"I love to be involved in something that makes a change in someone's life. That's why, through our companies, we design products that make a positive impact. We're not just saving lives, we're helping people live better lives. That's what I enjoy the most," shares Abhita Batra. Her vision for Neuro42, where she is co-founder and CSO (chief strategy officer), is fusing MRI technology, artificial intelligence, and robotics. Occupying space in this interdisciplinary field positions Neuro42 as a pioneer.
Abhita's journey is paved with both academic rigor and real-world experience. Her impressive educational background, starting with a foundation in biotechnology and culminating in executive MBAs from top institutions, speaks volumes about her dedication to continuous learning and growth. She honed her skills in business development and strategic consulting in various firms like 8chili, Otomagnetics, Admac Oncology, and Navya Biomedical Technologies.
Her focus today is Neuro42, which has achieved significant milestones since its founding in 2020, including raising $18 million in funding.
The origin of Neuro42 is a story of seizing opportunity and technological innovation, which began when the founding team licensed a novel technology from Massachusetts General Hospital. Today, it forms the basis of their intraoperative MRI system, capable of scanning patients for brain injuries during surgery.
But Neuro42's ambition soars beyond scanning. They envision an even more transformative future, one where MRI seamlessly integrates with AI and robotics as demonstrated by their collaboration with Johns Hopkins.
Neuro42’s diagnostic technology is designed to be integrated in various settings, ranging from stroke and urgent care centers to office environments while their interventional product, on the other hand, is aimed for use in ICUs and operating rooms.
Neuro42 just received 510(k) clearance from FDA for its portable diagnostic MRI scanner.
Key Learnings From Abhita’s Experience
- At the outset of your startup, your first two concerns should be building a knowledgeable and adaptable team and conducting a thorough market analysis to pinpoint the gap you aim to fill.
- When it comes to navigating the regulatory landscape, you should meticulously plan your path, realistically predict the corresponding timelines, and allow your team enough room to respond to FDA's requests while ensuring your course aligns with fundraising milestones.
- Every stage of your company requires a different approach to fundraising. The amount you’re raising, the promises you’re making, and the proof you need to show all vary. But in essence, the key is to present a compelling case and communicate it clearly to potential investors and partners.
With expertise in oncology, biotech, and medical devices, Abhita Batra co-founded and currently leads strategy at Neuro42, a startup developing an innovative MRI platform. Abhita holds a B.E. in Biotechnology from Panjab University, an M.S. in Pharmaceutical Biotechnology from the University of Pennsylvania, and Executive MBAs from UCLA Anderson and the National University of Singapore. Before Neuro42, she started several companies and held a variety of roles in business development and strategic consulting with organizations such as Otomagnetics and Admac Oncology.
Don’t Build on a Weak Foundation
In the high-pressure furnace of medtech, success often hinges on the ambitions of a team of individuals who take the work very personally.
"Every stage has its challenges, but you have to understand the challenges very well," Abhita asserts.
At Neuro42, she began with assembling the right group of people. "It all starts with a good team,” she says. This includes finding individuals who not only possess the necessary skills but also understand the demands of the startup environment. There's a significant difference between individuals who've built their careers in established, mid-to-large companies and those who've cut their teeth in fast-paced startups. Until you gain firsthand experience, it's easy to underestimate the level of agility and decisiveness required in a startup setting.
The second key item on Abhita’s startup to-do list is in-depth market analysis. Before diving into any venture, it's crucial to identify a genuine market gap that your company aims to address. Simply having a good idea often isn't enough — in fact, it can be misleading. “Does [the gap] even exist?” Abhita challenges entrepreneurs to consider.
Besides that, the market needs to be big enough. After all, it’s business. If there is no ROI and people don't see how they're going to make money, there’s no point in investing. After determining the market gap, you need to determine the market size. This will also give you an idea about the size of the investment you need.
Fully understanding these principles requires thorough market research. This step is essential in developing an effective product development pathway, navigating regulatory landscapes, finding crucial funding, and planning for successful commercialization.
Don’t Skimp on Experience When Engaging FDA
Dealing with regulations and running the right clinical trials at the same time is a huge challenge; a challenge that requires strategic planning.
Working on Neuro42 isn't the first experience of its kind for either Abhita or her team. Having already guided products through various regulatory processes and eventual commercialization, she was well-acquainted with interacting with FDA well before Neuro42. However, the regulatory landscape is far from static; it's ever-evolving. This means that every new product introduces new challenges. In that sense, prior experience is a valuable but not all-encompassing asset. The true strength of a team lies not just in its prior experience but in its adaptability and innovative thinking.
Abhita stresses the importance of accurately estimating timelines for regulatory submissions. You need to allow your team ample time to respond to queries from FDA. She advises, “You need to plan ahead. It’s something that needs to be thought through very well before even starting the company.”
