Episode #104| 3DHEALS2026 JP Morgan San Francisco (Live Recording) - Invest in 3D

A crowded JP Morgan week can blur into noise, so we built a quieter stage to focus on what actually moves healthcare forward: 3D software‑planned care, on‑demand manufacturing, and proof that patients and payers can feel. Recorded live in San Francisco, this special episode brings founders and investors together to show how 3D data and advanced manufacturing are turning personalization into a scalable, measurable reality.

We start with a rare blueprint for value in spine surgery: virtual planning, patient‑specific 3D printed implants, and post‑op analytics that cut two‑year reoperations by 74% while compressing lead times from eight weeks to eight days. From there, the conversation widens fast. Hear how microarray patches with five‑micron precision enable co‑delivery without co‑formulation and factory‑level scale; how therapeutic hardware draws on bone biology to reduce revisions; how personalized pessaries bring dental‑style business models to women’s health; and how drill‑free, patient‑specific dental implants fit in six days without a single turn of a drill.

We also explore the frontier where human recovery meets robotics. A single bionic hand platform serves amputees and humanoid robots, translating human manipulation data into industrial automation while staying Medicare‑covered. On the R&D side, vascularized tissues and cryobioprinted models aim to fix translational failure by making complex biology reproducible and shippable. Structural biopolymer fibers unlock sutures, meshes, and sports medicine implants with clean‑room scale. A countertop system automates cell therapy final formulation so community hospitals can treat more patients safely. And a new biomanufacturing approach targets IVIG supply constraints by achieving human‑like B‑cell densities in ultrafast 3D printed bioreactors. We close with high‑viscosity inkjet that prints materials traditional jets can’t, powering durable dental parts and microneedle patches at true production speeds.

Along the way, an investor panel compares notes on 2026: where exits might return, where non‑dilutive capital is shifting, and what it now takes to earn a check—clear end‑user value, defensible tech, and a distribution edge. If you care about medtech, bioprinting, cell and gene therapy delivery, or the future of personalized care, this is your field guide to what’s working right now.

If this conversation sparks new ideas or a partnership you want to pursue, subscribe, share the episode with a colleague, and leave a quick review telling us which breakthrough you want to hear more about.

Event speaker biographies: https://3dheals.com/life-in-3d-investing-in-the-next-frontier/

On-Demand Video (Pending publication): https://3dheals.com/courses/

Pitch 3D Application link: https://3dheals.com/pitch3d/

Chapters

• 0:01 Host Welcome And Event Context
• 3:38 Mission, Housekeeping, And Theme
• 5:18 Carlsmed Keynote: Personalized Spine Implants
• 31:06 Advanced Devices Lightning Pitches Begin (Pinprint, Allumin8, COSM, iDentical)
• 31:57 Pinprint: Microarray Patches At Massive Scale
• 39:36 Allumin8: Therapeutic Hardware For Bone Health
• 48:00 Cosm Medical: Personalized Gynecology Devices
• 56:48 iDentical: Drill‑Free Dental Implants
• 1:02:07 Psynoic: Bionic Hands For Humans And Robots
• 1:09:10 Investor Panel Intros And Theses (RocketBio, K2X Capital, Silicon Valley Carbon, Biotools Innovator)
• 1:27:06 Biotools Lightening Pitches (VoxCell, 3D BioFBR, Criocore)
• 1:49:50 Advanced Therapeutics Lightening Pitch (Cellular Vehicles, Lyric Bio, Fluidform Bio, Quantica)

Transcript

SPEAKER_18: 0:01

Hi there. This is the recording of our recent live event in San Francisco right before JP Morgan Healthcare Conference 2026. And we have got a couple of influencers in the technology space to pitch our ideas and also shared our investment inside. It was a really well received event, and therefore I decided to share the audio recording with the audience. We decided not to release the video recording to the public for confidentiality concerns, as well as the recording quality is not as optimal as I would like it to be. And uh I also want to apologize in the event, especially for the two-way session of this recording that the audio quality may be slightly below what we typically are used to. But I think overall the recording is very valuable to many entrepreneurs and investors in the space. In addition, we decided that we're gonna produce a podcast with some of the guests in the event. So stay tuned. Now enjoy. Okay, good evening. Welcome everybody. Let's get seated. I know it's very exciting to meet such an exciting group of new people, but we have time to network at the end of this event. So, first of all, let me just thank you for coming. It's a really honor and pleasure for me to be able to host such a talented group. We have founders, investors, clinicians, and technologists. And I can say for sure, this does not happen very often. So before I begin, I need to do a quick housekeeping note. Because this event is being recorded for on-demand audience, I need to make a standard disclaimer. All content shared during this event is for informational and educational purposes only and should not be considered medical, legal, or financial advice. Please consult your own professional advisors as appropriate. And also, I'd like to thank our sponsor, KNL Gates, allowing us to be in this beautiful office and this wonderful space to be together. And uh also want to thank the staff member, Phyllis and Mario, but of course the most important is Matthew Mengen, the partner of the firm who allowed us to do this. So really thank you very much. And uh, Matt, I want to invite you to stay to just say a few words.

SPEAKER_03: 2:20

Thank you, Jenny. Can you hear me? Yes, you can. Welcome everyone to KNL Gates, the San Francisco office. I want to give just a couple of housekeeping uh items. So restrooms are around here or through that door. And if you want to do that, uh feel free. We're gonna try to keep these doors open. Uh as long as the noise doesn't get too loud there. These doors are very loud if you fully close them. So at least we're gonna keep it open. So if you go in the other room, we'll try to keep it down. Just very briefly, I wanted to say a couple things about my law firm, which is just to give you a sense of who we are. We are at a global law firm with 48 offices, and we focus across the spectrum, corporate securities law, and importantly for this audience, IP, Deep Tech. We're very proud to have you here today, the beginning of JP Morgan Healthcare Week. But more importantly, this is an impressive gathering that Jenny has brought together. And I want to thank Jenny Chen for doing this. I've seen the work that's gone into it, and it's really quite impressive. So I'm gonna get out of the way, turn this over to back to Jenny.

SPEAKER_18: 3:32

Thank you. Thank you, Matt. Okay, so why do we have this event? Since 2017, 3D Heel's mission has been to accelerate the adoption of transformative 3D technologies in healthcare. And since 2018, after we launched the program Pitch3D, which many of you are members of, we have worked with hundreds of startups, industry leaders across MedTech and biotech. And tonight, we have several generations of founders sitting in this room. Some exited, some are still growing to the next stage, and some just funded or want to form a new company in the space. So it's really exciting. So I hope you can connect with one another together. This is really more of a social event, in addition to being a showcase. So please turn to your neighbor and say hi. It is our belief that the next generation of net tech biotech value creation will be built on three-dimensional data platforms and advanced manufacturing processes, which fundamentally compress development timelines, shift cost structures, and enable personalization at scale. And ultimately, these will create durable, competitive modes. Time, money, life. That is our slogan for the event tonight and food for thought. This is not a large crowd, as you can see, but that is by design. JP Morgan, for those of you haven't attended, is a zoo. And we want this event, however, to be a moment of zen so that you can focus on what's more important, getting new ideas, and build durable relationships. To open the evening, we want to provide a real-world example of success. And how 3D enable technology is already changing clinical practice today. I'm pleased to introduce Mike Cordonier from Carl's Med. I met Mike in early days of his journey with Carl's Med, and we actually had a cup of coffee at the Starbucks on Market Street, which is now closed, by the way, for many years since the pandemic. And that was the early days before Carl's Med was recognized as a leader in personalized spine surgery. Today, Carl's Med is redefining complex spine care through patient-specific 3D printed implants and data-driven decision making. And I've had the opportunity to witness key moments in Mike's journey, including his company's recent IPO. So congratulations. He brings the industry a rare combination of grit, vision, and execution and really makes him a great keynote speaker for tonight. So let's welcome Mike.

SPEAKER_08: 6:09

All right. Well right, hear me. All right. I speak anyway, but I like to walk and talk. So first of all, thank you, Jenny. First of all, for starting this community as we are like-minded technologists, entrepreneurs that know that new technologies like 3D printing can really transform the standard of care for healthcare. So just a bit about me, one of the questions I get most often is Carlsmed. Like, what does that mean? Like, well, I started a company in Carlsbad. And why don't you come up with the name of a company? I want to so I want to come up with the name of a company uh that was short and uh was also agnostic because developing really a technology platform that could have a lot of different applications. So started with Carlsbad Medical, got shorter, so it's Carlsbad. So that's the name of the company started in 2018. And just starting with the end in mind, you know, most recently, July of last year, we took the company public. My background engineering, but operational leadership roles, really across funding, orthopedics, uh, a lot of different areas that really get to how we got to where we are. So by show of hands, I know Jenny did the intro. We have uh you know broad crowd here. Uh, try to get a show of hands of entrepreneurs, those that have started a company. I love it, including the robot again. So, you know, as you know, it is a long, lonely road. So you have to drive at the mission in mind. But the mission I started with the company was really to, and it continues to be our mission statement: improve outcomes, decrease the cost of health care for spine surgery and beyond. And so we targeted a really big challenge in spine surgery, which I'll talk about a little bit today, but really build a next generation company that we have used patient data, use surgeon data to virtually do a surgery and then 3D print the devices for that surgery, collect data postoperatively, to continuously improve the planning algorithms, and ultimately have a next generation company that has no inventory. Everything's built on demand and uses data and 3D printing to improve healthcare. And so we did a to do this, we had to do a lot of first because there really wasn't a clear pathway to do this. So looked at all the landscapes and ultimately settled on a pathway to get to breakthrough technology designation with the FDA. Uh in the early days, started the company 2018. Uh 2020, we'd come up with a path, we developed the core technology and was able to get FDA breakthrough technology designation as likely standard of care for spirit surgery. And so this was the first stepping stone towards setting a pathway for us to actually take this technology to market. And so, following that, we got a series of funds for different devices. So anterior surgery, lateral surgery, posterior surgery, and really knowing that we needed to build a very scalable business, we invested heavily very early on in AI technologies. A lot of really what didn't exist when first uh thought of the company in 2018. The the technologists here know uh technology moves very fast in that space. And by the time we got uh now the 2024, we had a pretty robust uh platform that we got now our first FDA clearance for uh the AI-driven portion of the software planning that allows us to automate uh a lot of the work that allows us to scale. And so we started with, and I'll show some more about it, we started with a really big clinical problem with adult spinal deformity uh for the lumbar spinal, and we most recently got indications for cervical surgery for the net um to continue to take this platform to improve uh outcomes for this really challenging patient population to treat. And so um, you know, as a as an entrepreneur, um, you know, at the end of the day, you have to solve a big problem, uh, but also you have to deliver reference to shareholders. And so I show this side only because uh the importance of really taking a concept when you're an entrepreneur and investing in scale. If what you need to do uh to scale changes all the time, having having a business that continues to go up and into the right is very challenging for anybody that's starting a business. And so we are we are a public company, we announced our guidance for the year um in Q3, which would be north of an 80% year-on-year growth. That makes us the fastest growing medtech company. Um, and it's really underpinned our technology platform that solves a big clinical problem and is designed for scale. So uh in uh we did our first uh procedures here at UCSF. We initially launched eight uh teaching centers across the country and continue to have a very big presence here at UCSF and you know, have continued to add new trained surgeons, new institutions across the country. Uh, and now in the hundreds of trained surgeons that use this really as their standard of care for their patient population. So this is really why we do what we do. And so, and I'll show you a little bit what the technology looks like next, but you know, we've been able to actually significantly improve reoperation rates for patients with adult spinal deformity to low-bar surgery at the two-year time point. We look at the current data, the best of the best surgeons that do adult spinal deformity. And for those that aren't familiar with this, standard of care is the patient gets imaging, a surgeon schedules them for surgery for adult spinal deformity. It's typically a long fusion, and so disease discs are removed, devices half with biologics or bone or placed where the disc was, and then they use a fusion, so posterior, posterior elements for fixation, rods, and screws to align the spine. One of the big challenges with that patient population is actually predictably delivering the optimal alignment because it's you can't customize this space. So we developed a technology that allows this space to be customized, and these are uh patient-specific design, 3D printed for Citenium structures. And with this, we've reduced the reoperation rate for this patient population by 74% over a two-year period. And this is really material because uh not only is this better for patients, but this is also a really big cost for the payers. So Medicare, the largest insurer in the world, their cost of the Medicare of a reoperation is hundreds of thousands of dollars. So being able to eliminate that through technology is really important, not just for the patients, but also for the payers. And so, uh, because we're technologists and entrepreneurs, I'll geek out a little bit on the technology. So designed it with this uh continuum of caring mind. This is where we take patient data and surgeon data and actually create a virtual digital twin in 3D of the patient's pathology optimal alignment plan. This goes to the surgeon's portal, they review, approve it. From that, we then create through our automation the files to actually 3D print fusion devices. And this is uh single patient sterile packed along with single-use instruments that goes in a surgery kit to the surgery. Uh for the surgeon, it's a very familiar procedure. Um, it's similar surgery, except they have these three three-dimensional devices that fit the space. So, not a lot of new surgeon education for the operative portion. And then we really get to where the rubber meets the road, and that's collecting the post op data. With our platform, we're able to collect post op data every single patient that shows what was planned and what was achieved. And then with that, that data is used to train the system. So I have a short video that shows really what the system is. And so, sort of a disclaimer, this is an animation of the ones and zeros running, but generally we take the um, and this is for the uh the new cervical platform, we take the CT x-ray, the pre-operative surgical notes from the surgeon. This all goes to uh automatically measuring the spinal pelvic parameters and then ultimately creating a three-dimensional plan for this patient. And so the uh you know devices are then 3D printed, and these are cervical devices that are available that we just got clearance on a few months ago, and uh ultimately it ran kind of quick. Ultimately, the uh post-op data is collected, and that's what's been used to determine the alignment. And so we talked about lumbar and what that looks like, and I've got uh some data about lumbar. And so while we built this as a platform, we now have the same technology for cervical spine fusion. So you can see these are these are devices for cervical fusion. Procedure is very similar. You know, access is granted uh to cervical disk space, the disease portion of the disc is removed. What's really different, nuanced about the personalized procedure is that the alignment of the spine or the cervical spine is built into the device as well as the anatomical contour to the vertebral bodies. And uh, you know, we just uh we just launched this last quarter, and so we have some of the early data showing the ability to achieve alignment, and I'll show also a little bit of what the lumbar technology looks like. Again, runs on the same platform, takes CT, X-ray, uh patient data, ultimately creates the virtual digital 3D twin of the patient's lumbar deformity, then creates the with the spinal public parameters, creates the optimal alignment plan. Then from that alignment plan that's approved by the surgeon, the devices are created, digital files of the devices are created, 3D printed, sterile packed with single-use instruments, delivered to the operating room. And ultimately, this is what the platform actually looks like. This is the surgeon view. They can visualize, free off the devices, the visualization of all the devices, approve the plan. Again, in the surgery, we make the surgery very simple. It's the same surgical access that they're used to, dyspectomy, and then place the devices. They fit a bit like a 3D puzzle piece. And this is part of our new pre-bote intelligence platform, which is the post op data analytics. It will uh measure, automatically measure the post op x-rays to ensure that the target alignment was achieved. And with that, I will open it up to questions or QA. Thank you.

