Slater Technology Fund Partners with URI Research Foundation to Support Biomedical Startup

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CREmedical is Developing an Innovative Neurodiagnostic and Neuromodulation Platform for Multiple Applications

Providence, R.I., May 9, 2017 – The Slater Technology Fund and the URI Research Foundation today announced that they have partnered to provide expanded seed funding to CREmedical, a URI-based developer of next-generation neurodiagnostic and neuromodulation technologies. The URI Research Foundation made an initial investment of $30,000 in the company, followed by a $62,500 co-investment alongside Slater, which has committed $250,000.

CREmedical has pioneered the development of concentric ring electrodes (CRE) as a basis for generating dramatically improved electroencephalography (EEG) scans as well as focused electrical stimulation for therapeutic applications. The company was founded in 2011 by Walter Besio, Ph.D., professor of biomedical engineering at URI, where he joined the faculty in 2008. Prior to joining academia, Dr. Besio spent a decade in the electronics and medical device industries. Dr. Besio’s team at CREmedical includes a strong group of clinical collaborators anchored by Robert Fisher, M.D., Ph.D., professor of neurology, Stanford Medical School, and director, Epilepsy Center, Stanford Hospital.

Since its founding, CREmedical has received approximately $1 million in SBIR funding from the National Science Foundation (NSF). Dr. Besio has also brought in several millions of dollars in research grants to URI from the NSF, NIH, RI STAC, and foundations. The funding from Slater and the URI Research Foundation will be used to support the further development of the company’s technology and to attract a business partner with relevant background and experience.

"The URI Research Foundation is committed to support our student and faculty entrepreneurs on behalf of the University of Rhode Island,” said Michael Katz, the executive director of the URI Research Foundation. “We are very pleased to co-invest in CREmedical, enabling the company to secure the investment from the Slater Fund."

Dr. Besio and colleagues have done a terrific job in leveraging the research program they have established at URI to advance their EEG platform toward adoption into clinical practice,” said Richard G. Horan, senior managing director at the Slater Technology Fund. “We are pleased to partner with the URI Research Foundation to provide the capital needed to support the company’s launch in the research market. We are even more excited about the possibilities in diagnostic and therapeutic applications.”

“This investment brings CREmedical one step closer to obtaining its goal of saving lives and limiting pain and suffering,” said Dr. Besio.

 About the URI Research Foundation

The University of Rhode Island Research Foundation (URIRF) works on behalf of the University of Rhode Island to promote research collaboration with industry and foster new technology ventures for economic growth and job creation in Rhode Island, the U.S. and the world. URIRF’s unique private, nonprofit status allows it to support a broad range of technology transfer activities, including licensing, startup company formation, equity investments and intellectual property protection. URIRF moves research results from University laboratories to the marketplace.

 About Slater Technology Fund

The Slater Technology Fund is an independently chartered, impact investment fund that operates in accord with best practices of venture capital investing, backing new ventures committed to basing and building businesses in Rhode Island. Leveraging state and federal funding, Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.

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