Engaging regulatory consultants and advisors can be very helpful, especially if you lack direct experience. "The challenge everyone faces is not having the experience, or not getting the right advice," Abhita notes, underscoring the need for expertise, be it in-house or outsourced.
The timeline for regulatory approval is also an essential aspect of fundraising. A well-vetted plan is critical for operational effectiveness and achieving milestones. If you don’t have a plan, or if you fail to clearly communicate the plan to your potential investors, you have a problem.
Fundraising as Your Startup Evolves
There’s a huge financial reality of launching a startup, particularly in the world of life sciences: it’s a capital-intensive endeavor. Almost every single startup, whether it's medtech or biotech, is going to require a fair amount of financial support. According to Abhita, "[raising funds] is the most exciting part of the venture for an entrepreneur."
To that end, convincing investors to commit not only to the current stage but also to future rounds of fundraising requires demonstrating potential for a return on investment (ROI). "The valuation needs to be there," Abhita explains, so that investors can see the potential for a profitable return. That means you need to think strategically, with a well-defined plan.
Each stage of fundraising requires a different audience. For example, the early years of capital raising can be through high net-worth individuals, the people you have worked with in the past, or a syndicate of angel investors. But the scale and source of fundraising evolve as the company grows. In the latter stages, like Series C or D, you aim for larger funds, which means you need to target investors who can write the size of the check you’re looking for. Finally, when you hit the commercialization phase, Abhita emphasizes the shift towards revenue metrics and the potential of raising debt.
"Your investors have a business model and they need to return capital to their LPs," Abhita explains. However, each of them might have different demands. Understanding the specific needs and policies of each partner is crucial. For that, you need effective communication and adaptability in negotiations—knowing what to emphasize to one investor, and what to another.
Nonetheless, these phases of fundraising aren't entirely different, Abhita reassures. At every step, you must tell a compelling story that aligns with your clinical and regulatory roadmap, then clearly communicate that to potential investors, i.e., how their funds will be used and what milestones you aim to achieve. This, indeed, is a time-intensive process and can easily become a full-time job for a CEO, especially in the current economic climate.
Abhita’s overarching advice is to surround yourself with the right people and be aware of the market conditions at every stage. But also, "learn not to quit," she urges.
Abhita’s perseverance is clearly reflected in Neuro42's prestigious partnerships, including collaborations with renowned institutions like Harvard Medical School and Massachusetts General Hospital. As Abhita reflects, "Strong partnerships are very important to drive growth."
"I love to be involved in something that makes a change in someone's life. That's why, through our companies, we design products that make a positive impact. We're not just saving lives, we're helping people live better lives. That's what I enjoy the most," shares Abhita Batra. Her vision for Neuro42, where she is co-founder and CSO (chief strategy officer), is fusing MRI technology, artificial intelligence, and robotics. Occupying space in this interdisciplinary field positions Neuro42 as a pioneer.
Abhita's journey is paved with both academic rigor and real-world experience. Her impressive educational background, starting with a foundation in biotechnology and culminating in executive MBAs from top institutions, speaks volumes about her dedication to continuous learning and growth. She honed her skills in business development and strategic consulting in various firms like 8chili, Otomagnetics, Admac Oncology, and Navya Biomedical Technologies.
Her focus today is Neuro42, which has achieved significant milestones since its founding in 2020, including raising $18 million in funding.
The origin of Neuro42 is a story of seizing opportunity and technological innovation, which began when the founding team licensed a novel technology from Massachusetts General Hospital. Today, it forms the basis of their intraoperative MRI system, capable of scanning patients for brain injuries during surgery.
But Neuro42's ambition soars beyond scanning. They envision an even more transformative future, one where MRI seamlessly integrates with AI and robotics as demonstrated by their collaboration with Johns Hopkins.
Neuro42’s diagnostic technology is designed to be integrated in various settings, ranging from stroke and urgent care centers to office environments while their interventional product, on the other hand, is aimed for use in ICUs and operating rooms.
Neuro42 just received 510(k) clearance from FDA for its portable diagnostic MRI scanner.
Key Learnings From Abhita’s Experience
- At the outset of your startup, your first two concerns should be building a knowledgeable and adaptable team and conducting a thorough market analysis to pinpoint the gap you aim to fill.
- When it comes to navigating the regulatory landscape, you should meticulously plan your path, realistically predict the corresponding timelines, and allow your team enough room to respond to FDA's requests while ensuring your course aligns with fundraising milestones.
- Every stage of your company requires a different approach to fundraising. The amount you’re raising, the promises you’re making, and the proof you need to show all vary. But in essence, the key is to present a compelling case and communicate it clearly to potential investors and partners.