SPEAKER_16: 19:41

Thank you, Mike, uh, for uh this very clear presentation. I actually have two questions for you. One is more on the operational side, and the other one is more from the financing uh perspective. Um on the operational side. So the the whole process for the surgeon from taking the image. To getting the device and having the patient on the table, what's the lead time that you can provide and related to that? Um, so the planning, etc., is how how quickly do I get a plan? Do I need to interact with you guys? Um, what does that so much?

SPEAKER_08: 20:14

Yeah, kind of talk about where we've been, where we are, and where we're going. So when we first started the first cases, data that we needed, x-ray, CT, um, it was about eight weeks to get the um to get the plan approved and the devices ready for surgery. We've invested a lot in our process, platform technology. So now that's eight days. So with all the automation that we built, it's now eight days from the time when a patient comes in to the clinic that's when they can go to surgery.

SPEAKER_16: 20:53

Now, question more from a financing side. I mean, you clearly have chosen the path of the IPO. Uh, can you kind of uh elaborate a little more on alternative options? Certainly, also for considering strategics and what led you to that choice as much as you can. Sure. Sure.

SPEAKER_08: 21:11

Yeah, so uh I'll go to the rationale. So just from uh uh so we raised uh 108 million venture capital total over three rounds. The intent when we raised our Series A was to take the company public, and so we were very specific about the type of investors uh that we were taking for the long journey. And the reason is uh the reason to go the public route, the reason we wanted to go the public route is that we're really building a transformational type of business that fits best uh in our own hands, uh, versus as a tuck into a strategic because it's really a whole different way to do the surgery where the surgery started digitally, um, and then uh build on demand devices. So while you know, obviously there's been a lot of strategic interest, we have a huge market, we have a lot of runway, you know, we intend to save a standalone company. Anyone else you talked to us a little bit about the market footprint and what we actually think about? Yeah, so the great thing is we're we're a very different company being that we're complete built-on demand, um, you know, patient specific. Yeah. However, our commercial footprint, our commercial strategy is a very traditional medtech uh commercial. So we have a direct sales force, we have independent sales agents, our direct sales force gets hospital approvals, we have a training team medical education team that does training for the surgeons, and then our sales agents support the cases, and so they're in every surgery providing a case support. And so, because of that, we have a very try-and-trude commercial model uh that allows us to scale pretty rapidly. You mentioned that the leak time is now eight feet and how we've brought it down. So, how do you ensure the because it's individual and personalized?

SPEAKER_20: 23:26

How do you ensure the quality control because it's a single item and what impact like with regards to the consistency of the material or the electronic?

SPEAKER_08: 23:37

Yes, great question. So uh I guess what I didn't talk about is to get to you know our actual procedure that we have, we have about 20 different case that go to the process validation, software validation, all the various devices, as well as we have our ISO 13485 quality system to ensure that we have all the quality control in place. And because we are a part of the technology company, we build a lot of technology uh that puts the checks and balances in place and ultimately allows us to scale. So uh just we think from a lean manufacturing perspective, uh it's a complete single piece 12 operation that we built. So if you think in manufacturing terms, every lot is a patient, and so uh we do single patient build and have built the infrastructure to be able to scale that. So we built um our own software platform, and it's much of our secret sauce. It's called the digital production system, and that runs everything from the case intake to surgical planning to our production planning, the developing, designing the actual 3D printed devices and interfaces with our quality system. And so, you know, the way single patient flow works is the patient goes into a clinic, gets prescribed their prevote procedure. We we set up with their radiology that they're on the portal. We can pull x-ray CT prescription for that patient, that then goes into the automation that creates the digital twin of that patient's pathology. And there's a lot of automation in that, and that's where we develop a convolutional neural network that uses machine learning to automate. And then after we create that digital twin, we then use again, depending on deep intelligence about the surgeon, as well as what stats for the patient, we create the optimal surgical plan. So every surgical plan is patient and surgeon specific because there's a lot of different surgical techniques that can achieve a patient outcome. And then once that plan's created, that goes to the My Atrebo portal that the surgeon has, they review the 3D plan, approve it, or recommend changes. Once that's approved, then um our software creates the lattice files for everything 3D printed, it goes to the production printer. Production printer prints the devices for the patient, everything it seems for the patient, comes off post-production, yeah, single line. So the complete integrated single production line. So it comes off the printer, post-processing, clean, package, sterilized, it's packaged with single-use instruments, and then dropships right to the hospital. What's the 6-4 ELI?

SPEAKER_18: 27:02

Okay, so here's where I have to rudely interrupt because we're on a time. So we have we have tons of speakers tonight, and also I want to leave room for networking so you get to know each other better. So sorry about that. Let's move on. Thank you so much. Okay, so our next panel is advanced devices. So those people who are going to be presenting, please have a seat over. So, what's gonna happen is everybody have five minutes to do a quick presentation. Your presentation is right here, I guess, already on my computer.

SPEAKER_19: 27:31

So thanks, uh Jenny, for organizing this. My name is Renee Ryan. I'm the one of the founding team of Pinprint. And clearly, how about I just do the old-fashioned way, Jenny?

SPEAKER_00: 27:40

Yeah, it's not working.

SPEAKER_19: 27:41

No, this isn't working. No, it's working. Oh, I did that. So Pinprint is reinventing the patient experience associated with therapies and diagnosis, making everything more precise and anywhere medicine. Our market is enormous. There are 16 billion of these done annually. That equates to about 45 million a day. That's medical injections across the globe. The vast majority of it is needle and syringe and a vial. But what we see increasingly is these auto injectors, and oftentimes very complex auto injectors that require dual chamber for things that need to be co-delivered without co-formulation. So hold that thought because that'll come up again. The market is also growing dramatically. In the US alone, it's expected to be about$1.8 trillion in the next nine years. So we can and must do better. So this is what Pinprint set out to do with software-powered 3D printing. We create maps or microarray patches. The field of microarray patches is, oops, sorry, before I get there, uh, this is the founding team. So a little about me, Renee Ryan, SM banker. I actually worked 12 stories up in this exact building for about 15 years. Uh, I then went to JJ as an investor. I deployed 800 million of capital in eight years. So I was pretty busy. And one of the companies I invested in was a 3D printing company called Carbon, which is maybe familiar to many of you. And I'll talk a little about that technology and how we relate to that. Our inventor at Carbon was Joe DeSamone. He went back into academia to solve a very key problem that we identified at carbon, which was the most precise carbon printer could print to a 75 micron level of precision. And we needed to get better and more precise. The rest of the founding team is complemented by vaccine folks, some drug formulation expertise, and importantly, a PhD in physics expert 3D printing executive. So in the last year, since I last pitched with Jenny at 3D Heels, which was my first ever pitch, we spun out of Joe's lab. We raised about 5 million of funding, of which 1.6 million of it was non-dilutive. We got the company started with a couple of collaborations. We hired a great team, and we actually took delivery of our first custom printer just about a month ago. Microarray patches are not new, guys. They've been around since the 1970s. We started by doing silicone etching and then sticking these things into people's arms. That got a little fancier with injection molded, which by the way is still the state of the art today is injection molded microarray patches. Now, what we've done to make it a little bit better in that world is they can either dip coat the needles, drop a little drug on the tip of the needle, or require the drug itself to be resorbable, meaning that the mechanical strength of the needle has to come from the drug itself, which is a pretty big formulation challenge if you talk to formulation folks. And so we tip this on our head. We're doing a different manufacturing methodology based on the original carbon liquid interface production methodology. So the science paper that got published that was the breakthrough for carbon was not precise enough. Remember, I said we they printed a 75 micron precision, the width of a human hair is 100 micron. We've taken that down to a five micron level of precision. And so we're able to print things that could never before be even produced, especially not injection molded. So if you look at the needle at the top there, you see these clear, beautiful, very sharp needles with a tiny hole off to the side. We got that from a bee stinger. So it's a biomimetic invention in and of itself. We protect the needle hole so the liquid can come out and not get the needle clogged. We also do lattice type structures. We're able to both do the coat, the single delivery where we trap the drug in the needles themselves, protect it, not requiring any mechanical strength, or in fact, we can actually robotically fill each of the needles with a different drug. And so that becomes the opportunity that the pharmaceutical companies see for co-delivery without co-formulation in a beautiful dry patch template. And in the middle here, you see these microfluidotype structures. That's the work we're doing in tissue sampling and diagnostics, because these channels that you see actually cross over into the map itself cannot be produced in any other way. And so you have different tortuosities, we create different speeds as fluids flow through there. So here's where we're working on today. On the far side, number one is our dry map. This is the holy grail, multi-cargo, different geometries in the set of a single needle and very, very high volumes. When we look at what we can deliver, it's the equivalent of what's being delivered in clinical studies today. Our competitors need 500 needles. We need 35 to deliver the same amount of cargo. So you can imagine the level of insertion forces gets reduced, the level of pain gets reduced, lots of things begin to improve with fewer needles. Our current animal study is with the fluidic back map. That's a device that actually has a predicate to it, and we'll be taking that to the FDA very rapidly over the next couple of years. And then finally, on the far side, you see our tissue sampling work. This is an image from a study that was published at Stanford, where we took 10 patients and withdrew from their skin ISF in a very nice way. We collected way more ISF than other methodologies can do. And we also did it with very low pain scores. I can tell you that technology has advanced substantially since this was taken about a year ago. And so finally, I mentioned we have two partnerships, one on the drug side, one on the device side. Those are both advancing. We will have data from both of those by the first half of this year. We have additional collaborations in place. And I'll talk to you in a second about why we think all of this interest is coming to us. And here it is. This is how we win. Our competitors are capped at their manufacturing capacity by creating about 40 million maps per year. Because we have carbon as our industrial partner, we have line of sight to our scale-up capabilities, and we can point to a single factory with 250 printers producing 650 million maps per year. So one site, and we're 12x what our competitors can do. So what's next? We'll have data, and that will lead to our series A financing. We'll go out probably mid to late Q2. And I expect that we will be no longer a story stock. We'll be definitely a data and execution story, and we'll be raising about 10 to 15 million. So thank you. Hi, my name is Alyssa Huffman.

