Roslyn, NY, June 4, 2015 – Accelerate Long Island and the Long Island Emerging Technologies Fund (LIETF) have announced an investment of $100,000 in Right Dose Inc., a high-tech startup based on research conducted in the Department of Radiology at Stony Brook Medicine. Right Dose was incorporated in 2011 in New York State and its primary product is called Scannerside, a cloud-based radiation dose monitoring system.
Accelerate Long Island provided a $50,000 grant to Right Dose from its $500,000 Seed Fund, which was established by a grant from New York State Empire State Development awarded by the Long Island Regional Economic Development Council. The LIETF is comprised of Topspin Partners and Jove Equity partners. Accelerate Long Island’s grant matched the LIETF’s $50,000 investment. Right Dose is the seventh investment to date made by the Accelerate Long Island Seed Fund and the LIETF.
Right Dose’s Scannerside product is helping the medical industry move to the next level of patient care and is a leader in radiation dose management and patient safety. The researchers at Stony Brook Medicine believe that Scannerside is the only cloud-based radiation dose monitoring system that can be rapidly deployed so that facilities can improve patient safety in days, not months. Scannerside’s radiation dose management innovation allows facilities to compare their doses to other facilities across the entire country as part of the only Real-time National Radiation Dose Database developed by Right Dose. Right Dose has eight customers on Long Island and New York and several national customers with additional contracts pending and the company is currently generating revenue.
“Scannerside enables us to go from the idea of big data to the reality of usable data. With the data we collect from Scannerside, we are able to collect radiation dose measurement from anywhere in the world and then instantaneously compare those results to other facilities. This allows for a level of patient safety that was never achievable before. I thank Accelerate Long Island and the LIETF for their investment and confidence in Right Dose,” said Dr. William Moore, the company’s President.
Dr. Moore is the Vice Chair of Education in the Department of Radiology at Stony Brook Medicine and a Radiation Safety Officer at John T. Mather Memorial Hospital. He has received various grants and authored publications on radiation dose monitoring. The Vice President, Dr. Ronak Talati, completed his residency in radiology at Stony Brook Medicine and has a background in Computer Science. He recently completed training for body imaging at Duke University.
The funds will be used for marketing of the radiation dose software and for research and development of a new product called Scannerside Dose Check in response to new federal legislation being enforced this year. The Scannerside Dose Check will cause CT scan machines to turn off if there is a higher dose of radiation than is acceptable.
“Right Dose, a Stony Brook University technology, is already gaining momentum with Scannerside and this funding will assist in attracting more customers and further developing the product. Right Dose joins the Accelerate Long Island Seed Fund’s portfolio of six other high-tech startup companies that are all commercializing research and have made significant progress in obtaining follow-on investment and grants and achieving scientific milestones,” said Mark Lesko, Executive Director of Accelerate Long Island.
“Right Dose is capitalizing on the world-class research conducted at Stony Brook and the entrepreneurial spirit of New York State,” said Cara Longworth, Director of the Empire State Development Long Island Regional Office. “Not only is Right Dose creating jobs and boosting the local economy, the Scannerside product it’s developing will save lives around the world.”
“The Long Island Emerging Technologies Fund and the Accelerate Long Island Seed Fund’s investment in Right Dose will take it to the next level in terms of customer base and product development, helping the high-tech startup to grow right here on Long Island,” said David Calone, CEO of Jove Equity Partners and founder of the Long Island Emerging Technologies Fund.
“Topspin Fund is pleased to participate in the investment of Right Dose through the Long Island Emerging Technologies Fund. Accelerate Long Island has been an excellent partner in finding promising early stage deals emanating from Long Island’s research institutions and we look forward to continue working with them,” said Leo Guthart, Managing Director of Topspin Partners.
“Right Dose is an early stage startup company, but is already ahead of the game in terms of actually selling its product to customers and solving an important health issue. We hope this investment will enable Right Dose to make strides in radiation dose monitoring and be successful on Long Island,” said Steve Winick, Managing Director of Topspin Partners.
“The technology behind the Scannerside product developed at Stony Brook is another example of our medical researchers translating their discoveries into clinical care use,” said Stony Brook University President Samuel L. Stanley Jr., MD. “Part of Stony Brook’s mission is to foster opportunities through breakthrough and translational scientific research and to help grow the biotechnology sector on Long Island and in New York State. By investing in this technology, Accelerate Long Island will help advance its applications and broaden uses for this important patient safety product.”
“Right Dose is another example of the opportunity we have to commercialize groundbreaking research on Long Island. Right Dose joins an impressive portfolio of high-tech startups and I thank Accelerate Long Island, the LIETF, and New York Empire State Development for advancing our innovation-based economy,” said Kevin Law, President and CEO of the Long Island Association and Chairman of Accelerate Long Island.
Accelerate Long Island and the LIETF’s initial six investments include Codagenix, Goddard Labs, Green Sulfcrete, PolyNova, SynchroPET and Traverse Biosciences. Accelerate Long Island is a unique collaboration among the region’s world-class research institutions and business community, dedicated to commercializing research and creating an entrepreneurial ecosystem. Accelerate Long Island’s Board includes the Presidents of Brookhaven National Laboratory, Cold Spring Harbor Laboratory, Hofstra University, North Shore-LIJ Health System, Stony Brook University, and private sector partners include the Long Island Association, Topspin Partners, Jove Equity Partners, Ernst & Young, Farrell Fritz, and the Rauch Foundation. For more information, visit www.accelerateli.org. Twitter: @AccelerateLI.