Inscope Medical Solutions, a developer of suction and video laryngoscopes, has selected Jeffersonville, IN for its new headquarters. Inscope Medical focuses on improving the speed, safety and effectiveness of airway intubation through laryngoscopes with integrated suction and wireless video.
Founded by Maggie Galloway, Adam Casson and Dr. Mary Nan Mallory, Inscope Medical initially launched its research and development in Louisville, KY in 2014 before locating its headquarters in downtown Jeffersonville in December 2016.
Earlier this month, Inscope Medical took the top prize in the Venture Club of Indiana’s Innovation Showcase Pitch Competition, receiving a $100,000 prize package. The Innovation Showcase has become Indiana’s premier event for connecting idea generators to funds and resources as well as fostering new business growth and job creation in the Hoosier state. The ninth annual event was hosted at inX3, the Midwest’s largest gathering of entrepreneurs, influencers and venture capitalists.
“We are delighted to be part of Indiana’s thriving medical device ecosystem,” said Galloway, chief executive officer of Inscope Medical. “Our location in downtown Jeffersonville allows us to benefit from the region’s entrepreneurial community as well as Indiana’s funding support.”
The company’s laryngoscopes are currently undergoing a clinical study in California, with plans for the first devices to be commercially available this fall and its video laryngoscopes to be available in 2018. With its growth, the company plans to hire engineers and sales representatives to expand its current team.
Last year, Inscope Medical completed the three-month Techstars Healthcare Accelerator, in partnership with Cedars-Sinai in Los Angeles. Through this highly competitive program, Inscope Medical received capital investment, mentorship and clinical resources to successfully transfer its new medical technology to market.
Elevate Ventures, the state of Indiana’s partner in managing seed and early-stage investments, has invested in Inscope Medical Solutions through the Indiana Angel Network Fund, along with funding from individual and institutional investors. In addition to this investment, Elevate Ventures’ Entrepreneurs-in-Residence program has provided business referrals and technical assistance, enabling Inscope Medical’s development in Indiana.
“I am thrilled Inscope Medical Solutions is choosing to build its home base right here in Indiana,” said Governor Eric J. Holcomb. “Inscope’s story reflects our state’s thriving entrepreneurial spirit, growing venture communities and vibrant medical device industry. Indiana will continue to nurture innovation and invest in regional economic and workforce development so that startups like Inscope have the tools they need to succeed.”
To continue to support growing firms like Inscope Medical and attract more private investment to Indiana, Gov. Holcomb has proposed an agenda to grow the state as a magnet for job creation. As part of this agenda, Indiana plans to invest $1 billion over the next 10 years to make Indiana the capital of innovation and entrepreneurship, which includes an expansion of funding availability for in-state entrepreneurial ventures.
According to BioCrossroads and the Indiana Business Research Center, Indiana is the second largest exporter of life sciences products in the U.S., totaling nearly $10 billion and accounting for nearly one-third of Indiana’s total exports. More than 1,600 life science companies operate in Indiana, supporting more than 56,000 jobs with average wages of nearly $99,000 annually.
“Inscope’s decision to move its operations to Jeffersonville is a good first step toward creating more parity within the Kentuckiana region for startups,” said Kent Lanum, president and chief executive officer of the Jeffersonville-based Ogle Foundation, which supports philanthropic activities within the region’s startup ecosystem. “The state boundary line is merely a line on a map and not a physical barrier. One of the many things that’s great about this region is that both states have something unique and industry-specific to offer. With Jeffersonville’s proximity to the urban Louisville core, it provides the perfect location for Inscope to quickly scale up its business.”
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