Vancouver-based REDpoint International won the Fall Northwest Startup DEMO event Thursday evening in Seattle. REDpoint, one of six finalists in the competition, had demonstrated its StedLine Products System, including an IV sleeve that stabilizes catheters without the use of tapes or adhesives. The sleeve reduces the risk of preventable IV failures.
The company, with seven employees and offices at 705 S.E. Chkalov Drive, is preparing a plan to raise up to $2 million in angel investment funding, said Vice President Valerie Vance. It received its first production run of the IV sleeves six weeks ago and hopes to sell 10,000 by the end of the fiscal year, Vance said.
Northwest Startup DEMO, sponsored by the MIT Enterprise Forum of the Northwest, is held twice a year. Other partners are the Alliance of Angels, Keiretsu Forum, Puget Sound Venture Club, Seraph Capital Forum, TacomaAngel Network and ZINO Society. A panel of judges from angel investment firms selected REDpoint for the recognition.
