Mitra Biotechnologies – 29 July
Mitra Biotechnologies is a biotechnology company based out of Waterloo, ON, Canada. They are developing novel, patent-pending nanotechnology infused rapid point-of-care diagnostics. These diagnostics are able to rapidly separate blood-plasma within 10 seconds and detect several multiplexed biomarker readings within 2 minutes, for only a single dollar. This allows doctors to get results 5-10X quicker, patients to receive care faster, hospitals to pay 1,000X less for diagnostics, and ultimately save money for insurance companies.
Mitra Biotechnologies primary competitors include Abbott Point of Care, Roche Diagnostics, Beckman Coulter, and Siemens Healthineers. Their main competitive advantage is that the competitors’ devices take upwards of 10-30 minutes to provide detection results and often cost over $1,000 USD, while Mitra’s device only takes 2 minutes and costs $1.
Mitra Biotechnologies currently has a Scientific Advisory Board consisting of Canada Research Chairs in Microfluidics and Energy, Fish, and Environmental Immunology, previous biotechnology entrepreneurs, and regulatory experts to support the company’s R&D and go-to-market strategies.
The biggest hurdle that Mitra Biotechnologies will face is FDA Class I & Class II regulation. They plan to overcome this obstacle by working directly with physicians, hospitals, and insurance stakeholders to conduct thorough R&D and clinical trials.
Neil Mitra, Founder and CEO – has filed several patents in the biomedical engineering and biotechnology space. He also founded EyeCane, a startup which develops navigation assistance technology for the visually impaired.
Sneh Shah, Chief Business Development Officer – has extensive experience in the business development, marketing, and finance world. He is also the Chief Business Development Officer at EyeCane.
Alex Rus, Chief Marketing Officer – has extensive experience and knowledge within go-to-market strategies for in-vitro medical devices. He previously co-founded SSONAR, a startup that developed haptic assistive technology for the visually impaired.
Eric Xiao, Chief Technology Officer – has extensive software development experience in full-stack applications and system architecture. He was previously the CTO of MyMotive, a social-networking site for younger generations.
In terms of financing, Mitra Biotechnologies is currently raising its seed round of $2 Million USD at a $40 Million USD post-money valuation. They will use the funding for the following purposes:
- Completing regulatory filings and ensuring their chemistry analyzers are ready for market at scale
- Obtaining an office to conduct future developments of their device
- Paying and recruiting talented biomedical engineers, marketers, and software engineers for future expansion and scaling
Mitra Biotechnologies’ expansion plan for its team includes hiring previous biotechnology company founders with extensive experience in in-vitro medical device R&D, manufacturing, regulatory navigation, and selling.
The current business model of the company is to create chemistry analyzers for laboratory diagnostic companies and providing point-of-care biomarker diagnostic readings for interventional cardiology purposes, while being compensated in the process.