SPEAKER_11: 33:37

I'm the CEO, inventor, and founder of Illuminate Hardware. I'm going to go pretty quick, but thank you for taking the time here today. Um, we are reducing global reoperations. Has anybody here had anybody known anybody? Has anybody known anybody that's had a revision? So most likely you're going to see around a revision rate of up to 62%. That is actually higher. And it is based off of there's up to 300 different disease states that occur in bone.

SPEAKER_13: 34:05

Most surgeons don't know this. And so when we're looking at, we're talking just about hardware and metal, we're only talking about the biomechanical. But there's a current unmet need, and that is the disease state. So Dr. Zoric Abuser over the North American Spine Society, I was the first commercial representative in history to be appointed. That's how much this society believes in what we're doing.

unknown: 34:27

Dr.

SPEAKER_13: 34:27

Zoric Abuser published this as a keynote speaker for NAS, and she said, we've optimized porous design, we've optimized biomechanically, but we're still missing the mark when we have that high of a revision rate. Now, if you look at the total hip, it's almost perfected, almost a 97% chance of survivorship in the implant. So this was actually based off of my own family members. So my cousin was an incomplete quadriplegic. She ended up having bone mineral density issues. My uncle, diabetic, he also had bone mineral density issues, but with diabetics, you have an infection, a high infection risk and a high sepsis risk. And then my father had multiple types of cancer. So these are the disease states that actively occur in patients. And these are the disease states that metal is not going to cure alone. And so if you look at the mechanical issues, you're looking at these are different types of bone. This is Dr. Zadpoor's study out of the Netherlands. And so I was in the OR one day and I was thinking, why is an implant stabilized so well in the foot? A small little tiny bone with a lot of load, but yet these screws are backing out. One in every four screws have loosening issues in the spine. And so Dr. Zadpoor's study shows that. And if you look, you're not going to put a hanging, if you have these three choices of a wall hanging, you're not going to put it on the bottom one. You're going to choose the top one, right? If you have an expensive painting or a TV. So and that's what we're dealing with. And so what we did was we took the ferocity of actual bone from Dr. Zadpoor's study and we we did some stu uh research. And based off of independent research, if you take the Gaussian pattern that he demonstrated in vertebral bone, if you take that, you can actually create stronger, better, harder, faster bone naturally just with that topography. So now we're addressing, we're shifting to the biological failures. Biological failures, as we saw my family members, infection, bone health, and cancers. And if you'll notice how vascular the bone is, right? It's a perfect area for drawing the bone marrow and now creating signaling. That bone marrow is optimal because I'll talk about this in a little bit. But our goal is to create the very first therapeutic hardware that's existed in orthopedics and spine. And then we can take and diagnose with that bone marrow. We can treat with that bone marrow, and we can heal with that bone marrow. So this is what the first FDA cleared product looks like. We got the pedicle screw cleared in under 1.6 million. That is unheard of. And you know why? It's because women founders don't get a lot of money. So I'm gonna be honest. I think we got uh less than 2% of capital available in the market. But you know what? We do more with less, and we get 30% better returns too. And so we're the first in the world to produce additively manufactured 3D printed porous pedicle screws in the full size range of spine, uh, of a spine fusion system. This is number two, the um bone marrow delivery system. That's what we're working on. And so if you notice here, the the coolest part, this is if there's something I want you to take home, it's this image. Imagine if we could create an implant that creates signaling and recruit stem cells to the site with the bone marrow, or deliver small molecules now to treat the actual disease state, up to 300 different disease states that occur in bone. So I um our goal is to treat the three family members that I have. And so we have our phase one, our first cases are scheduled over uh in February. We have UCSF, Dr. David Gendelberg's here, Duke Wash Yu, and uh Cox Health Phoenix Children's Pediatric is surprisingly a very good opportunity for us. Our beta launches, we already have the presidents of the spine societies of the US, Australia, India, Taiwan, and Japan, and we have Dubai as well. Um, our executive team has over 200 years of experience. I'll go through these very quickly. These are our surgeons over at Dukewashi UCSF, Cox Health. And we just brought Dr. David Gindelberg on as well. Here's our advisory team. We actually, it's triple the size. I there's just too many that um to put on there. I am not somebody that knows it all. I find the person that does know it all. Tell me what to do. So we had um Mark Mulkerson, the former FDA director on our regulatory strategy. We're anticipating 1% market share very quickly in the three billion dollar market. Here's our competition. Nobody has what we have. Nobody. And we already have two acquisition offers on the table, three licensing. Nobody wanted to marry us or nobody wanted to date us, right? Um, but now everybody wants to marry us because nobody ever thought that uh Medtronic had been trying to do this for 20 years. And so has anybody ever attempted this in the room? A pedicle screw, a 3D printed pedicle screw? Good. Stay away from it. It is awful. It took us six years. Um, the milestones that we've met when we're in FDA clearance, um, we will be registering the FDA. We've already had a pre-sub for the bone marrow delivery device. We actually thought that would be harder, but it was the pedicle screw that was harder. Reimbursement strategies are already in place. We are looking at about nine, about a 46 million gross profit and 86% margin. We have seven patents filed internationally. And here's some investor returns because this is an investment conference. This is what I'm pitching to you. I need you to invest your money in be the 1% that invests in a in a women-owned company because we earned it, right? So the typical uh returns are about four to five X. Our enterprise value between 20-31, just for this one product with the bone marrow delivery system, is between 546 million to 757 million. That the therapeutic, once we get into that therapeutic realm where we're delivering small molecules with the bone marrow, the fibrin portion of the bone marrow, which eludes small molecules over four to five days, this is when we get into pharma numbers. So that is not even represented on here. If you want to bet on a company today, I promise you this is the one that's going to do what we say we're going to do with disclaimers from legal representation. Convertible note, we've raised 2.3 million. K2X is actually committed done due diligence. And so if you're looking for a firm to invest in, they're doing their IPO right now. Paul Roos is here as CEO and Jenny Chen. They both uh advocated for us. And Jenny interviewed me about two years ago on the podcast and brought me in two years ago at San Francisco at this meeting. We will do a series A, probably around 15 million. But because we have some really cool opportunities on the table with the largest manufacturers in the world, we might not do a series A. So we have like really cool opportunities. So get in now. That's the point.

SPEAKER_12: 41:19

My name is Derek. I'm the founder and CEO of Cosm Medical. Every woman is unique, and we believe her care should be too. We're the world's first digital platform to make personalized gynecological devices. Some might call it Invisalign for Pelvic Health, or maybe Carlsmed for pelvic health based on the call earlier. If you've never met before, you might be wondering why is an Asian Canadian man like me up here talking about gynecology? Part of the story is I'm an ex-engineer turned general manager for a successfully exited private equity-backed company in urological diagnostics. But the real story involved my grandmother. My grandmother suffered from pelvic floor disorders. I knew the best doctors in the world and really couldn't get her the care I thought she deserved. Now, my grandmother's not alone. This is a group of conditions that affect half of all women by the time they reach AD. Highly correlated with childbirth and aging, prolapse and incontinence are shrouded in shame, silence, isolation, lack of provisional care, meaning that existing solutions fall short. At the intersection of two markets growing at over 15% Kager, women's health and aging tech, pessaries are off-the-shelf prosthetics with poor fitting outcomes that alleviate symptoms of incontinence and prolapse. Pelvic floor physical therapy is the fastest growing sub-segment in physical therapy, but has limited effectiveness like other forms of PT. Surgery in this field is mired by over 100,000 lawsuits associated with transvaginal mesh. There's a Netflix documentary on this called The Bleeding Edge if you're interested in learning more. And the replacement surgery, native tissue repair, has a 50% five-year recurrence rate and a 30% reoperation rate. Now, taking a deep dive into pesteries and this problem, it is as old as time. Pesteries have existed since uh 2000 BC with the Egyptians and have not changed since the 1970s. Currently, a clinician goes like this in the vagina, processes the tissue, and goes, based upon my five years of clinical experience, I think you're a ring size three. Puts one in, patient walks around for 10 minutes. If it's uncomfortable, if it falls out, they try another one over and over again. A third of women fail the fittings, half stop using them within a year because they either don't solve the problem or cause new ones. And over 50% of patients get complications with five-year use. This is a fully commoditized market. 10 million of these devices are sold globally per year. So more ring pesteries are sold in a year than all the aura rings that have ever been sold of the digital unicorn. Now, what has changed since the 1970s is that today there's billion-dollar markets of custom medical devices across orthotics, prosthetics, hearing, and dental, because every human is different. At Cosm, we're developing gyneotics, the world's first personalized gynecological devices. It's a digital platform, including diagnostics. We won a$2 million grant last quarter to build the world's first vaginal scanner, leveraging point of care ultrasound in this space. We have an AI-driven cloud software to manufacture and 3D printing to manufacture customized devices. We are FDA and Health Clan at ACleared on our first devices, allowing us to make up to 10 million variations suited towards unique bodies and needs. And we're we've got four patents secured alongside three clinical studies complete. Beyond pesteries for symptom relief across incontinents and prolapse, we've also got early evidence around tissue remodeling. How Invisalign works is it remodels teeth with a mechanical device or casts, races, and whatnot in orthopedics. We are remodeling tissue after childbirth and surgery to help women with a one in four women that experience these problems after childbirth heal faster and then to improve surgical outcomes. I personally got our first round of capital when I found out custom orthotics, dental, and hearing leverage the same B2B to C revenue share business model. I invested my own capital as a result to launch COSM at a$500 to$1,000 price point, leveraging the same business model. We anticipate creating a$5 billion serviceable available market, 2.7 for the clinicians, which was really what's going to drive access to care at about an 80% gross margin at scale. We've got great clinical data, very supported by the American Eurogynecology Society. We just submitted for publication at the end of 113 from our commercial data. We're commercial in Canada right now. We are launching next quarter with the close of this round. We've hit early stage success across patients, providers, and payers. Patients have stated my gynepathotics is magical. It's giving me my freedom back. We have 20 providers contracted with a list of 400 clinicians that have expressed interest to provide gyneothotics to their patients across North America. From payers' front, we are already covered by employer health benefits like orthotics, dental, and hearing, and we are driving towards universal coverage like orthopedic devices or Carlsmed as we go forward. I myself, uh general manager of PL Response Duty at the exit of LabBurie, I'm grateful to be leading a majority female-led team of leaders. We're working with clinicians across the entire care spectrum. We've prior to our current round of funding, secured 10 million in funding, half through non-dilutive, half through investment. We closed uh 1.6 million last Q2. We were awarded 5.5 million in grants in the last six months. And we're raising 3.4 million to unlock that as we drive to series A in about a year and our first exit opportunity in 2029. So overall, women's health, 3D printing, a massive market opportunity that impacts half of all women. Our team can execute. We've got great clinical data. We've got our first health can in FDA clearance, and we are bringing precision medicine into gynecology. Thank you very much.

SPEAKER_14: 46:46

Hello, my name is Erie Swedeking, and I am the CEO and founder of Identical. I'm curious, how many of you like going to the dentist? Anyone? Zero? Usually there's a couple. Good. Now, how many of you like the idea of a drill like this, drilling a hole into your jawbone? I didn't think so. Unfortunately, this is what's required today to replace a failed tooth with a dental implant. All dental implants in the market today are round titanium screws that require drilling a round hole into your jawbone to place the implant. This highly invasive procedure involves risk of causing nerve damage, takes almost a year to complete the full treatment, and costs thousands of dollars per tooth because it's typically done by specialists such as oral surgeons to place the implant. Now, the good news is we have a better way with identical, the world's first and only drill-free, patient-specific, 3D printed dental implants. Now, here's how our technology works. First, the dentist extracts the failed tooth. Next, they scan the extracted tooth using a digital scanner that most dentists already have in their offices today. Once they scan the extracted tooth, they upload that digital scan to our portal. We then use that scan and our patented approach to design in 3D print a customized implant. We then ship that implant back to the dentist. And within six days of the extraction, any dentist in the world with basic dental skills can take our implant and simply press it right back into the hole where Old Tooth was before. And it stays securely in place without any adhesive or any other components because of the unique design and the geometric shape of our implant, which creates a tight press fit in the socket site. There are many benefits with our technology for both patients and dentists. For patients, it's drill-free, so reduced risk of nerve damage or other complications. It takes six days to get our implant versus three to six months with most traditional implants in the market today. Reduce fear and pain because it's drill-free, and it will be more affordable for patients because any dentist can easily provide this treatment to their patients. So it's right for mass patient adoption. For dentists, this provides a new significant revenue stream for general dentists who are not placing implants today. There are over a hundred thousand general dentists in the US who are not placing implants today who can now start placing with our technology. Reduced risk of error because there's no drilling involved. It requires minimal skills and training. If a dentist can extract a failed tooth and every dentist is trained in extractions in dental school, they can place our implants. And there's no capital investment required. So it's right for mass dentist adoption. We've already proven our technology works with our first human clinical study that validates our technology. We treated 12 subjects for our protocol in our pilot study and achieved a 100% implant success rate with three years of follow-up data. And here's one of the cases from this pilot study on the right. We have a$13 billion global market opportunity. Because any dentist can easily provide this technology, we're dramatically expanding the market of dental implants. We'll start with North America and then we'll expand to Europe, Asia Pacific, and Latin American markets. Our team has deep dental and medtech experience. I'm a two-time founder and CEO with a background in business marketing and dental operations. Just prior to founding Identical, I managed the operations for three dental implant centers here in the San Francisco Bay Area that I co-owned with my husband, who is a dentist. Also on our team, we have David Sanderson, our VP of RD, who has many years of experience, three decades of experience bringing medical devices from inception to commercialization. We also have Michael Collins, who is the former VP of RD at Zimmer Biomed Dental, formerly one of the top global dental implant companies. We also have Jim Mosh, who is the former president and chief operating officer at Dent Supply Sorona, which is the world's largest manufacturer of professional dental products and technologies. We have Dr. Dan Peterson, a seasoned oral surgeon and member of New Fund Venture Group, one of our largest seed investors. And Gail Kuaco is the CFO at Fogerty Innovation, a local medtech incubator where we're proud to be a company in residence. We have a proven track record of capital efficient execution at identical. With just under 9 million raised to date, we have completed our product development, completed our pilot clinical study, we have six issued patents, and initiate our pivotal clinical study. We are currently raising a 10 million series A. We have a fantastic lead investor with lots of dental experience already on board with a signed term sheet in place. With these series A funds, we will complete our pivotal study enrollment and follow-up, as well as expand our product pipeline, then complete our entire pivotal study at FDA clearance and launch in the market. In conclusion, we have a disruptive technology with strong IP. We have a very large global market opportunity, and we have three-year pilot study data with 100% success. With these attributes, we expect to be an attractive acquisition target for dental technology and implant companies in the future. We invite you to join us on our exciting journey ahead. Thank you.

