2023 Startups to Watch: CNYBAC MDIC Graduate MindTrace Technologies

By Nate Doughty - Reporter Pittsburgh Inno Journal
April 11, 2023, 10:05am EDT Updated 04/13/2023 3:29 pm

This is one of Pittsburgh Inno's 10 Startups to Watch in 2023. These budding enterprises have been selected following suggestions made by experts in the startup community and an evaluation by editorial staff at Pittsburgh Inno and the Pittsburgh Business Times. A list of all 10 Startups to Watch in 2023 is now available to read online.

MindTrace Technologies Inc.

About the company: MindTrace Technologies Inc. specializes in creating software for clinical teams to simulate surgical plans that can help predict the cognitive outcome of neurosurgery patients. The company’s software aims to protect the minds of patients by allowing doctors to make more informed decisions before operations begin. It is one of a select few startups that have been placed into the AlphaLab Health accelerator program and is actively involved in the program’s second cohort of startups. Founded in 2020 by CEO Max Sims, CTO Hugo Angulo and Chief Science Officer Brad Mahon, the Highland Park-based startup has raised exactly $907,865.50 in outside investment, including a $350,000 funding award from the Richard King Mellon Foundation in December 2022. MindTrace currently employs three workers.

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Why we’re watching: Like its Startups to Watch peer Abridge AI Inc., CB Insights named MindTrace to its Digital Health 150 list of the most promising medical startups in the country. MindTrace has created a unique tool for the medical field that has the potential to greatly benefit neurosurgery patients. The startup said its focus on pre-operative planning and cognitive outcome prediction aligns with a rising trend of personalized medicine and precision surgery. With its recent funding from the RK Mellon Foundation, MindTrace can continue to expand its reach and partnerships, particularly with an upcoming consortium of seven hospitals.

What’s their vision for 2023: “While it’s important for MindTrace to continue derisking the regulatory path forward, we are also closing in on important product development milestones made possible by our recent fundraising,” Sims said. “This is allowing us to finalize hospital sites, with clinical users already in place, for a new multi-site prospective clinical study to start in 2023.”