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Make sure you get your regulatory strategy in place early
Today's entrepreneur is Lennart Thurfjell, co-founder and CEO of Combinostics. Combinostics provides advanced tools for data-driven diagnostics, giving the physician a holistic view of all patient data. They provide cloud-based tools for extracting biomarkers from images, lab data, and cognitive tests and integrating and contrasting all data with data from previously diagnosed patients. The combined data is presented in a decision support system using Combinostics’ patented disease-state fingerprint-technology.
The technology is generic and their first application is in Alzheimer's disease.
The company recently raised €3.9 million in series A funding round. You can read more about it here.
Before founding Combinostics, Lennart worked at GE Healthcare for 10 years. His latest position was Head of Biomarkers and Software PET Neurology where he was responsible for the PET Neurology SW roadmap at GEHC.
Prior to GE Healthcare, he was the Director of Software R&D at Biotage AB and was the VP R&D and Interim CEO at Reachin Technologies AB, a startup company focusing on surgery simulation.
Lennart holds a BS degree in Mathematics, MS degree in Computer Science and completed his PhD in Computerized Image Analysis at Uppsala University. He also worked as an Assistant Professor in medical image analysis at Uppsala University.
I have worked in startups and in large organizations before, and most recently before Combinostics, I was 10 years with GE Healthcare. When I got the chance, I felt it was time to go back to the small company/startup world.
Companies launching disruptive technology. Spotify is, of course, a great example and in the healthcare world, which is my business area, we see many new companies launching products where machine learning helps physicians in decision making.
We had developed the technology together with clinicians in an EU-project. Results were so good so we decided that we must ensure that what we had developed would have a continued life and making an impact also outside the project.
The most frustrating is probably the amount of time it takes to ensure that the startup is sufficiently funded. The most rewarding is being quick both in terms of decision making and development.
Hard to say which is the no. 1 mistake, but one difficult thing is to ensure that the company has the right amount of financing. I think common mistakes are both growing the company and costs too quick, but also to be underfunded and hence too slow.
If I restrict this to the medical device software business, I would say:
1) Make sure you get your regulatory strategy in place early
2) Getting products out and regulatory approved will most likely take much longer than you initially plan for
3) Don’t underestimate the amount of time you will need to spend chasing money
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Combinostics provides advanced tools for data-driven diagnostics, giving the physician a holistic view of all patient data. We provide cloud-based tools for extracting biomarkers from images, lab data and cognitive tests and integrating and contrasting all data with data from previously diagnosed patients. The combined data is presented in a decision support system using Combinostics’ patented disease-state fingerprint-technology.
The technology is generic and our first application is in Alzheimer's disease.