Through the deal, Providence, R.I.-based Ximedica will provide personalized guidance and advisory services to the incubator, which the company touts it has developed for over 30 years.
“We know that healthcare technologies face unique challenges; particularly the standards of the FDA, alongside the usual business and technology hurdles, which puts a burden on timelines and funding. With Ximedica as our lead partner, our idea is to create a highly focused environment, with specialized resources and expertise, to enable technology validation, de-risking and acceleration,” Cambridge MedSpace founder Nevan Hanumara said in a press release.
Ximedica said it will also supply Cambridge MedSpace with a “curriculum” comprised of workshops and toolkits the group has run for 3 years.
“Cambridge is the east coast hotbed of healthcare innovation, with startups and fortune 500 companies vying for access to new markets, technologies and opportunities. Ximedica is already working with the region’s major hospital groups, universities and the funding community to help bring technologies to market. When Nevan approached us about partnering on MedSpace it was clear to me that we were a perfect fit. MedSpace brings together all of the necessary assets to concept, design, develop and launch healthcare solutions. We expect to develop similar partnerships in Minneapolis and on the West coast,” Ximedica CEO Randy Barko said in prepared remarks.
“In short the goal here is to germinate human-centered solutions that create impact and success is helping healthcare visionaries understand the evolving use scenarios and environments and bring innovation to the market that they serve,” Ximedica chief innovation officer Aidan Petrie said in a prepared statement.