The Foundry and Lightstone Ventures launch medtech incubator at Singapore
The Foundry and Lightstone Ventures (LSV) have partnered to launch Foundry SING1, Inc., a medical technology (medtech) incubator that will identify and address unmet clinical needs in Asia. Foundry SING1 will identify, incubate and deliver innovative medical device solutions for markets in Asia, leveraging Singapore’s burgeoning medtech ecosystem.
Foundry Sing1’s initial investor is Lightstone Singapore, L.P., a Singapore-focused fund founded in 2016 by Lightstone Ventures. Lightstone Ventures was founded in 2012 by the General Partners of the life science teams at Advanced Technology Ventures (ATV) and Morgenthaler Ventures to invest in early-stage breakthrough medical device and biopharmaceutical companies. Incepted in 1998, The Foundry aims to rapidly translate concepts into new medtech ventures. In addition to inventing new technologies itself, The Foundry works closely with outside clinicians and inventors with promising ideas.
Over the past 18 years, The Foundry has formed over 15 new companies, including Evalve (acquired by Abbott), Concentric Medical (acquired by Stryker), Ardian (acquired by Medtronic), Twelve (acquired by Medtronic), and incubator Forsight Labs, which has created several successful ophthalmic companies. The Foundry, LLC is located in Menlo Park, California. Karun D. Naga, a medical device executive with multiple previous successes, has been named President and CEO. Foundry Managing Partners Mark Deem and Hanson Gifford and LSV General Partner Michael Carusi have joined the Company’s Board of Directors.
“While the medtech industry has historically attempted to develop products for Asia by adapting established therapies from Western markets, Foundry SING1 intends to develop solutions primarily focused on clinical needs in Asia with the ultimate goal of implementing these solutions globally,” said Naga.
The Foundry and Lightstone Ventures have a history of collaborating to create new business models as well as novel device technologies. One recent example is the successful incubation of FIRE1, launched in 2013 in Dublin, Ireland, in partnership with Medtronic. The Foundry and LSV hold a shared belief that a global footprint is now an essential element of medical device innovation.
“Leveraging the Singapore medtech ecosystem in partnership with Lightstone Singapore and its Limited Partners, Temasek and EDBI, will give Foundry SING1 a distinct competitive advantage in the region,” said Foundry Managing Partner Mark Deem. Prior to joining The Foundry as an Entrepreneur in Residence, where he led the formation of Foundry SING1, Karun D. Naga held senior leadership positions at both large and small medical device companies, including Altura Medical, Medtronic and Ardian. He holds an MBA from The University of Pennsylvania Wharton School, a J.D. from the University of Michigan State University.
About The Foundry :
The Foundry, LLC is the premier medical device company incubator. We work with inventors to rapidly transform their concepts into companies by providing an incomparable combination of leadership, an experienced, multi-disciplinary team, a state-of-the-art facility and an extensive funding network. The Foundry Team is comprised of veteran medical device entrepreneurs and investors with real world experience—and success—in developing world class medical device companies.
At The Foundry, inventors, entrepreneurs and investors collaborate to bring products through development, regulatory approval and ultimately successful commercial release. We value creativity, motivation, and spirited debate. We build companies. From the ground up, we take them through their natural lifecycles, including seed, venture and corporate financing, IPO and acquisition. We bring together talented inventors and entrepreneurs together with employees, clinicians, and investors focused on starting and sustaining efforts to deliver innovative solutions to the medical community and the patients it serves.
Since its inception in 1998, The Foundry has founded and financed over a dozen medical device companies. These businesses have generated in excess of $1.5 billion of value for their founders and investors and employ more than 350 people today, further establishing our track record of success.
About Lightstone Ventures:
Lightstone Ventures was founded in 2012 by the General Partners and other key members of the life science teams of Advanced Technology Ventures (ATV) and Morgenthaler. The firm was formed to capture the upside of investing in breakthrough life science companies during a time of unique opportunity in the space.
A Decade of Investing
Members of the Lightstone team have worked together on numerous new life science enterprises over the last decade. We have similar styles and strategies and have demonstrated success and staying power with our legacy portfolio companies through market ups and downs. Members of the Lightstone team manage a portfolio of more than 50 medical device and biotechnology companies across the ATV and Morgenthaler legacy funds (Legacy Funds).
A Clear Directive
We believe the time is now to energize the venture and healthcare industries by creating a premier therapeutic-oriented life science venture fund. With strategic insight and a proven strategy, we are well-positioned to continue to find unique investments and drive life science innovations to patients.
Steady, Proven Track Record
By joining forces, we have created a whole that is greater than the sum of our individual successes. Members of the Lightstone team have been involved in several of the largest, venture-backed life science exits over the last decade including: Ardian, Avidia, Caremedic, Ensure, FoldRx, Forsight Vision2, Hypnion, IPC, Ironwood, IVS, MicroVention, Morphotek, Orexigen, Perclose, Plexxikon, Proteolix, Solta, Threshold, and TranS1.
Credits at: http://www.dealstreetasia.com/stories/62576-62576/. and the article written by Shiwen Yap.