SAN FRANCISCO--(BUSINESS WIRE)--Propel(x), an online angel investment platform that helps investors source, evaluate, and fund pioneering science and technology startups, today announced that G-Tech Medical Inc., a company with patented technology that has transformed the way physicians assess and treat a variety of gastrointestinal ailments, is targeting a growth capital raise of $1.5 million on Propel(x)’s advanced platform. Notable institutional investors in the G-Tech’s seed round include Breakout Labs, netScientific and the Fogarty Institute.
Gastrointestinal motility (muscle contraction) is at the core of a host of medical issues, ranging from hospitalized patients recovering from abdominal surgery and those undergoing enteral feeding (directly to the stomach or surrounding area) in the ICU to the tens of millions of patients afflicted with Crohn's Disease, ulcerative colitis, and Irritable Bowel Syndrome (IBS). Yet there is no convenient, accurate way to measure motility, especially not under realistic conditions. G-Tech has developed a technology that troubleshoots the human gastrointestinal system and provides the motor activity information that will enable physicians to determine when to feed hospital patients to accelerate their recovery, and how to target their treatment of patients with IBD (Inflammatory Bowel Disease) and IBS faster and more accurately. The hospital segment will be G-tech’s initial focus and provides a total addressable market of $2.8B. In the longer term G-tech will target physicians’ offices, a market segment worth an additional $8B.
About the Technology
The GutCheck patch is a wireless, wearable, disposable medical device that measures the electrical activity from the stomach, small intestine, and colon. The patch is thin, light, waterproof, and conforms to a patient's abdomen allowing them to easily go about their daily activities. Data from the applied patches transmits to a patient’s own smart phone and then to a cloud server. From there, physicians can analyze the data through G-Tech’s technology and determine whether the patient’s problems are arising from a functional issue or a more serious problem that would require a colonoscopy or CT Scan. This allows the immediate implementation of therapeutic options rather than spending months and years trying to rule out other serious conditions through repeat endoscopies and other invasive examinations.
“The GutCheck system's ability to monitor stomach and intestinal activity continuously and non-invasively helps physicians detect the onset of illness at an early stage and helps minimize the undesirable symptoms and prolonged effects of gastrointestinal disorders,” said Steve Axelrod, PhD, President and CEO of G-Tech. “Working with Propel(x) and its innovative investing platform, we look forward to completing our current capital raise of $1.5 million, to fuel our growth and bring this solution to market.”
“G-Tech’s technology offers a one-of-a-kind solution to accessing and treating gastrointestinal disorders, in addition to minimizing financial costs of unnecessary procedures for tens of millions of people living with these ailments,” said Swati Chaturvedi, CEO of Propel(x). “We are excited by this leading-edge technology and look forward to the relief and advanced care it will provide patients by accelerating recovery time and identifying disorders in early stages.”
G-Tech is one of the many 506(c) companies raising funds on Propel(x)’s platform. The 506(c) registration allows a company to broadly solicit and generally advertise the offering, however investments are restricted to accredited investors.
Financing the Future
Propel(x) was founded to help angel investors identify, understand and invest in breakthrough technologies in sectors including life sciences, computer sciences, energy & clean technology, new materials and space. Not only are investors who invest in science and technology companies financing some of most innovative technologies, they are also investing in some of the most lucrative - deep technology companies account for the majority of the DJIA index today.
Propel(x) Inc. is an innovative online investment platform that connects science and technology startups with angel investors in order to unleash huge innovations, grow great businesses, and have an impact on the way people live. Founded in 2013 by CEO, Swati Chaturvedi and Lisheng Wang, Propel(x) introduces its members to ground-breaking startups that are developing new forms of clean energy, life-saving drugs, new methods of space exploration, and innovative new materials amongst others. By facilitating private funding for startups based on scientific and technological breakthroughs, Propel(x) seeks to change the world and build the next generation of great companies. For more information, please visit: www.propelx.com.
About G-Tech Medical Inc.
G-Tech Medical, Inc. is an early-stage medical device company dedicated to developing non-invasive diagnostic solutions for patients with gastrointestinal disorders and dysfunctions. G-Tech’s wearable patch-based “EKG for the Gut” is a platform technology that will initially be used following abdominal surgery to help predict post-op ileus and speed recovery. The company is headquartered at the Fogarty Institute for Innovation, 2490 Hospital Drive, Suite 310, Mountain View, CA 94040. For further information, please visit www.GTechMedical.com or email firstname.lastname@example.org.