Boston's Allied Minds is creating a new subsidiary that will focus on developing devices from U.S. universities and federally funded research institutions and making them commercially viable within two years.
The impetus behind Allied Minds Devices was that many promising technologies are being overlooked because of their small market size, explains CEO Chris Silva. "Allied Minds recognized that a new approach was needed as these inventions represent a wealth of untapped opportunities, especially given the modest investment requirements and the ability to address a compelling unmet need," he adds in a statement.
Allied Minds Devices will initially undertake its mission virtually and have Omar Amirana, managing director of life sciences, at its helm. It will collaborate with strategic partners to bring promising products to market.
And the new unit is already hard at work. It has in-licensed IP and is developing an implantable device for monitoring the brain designed by a team at Washington University.
"This new Allied Minds subsidiary allows us to efficiently develop and commercialize a variety of medical devices that otherwise wouldn't warrant company creation. Allied Minds is shifting the traditional venture capital paradigm by investing in and developing early-stage technology within the university setting," Amirana says in a statement.
- see the Allied Minds release