SPEAKER_05: 52:07

Hello, everyone. I am Dr. Adil Akhtar. I'm the CEO and founder of Psionic, and we develop advanced bionic limbs that are accessible for both humans and robots. This is something I've wanted to do since I was seven years old. My parents are from Pakistan. I was visiting, and that was the first time I met someone missing a limb. She was my age, missing her right leg and using a tree branch as a crutch. It's what inspired me to go into this field. So I went to Loyola, Chicago, got a bachelor's in biology, master's in computer science, taught there for a couple of years, went to University of Illinois to Rana Champaign, got another master's in electrical and computer engineering, PhD in neuroscience, and I left medical school to do this because this was more fun than finishing medical school. But over the last 10 years that we've been developing these hands, we've been building these devices for both humans and robots. And what we build for robots benefits humans, and what we build for uh humans benefits robots. It's the same hand that goes to both. So yeah, in this uh so in this picture here, um, this is NASA's human art astronaut robot Valkyrie using the exact same hand that one of our human users um is using as a prosthetic device. And in fact, um there's this panel of buttons and knobs and switches that you'd find on the International Space Station. They're struggling to do a zipper that was on the wall with their robot, and our human user was able to do it easily. And the NASA engineers were like, oh, we didn't even think about using it in that way. Uh because if you're building a robot to do human tasks, it makes sense to use the thing that was optimized for humans to do human tasks. So it's the same hand that goes to both. Um and so this is the what we call the ability hand. I'm holding it right over here. So most commonly, if by missing my hand, I'd use uh two muscle sensors to control it. So it's kind of like flexing my wrist back and forth. Um, I can change to different grips. So here's like a pinch. If I'm at a rock concert, you know, I can um rock on. And uh one of our user favorites is the finger wave where you can see all the fingers moving. And yes, you can also point with individual fingers as well. It's usually one of the first things that our users uh like to do. It's uh covered by Medicare in the US. Um, it's FDA uh approved already, and we've got close to 300 patients using it. It that expanded access from 10, thank you. Expanded access from 10% of patients who could afford it to 75%. And then on the robotic side, we have um NASA, Meta, Google, Amazon, Apptronic, uh, Mercedes is building cars with it, Toyota has it. So top automotive manufacturers, brain machine interface companies, as well as um industrial logistics companies are using the same hand on humanoid robots, industrial robot arms that we have on our human users as well. So um, this is what it looks like on our users. This is uh retired U.S. Army Sergeant Garrett Anderson doing push-ups for the first time since his uh Army days. Um, he can do uh 50-pound kettlebell swings. We've actually maxed that out at uh 100 pounds, um, and we can lift a total maximum of 140 pounds. You can do mundane tasks too, like, you know, grabbing your laptop lid and closing that. Um, but also uh this is one of our first users, Tina, feeding her granddaughter for the very first time because she could hold the bottle with her Bionda can and the baby with her natural hand. And this is why we do what we do, right? To improve the quality of life uh for individuals um with limb differences and make it accessible both on the human side and the robotic side in particular. This is me arm wrestling the paratriathlete national champion and losing, unfortunately. Um, and this is uh Sergeant Anderson punching through three wooden boards set on fire. So the hand was built to be very robust to impact and handle all sorts of activities of daily living. Um, not saying that you'd be punching through uh wooden boards all the time, but if you accidentally like bang your hand against something and robots will fall, robots will jam their hands, humans will fall, humans will jam their hands into things. This thing will survive. Um, it is also the first hand to give users touch feedback on the market. And Sergeant Anderson told us he could actually feel his daughter's hand. And that was something that um he couldn't do with any other prosthetic um that was on the market. So robotic manipulation, if you've been paying attention to anything on the robotic side, it is the biggest challenge right now. It's a$50 trillion opportunity on both the industrial side and then there's the human side on top of that as well. Historically, funding has focused on mobility, getting your robot from point A to point B, but then it can't do anything. That's where hands come in. And that's the problem that we're solving in particular. So the way we do it is that we do, again, we don't distinguish between the humans and the robots, right? And because our humans can actually do almost everything that the robots can do, we can collect data from our human users doing those tasks, train AI models, and then have those robots do those same tasks in industrial environments. And we've already had a lot of the auto manufacturers talking to us about getting data from our users to translate to very particular work cells that would be done in those industrial automation uh environments in particular, and collaborating with NVIDIA as well as general robotics on making this um happen in particular. And so this is what that kind of looks like. So on the left side, you can see one of our human users grabbing a Twinky. Twinkies are very hard to grab because they're soft. You don't want to crush it. And if you don't put enough pressure, then you're going to not pick it up in the first place. And then you can see the humanoid robot is doing the exact same thing in the exact same way that our human user was doing it because we can transfer that data from one over to the other in particular. We are currently, we did five million in revenue last year. We've got 80% gross margin. We've been nearly doubling our revenue every year. We're raising a$25 million series A round. We are currently looking for a lead investor. We've got LG, NVIDIA, analog devices, alumni ventures, and Amazon ready to go, just waiting on a term sheet. So um would be happy to chat with you guys and um see um let's bring these robots to the next level. Thank you so much.

SPEAKER_18: 57:26

The format is very simple. Uh I'll let you guys just introduce yourself a couple of minutes to tell us, you know, what you're looking for, how you usually work as an investor. And uh and then we'll go to the audience and uh see if there's questions. But I have a long list of questions with tons of highlights, as you can see.

SPEAKER_24: 57:46

All right. Thank you. Uh my name's Jim West. I'm the associate director at BioTools Innovator. We're the world's largest accelerator for life science tool companies, and also connected to MedTech Innovator, largest accelerator for medical device companies. And uh we are not, I would say, traditional investors, but we do uh support a lot of companies in the field and connect them to strategics and investors. We are in the process of putting together our own fund to go with the accelerator, but that's uh not launched yet. Um I think what I would be able to represent is the you know what I see from the investor space. We also uh do a number of non-dilutive uh funding opportunities. And so we work with BARTA and are able to deploy um grants on the order of$100,000 to$200,000 for emerging technologies. And uh yeah, for myself, I spent about 15 years in the medical device field. I have a master's in biomedical product development. And I was crazy enough to start a life science tool company because I met a professor and uh got into the entrepreneurial uh journey with that. And then uh my company went through the first year of BioTools Innovative Accelerator, and uh I was able to exit about uh three years ago.

SPEAKER_07: 59:03

Thank you. Yeah, I'm Paul Russo, I'm a former techie. I started three semiconductor companies, one actually went public, you might remember, for those of you who are not too young, when we went from those big displays to the thin ones, we had a chip every display, big Nasdaq IPO. But the key point for this conference is I also started investing in startups over 30 years ago. And I can tell you, until K 20, it was a very expensive lesson. So when I stopped being a chip company CEO about eight years ago, I said, you know, the world, the billions of people have no way to invest safety in startups. So let's create something. Of course, all my angel friends laughed at me saying safety invest in startups. Uh uh. But we created a statistical model and I'll just give you a couple of key points. First, everything is vetted twice. We don't lead. So a lead investor and our own hundred plus advisors, all of whom are investors, and and we're Global and agnostic as to market and geography. So currently we invest US, Canada, Israel, India, we're 70% life science, just how the deal flow worked out. And the model is proven after we made 200 investments. We've only written off 15% in eight years. So now we're going public on the New York Exchange. And that's a final step. Because when we're public, then the proverbial kid in Africa can buy five shares and own pieces of hundreds of great startups. So we're about halfway through the IPO process. If anyone's interested, by the way, we have a very sweet verbal debt term sheet, but we love startups. Key point why our high volume works. We do very thorough due diligence. We make many investments. Looking back, they're smaller, like 100K a pop, because we wanted to make 200 investments to prove the statistics. Going forward, post-RPO will go up to 5 million in a much later stage.

SPEAKER_10: 1:00:59

Well, hi everyone. My name's Jessica. I run a family office called Rocket Bio. We're based in Toronto, Canada, but we're globally agnostic. We are relatively new, so we've been around just over a year. And our focus is primarily tools for healthcare, but we're starting to look at medical devices and diagnostics. And I'd say the most important thing to know about us is that we're very long-term minded and that we're very active investors. So we like to play a strong role in supporting the uh portfolio companies, not just from a capital perspective, but also from strategy BD. So yeah, that's a bit about Rocket Bile.

SPEAKER_04: 1:01:36

Um yeah, thanks a lot for having me and nice to meet you all. My name's Nish, uh, and um I run a small VC fund called Carbon Silicon Ventures. So we uh we're focused on a very early stage, like C seed, pre-seed level companies that the way we say it is turning are turning biology into an engineering discipline. So kind of applying engineering problem-solving mindset and practices to the life sciences. So we're pretty broad in terms of verticals that we invest in. Um that definitely includes, I think, uh medical and surgical devices, et cetera. Um uh uh and previously I I myself co-founded a company called Color Genomics that was more on the diagnostic side. Um and if you were here in San Francisco during uh the pandemic, uh like the code that I wrote probably analyzed some of the COVID testing that you might have done uh here as well. So uh yeah, excited to kind of get into it and and learn what kind of questions you guys have.

SPEAKER_18: 1:02:31

Thank you. Um I also want to mention that all of the investors here, maybe Jim is related because MedTech Innovator is within our uh ecosystem. They are with us all year long, uh along. So they they really care about this particular niche of industry. And also if you look at the bigger pictures, if you look at some of the reports that are generated by banks, who invested in this particular niche, who wrote the first check, it really is uh smaller VCs, accelerators, and family offices and angels, huge, huge role that angels play. And uh, in fact, we have quite a few. I mean, the investors invest in a couple of companies here sitting among us. So I just want to mention that that this panel is highly relevant to us. Now, before I open the questions to the audience, I want to ask a few general questions so that people have a deeper understanding of what you do. So I'll just start in order. So when I ask a question, I'll start with Jim first, unfortunately. Is what is your generous uh general investment thesis in the last couple years, three years?

SPEAKER_24: 1:03:34

Sure. It's a tough one. So the I'll speak biotools specifically, life science tools, but but medical device a little bit. And it's it's it's been a tough market. I think that we've we've seen very little activity until maybe recently in the MA side of things. And I think that's created a long tailwind with the challenges and downwinds from recovering from COVID. Um, there just hasn't been a lot of appetite for investing heavily in in these companies and industries because everybody's kind of looking to wait to see what happens on the MA side uh for things to pick up. At least in our industry, a lot of the companies don't IPO. It's really generally an acquisition. And so, you know, I don't know if you watch the news, but you know, the water speedy acquisition recently uh I think was a great example of things changing. There have been a few other points as well. So every every JP Morgan uh I come to, everybody's like, I think this is the year we're gonna recover. Um, and I think this is the year we're going to recover. But it but it's hard. It's hard. And I think that uh for us in terms of like what we're looking for, as everybody kind of matures, you know, we we love our angels, but you know, pre-seed, seed, series A, series B, you know, I think that for us, we're looking at the sweet spot between sort of seed to series A. Um, pre-seed's a little bit difficult just because the technology is not really validated. And then I think at the end of the day, what we're looking for is disruptive opportunities that change the way things are done in significant ways to create new value opportunities. And uh that aligned into an understanding of the customer and the business case with the right qualified, credible team to do it. Um I think when those come together, it it does all align. But um, I think that's what we see a lot is there's a lot of really smart technologies and inventors and entrepreneurs out there transitioning to really understanding the market and the customer deeply uh with the ability to execute on that is I think uh what we're looking at.

