Torrey Smith, co-founder and CEO of Endiatx, started out in numerous medtech startups as an R&D engineer. After a decade of bringing other people's dreams and visions to life, he decided it was time to make his own mark in the industry.
His love for Sci-fi inspired him to develop the PillBot™, a futuristic invention that aims to change the landscape of the endoscopy devices market, which is valued at over $42 billion.
This vitamin-sized intra-body robot can be remotely piloted to transverse the digestive tract and transmit real-time footage that will aid doctors in diagnosing gastrointestinal ailments.
The California-based medical robotics company has made great progress in under four years, from assembling its first football-sized prototype to creating advanced, pill-sized models that Torrey has swallowed himself.
Endiatx secured about $1 million in funding from angel investors, venture capitalists, family, and friends in its early days. About 20 months after he swallowed his first PillBot in June 2020, Torrey's team successfully closed their seed funding round.
The company has since performed a live swallow demo at the 2021 International Forum on Advancements in Healthcare (IFAH) conference, moved into an 8,700-square-foot building, and recently announced a know-how license agreement with Mayo Clinic.
As his company continues to pioneer the development of groundbreaking technology, Torrey finds himself constantly outside his comfort zone, navigating various challenges, from raising investment funds to seeking FDA clearance for the PillBot.
In this episode of Medsider, Torrey shares how to utilize social media to build connections, how you can weave storytelling into constructing an attractive founder's profile, and the benefits of incorporating existing technologies into your product's development.
Key Learnings from Torrey's Experiences
- Don't be afraid to experiment with existing concepts when developing a product. Some of the most incredible inventions are built upon the adaptation, modification, and combination of technologies, data, and mechanics that already exist.
- Leverage social media platforms to reach doctors, investors, stakeholders, and your targeted users. You'll never know when a single post, video, or email can help you connect with someone who can support your product's regulatory process or expedite its adoption in real-life clinical settings.
- Never underestimate the power of sharing your product development progress from the very start. This helps you establish connections with people who will be eager to invest in your vision, even in the early stages.
Torrey Smith co-founded Endiatx alongside fellow Silicon Valley technology experts Dan Moyer, James Erd, and Alex Luebke. After leaving a different medical device company to scratch his entrepreneurial itch, Torrey and his co-founders are developing a new technology that aims to lower the barrier for patients to get diagnosed and treated for gastrointestinal diseases.
Leverage Existing Technologies, Concepts, and Data
A common misconception is that you'll need a completely new and revolutionary idea to disrupt the healthcare landscape. But the PillBot attests to the power of innovating and adapting existing technologies to create a product with even more capabilities that can address important healthcare issues.
For instance, the PillBot isn't the first device built upon the concept of microrobotics for diagnostic or interventional medicine.
NaviCam and PillCam are other medical devices that have ushered in monumental breakthroughs and advancements in the utilization of microrobotics in healthcare. The PillBot combines existing mechanics that help devices move through water bodies with elements that remote-controlled drones employ.
Through the strategic adaptation of these available technologies, the PillBot was designed to be the "eyeball in the stomach." This device will enable doctors to receive visual inputs of a patient's gastrointestinal tract through a pill-sized robot, reducing multiple hospital visits and endoscopies into a convenient, at-home Zoom call.
"You look at their journey and ask them what their experience is like, and usually, they'll tell you they went to the hospital a bunch of times before a doctor spent five to ten minutes looking around with an endoscope and then told them they had gastritis," Torrey says.
Essentially, the PillBot was designed to lower the barrier for patients to get diagnosed and treated for gastrointestinal conditions. Yet, this groundbreaking invention did not require never-heard-of mechanics or novel technologies to shift the healthcare landscape in a tangible manner.
Furthermore, the company is now looking to attain FDA clearance through the 510(k) or De Novo pathways, both heavily reliant on existing predicates.
In other words, currently-approved products using similar technologies can pave the way for you to get your device into the market quicker through a fast-tracked clearance process.
Don’t Underappreciate Social Media as a Valuable Networking Tool
Torrey uses social media platforms such as LinkedIn and YouTube to share the progress and development of the PillBot. According to him, LinkedIn has played a significant role in amplifying the company's reach and success. But this came about with an intentional commitment and initiative to network and build genuine connections with doctors and prospective investors.
"I am so grateful to the LinkedIn platform because it allowed me, as literally someone kind of starting from scratch, to just start sharing the journey and start making friends. And if your title on LinkedIn said Gastroenterologist, there's a good chance you had an invite in your inbox from me," Torrey notes.
Networking has helped Endiatx garner the interest and support of experienced, renowned, and highly-respected gastroenterologists, some of whom have joined the company’s medical advisory board.
Torrey's team also frequently uploads YouTube videos about the PillBot to increase product awareness and bring more people on board with their vision.
