Blue Belt Technologies's Craig Markovitz sums up the company story simply:
"Like a lot of companies, we've had our good times and bad, successfully navigated the skinny times, secured grant funding and closed on a nice round of funding, which will allow us to take an early stage technology into the marketplace."
A Carnegie Mellon spinout, Blue Belt was founded in 2003 by co-founders Dr. Anthony DiGioia and Dr. Branislav Jaramaz, pioneers in computer-assisted orthopedic surgery. The handheld robotic surgical tool eliminates the need for multiple instruments during surgery, helping to reduce overall surgery time and the risk to patients.
The tool is targeted for the high volume, $1.5 million spinal laminectomy market. Blue Belt is also working on another for joint replacement. If the FDA process stays on track, it should be ready for the market next year, Markovitz says.
"We take a dumb instrument and make it smart. It's a drill that spins and cuts, as if you're drilling a hole in the wall to take a picture. Our technology adds intelligence and control to achieve the optimal outcome."
Blue Belt has raised $4 million to date, including $1.5 million in grant funding from NIH and a creative generation of cash from sponsored research projects and consulting work.
Pittsburgh Life Sciences Greenhouse and
Innovation Works offered early support.
"We've been creative in our approach, without a lot of outside investors," says Markovitz. "We couldn't have done it without IW and PLSG, they're great partners. We're committed to the
region."
The company currently employs seven, hopes to hire three to five engineers in the near future and plans to locate production and distribution operations here.
Writer:
Debra Diamond SmitSource: Craig Markovitz, Blue Belt Technologies
Image courtesy of Blue Belt Technologies