SPEAKER_07: 1:05:43

Thanks. Um so our thesis is very simple: anything, anywhere. And the re and any stage. And the reason for that is, and I lived through the internet bubble. In fact, I got my first two million dollar lesson after my first company went public. It was 98, so so the New York Students called me.com's gonna change the world, dot com. So, oh sure, 100,000 here, 100,000 there, best of two million bucks. The internet did change the world. My two million bucks became zero. And in fact, I went to a VC pitch in 2000, and the VC was saying, how do you make$2 in a stock? You take a stock that used to be$100, that's now two, and you short it. And and AI today is looking more like that. I was on a panel recently and I asked the audience, how many of you think AI is more important than the internet? Half the people said yes. They don't know what they're talking about. AI is gonna be built-in, it's just another tool, it's gonna be transparent. Everything you do, you're gonna get better results. It doesn't give you a competitive advantage, but if you don't use it, you fall behind because everybody's using it. So it's just another level of elevation in how the world's gonna do work. But it's gonna be a commodity. Remember when Cisco was the world's most valuable company? So my prediction is that 95% of the AI startups today are not gonna be worth anything. On the other hand, my prediction is that probably 95% of the successful companies will be using AI in some form. So um in the past 10 years, there's been some macro changes in the world. The first one is that startups have gone global. Ten years ago, you never heard of startups in Saudi Arabia and Dubai, or startups in Africa or Brazil. Now you do. So I think we were fortunate that we made the right decision eight years ago to go global. And we found a lot of really cool companies. You have to be global. Every country and every university is now pushing startups. That means the whole world population of billions of people is more interested in investing in startups, but they have no vehicle unless you're accredited. Uh, and if you're not accredited and you're a kid in Africa, you don't even hear about the startups. So that was a problem we wanted to solve. So we do not get involved in management, but we do very true due diligence, make an investment, one call a quarter with the CEO because we do mark-to-market. When we do do the next round, we have the same process. Who's the lead investor and the same screening idea? CEOs love us. We don't charge them any fees. They can talk to us about anything, talk to any of our advisors globally. And um the human factors were the biggest challenge here. First, when we've got the idea, you know, and I talked to my band of angel friends, they laughed at me saying, haha, safely investing in startups can't be done. But we did it. I mean, we're getting 20-25% appreciation forever, non volatile, and uh we're gonna be public. Um the other thing that um I think is important when you look at a new investment. Well, for us, it's a bit easier because there has to be a lead investor that we trust. Sometimes we will help find a lead investor. My favorite story is how many of you heard of Base Pause? Yeah. Okay. Right. So this woman from Russia comes to California eight years ago, and I happened to attend some other angel group uh event, and she pitches about animal health and DNA. And I really liked her, very charismatic and very driven. So she didn't have a lead investor. So I said, let me sponsor you to the Band of Angels. So I did. She went through their process. We worked with them, Band of Angels invested, we didn't invest it. She went on Shark Tank, they invested. She was acquired a year and a half ago by Suwedas, and we made 12 bucks on our investment. So we will go out of our way for exceptional deals that don't have elite to help them finally. About advisors globally belong to some investment groups. So it's a very unique model. But I think it's going to become a problem model. It's better than BCs. You're not locked in forever. I mean, it's a forever fund, um, diversified, liquid, no fees. Um, and I think this is a trend. You're seeing more and more entities create a vehicle. For example, one of the big investment banks has created a hedge fund vehicle, invested in 30 or 40 hedge funds, and their clients can now invest in that entity and own pieces of 30 or 40 hedge funds. So this statistically diversified model is gushing far. The VC model is aging.

SPEAKER_10: 1:10:20

Yeah, so I'd say there's three key things we look for. So the first, because we're so actively involved in the investment, is some overlap in terms of our areas of expertise and what the company's focused on. So my background is in nanotechnology and bioengineering. So as Jenny was saying, this kind of event is very interesting for someone like me. So I like the company to be in that kind of space that I can get a grasp on. Um and then I'd say the second thing we look for is the team. So as I was saying, you know, we like to play a role as a family office in supporting the company apart from just providing capital. So I think that ability to work alongside the team and the transparency that we get from them is really important. I think for me, my biggest pet peeve as an investor is when I see a beautiful pitch deck with everything going up and to the right and no problems. I kind of want to know um right off the bat, actually, like what are the big challenges you're facing and how can we actually help you? Um, and I think, you know, investors need to play more of a role because we're invested in as well, right? In actually supporting the company get to where they need to go. So yeah, I think working with teams that are willing to do that is actually quite rare and um really valuable for me as an investor. And then I'd say finally, it comes back to the first point around end user engagement. So I think technical founders can sometimes fall into the trap of thinking they know more than their end user. So think it's never too early to start engaging, whether it's a patient, a clinician, a pharmaceutical company, like a CRO, whoever it is that you're develop developing your technology for, getting their input is so key. And that's actually all we care about. And what we care about the most is really usability of your product by the UN users. So if you've got those three, then it would be great to talk. Thanks.

SPEAKER_04: 1:12:13

Yeah, for us, yeah, as I mentioned, our general overall thesis we call turning biology into an engineering discipline. And you know, I think with the audience here, you think a lot about personalization and end of one. And so I think like having some kind of technological edge that allows you to measure and manipulate systems to better tailor your solution for your patients or for your end users is is really important. So we look for some kind of we like to look for some kind of technical moat there. And uh around that point, we uh when we're talking to the founder themselves, we like them to be kind of in the weeds and technical and able to uh either be the one kind of driving that technology forward or to have the background to be able to fluently converse about that technology. And uh one one thing that I uh maybe maybe advice I would have given to an earlier version of myself, like when I was a founder before I was kind of on the uh investor side, is that uh you should uh when you're pitching to an investor, you should know, you should kind of know who you're pitching to and what their investment parameters are. Like not all investors are the same. And uh for us uh in particular, we you know, we're we're kind of a smaller fund. We're just we're getting started. So for us, it really matters kind of the timeline to revenue that this company is going to expect, as well as how much they've thought through uh dis uh their distribution strategy and whether they have any particular edge on how they're actually going to distribute the product. And uh it's especially tough, I think, in the field that we're in here. So I think signs of having thought through that uh carefully and hacking that system in some way to uh get some kind of edge on distribution is um is uh definitely something that gets brownie points for us. Um so yeah.

SPEAKER_18: 1:13:54

Awesome. Okay, now the floor belongs to you, audience. And I know we have a really talented group here and some of our investors among us. Um so I'm gonna ask Faith to pass his mic around. And so if you have a question, please raise your hand.

SPEAKER_17: 1:14:10

I actually want to build on the question or on a comment, uh Jim, that you made, uh, which is kind of your outlook on the year. And this is the JP Morgan where we think things is gonna are gonna turn around. And I actually would love to have a broader view on uh how you look at the current investment climate, how you look at you know, 2026. If you had a crystal ball, what would you expect? Uh but then also what kind of parameters do you think we'll see evolve that make this investment climate a little more healthy and prone to M ⁇ ADLs?

SPEAKER_07: 1:14:42

So so it's it's actually after all my many decades of experience and all my expensive lessons. Um we want to know about the business that is gonna solve a problem that people will pay for. And then it solves it better and or much cheaper than the competition. And then the last point is very critical, which is that uh you have to have enough IP protection so so someone with a lot more money can replicate the the thing. And then we look at the CEO, and the the successful CEOs of startups, and I probably have reviewed thousands of startups, is they have to be like a pit bull like it. Never quit. And they have to be able to adjust to a changing world because the world is always changing. And those are those are very simple rules, but the reality is there's been an explosion in startups. Explosion. Because now the whole world's doing. I mean, I attend events at Idea to IPO, some of you may have heard about it, and I'm gonna panel once in a while there. And every time there are these, you know, 100 people, and that's just there are events almost every night, except nights when there are two events. And um, so the problem is with all these startups, how can they all succeed? There'll be no GDP left in the world. And so the you know, the old joke about look around you and you know, only one of you survived. Now you gotta look at 20, 30 people and realize that only one of those 20, 30 is gonna be a successful startup.

SPEAKER_17: 1:16:26

Yeah, but just to clarify my question, uh so yes, there might be more startups, uh but at the same time, the reality is if you look at the statistics of the last year, or even two or even more, the number of MA deals and the money that was invested is down. So my question is very specifically how do you see these uh evolve in 2026? Because the the the entrepreneurs and the CEOs the and the bulls that you want to see there haven't changed.

SPEAKER_07: 1:16:53

But the happy to answer that because what happens like when we started K2X eight years ago, uh our model was by year six we start seeing many many exits and we wouldn't have to raise more money. Well, guess what? We've only written off 15%. Very successful model. We've had no exits in the past few years, and so we have to raise money. So the proverbial machine where you get exits every year or IPOs, which creates liquidity, people that reinvest the next stage, that's beginning to soften. And I agree with your comment. And I we all hope it's it's gonna be this year, but the past three years has been dead. I can't tell you how many investors I've met say, whoa, Paul, great model, but I'm stuck with all these other private companies and I'm waiting for them to get some some liquidity.

SPEAKER_10: 1:17:45

Well, for us, we're we're a family office, right? So we're built a little bit differently. Um, it's more patient capital. So I'm not really paying too much attention to the investment landscape. I actually very much agree with it's more about the business itself. Is it providing a product someone's willing to pay for? And in terms of the landscape like around acquisition, again, I I'm not looking. I'm more focused on the long-term sustainability of the company. And luckily, you know, we because, you know, for better or for Willis, we're not a VC, we don't have partners to pay back. I'd much rather focus on what long-term success means for the particular company as opposed to pushing towards an exit. So I care more about what the end user thinks than the uh fellow investors, actually.

SPEAKER_04: 1:18:30

Yeah, that's a I think that's a perfect example of what I meant when I said that every investor is really different and you have to understand what their parameters are. Yeah, what maybe one comment I can add as a case for optimism is that in general, probably, you know, the the trend, uh at least from the patient side, has been like that healthcare and medicine is moving closer to the patient, and the patient individuals are playing a much more active role in managing their own care and thinking more proactively about longevity and their own their own healthcare, et cetera. So I think I do think to see that as a big driving cause, for example, for uh the rise of GLP1s that we've seen is like in that's that's been a very individual-driven thing. And it could never have come from the doctors, from the system medical system, because this was all off-label use at the beginning. So I think I do see that as like driving uh a force that's going to continue and uh continue to drive adoption of uh especially personalized technologies and medicines.

SPEAKER_24: 1:19:25

And I guess for me to close it out, I would say overall I'm concerned because we've seen, at least in the US perspective, we've seen significant disruption of the SBIR, STR processes. Um it's just chaotic. We don't know what we don't know about it. And so that's the traditional lifeblood that helps a medical device life science company go from the pre seed ideation stage up to something that's maybe investable. And so my concern is that until we figure out a mechanism to fuel that early stage. Growth, we're gonna probably see a lot of attrition and probably a lot of companies that we'd like to see make it that maybe can't. That being said, if you can make it to the commercialization stage, I think it's also tough there because it's competitive and you have to do more today than you did five years ago. You know, Series A today does not mean what series A meant five years ago. You have to have more with less. And so that's the scary part. But to be optimistic, I'm seeing companies all around, really good companies, still getting funding. So uh it it it's scarier than it has been, or it's maybe more difficult than it has been, but I think there's still something to be optimistic about because there are a lot of companies still raising right now, and I'm seeing great deals happen all the time.

