10 MARCH 2020
Despite being mostly preventable, pressure injury is a condition that affects millions of people worldwide, whilst costing healthcare systems tens of billions of dollars annually. Lenexa Medical are developing a medical device that will enable personalised and targeted pressure injury prevention.
The team, Ajit Ravindran, Will Yang and Martin Thompson, graduated from the Stanford-inspired Biodesign Innovation course at the University of Melbourne. In the course, they underwent an intensive one-year immersion at the intersection of medicine, engineering and business.
“During the course, we set our sights on a clear unmet medical need, pressure injuries – a costly, commonly occurring global health problem that is mostly preventable,” says Ajit, Lenexa CEO.
The desire for the team was clear – improve the standard of care for those in need and drive better health outcomes for patients and clinicians.
“Driven by this shared passion of ours, we are now on the mission of preventing pressure injuries to help make quality healthcare affordable to all and ensure that good ideas don’t just get left on paper,” adds Will, Lenexa CSO.
The Lenexa team joined The Accelerator in 2018 to take their concept to prototype stage and secure funding for its development. They also looked to The Accelerator’s experienced program mentors to collaboratively shape an efficient go-to-market strategy.
Delivered by the MedTech Actuator, the 15-month, industry-led, venture-backed program aggressively funds and accelerates early-stage medical, health and biological technology startups. The MedTech Actuator works alongside venture capital partner Artesian to support startups on their journey.
“We recently completed our Angel round of funding and are very close to finalising our proof-of-concept,” says Martin, Lenexa CTO.
The team have found The Accelerator especially helpful in developing their commercialisation strategy and have refined it further through creating an advisory board.
“Market access determines the fate of one’s startup, so the commercialisation strategy has to be guided by the experienced. Our startup has absolutely benefited from this,” says Ajit.
“We would definitely recommend The Accelerator to other entrepreneurs. It provides the essential resources to lay a strong foundation.”
Ajit is keen to help other entrepreneurs on their startup journey, and encourages them to be aware of where they need help.
“Surround yourself with talented mentors who have the experience and who can fill in the missing gaps,” he says.
He also emphasises the importance of being prepared, but ready to adapt.
“Believe in yourself and your ideas, but be open to criticism. Make sure you’re always looking to learn and grow.”
To learn more about Lenexa and follow them on their journey, go to www.lenexamedical.com.
Do you have a MedTech, HealthTech or BioTech prototype to improve or save lives? Apply now for the The Accelerator.