By GREGORY ZELLER
Investment partners Accelerate Long Island and the Long Island Emerging Technologies Fund announced a $100,000 infusion into Right Dose Inc., a high-tech startup borne from research conducted in the Department of Radiology at Stony Brook University’s medical school.
The emerging technologies fund, a venture vehicle powered by investment firms Jove Equity Partners of Setauket and Roslyn’s Topspin Partners, is putting in $50,000, matching a grant from Accelerate’s $500,000 seed fund.
Right Dose’s cloud-based radiation-dose management system, Scannerside, is already considered a leader in its niche. The system allows providers to compare their radiation doses to doses at other facilities through Right Dose’s proprietary Real-Time National Radiation Dose Database.
Scannerside was developed by Right Dose President William Moore, vice chairman of education in Stony Brook Medicine’s Department of Radiology and a radiation safety officer at Port Jefferson’s John T. Mather Memorial Hospital, and Dr. Ronak Talati, who completed his radiology residency at Stony Brook Medicine and has a background in computer science, including body-imaging training at Duke University.
Right Dose already has eight New York-based customers and several contracts pending with other clients across the country.
“This is really a national play,” noted Accelerate Long Island Director Mark Lesko. “Right Dose needed to scale its sales efforts, and the money we’re providing will contribute to helping them expand their reach nationally.”
Jove Equity Partners President David Calone said the joint $100,000 bump is a vital step toward introducing Right Dose’s cutting-edge technology to new markets.
“It’s already had some initial traction in the marketplace,” Calone told Innovate LI. “We’re helping to provide the ability to bring on full-time staff to work, and we expect the company will double its sales within six months to a year.”
Moore called the $100,000 investment “a critical game-changer” that will push his company to the front of the line, and agreed with Calone’s prediction of doubled sales within a year.
“The money they’re investing in us will go directly into marketing,” the Right Dose president said. “That means our products can be commercially viable in days, instead of going through the process of taking out loans and spending six months trying to develop other resources.”
The investment will also help fund research and development of Right Dose’s next product, the Scannerside Dose Check. Created specifically to respond to new federal radiation requirements scheduled to take effect in July, Scannerside Dose Check will automatically turn off a CT machine if the machine issues a higher-than-acceptable radiation dose.
“Dose Check is a really significant development, because of those new requirements,” Lesko noted. “With the cloud-based solution [Moore] has developed, he really has the right products.”
Moore said his company plans to launch the new product by mid-summer, just as the new federal regulations kick in.
“The back-end of it, the software end, is done,” he told Innovate LI. “It’s just the hardware solution now and getting our [Underwriter Laboratories] certification so we can begin installing it.”
That sort of forward thinking – expanding on an existing product ahead of forthcoming federal regulations – is what attracted the LIETF to Right Dose, Calone noted.
“This is an exciting company that’s addressing a real need in its marketplace,” the investor said. “And it’s being run by one of the leading practitioners in the field, right here on Long Island.”
The investment is the partners’ seventh, following joint stakes in Codagenix, Goddard Labs, Green Sulfcrete, PolyNova, SynchroPET and Traverse Biosciences. With more to come.
Calone said the LIETF and Accelerate are currently cultivating “two or three more deals” with regional startup companies, with announcements soon.
“We have another two that we expect to announce quickly, and probably a third that we’re still working out,” he said. “It’s fair to say we expect to invest in another three companies within the next month.”