SPEAKER_20: 1:20:54

Is it okay if I just comment on your question? So I think I have a slightly contrarian point of view to everyone, and this is something that all the uh founders would like. I personally believe 2026 is the Could you quickly introduce yourself? Oh yeah. Uh my name is uh Saurab uh Bhatia. I I I run my own small uh incubation fund, hands-on venture. It's a pretty small fund, but I also run another company. So my point of view is very different. I believe 2026 is the best year in the last decade for founders to raise money. If you don't raise it this year, then 27-28 you might regret. So if you have to put all your chips and the reasons I'll first speak from a macro trend, SP 500 is gonna go much higher. Number one, interest rate may go down a little bit. The next six months is gonna be the uh like there are so many IPOs that did not happen, they're gonna happen in the next six months, which means there will be a tremendous amount of liquidity that will go back to the initial uh investors. Also, there is a biggest macro trend with regards to the MAs or what I call in the technology world the side deal MAs that are happening, whereby it's not a traditional MA, but NVIDIA is able to acquire the companies. So all of that is gonna happen in the next six to eight months. What does that mean? That a lot of people will have a lot of money to invest, badly invest. So that's the first uh point of view that I have. Investors won't like you to hear it, but this is the the the fact. So if you are thinking of, hey, I'm I want to raise money six months later, don't wait. That would be my only answer. Just go and and me. And the second point is if you want to raise money, which you talk about the SPIR or the or the other way of the government grant funding, that's that was their the lifeline for the medical field funding. But is that the right way for maybe that was the reason why the industry did not grow because so many people just got grants because they were good in the legal process of getting grants rather than having a good product. So that is the that is the actual reality. So what I personally believe is because the the West Coast VCs they have already overinvested in the traditional AI in the tech, you can see the crazy valuations. So they're thinking, which is the next trillion dollar market? Boom, healthcare is. So now compared to the traditional VCs who would never touch healthcare, today you go to them, but say AI first and healthcare later, then you'll probably get funded. Yeah.

SPEAKER_11: 1:23:27

Well, and how many of us in the room wish we would have bought beach front property in 2008? Exactly. Should have bought or did buy. And so I'm uh I moved twenty-seven times all over the world. Just in Florida, there was a beachfront property listed for three hundred thousand dollars. Now it's six million. It's more and buffet theory personified to get in while everybody's getting out. And we're almost on the cusp because these these startups can only survive so long. I mean big companies can only survive so long because they cut all of their RD spent during COVID, right? And they let go of all that infrastructure. This stuff right here in this room today is the most challenging thing possible in that. Right? And it's gonna be us sitting in this room who can survive it.

SPEAKER_21: 1:24:32

I'm Keith Devishnudas, and I'm not in the 3D space. I do ultrasound, so it's 2D at the moment. But digital AI guidance for ultrasound. I'm just wondering, given what he said, that it's gonna be harder to raise money. We're just trying to raise a late seed. Should we then raise a larger round to cover us for the I'm saying it's it's easier to raise money now than it was last year.

SPEAKER_07: 1:24:58

I mean it depends. Let me just add a comment here. What we learned kind of the hard way is every market segment has a very different dynamic. Life science is the most challenging one compared to tech. Tech is software, and you can get something going in six months, and you think you're worth 30 million dollars. In fact, one of my panels about three, four months ago, I met this Indian kid that came here from India to start an AI company, very smart. And so he said, Can we meet for coffee, get some advice? Sure, I hope I love to do that. I always speak with startups probably once once a week, somebody just for free, just a chat. And then he's telling me all his idea and everything. I was like, not a bad idea. He said, Well, do you want to invest? And I said, Well, what's your valuation? He says, 30 million. One guy with an idea. And I said, Our whole portfolio is worth 30 million. And so you gotta be so um in everything but AI, you're right. In AI, it's insane, and like I said, it's it's a bubble, bubble like the internet, because it's gonna get commoditized. We're all gonna use it, computing power is gonna be down. Um but um and some investors want a quicker return. And life science is more difficult, and biotech is the worst. And the medical devices our biggest portfolio percentage is medical devices. Biotech is number two. In fact, here is there's one of our portfolio companies. So anyway, it's not I don't think you can say startups, and you got to look at segments and where and more detail.

SPEAKER_18: 1:26:43

Okay, so we are right on time, which is awesome. Um, and this is just really to get a conversation started. It is by no means to answer all questions or building relationships. So I'd like to move on to our next panel so we can keep this event going and so that you can actually get to talk to these guys individually, one-on-one. So thank you so much for being here with us today. Thank you.

SPEAKER_16: 1:27:04

I think you are.

SPEAKER_18: 1:27:05

Am I good to go?

SPEAKER_09: 1:27:06

Well, they just decided on a break. Yeah? Okay, Jenny told me to say it's not a break yet. Okay, hello everyone. My name is Carolina, and I'm the CEO of Voxel, and it's a pleasure to be here. So thank you, Jenny, for inviting us. And just for those of you that who do not know Voxel, what we are doing is we are 3D printing human tissue. And our human tissue is vascularized, and the idea is quite simple. It's drug developers, pharmaceutical bombers, test the drugs here in a human tissue before testing. Okay, so we're gonna test the round is what's done. It's a classic representation, it's not our real sample, but it's the same complexity that we create. Our resolution, on the other hand, is sub-microme. So we are able to create, we have a resolution of 500 nanometers using our 3D printing technology that was fully developed by me and my team. And of course, as you can imagine, the problem that we are trying to solve is the high attrition rate, is the fact that drugs are passing animal models and are failing in people and are passing all these platforms that are tested in the live that cannot actually mimic the complexity of the human tissue. And that's what Voxel is changing. What Vauxhell is doing is we are putting vasculature at the center of our technology. And our goal is really, as I said, test your drugs here, inject your drugs through the blood vessel, how drugs are meant to be injected, and analyze how these drugs are interacting with that disease, modeling to track failure earlier, to get reliable information earlier on. These tissues are viable for three weeks, so they allow you to do very long-term studies. They have a very complex blood vessel network fully coated with endothelial cells. Right now, we are using HUVEX, or umbilical vein, but also stem cell derived, so um endothelial cells in the tissue. These tissues are multicellular components, so they have the immune system, we have the cancer system, and we are having this trauma system in that environment. And of course, you really allow you to have information on how these drugs are penetrating throughout this vasculature into the area, the target area. And there has never been a better moment to invest in a technology like this, to be working on a technology like this. What we are seeing is a huge shift on regulatory, decreasing failure in humans. That's the goal. That's what we want to get to the point. So stop testing animal models and trying to find platforms that can actually bridge that gap. So I have a video here that hopefully works that takes us inside of the voxel tissue model as you not very good, but it allows us to really see the vasculature. Oh, that doesn't do much justice. So our technology, I will pause in here and then just say that these tissues are created inside of these well plates. So we are offering 6, 24, and 32. So we have different types of complexity, but the goal is really you can control the flow individually in these tissues. So you can have different types of therapies going at the same time, and we have flow throughout the entire experiment. So we are controlling the flow rate and it's unidirectional. So it's really mimicking what is happening inside of your blood vessels. Right now, we are really focused on oncology and immuno oncology and also in barrier models, but we're also talking about inflammation, fibrosis with other CROs. And our goal is really to create the pre-clinical testing platform to get to understand how drugs are behaving a lot earlier in the pre-clinical testing. And we are doing this with multiple partners. So we have partners in North America, we have partners in Europe, and the way that we are engaging with these partners is through partnerships, but also through services agreements. So we have people shipping the drugs to us in Canada, and this type of agreements are right now ranging from 100 to 500,000, and we are testing the drugs in-house in our facility. And of course, we also have consumables that are ready to go. What we are offering here is on top of the vasculature and the complexity is that reproducibility because we have that submicron resolution. Every tissue looks and behaves exactly the same way. What we are doing right now is raising a series A. And the goal with this series A is to unlock about 7 million in revenue. So it's our goal to scale. That's our series to scale. Um, and really allow us to have this technology into the hands of multiple CROs. CROs is our end goal, and we're already engaging with multiple CROs, large CROs, and also already discussing acquisition with some of them, which is pretty impressive. And we are a five-year-old company, just so you know. It takes a village to get us to hear. Jessica is here, Rocketby is our lead investor, and we are also proud to be women-led, 50% women, 50% immigrant. In our board is actually 75% women. And before I leave, I want to tell you a little bit about the fact that this reality is already changing. We're already seeing platforms allowing pharmaceutical companies and CROs to go to clinical trials without testing animal models. And Voxel is here to be the main change, especially with the vasculature. Our goal is to accelerate drug therapies, allowing them to hit the market sooner into the hands of people who need them. Thank you very much.

SPEAKER_02: 1:32:28

Hi everyone. Excited to present Crycore. So let's just uh dive right in, right? And really the driving force or this technology stems from a Harvard Medical School lab, specifically the Shrek Zang lab. And here we we've been able to assemble complementary skill sets and complementary pieces to now address one of these really pressing challenges in today's society. So let's just take a step back and look at the current landscape of drug discovery, right? And we all kind of know this there's a big failure rate, preclinical, clinical. But really, if we look on the right hand side and we see this timeline of these regulatory frameworks that we just heard a little bit about, we can see this huge pickup or this huge surge in the tailwinds for these new alternative methodologies, right? These NAMS. And basically what what this or the theory behind this is if we find new preclinical models, they will help us get from preclinical to clinical in a more efficient and effective manner. So defining these preclinical models, we can look from left to right, 2Ds, ferroids, organoids, organs on chip, and bioprinted tissues. And as we shift or translate left to right, we have an increase in human relevance. So we can create more complex tissues, more complex models, but we also have an increase in their complexity or like how difficult it is to manufacture these models, right? So if you if we hone in on bioprinting specifically, we can see that there's a technology that has the potential to create these very complex models, but it's limited by technical and logistical challenges, right? And that's what we're kind of trying to address. So to understand these technical and logistical challenges a little bit better, I'll let this video play in the background. But I think we can all kind of appreciate how difficult really it is to do power printing, right? It's a it's a big challenge because it involves several different aspects. You have the biology, material optimization, right, to ensure that the cells are happy, that you can print the material. Then you have to go all the way into the hardware, right? The electronics, the software behind it, making sure it's printable, reproducible, that you can do this in a scalable manner, that is a big challenge currently today. And then on top of all that, it's the the shelf life of these tissues are extremely limited. So as soon as you print the tissues, you have to use them immediately. And this is really not practical or efficient at all. So what ends up happening is you have this technology with a lot of potential that people are excited to use, but they can't really use it, right? And this is not only affecting people in a localized manner, but it's really affecting everybody on a much larger scale. And that's what we're trying to tackle. How can we like enable bioprinted to be adopted so it's to standardize and really utilize technology? So to address this, we came up with this solution for the past six years called cryobioprinting, where we have these cryobioinks, and you can't really see it on the video too too much, but basically these cryobioints are leveraging bioprinting with NC2 cryopreservation. So, in doing so, we now extend the shelf life of these tissues so that they can be stored long-term months potentially, right? And that's kind of interesting. And we can do this in a high throughput reproducible and automated fashion, as we see on the right-hand side of the video. And this enables us to create these cryobioprinted in vitro models, right? And they're ready to use, they're human relevant, and they're personalized and customizable. And but what really, really excites us about this technology is the fact that we can now create this sort of platform where we can take different types of cells to create a multitude of tissue types in a wide variety of formats, and they're all customized and personalized. So, how do we plan on commercializing this, right? We have three different channels, pharma, biotech, and co-cells. On the pharma side, won't dive too into it, but we we're finalizing this MTA with a pharma partner to now commercialize in 2027. On the biotech side, we have three LOIs with CROs and research groups as well, and we hope to commercialize and have some uh news on that in the coming weeks to months. Looking a bit on the technology because just because it's beautiful pictures and all that, and really here we see a case study of this pancreatic tumor stroma model. Won't get too into it or too nerdy, but really what we're trying to say is that with bioprinting, we can now like create these complex tumor microenvironments so that ultimately when you do test drugs, as we see on the bottom right, this proof of constant drug screening, it can better translate to human outcomes, right? So this is our current S. We're asking for two million for a pre-seed round, out of which we have 750k already committed. And now we're really excited to push this technology forward and hopefully create uh impact in that bioprinting can now be a widely adopted tool for everybody.

