As the CEO of Sarepta Therapeutics from 2011 to 2015, Chris Garabedian led a biotech firm striving to find cures for rare diseases. But because such diseases usually affect only a small population, it became difficult to collect a robust dataset on patients during clinical trials—the lengthy and rigorous process by which drugs are able to receive Food and Drug Administration approval for safety and efficacy.
At the time, Garabedian wanted to see if Sarepta could collect more data on its trial patients through the use of wearable sensors—but in 2011, as he recalled to dot.LA, it was hard to find technology that could collect and organize that kind of information.
More than a decade later, as the portfolio manager of an early-stage biotech investment fund, Garabedian is backing a company that’s looking to do just that.
VivoSense, a Newport Beach-based biometric data company, announced on Wednesday that it has raised $25 million in Series A funding co-led by Garabedian’s Perceptive Xontogeny Venture Fund and the Debiopharm Innovation Fund, the corporate venture arm of Swiss biopharma company Debiopharm. The new funding takes VivoSense to a total of $27 million raised to date..
VivoSense CEO Dudley Tabakin.
Photo courtesy of VivoSense
The startup collects and organizes data from biometric sensors that are used during clinical trials. The sensors track data like heart rate, breathing and bone density as participants use a drug, and provide valuable information to help understand how a drug affects a patient’s day-to-day life.
“There was a need to analyze that data and start using it to develop outcome measures that could be used in clinical trials by pharmaceutical companies,” VivoSense co-founder and CEO Dudley Tabakin told dot.LA.
The Series A funding will go towards building out VivoSense’s data technology for clinical trials, as well as for physicians who rely on remote monitoring technology to track patients who cannot visit the doctor as frequently.
“Pharmaceutical companies and biotechs should be proactively thinking about incorporating these types of methods into their clinical trials,” Garabedian told dot.LA. “It could make the difference between an approved drug or not.”
In 2020, the FDA revised its clinical trial standards after the pandemic kept people from leaving their homes, opening the door to a slew of companies tackling every aspect of a remote and distributed clinical trial system that still needs to be painstakingly accurate. El Segundo-based Lightship raised $40 million in September to create a fully-integrated virtual clinical trial setting, while Culver City-based Science 37 has received backing from large pharma companies like Thousand Oaks-based Amgen to make it easier for clinical trial conductors to find patients in a socially distant world.
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On July 5, the program will welcome its fourth cohort of startups from around the world, participating in a hybrid combo of virtual and in-person sessions. Each cohort includes between five to 10 companies.
Long Beach, along with Cal State University, Long Beach’s Institute for Innovation and Entrepreneurship and capital provider Sunstone Management, are all partners in this public-private model of startup investment. The accelerator itself operates as a nonprofit.
Long Beach Accelerator Managing Director Andrea White-Kjoss
The city provides help with some funding, covering the costs for some low- to moderate income Long Beach-based founders whose companies are accepted into the accelerator.
The organization's partnership with CSULB enables it to help founders move from idea stage to execution at the institute, and then advance to business growth via the accelerator.
Sunstone Management, a private capital management and investment firm, provides funding for the incoming cohorts. The firm's venture capital fund typically invests $100,000 in the startups as soon as they join the accelerator and takes a 6% equity stake in return.
Sunstone had also been providing some follow-on funding on a case-by-case basis. It upped the ante earlier this year by promising an additional $500,000 to current cohort and alumni.
“It's a model that brings enormous resources to the table for our portfolio companies, as well as for economic development, acting as a growth engine for the region,” managing director Andrea White-Kjoss told dot.LA.
A serial entrepreneur who has served as CFO at several companies, White-Kjoss came aboard as the founding managing director in July 2020. Before that, she co-founded seed-stage funding platform ExtraVallis, based in Rancho Santa Fe, and founded Mobis Transportation, which was the product of a public-private partnership with the city of Long Beach.
She also happens to be a 17-year resident of the city.
“So I know intimately how attractive this city is to tech entrepreneurs, from the high-tech industries, to the culture and lifestyle, to the world-class workforce and institutions,” she said. “When you bring all of that together...the opportunity to build a tech accelerator, and more than that really, a tech ecosystem here in Long Beach, was natural and irresistible.”
The accelerator was originally intended to be in-person, but quickly had to pivot to remote sessions during the pandemic. It remains virtual, for the most part, “which has turned out to be a huge source of strength,” White-Kjoss said.
That’s because the founders come from all over the world. There’s no geographic restrictions on who’s accepted and no need to burden founders with moving to Long Beach to participate.
White-Kjoss said the move has fostered diversity, and enabled the accelerator to draw on an international network of mentors, instructors, advisors and investors.
They—along with the accelerator’s staff of three facilitators — get to know the companies and their founders “deeply” and provide individualized assistance, including building strategic partnerships with potential customers and/or marketing partners.
There is still an in-person aspect to the accelerator. All cohort founders fly into Long Beach for about two weeks during the program. While there, they attend in-person workshops and networking events. They also participate in a Demo Day, with investors present. This helps the companies get additional seed funding for continued growth once they graduate.
So far, five graduating startups have received acquisition offers—but none have taken them.
White-Kjoss said that’s because those founders “felt they had much further to take their companies, at least in some degree, due to the empowerment of the tools, resources and networks provided by the accelerator.”
Bump's Success
One success is Los Angeles-based Bump. Since graduating from the Long Beach Accelerator, Bump has raised more than $5 million, co-founder and CEO James Jones told dot.LA.
It’s currently participating in another accelerator, Snap’s in-house Yellow Accelerator, which is now a co-lead investor in Bump, along with Sunstone.
The company is working on an AI-fueled fintech platform for the creator economy, which hasn’t yet launched. It would help creators track revenue from multiple sources, monitor expenses, access credit and manage their crypto and non-fungible tokens (NFTs).
The company has started a waitlist, for access to its credit and financial management tools. Once the services are available users would pay about $400 per year.
The company also plans to integrate micro-advances into its platform, designed to enable creators to stay in full control of their finances and keep 100% of the rights to their work.
Jones said that participating in the Long Beach Accelerator’s very first cohort was a “great springboard” for the company.
Specifically, sessions on customer personas and discovering addressable markets, as well as mentor meetings were “invaluable,” he added.
Meet the Startups In the Long Beach Accelerator's Latest Cohort:
Apsy: Creating the first true fully AI platform to build affordable elegant custom apps.
Crumbraise, Inc.: Fundraising made easy for creators, clubs & causes.
Educational Vision Technologies, Inc.: Automated video editing and content curation using A.I. to make online learning accessible, efficient and engaging.
Gift Pass App Inc.: Streamlining experiences around digital gifting & payments.
The Girls Co LLC: We are a women's health company that is currently focused on a solution to alleviate period cramp pain.
Intellitech Spa Inc.: Intellitech is a realtime telematics, predictive maintenance and driver behavior monitoring platform.
Kwema: Kwema provides an easy to scale Smart Badge Reel Duress Service that reduces incident response time without escalating the situation.
Pathloom, Inc.: Outdoor trip planning made easy!
Rotender: The world's fastest and most reliable bar.
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