With expertise in oncology, biotech, and medical devices, Abhita Batra co-founded and currently leads strategy at Neuro42, a startup developing an innovative MRI platform. Abhita holds a B.E. in Biotechnology from Panjab University, an M.S. in Pharmaceutical Biotechnology from the University of Pennsylvania, and Executive MBAs from UCLA Anderson and the National University of Singapore. Before Neuro42, she started several companies and held a variety of roles in business development and strategic consulting with organizations such as Otomagnetics and Admac Oncology.
Don’t Build on a Weak Foundation
In the high-pressure furnace of medtech, success often hinges on the ambitions of a team of individuals who take the work very personally.
"Every stage has its challenges, but you have to understand the challenges very well," Abhita asserts.
At Neuro42, she began with assembling the right group of people. "It all starts with a good team,” she says. This includes finding individuals who not only possess the necessary skills but also understand the demands of the startup environment. There's a significant difference between individuals who've built their careers in established, mid-to-large companies and those who've cut their teeth in fast-paced startups. Until you gain firsthand experience, it's easy to underestimate the level of agility and decisiveness required in a startup setting.
The second key item on Abhita’s startup to-do list is in-depth market analysis. Before diving into any venture, it's crucial to identify a genuine market gap that your company aims to address. Simply having a good idea often isn't enough — in fact, it can be misleading. “Does [the gap] even exist?” Abhita challenges entrepreneurs to consider.
Besides that, the market needs to be big enough. After all, it’s business. If there is no ROI and people don't see how they're going to make money, there’s no point in investing. After determining the market gap, you need to determine the market size. This will also give you an idea about the size of the investment you need.
Fully understanding these principles requires thorough market research. This step is essential in developing an effective product development pathway, navigating regulatory landscapes, finding crucial funding, and planning for successful commercialization.
Don’t Skimp on Experience When Engaging FDA
Dealing with regulations and running the right clinical trials at the same time is a huge challenge; a challenge that requires strategic planning.
Working on Neuro42 isn't the first experience of its kind for either Abhita or her team. Having already guided products through various regulatory processes and eventual commercialization, she was well-acquainted with interacting with FDA well before Neuro42. However, the regulatory landscape is far from static; it's ever-evolving. This means that every new product introduces new challenges. In that sense, prior experience is a valuable but not all-encompassing asset. The true strength of a team lies not just in its prior experience but in its adaptability and innovative thinking.
Abhita stresses the importance of accurately estimating timelines for regulatory submissions. You need to allow your team ample time to respond to queries from FDA. She advises, “You need to plan ahead. It’s something that needs to be thought through very well before even starting the company.”
Engaging regulatory consultants and advisors can be very helpful, especially if you lack direct experience. "The challenge everyone faces is not having the experience, or not getting the right advice," Abhita notes, underscoring the need for expertise, be it in-house or outsourced.
The timeline for regulatory approval is also an essential aspect of fundraising. A well-vetted plan is critical for operational effectiveness and achieving milestones. If you don’t have a plan, or if you fail to clearly communicate the plan to your potential investors, you have a problem.
Fundraising as Your Startup Evolves
There’s a huge financial reality of launching a startup, particularly in the world of life sciences: it’s a capital-intensive endeavor. Almost every single startup, whether it's medtech or biotech, is going to require a fair amount of financial support. According to Abhita, "[raising funds] is the most exciting part of the venture for an entrepreneur."
To that end, convincing investors to commit not only to the current stage but also to future rounds of fundraising requires demonstrating potential for a return on investment (ROI). "The valuation needs to be there," Abhita explains, so that investors can see the potential for a profitable return. That means you need to think strategically, with a well-defined plan.
Each stage of fundraising requires a different audience. For example, the early years of capital raising can be through high net-worth individuals, the people you have worked with in the past, or a syndicate of angel investors. But the scale and source of fundraising evolve as the company grows. In the latter stages, like Series C or D, you aim for larger funds, which means you need to target investors who can write the size of the check you’re looking for. Finally, when you hit the commercialization phase, Abhita emphasizes the shift towards revenue metrics and the potential of raising debt.
"Your investors have a business model and they need to return capital to their LPs," Abhita explains. However, each of them might have different demands. Understanding the specific needs and policies of each partner is crucial. For that, you need effective communication and adaptability in negotiations—knowing what to emphasize to one investor, and what to another.
Nonetheless, these phases of fundraising aren't entirely different, Abhita reassures. At every step, you must tell a compelling story that aligns with your clinical and regulatory roadmap, then clearly communicate that to potential investors, i.e., how their funds will be used and what milestones you aim to achieve. This, indeed, is a time-intensive process and can easily become a full-time job for a CEO, especially in the current economic climate.
Abhita’s overarching advice is to surround yourself with the right people and be aware of the market conditions at every stage. But also, "learn not to quit," she urges.
Abhita’s perseverance is clearly reflected in Neuro42's prestigious partnerships, including collaborations with renowned institutions like Harvard Medical School and Massachusetts General Hospital. As Abhita reflects, "Strong partnerships are very important to drive growth."
