OnLume Inc.
- Industry
- Medical Devices & Equipment
- Founded Year
- 2015
- Headquarters
- Madison, Wisconsin, United States
- Employee Count
- 26
Key People
- James A. Bowman - Chief Executive Officer
- Adam Uselmann - President & Chief Technology Officer & Co-Founder
- Daniel Lawton - Senior Vice President of Strategy & Corporate Development
- Thomas Rock Mackie - Executive Chairman & Co-Founder
- Kevin Eliceiri - Co-Founder & Director
- Andreas Velten - Co-Founder & Director
- Benjamin Titz - Co-Founder & Director
Assessment
- Team
-
Aspect: Multiple successful MedTech entrepreneurs
Summary: The leadership team comprises multiple successful MedTech entrepreneurs with extensive experience in medical imaging and device development.
The presence of seasoned MedTech entrepreneurs in the leadership team provides OnLume with strategic insights and industry connections, significantly boosting its prospects in the competitive medical device market.
- Clinical Need
-
Aspect: Very Strong
Summary: OnLume addresses a critical need for enhanced visualization in surgeries, aiming to improve precision and patient outcomes.
By providing real-time, high-quality imaging during surgeries, OnLume's technology meets a significant clinical demand, potentially reducing complications and enhancing surgical success rates.
- Competition
-
Aspect: Somewhat crowded
Summary: The market for surgical imaging systems is somewhat crowded, with several established players offering similar technologies.
While the market has multiple competitors, OnLume's unique features, such as compatibility with a broad spectrum of dyes and effective operation under well-lit conditions, can serve as differentiators.
- Technical Challenge
-
Aspect: Moderate
Summary: Developing and integrating advanced imaging systems into surgical workflows presents moderate technical challenges.
Ensuring the imaging system's seamless integration into existing surgical procedures without disrupting workflows requires careful design and testing, posing moderate technical challenges.
- Patent
-
Aspect: Strong
Summary: OnLume holds strong patents protecting its fluorescence-guided surgery technology.
Strong patent protection safeguards OnLume's innovations, preventing competitors from easily replicating its technology and providing a competitive advantage in the market.
- Financing
-
Aspect: Medium
Summary: OnLume has secured significant funding, including a $7 million Series A round and a $2 million Phase II SBIR grant.
The secured funding enables OnLume to advance its technology, conduct necessary clinical studies, and execute its commercialization strategy, positioning the company for growth.
- Regulatory
-
Aspect: 510k/PMA
Summary: OnLume received FDA 510(k) clearance for its fluorescence-guided surgery system in 2020.
Achieving FDA clearance validates the safety and efficacy of OnLume's system, allowing the company to market its product to healthcare providers and institutions.
Opportunity Rollup
- Odds of Success
- 3.55
- Peak Market Share
- 4.8
- Segment CAGR
- 4.0%
- Market Segment
- Surgical Imaging Systems
- Market Sub Segment
- Fluorescence-Guided Surgery
| Year Post Launch | Market Penetration (%) |
|---|---|
| 1 | 0.24 |
| 2 | 0.72 |
| 3 | 1.68 |
| 4 | 3.36 |
| 5 | 4.80 |
Key Takeaway
OnLume's innovative fluorescence-guided surgery system addresses a critical clinical need, supported by a strong team and adequate funding, positioning the company for growth in a competitive market.