Converge Medical Technologies is developing one of the latest and greatest technologies coming out of the University of Michigan, a monitor that tracks brain function in real-time for anesthesiologists.
The brand-spanking new start-up is composed of six team members, including four co-founders, from U-M. The company recently took the runner-up place (worth $10,000 in cash) at the Michigan Business Challenge
at the Ross School of Business
. The start-up hopes to leverage this win for more exposure and to grow its team.
"Going forward we will look to add some members, such as an experienced CEO," says Michael Johnson, co-founder of Converge Medical Technologies.
The medical device company has developed a rough prototype of its technology, which is based on a study conducted by a U-M anesthesiologist. The team hopes to have a beta version of its prototype done by this summer and have its final version complete by the end of this year. It's forecasting its first sales by 2015. In the meantime it will work to raise funds through more business competitions, grants and equity investments.
Source: Michael Johnson, co-founder of Converge Medical Technologies
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.