*NEWS: AtaCor Impresses Investors at OCTANe Forum
A San Clemente startup that’s developing a cardiac pacing method that does not require any direct connection to a patient’s heart was recognized as most worthy of investors by a panel of investor judges at OCTANe’s recent medtech forum in Newport Beach.
The judges represented corporate strategic and VC investors.
As the winner, AtaCor Medical, received $135,000 in professional services from OCTANe partner companies, including the Irvine office of K&L Gates and Roth Capital Partners.
The eight companies who presented have all recently participated in OCTANe’s LaunchPad SBDC accelerator. OCTANe is a tech and life sciences accelerator in Aliso Viejo. The eight were winnowed down from a pool of more than 100 applicants and represent a diverse group of medtech products and services.
Since 2010, LaunchPad alums who have presented at this medtech forum have raised more than $650 million from investors.
AtaCor is seeking $8 million in Series B funding. It closed a Series A round two months ago, raising $8.8 million. Prior to that, it got a $2 million convertible note in a friends-and-family round, that converted into equity with the Series A raise.
AtaCor’s first market is temporary pacemakers, which are only used in hospitals. This market hasn’t seen a lot of innovation, CEO Rick Sanghera, told the investor judges.
Temporary pacemakers have leads that have to go inside the veins and the pacemaker is attached to the inside of the heart, requiring extensive X-ray imaging. Patients with these kind of pacemakers typically are confined to bed rest.
AtaCor’s temporary pacemaker goes right under the sternum, so it’s non-invasive. And, to be inserted, it connects to a device that hospitals already use, Sanghera said. It doesn’t require any medical imaging.
Ultimately, AtaCor will also go into the permanent pacemaker market.