Luminoah

Industry
Medical Device
Founded Year
2020
Headquarters
1 Morton Dr Ste 100, Charlottesville, Virginia, 22903, United States
Employee Count
19

Key People

Assessment

Team
Aspect: First-time 10+ yrs
Summary: The leadership team comprises individuals with over a decade of experience in their respective fields, including medical device development and financial management.

Garrett brings over 15 years of medical device development experience, while Liz has held leadership positions in both public and private companies, including venture capital management. This combination of technical and financial expertise is advantageous for a startup in the MedTech sector.

Clinical Need
Aspect: Very Strong
Summary: Luminoah addresses a significant unmet need in enteral nutrition by offering a portable and intuitive feeding system.

Traditional enteral feeding systems often limit patient mobility and quality of life. Luminoah's wearable system allows patients to feed anytime, anywhere, addressing these limitations and offering a substantial improvement over existing solutions.

Competition
Aspect: First mover
Summary: Luminoah appears to be pioneering in the portable enteral nutrition space with limited direct competition.

The enteral nutrition market has seen limited innovation in portable solutions. Luminoah's approach positions it as a first mover, potentially capturing significant market share before competitors emerge.

Technical Challenge
Aspect: Moderate
Summary: Developing a portable, connected enteral nutrition system presents moderate technical challenges.

Creating a wearable system that combines durable medical equipment with consumable nutrition pouches and remote monitoring involves integrating various technologies. Ensuring reliability, safety, and user-friendliness adds to the complexity.

Patent
Aspect: Applied
Summary: Luminoah has applied for patents related to its technology.

Securing patents is crucial for protecting intellectual property and maintaining a competitive advantage. While the patents are currently pending, their approval would strengthen Luminoah's market position.

Financing
Aspect: Well-funded
Summary: Luminoah has secured $6 million in Series A funding.

The $6 million Series A round, led by Frys Path Capital and including other investors, offers Luminoah the financial backing needed to advance its product development and prepare for commercialization.

Regulatory
Aspect: Running FIH
Summary: Luminoah is in the process of conducting first-in-human trials.

First-in-human trials are a critical step in demonstrating the safety and efficacy of medical devices. Successful completion will pave the way for further regulatory approvals and market entry.

Opportunity Rollup

Odds of Success
3.95
Peak Market Share
5.85
Segment CAGR
5.9%
Market Segment
Medical Device
Market Sub Segment
Enteral Nutrition Devices
Year Post Launch Market Penetration (%)
1 0.29
2 0.88
3 2.05
4 4.10
5 5.85

Key Takeaway

Luminoah's innovative portable enteral nutrition system addresses a significant clinical need with strong market potential, supported by an experienced team and solid financial backing.