On February 10, one of Goodwin Procter’s mentee companies, Astraeus Technologies, was awarded first place in the MIT $100K Accelerate Finals, winning the $10,000 grand prize. In addition, Astraeus Technologies also won the audience choice prize. A proud sponsor of the event, Goodwin attorneys served as mentors for emerging entrepreneurs during the 2016 competition season by offering legal guidance and best practices for launching and operating companies. Accelerate is the second of three competitions hosted by the MIT $100K program.
“Astraeus Technologies combines a winning business model with a visionary, innovative technology that has the potential to revolutionize the detection of certain cancers, which will be a great asset to patients and the medical community ,” said Burlingame. “Goodwin is proud to have helped this dynamic company receive this impressive recognition.”
For 25 years, the MIT $100K Entrepreneurship Competition convenes students and researchers from across MIT and Greater Boston to launch their talent, ideas, and technology into leading companies. The annual competition runs as a series of three distinct, increasingly intensive contests: Pitch, Accelerate, and Launch, from September through May.
To win the Accelerate round, the Astraeus Technologies leadership team competed against seven of the brightest startup teams across MIT, presenting their ideas in front of a panel. The Astraeus team impressed judges with their solution to aid in the early detection of lung cancer – the L-CARD – which detects gases unique to the breath of lung cancer patients with the aid of a smartphone. This noninvasive sensor costs less than $1 to produce and can be shipped inside an envelope. Astraeus proposes to sell the L-CARD to clinics and hospitals, which would be reimbursed by insurance. Lung cancer is the #1 cancer killer worldwide and 8-9 million Americans are eligible for annual screening. However, current screening protocols cost billions of dollars annually and can be inaccurate and harmful.
Team Astraeus added, “We were absolutely thrilled to get to work with Ms. Burlingame and Goodwin Procter’s Technology and Life Sciences Practice. Her unique combination of veteran experience, obvious knowledge, and generosity of time and spirit was instrumental in our team’s success. She and the firm she represents clearly have the best interests of entrepreneurs at heart, and we were lucky to have her support.”
Goodwin Technology and Life Sciences partner John Mutkoski has been a longtime supporter of the MIT $100K and has seen the organization evolve into what it has become today. “The MIT $100K program has grown significantly since our first involvement over 15 years ago. We are happy to continue our support of this nationally recognized competition and the successful enterprises that it launches.”
Congratulations, Astraeus Technologies.