M2D2 announces the New Venture Competition awards, hands out $50k in seed funding

For the third year running, the Massachusetts Medical Device Development Center (M2D2) handed out seed funding to the winners of its New Venture Competition. This year, $50,000 in awards were granted by the M2D2, and its partners Smith & Nephew and Nutter. The tension was palpable during the awards ceremony – none of the 15 semi-finalists knew who would take home the grand prize award of $20,000.

After presentations from M2D2 sponsors and affiliates, it was time for the drumroll as eight out of the fifteen finalists were called to the podium. Playfully deemed “The People’s Choice Awards,” two prizes of $1,000 went to Robotics and Computer Vision and Leveraged Developments. The two 5th-place awards on $3,000 each went to Cocoon BioTech and Flow Forward Medical.

The Europe-based company ProDural accepted its 4th-place prize of $5,000 with a virtual demonstration and acceptance speech. The M2D2 coordinators say their competition has enjoyed an increasingly international reach over the last three years.

The 3rd-place prize of $6,000 went to Guided Surgery Solutions, and the 2nd-place prize of $10,000 went to BeTH | Benevolent Technologies for Health.

And as for the $20,000 grand prize? M2D2 awarded first place and a shiny glass trophy to Sano LLC, a disposable biomarker detection device company. Sano founder Paul Hayre will use the grand prize to continue to develop his technology, a disposable, one-step diagnostic to determine the best treatment course for chronic wounds.

Hayre

Paul Hayre, the grand prize winner of the M2D2 contest proudly displays his trophy alongside event organizers from UMass. From left to right, Stephen McCarthy, Director of M2D2; Paul Hayre, founder of Sano LLC.; Steven Tello, Associate Vice Chancellor at UMass Lowell; and Nathaniel Hafer, Director of Operation at UMass.

The disposable swab works much like a pregnancy test, and Hayre says that a simple diagnostic like his can be used to avoid $8 billion in chronic wound treatment healthcare costs.

After the prizes were awarded, the remainder of the evening was devoted to cocktails, finger food and networking. MedTech Boston was on site to capture some photos of the event and poster presentations.

©SonySalzman ©SonySalzman ©SonySalzman ©SonySalzman ©SonySalzman ©SonySalzman ©SonySalzman

Congrats to all the winners, and you can read more about all 15 finalists in MedTech Boston’s Meet the Innovators series.

Sony Salzman

Sony Salzman

At MedTechBoston, we are sharing stories about cutting-edge medical innovation. As Managing Editor, I help coordinate our coverage of hackathons and company profiles. I also create content, update our social media and scout stories. I'm part of an ambitious group of people hoping to inspire a tech revolution in medical care.
Sony Salzman

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