boston Scientific have multibillion-dollar R&D pipelines for medical devices but are increasingly finding it cheaper to simply acquire early-stage companies–so a startup need only get a product to an early testing stage, and can then let a bigger player worry about taking it commercial. Mulloy considers implantable hardware an ideal target market, since it can exploit recent advances in low-power wireless chipsets, materials, and microelectromechanical systems, or MEMS. A device designed to monitor a diabetic patient, for instance, might trigger a bedside alarm for spikes in blood sugar levels, send continuous data to a doctor, or both.
“HMOs are looking for ways to proactively manage individual diseases like congestive heart failure and diabetes,” Mulloy says. “These kinds of devices take us toward that.”

What he’ll invest: $10 million over three years for a functioning prototype, software to manage wireless data, and early-stage trials

Send your pitch to: lmontilla@hcp.com and don’t forget to CC me.