Holland, Michigan-based Genesis Innovation Group, a developer of medical device technologies, has raised $7.2 million for its $10 million-targeted venture fund. Cultivate(MD) Capital Fund GP LLC will focus on backing early-stage healthcare companies, with a special emphasis on medical device and orthopedic technologies.
HOLLAND, Mich., March 6, 2018 —Genesis Innovation Group, LLC, (Genesis) an emerging developer of medical device technologies, today announced that cultivate(MD) Capital Fund GP, LLC (cultivate(MD)), has closed its first tranche of $7.2 million in capital funds of its $10 million Capital Fund. cultivate(MD) is focused on investing in early stage health care companies, with special focus on medical device and orthopedic technologies. cultivate(MD) is fully operational and has been actively engaged in diligence with several companies and technologies.
Genesis holds conviction that health care remains a top global priority, creating significant opportunity. Since its founding in 2013, Genesis has focused investment in early stage healthcare technologies, having founded a number of companies and invested at the seed and pre-seed stages. Genesis created cultivate(MD) to continue investment into this dynamic space and focus on later-stage companies and investment opportunities.
“Health care continues to be a dynamic space, and inventors and entrepreneurs face significant risk during their development stages. cultivate(MD) Funds brings the necessary capital and access to an experienced team that will guide an innovation to market,” said Rob Ball, CEO of Genesis Innovation Group and Managing Director of cultivate(MD). “In addition to financial capital, innovators need a network of intellectual capital that will help convert their ideas and assumptions into marketable innovations. Genesis provides a nurturing environment for these health care inventors and their innovations.”
cultivate(MD) will continue to invest in innovative technologies, with demonstrated evidence of effectiveness. It will partner with Genesis Innovation Group to deploy its team and network, which has a proven, results-driven approach that improves outcomes and reduces the cost of health care, while simultaneously improving care and service to patients.
“Health care innovation comes from many sources, including surgeons and other practitioners. Genesis will continue to leverage its network of talented and experienced professionals with successful track records,” said Don Running, vice president of R&D. “Genesis’ deep connectivity with key opinion leaders in the medical device field has given us access to opportunity and enabled us to drive solutions to successful execution.”
Genesis Innovation Group is made up of a team with hundreds of years of cumulative experience, and literally hundreds of patents. Members include Ball and Running, as well as professionals in R&D, product development, quality, sales and marketing, supply chain management, manufacturing, operations, and finance, including:
– Matt Ahearn, VP of Finance and Operations
– David Blue, VP of Sales and Marketing
– Jeff Ondrla, VP of Supply Chain and Quality
– R. Sean Churchill MD, Medical Director.
“The Genesis team has created and launched dozens of successful healthcare technology ventures, leading to incredible access to the leading experts in the medical community,” said R. Sean Churchill, MD. “I have been personally engaged with several of these projects and witnessed their attention to the entrepreneur and advisors as well as their deep commitment to patient care.”
The Genesis and cultivate(MD) model has yielded several high-growth, emerging medical device companies including Magnesium Development Company(MDC), Shoulder Innovations Inc, and iMAGEN Orthopedics LLC.
“We derive our success at the intersection of our deep level of talent engagement, and our commitment to improved outcomes at lower cost,” added Ball. “cultivate(MD)’s unique partnership with Genesis Innovation Group provides for a rich, tangible participation, creating a capital-efficient process that delivers true innovation in the market.”
cultivate(MD) becomes one of the latest venture capital funds based in Michigan and part of a growing industry that invested $222 million into 54 startup companies, according to the Michigan Venture Capital Association. Health care and life sciences companies accounted for 34 percent of the amount invested in the state during 2016.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any offering of securities. There will not be any sale of any securities in any state or jurisdiction in which such offering, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Genesis Innovation Group LLC
With more than 200 patents and innovations among its founders, Genesis Innovation Group LLC is a leader in medical device development and commercialization. The company partners with private sector businesses and surgeon-inventors to develop new technologies that advance human health and medicine. More at genesisinnovationgroup.com