SPEAKER_06: 1:37:02

Thank you. All right, folks. Uh, thanks for taking the time. Uh run off PDF today, so the videos won't work, so you're gonna have to bear with me as I go through this. But nice to meet you all, Drick Art and Show 3 with 3D Biofiber, uh, continuing the Canadian representation of the day. 3D Biofiber, we are a biomaterials manufacturing company. We're focused on structural biopolymers. Uh, structural biopolymers are materials that include things like chitosan, which are fibers that make up the shells of lobsters and crabs, collagen, which is the most abundant protein structure in the human body. Collagen fibers hold basically all of our tissues and organs together, and spider silk, a material we're all familiar with. Uh, the commonality between these materials is that their fibrous function is actually, their fibrous form, sorry, is actually critical to their structural function. So collagen, the molecule, has evolved over billions of years now to actually self-assemble into a fiber that holds all of our organs together. And spider silk is another example where the spider silk molecule can lock together with other spider silk molecules to form a spider silk fiber, which is ultimately stronger than steel. If these materials were available in their fibrous form to industry, they actually solve a lot of problems. So, collagen fibers, for example, could replace nylons and other petrochemical-based materials that are used in surgical materials to create load-bearing but biocompatible alternatives. And cellulose and a number of materials are being used in sustainable textiles to replace petrochemical sources and things like spandex driving the sustainability of that industry. But the reason these materials aren't used today is that they're not available in their fibrous form. They're only available in their molecular subunits, which don't play any structural function and thereby leave over$100 billion of opportunity across these markets untapped. This is the problem that we've solved at 30 biofiber. The slide is way better when the videos work, but we invented a what we call a dry spinning methodology to form fibers out of basically any self-assembling biopolymer at a quality and scale that just hasn't been done before. The way our process works is really simple. If you imagine I had glue between my fingers and I pulled my fingers apart, you would imagine how that would form a fiber between my fingers. The physics of our process is exactly the same. We start with a polymer solution that's normally based in collagen, and then we can extend that between a paddle and a pin array, forming thousands of fibers, which we can then stack on a substrate to build non-woven scaffolds. We can completely control the thickness, the porosity, and the design, which in turn controls things like how quickly cells can interact with that material, fully grow into that material, as well as the handling properties and the suture retention strength. We work with GMP inputs and can make very consistent batch to batch materials. This second video that's overlaid is actually a sith axis robot that you can't see because it's hidden behind the wall there. But it's a sith axis robot that we use in manufacturing in a fully clean room compliant manufacturing system. We can pull fibers that are a meter by a meter, so we can make meter by meter scaffolds that can then be. Turned into drafts, for example, in one of our wound care applications with a NASDAQ listed company. Along with making scaffolds, we also make yarns. Again, a video heavy slide, so it doesn't look great here. But the way this works is we use uh two tracks to make fibers that overlap, and then we transfer them onto a winder, and they can make yarns out of these collagen fibers or any other polymer fibers that can then be woven, braided, or knitted into surgical textiles. So, for example, with collagen, a bid space for that is sutures, uh, surgical materials for tendon lidament implant, uh hernia meshes. We heard a little bit today about a transvaginal mesh where there are a lot of problems and they're looking for material alternatives. All of those materials are surgical textiles that are looking for new material inputs that we're working towards. And this image at the bottom here is actually 50 meters of a collagen fiber that we've shipped to one of the top players in the suture space in an active development we have there. So our business is completely partnership-based. Uh, we have over 30 companies now in our partnership pipeline, including billion-dollar companies and NASDAQ listed companies. So we're getting very good traction on this partnership model. Majority of our focus is in med devices, specifically in surgical materials. We're working with the top player in sutures to develop a pure collagen suture that's load-bearing for three months plus, but ultimately resorbable. Um, we're working with a billion-dollar company in sports medicine to make a braided collagen yarn implant for tendon ligament repair. And then, as I mentioned, we're also working in the mesh space for pop meshes and hernia meshes. But beyond med device, we're also getting traction in other industries. We have two signed deals with two different groups of the US Navy for defense applications. One's focused on port security, the other is for IR signal management in a radiation concealment effort. Um, we have a deal with the largest global cosmetics company for an anti-wrinkle application. And we're also working in apparel with the Global Athleisure brand to replace spandex and biopolymer, which is with a sustainable alternative. And that attraction that we're getting in these other industrials is really just driven by the scale of the tech. Uh, we're the first technology that these companies are coming across that can actually reach the metric ton scale that they need to make the market economics viable. In our financing history, we actually just closed a seed round in uh 2025. The use of proceeds of that is to move the business towards profitability. Um, we're expecting to be a breakeven business by the end of this year as our revenues continue to grow. Uh, we are anticipating raising a series A next year. Uh, a lot of the partnerships that we have right now are sort of in a development to license period or an option to license type agreement. We're currently in the option period and we're expecting to convert those either later this year or early next year. So the series A round is really going to be structured as a poor gas on the fire type around. We're bringing that in to really scale this and really extract as much deal value from these deals as we can. Um, thank you for your time, and I'll be here to take questions.

SPEAKER_23: 1:42:51

I have a question for Voxel. What are I guess is it a custom 3D printing platform and materials that you're printing with, or is it commercially available?

SPEAKER_09: 1:43:01

It's 3D soft proprietary technology that we put together. So it's our own true photon bioprinter that we are now also coupling with other types of 3D printers in the same bioprinter, together with our own proprietary materials. So it's our biomaterials are scaffold-based, together with our software. So the software is the main trade secret. The software is what generates the blood vessel network, the optimal blood vessel network for the tissue that you're trying to print. So it's taking into consideration, you know, physiological constraints, it's technological connotation, um, diffusion parameters, all of that to then generate the best blood vessel network. So it's these three components working together to then create these tissues. And we are holding the technology in-house right now. So the tissues are printed in-house and then they are shipped, and then we're testing house, but the technology is only available by Voxel at this point.

SPEAKER_23: 1:43:52

Okay.

SPEAKER_09: 1:43:53

The printer.

SPEAKER_10: 1:43:55

Yeah, hi. So I had a question for 3D Biofiber. I wanted to cra congratulate you on breaking even potentially this year. I guess I wanted to ask, what are some of the risks to you actually being able to break even? And then from that, how do you plan to stay profitable as you scale over time?

SPEAKER_06: 1:44:12

Yeah, thanks for a question. Um, the biggest risk for us right now is really based around uh the scale up of, especially that yarn capability that we have. About 80% of our revenues are tied to that manufacturing capability. And that's a capability we brought online less than a year ago. It actually came from originally, we were doing only the non-woven scaffolds, and we started talking to these surgical material companies and sutures, sports medicine, earnier meshes, et cetera. And they said, what you're doing is great, but we need a form factor that's actually amenable to processing using their already established manufacturing techniques, which were all textile processing techniques. So they were like, if you can make a continuous fiber like a wool or cotton that we can then process, it made sense. So then we had a concept for how to do that when we were at JPM last year with no actual data and got good traction and interest in that. And then over the last year have gone to just commissioning our first fully automated end-to-end yarn production system. We're currently a line right now delivers about half a meter of fiber per minute. I mean, we need to get that to about five meters a minute. So that's our goal for the first half this year. Um, but that has the technical risk that scale-up has attached to it. Um, and a lot of those development milestones that we have in our deals are tied to that scale up. So that's the biggest risk right now, is our ability to live deliver on that. We feel quite good about the progress we've made, going from no line to a fully automated line in less than 12 months. I think the last 12 months has actually been harder than what the next 12 months will be. But that's that's really the biggest scale-up. And then as we line that down, the scale past that isn't really all that challenging. Each line there costs us less than$8,000 to stand up, and you could fit one line on the size of this table in front of me. So it's a pretty low capital business to scale up because these lines aren't all that hard. And we're taking over a new facility next month that has about 8,000 square feet, to which 4,000 square feet is clean room compliance space. Um, and we're using that to move towards ISO 1345 manufacturing.

SPEAKER_11: 1:46:07

Thank you.

SPEAKER_22: 1:46:07

Thank you. Thanks for the presentations. For the two companies pursuing, just call it the biopharma tools side. It seems like the bar for success in that space nowadays is some sort of unique biological insight that's capable based on the system that you provide, not just sort of new functionality, but actual insight. How do you think about the unique biological insights that are facilitated by your platforms?

SPEAKER_09: 1:46:30

I think, I think that's one point, but I think the second point too is also actually showing value and showing translation. I think that's the point where Voxel is. Because complexity is complexity until we actually prove that complexity has any value, right? We are not doing complexity just for the sake of it. So our goal is really to prove that translational piece. So what we are doing right now, this Q1 is especially, we have three partnerships ongoing right now with actual drugs that have gone through the whole process. And then we are running to our platform. So that type of data, that gap that we're trying to close. So it's more than just specific assays that we are running and the complexity that we are creating, but actually adding value, real value to the pharmaceutical company and to the SRL.

SPEAKER_02: 1:47:17

Yeah, great question, actually. And to that, I'll I'll add a different point. I think sometimes when we talk to these people, you know, they don't know what they don't know or they don't know what they want because they haven't been able to use bioprinting. So if you tell them, like, hey, what like structure do you want to print? How complex, let's like get 10 cells in there, like, I don't know, I just want to drop right. So I think you you really have to be able to deliver on the reproducibility aspect, the high throughput aspect, making sure that it's able to be adopted. Those are critical pieces that are like fundamental across. But more on the like, how do you get people to convince them that bioprinting is feasible? I think that's something that the onus is on us, shown like, hey, if you're able to do like precise spatial resolution, then you will be able to translate better to clinical trials. So, how can we get data to showcase this? And then hopefully that will enable us to leverage to the next milestones.

SPEAKER_18: 1:48:05

Okay, that's uh one last question. Anyway, I thought I thought someone was raising a hand, though. Okay, well, I have one last question before we can all go for a snack. What is uh one proof point that you can reach to the next milestone? I think some of some of you guys already presented, but like just real quickly to recap, what is one proof point that you think you're on the next stage of your product development?

SPEAKER_09: 1:48:29

For us right now, as I said, third party validation. That's the key. So proving the drugs that are already on the market, approving our platform, and also proving the failure, the drugs that have failed to get to the market, proving our platform. So that third party validation, that's where we are right now.

SPEAKER_02: 1:48:44

Yeah, longer scale. I think we we also have to encounter that. We're a bit earlier stage on our side, it's more on the technical aspects. Can we hit the throughput and the reproducibility required to show that this is more than just a cool academic project, but something that can actually be translated and adopted? So from our conversation, if we're able to deliver on these two critical milestones, throughput and reproducibility, then we feel strongly and confident that people will be excited about this technology. So that's what we're looking forward and that's where we're focused.

SPEAKER_06: 1:49:10

We just over the last month did a full year of forecasting. So there are a bunch that are circulating around my head, but I think if I had to pick one, the biggest one for us is we have a lot of uh partners in this sort of what I call like pay-to-play phase where they're paying us for development to get to somewhere, and then that triggers a license. I think the biggest thing for us is to get that first company into that license phase. And and we have a couple of shots on that on that this year.

SPEAKER_18: 1:49:33

Excellent. Well, thank you very much, everyone. Okay, I I want to appreciate that you stayed despite a party is really happening outside. Let's grab something, uh snag, relax for 10 minutes, and come back for a really awesome panel. Thank you.

SPEAKER_25: 1:49:50

Awesome. Hi, everyone. My name is Nick Hill Joshi. I'm co-founder and CEO of Cellular Vehicles. So, what if we could treat the root cause of disease rather than just the symptoms? This is the question. There we go. So, this question is being answered by a new generation of therapies that are moving down the pharma pipeline: cell therapies, gene therapies, exosomes, uh, tissue engineered therapies, radiopharmaceuticals. Of these, cell and gene therapies are leading the way. There are now over 1,500 active clinical trials in cell therapy. There are over 15 FDA-approved cell therapy drugs. And as of 2025, four of those are blockbuster drugs, which means 1 billion plus in annualized revenue. Now, the problem is these advanced therapies have really complex final formulation and delivery workflows, processes that make them challenging to scale. And so we believe at Cellular Vehicles, we can build a new platform for final formulation, dose preparation, and delivery that leverages the most recent advances in microfluotics, robotics, and AI. The incumbent tech providers, tools providers are leaning on outdoed outdated tech that was designed for a previous generation of therapies that don't work very well for this new generation. So that's all very high level. Now let me get down to exactly what we're working on. So the first pain point that we're addressing is for cell therapy delivery. So today, fewer than 3% of hospitals in the US can offer these treatments, largely because there's a complex pharmaceutical pharmacy infrastructure that's required to deliver these therapies. And that really only exists at these large academic medical centers like UCSF and Stanford, but not at hospital sites where most patients get their care. The large network hospitals, I don't know who's in the Bay, who's from the Bay Area, but you know, the Kaiser Permanentes of the world, the Sutter Health, et cetera. What we're doing at Cellular Vehicles is we're taking that infrastructure required to offer these therapies and we're putting it in a box. So pictured there on your right is our pilot system. It's called the Odyssey System Model One. So it takes advantage of microfotics, robotics, and AI, and to take all that infrastructure, so both the specialized labor and then all the fragmented pieces of equipment that would be present in an advanced pharmacy, but not present at these other hospitals, and we're putting it into this box. Here's a quick video that kind of shows the difference between how the process has to be done today, which is at, you know, at the academic medical center, and then on the bottom, what you saw is the user just loading our kit, pushing a button. And we have a pre-programmed protocol that we develop with that pharmaceutical company that's developed that drug that automates that entire process. So the fun way that we like to think about it, the analogy is it's kind of like an espresso machine for cell therapies, where rather than the different pods and the different programs that can make your cappuccino or latte, like you saw out there. In this case, you have your frozen cryovile of cells, which arrives in a little vial. And then you have our disposable kit that gets loaded onto the machine. We've developed a protocol or translated a manual protocol and put it onto this machine. The user essentially loads it, pushes a button, and the ready-to-administer drug product is ready to go. The vision here is that we'll help pharma deliver these new drugs at 10x more hospitals to reach 100x more patients, which will unlock multiple billions in opportunity for these pharma, of which we would capture some of it. I've chosen not to go super in the weeds on the go-to-market strategy, but we sell, our buyer is the pharma. So we sell to them. We start with a pilot to clinic program, which we're doing today. We've brought in 425K through this pilot to clinic program. This year we're going through regulatory compliance and launching with our first few partners in their clinical trials. And then eventually, as some of our partners reach FDA approval, we help them scale. So we help them deliver these drugs at not just their clinical trial sites, but a much larger set of clinical sites. So as I said, the pilot program has generated K from these different partners across these various areas. Neurology, cell therapies is a big area because they have really complex final formulation because there's very high concentration, very low volume doses. So we have an NIH funded project in that area. Um and then ophthalmology and radiopharmaceuticals as well have very similar challenges. So speaking of the kind of tissue engineered therapies area, we basically submitted, we pitched the NIH through a phase one SVIR program through to essentially take our system and adapt it for not just cells in media, so cells in liquid media, but cells that can be suspended in hydrogel constructs. So similar to what you were describing in certain respects, but some of these therapies, you can't formulate the therapy at the CDMO or the manufacturing facility and then ship it via cryo. So it has to be formulated at the hospital site. So we thought we can take our core platform, the same capital hardware, with some modifications to the microphytic chip and the liquid handling automation. We could develop a version of it that can take cells, hydrogel creaker solutions, and uh essentially formulate that gel that's ready to inject at the clinical site. So that phase one has gone really well. We have a pending phase two, which, as many of you know, it's dependent on the SBIR program getting reauthorized. So we're, you know, closely following the bills that are uh being debated in in Congress at the moment. A little bit about us. So myself and Marcus are the co-founders of the company. Our background is in biomedical engineering, both on the medical robotics side, but also regenerative medicine side. So this company and this product is sort of a nice skin diagram of our skill sets. And then we have a small team of four staff who are bringing amazing competence across the bio and the robotics side. Outside of the core team, we have support of various institutions, including our VCs that have funded us, various accelerator programs that we've gone through, including NetTech Innovator and BioTools Innovator. Um you met Jim earlier. Uh, and then we have a set of advisors that are helping us from the clinical scientific side and business development side as well. To date, we've raised$2 million. Uh we're now raising a$5 million round that's led by a fund called Pilates Capital. They're just across the Bay in Emeryville. It's a milestone-driven round. So there's three tranches the capital is going to come in at. We're doing our final close of tranche one. So we have only TK left in external allocation. We're looking to wrap that up at JPM this week. And then tranche two will most likely close later this year, and tranche three will be in the back half of 2027. All of this will help us do a limited market launch in our first vertical, expand into new verticals, and go from there. So I'll stop there. Our mission is to accelerate the advent of the curative therapies and ensure that all patients have access to them. Happy to chat later. Thank you.

SPEAKER_15: 1:56:26

All right. Thank you everyone for sticking around. I am the CSO and founder of Lyric Bio. Um, my name is Dr. Melanie Matthew, PhD in immunology, and I've been around 3D printing for a little while. So this is my second company in the space. Um, we recently closed a$7 million round. So this is not really a pitch check, but more just to show you what we're up to. All right, so Lyric Bio, complex human therapeutics manufacturing. So we have one singular goal at this company right now, and that is to build the next generation of biomanufacturing to reduce the cost of IVIG and reduce the donor dependence. Does anyone in here know what IVIG is? It's very a few people, I feel see a couple hands. This is a$20 billion global pharma market. It is absolutely massive and no one talks about it. It's used to treat everything from autoimmune disease to primary immunodeficiency to inflammatory disease, sudden inflammatory disease outbreaks, and it is incredibly supply limited, which is why for the second company I decided to build, we decided to go after this specific market. And I'm going to tell you how we're going to do it. So I was the founder and CEO of Prelis Biologics for about eight years. Prelis is still actively running. I replaced myself as CEO happily. It's a lot of responsibility. And then brought in a really great pharma CEO, sat around on the board for a little while as CTO, and I said, Hey guys, I think we're leaving some of our really cool bioprinting technology on the table. Let's go build another company out of it. So the technology that Prelis has is the fastest high-resolution bioprinting, bar none. There's nothing even close. We're about 50,000 times faster than our nearest neighbor in bioprinting for the resolution that we can get. And so that makes us a true manufacturing powerhouse. Something that takes us about 30 seconds to print would take the nearest neighboring technology several days, five to six days. All right. And right now Prelis is building human lymph nodes for rapid monotonal antibody discovery, and they're doing a phenomenal job. So let's talk a little bit about the core technology. So this is a real-time printing video off of our gen 2. We're probably several years past this now. It's just a nice video I like to trot out that demonstrates how we print microvascular structure and how fast we can do it. So we are, again, several, it's about 10,000 times faster than this video right here. But we can print really any scaffold that you might imagine down to the micron level resolution. And we do it in seconds. And we do this by depositing light across an entire field of view nearly all at once. Now your eye will be drawn to where the brightest part is, but I assure you, microvasculature is being printed all at the same time there.

unknown: 1:59:12

All right.

SPEAKER_15: 1:59:12

So we've done a lot of interesting things with this. We've tested over 40 different cell types, primary human cells, different cell lines, combinations of different cells to make more functional organ-like systems, finally landing on the lymph node as a core functionality at Pralus Biologics. But just to also let you guys know, because it's not so intuitive, a tumor this size, we can grow for several weeks. This is usually where they go hypoxic and die. And so we are delivering oxygen, nutrients, and removing waste out of these tissue like scaffolds. All right. And so Lyric Bio, um, we hold an exclusive license to Prelis' technology for biomanufacturing, full stock of the technology right down into the trade secret. All the IP that Prelis holds that we've built over like Last 10 years, Lyric Bio has access to. We're using it to produce high density B cell culture for this in vitro production of IVIG. And this is what we plan to do to the current market, this$20 billion market. Right now, it takes about seven to ten donors donating their plasma to produce one average dose of IVIG. We plan to grow up a single donor's B cells, expand them in vitro, and then culture them in these high-density cultures, supplying the oxygen, the nutrients, all of the waste removal that you would expect from a normal human tissue, and reduce that by about 10,000 fold. So we think we can get to 10,000 fold fewer donors in the supply limited product just to some neat biomanufacturing. That's really because of the Lyric, we've already been able to demonstrate we're getting about one to two billion cells per cubic centimeter or per milliliter of bioreactor, which more closely matches human tissue than any other bioreactor in the market. All right. So this is kind of our funding, our founding rationale. This is what I've pitched the board at Prelis more or less. A little more complex, but one donor's B cells can be expanded to seed three to four of these high density bioreactors. And then after that, we simulate the B cells simply the way you do in the literature. And this has been studied over and over again. There's several publications on this showing that stimulating these expanded B cells produces an IVIG like product straight into the media. And so we're not reinventing any science here. We're simply giving the cells a place to grow in high density and supporting them. All right. And uh this is my co-founder, Gay Shannon. He is the CEO of um Lyric Bio. I recruited him because this time around I wanted to be closer to the science and I'm enjoying it a lot. And uh that's me. So if you'd like to ask us any more questions, um I'll be around for the rest of the night. Last speaker.

SPEAKER_01: 2:01:59

Yeah, uh, thanks for sticking around. Probably a bit of an outlier because what we do is probably not only interesting for investors, but also two out of two founders that I talked to want to buy uh some uh want to buy our system, essentially. So we are Quantica and uh we've spent the last seven years building a new type of ink technology for hyperscaling many types of production, but in this case also medical production. Just a bit of an overview. In 2018 we started essentially building our own printheads uh just in in a garage in Germany, and we wanted to print sort of electrically conductive materials and also the PCB layer uh materials. Then we started iterating hundreds and thousands of hand builds, well thousands of built printheads until we we were able to eject uh resinous materials that were also used uh sort of for dental models. Then we got to know a dental partner, IbuClave Vivadent, who then invested and now we're building essentially a dental printer for them because we validated that we can print highly uh brake-resistant materials. Um but then we got even more customers in the field of 2D applications, like for adhesives, etc. And now we basically have come to a point where we have a skilled team of 50, mostly engineers, uh based in Berlin and Barcelona, and we're basically now ready to ship our industrial scale system, which provides our high-viscosity inkjet printhead for inline production, for example. And this is the essential the core of what we did. We have nine patent families on this technology. Uh, it's a very significant and new type of development in the inkjet space, fundamentally very different to any inkjet system out there. Uh, we have a very high displacement actuation system, and this allows us to print at 8 kHz with 96 nozzles, so 768,000 uh drops per second, 1.4 liters per minute uh per hour that this printer can uh throughput. And um yeah, the key to all of this is this new technology. It allows sort of large particles and very highly viscous material to be ejected. And this is this is the core essentially of what enables new materials. Uh so we've unlocked essentially digitization, digitized the position of thousands of new materials that were previously completely unavailable for inkjet processes and for medical uh technology. This of course uh includes Viscous Bio, Inks validated these types of systems with uh a team at TU Berlin, uh, where we had uh sort of uh hydrogel recursors that were cell laden because of their viscoelastic nature, they could be survived the jetting and form uh capillary structures. We also had other photosensitive resins or aqueous uh polymer casting materials in the production of micro needle patches that was ejected. And yeah, the fundamental difference is really the viscosity. It's much more complicated than just that. But uh this 250 amp millipescal seconds is um basically scares to at room temperature materials that are super thick, like uh 15,000 amperes, like you can see on this on the right-hand side. And uh so these sticky type of materials could typically never be digitally ejected in any way. You have to use you know single nozzle dispensing units, spray coating, or other types of coating methods. And so yeah, this allows uh to enable many different types of applications. We're doing yeah, we're doing uh a fuel uh um fuel cell uh uh sort of um sorry fuel cell uh uh materials that that uh enable bonding, electrical motors. We're also in uh sort of looking at applications in the um windows and flooring space. That's one of our first sort of large-scale uh systems that we're building currently. And we also have a super interesting case with a pharma company to do drug delivery. And so all of these things uh that you see we we only do with paying customers. So we only do this if a business case exists and uh if they're willing to pay the large sums for the testing of their and validation of their materials. And so this is what we've looked at essentially in the medical sector. So starting with full digital printing, we enabled and fully validated sort of new type of silica loaded resins that uh we formulated specifically with the dental partner, specifically for our system, and that are super brake resistant and can deliver the full value of the entries uh that are 3D printed. Also comparable to milling systems. In terms of speed and cost, we're much better than that, even. And then uh we're currently exploring with a US-based company to print microneedle patches. And this is basically the silicon mold filling exercise where we have to hit the needle tips very precisely to eliminate uh gas bubbles, and we can do that with multimaterial. So we can do uh only the tips that are the uh material that carries the therapeutic, like GRP1 drugs, for example, in this case, and then we have more viscous material that can build out the needle body. And this is the type of uh yeah um advantage that we give there, and we we can make this scalable so uh they want to produce 500 million units per year, and we can do that essentially with three production lines, not hundreds of systems, but very, very low amount of systems because yeah, it's just so scalable. We also are considering to look into peptide array synthesis, uh, where we supply different materials to different sections of the of the printhead. So you can uh do combinatorics very fast. And then also we have uh worked with the team at TU Berlin to do validation of uh the component polymer as a capillary scaffold. And one of them was actually even cell laden that enables uh yeah the capillary to then supply nutrients during organ printing. This one's going quite slow, but uh that's why I'm here. I'm looking for new types of applications in the space. And so this is uh basically um uh a demonstrator of industrial scale uh units that we sell. So these have the entire fluid supply inside them, and uh you can see that we do an adhesive application at very high speed. Um we can go up to 1.2 meters per second to do a full digital application of these highly viscous materials. Uh we can do them inline, we can do different types of arraying of these uh systems, and we do good, we can do it fully scalable. And if you are interested in you know scaling up your production, that might be relevant to you. Uh overall, doing we we we had a um revenue stream roughly last year of 8 million. We're expecting uh 19 million next uh this year, um, with 13 already booked. Yeah, did uh I think 23 million of funding until now, and we are going to uh do an a B round next year of 20 to 25 million. Uh no, this year, sorry. This year in May, roughly. So we are looking, we're talking with different uh investors like Novo Holdings who are very interested in in the uh micronedal uh array system. And yeah, if you're interested as well, come talk to me. Thank you.

SPEAKER_18: 2:09:22

Okay, it's getting late, and we only have a couple minutes left. So I will just skip the QA and I think now we're in full party mode, if you're still in the mode. And uh yeah, I I just want to say a final thank you to our sponsor of the night, KL Gates, and especially all the staff members who really helped us. And also our intern, I have to give her a shout out, Faith. Huge help tonight. So thank you very much for joining us, and I hope you success uh for the JP Morgan events.