Of course, this doesn't discount the importance of physical networking and attending in-person events. But with the exponential growth of social media, it's wise to utilize these platforms to network with people in your field and even worldwide.
Share Your Product Development Process in Real-Time
Getting investment dollars is one of the biggest challenges a medtech startup like Endiatx often faces. For example, Torrey mentions that the company has eyes on a market launch sometime in 2026, which equates to roughly seven years of research, validation, and product iteration before any commercialization (and revenue) can take place.
According to Torrey, storytelling was the simple yet powerful strategy he took to get venture capitalists, doctors, and investors to fund and support his company's growth. That said, you don't have to wait until you have a finished, perfected end-product before telling your story.
Torrey leveraged the power of storytelling from the get-go by sharing the Pillbot development process with just about anyone happy to listen.
"It's a story that you tell your team and when you're trying to bring people on board. This story helps you make it real to your investors and to stakeholders like doctors. And then, eventually, it goes all the way to patients when you're finally saying, hey, we're trying to change your life substantially for the better. The storytelling never ends, and there's something kind of beautiful and sacred to it," Torrey says.
Torrey also emphasizes the importance of being vulnerable and open with your journey. This gives your company a unique heartbeat and fosters a personal and genuine connection with those following along.
Through his email updates, Torrey shares the achievements he's proud of, as well as the struggles, challenges, regrets, and fears he encounters, showcasing his grit to make the PillBot a reality.
"Share your ideas, share your dream, but make yourself dangerous. If you're unwilling to give up on something and you can find a way to take punches and stand up after failure, you start to build a founder's persona that, over time, starts to look pretty investable," he says.
Torrey Smith, co-founder and CEO of Endiatx, started out in numerous medtech startups as an R&D engineer. After a decade of bringing other people's dreams and visions to life, he decided it was time to make his own mark in the industry.
His love for Sci-fi inspired him to develop the PillBot™, a futuristic invention that aims to change the landscape of the endoscopy devices market, which is valued at over $42 billion.
This vitamin-sized intra-body robot can be remotely piloted to transverse the digestive tract and transmit real-time footage that will aid doctors in diagnosing gastrointestinal ailments.
The California-based medical robotics company has made great progress in under four years, from assembling its first football-sized prototype to creating advanced, pill-sized models that Torrey has swallowed himself.
Endiatx secured about $1 million in funding from angel investors, venture capitalists, family, and friends in its early days. About 20 months after he swallowed his first PillBot in June 2020, Torrey's team successfully closed their seed funding round.
The company has since performed a live swallow demo at the 2021 International Forum on Advancements in Healthcare (IFAH) conference, moved into an 8,700-square-foot building, and recently announced a know-how license agreement with Mayo Clinic.
As his company continues to pioneer the development of groundbreaking technology, Torrey finds himself constantly outside his comfort zone, navigating various challenges, from raising investment funds to seeking FDA clearance for the PillBot.
In this episode of Medsider, Torrey shares how to utilize social media to build connections, how you can weave storytelling into constructing an attractive founder's profile, and the benefits of incorporating existing technologies into your product's development.
Key Learnings from Torrey's Experiences
- Don't be afraid to experiment with existing concepts when developing a product. Some of the most incredible inventions are built upon the adaptation, modification, and combination of technologies, data, and mechanics that already exist.
- Leverage social media platforms to reach doctors, investors, stakeholders, and your targeted users. You'll never know when a single post, video, or email can help you connect with someone who can support your product's regulatory process or expedite its adoption in real-life clinical settings.
- Never underestimate the power of sharing your product development progress from the very start. This helps you establish connections with people who will be eager to invest in your vision, even in the early stages.
Torrey Smith co-founded Endiatx alongside fellow Silicon Valley technology experts Dan Moyer, James Erd, and Alex Luebke. After leaving a different medical device company to scratch his entrepreneurial itch, Torrey and his co-founders are developing a new technology that aims to lower the barrier for patients to get diagnosed and treated for gastrointestinal diseases.
Leverage Existing Technologies, Concepts, and Data
A common misconception is that you'll need a completely new and revolutionary idea to disrupt the healthcare landscape. But the PillBot attests to the power of innovating and adapting existing technologies to create a product with even more capabilities that can address important healthcare issues.
For instance, the PillBot isn't the first device built upon the concept of microrobotics for diagnostic or interventional medicine.
NaviCam and PillCam are other medical devices that have ushered in monumental breakthroughs and advancements in the utilization of microrobotics in healthcare. The PillBot combines existing mechanics that help devices move through water bodies with elements that remote-controlled drones employ.
Through the strategic adaptation of these available technologies, the PillBot was designed to be the "eyeball in the stomach." This device will enable doctors to receive visual inputs of a patient's gastrointestinal tract through a pill-sized robot, reducing multiple hospital visits and endoscopies into a convenient, at-home Zoom call.
"You look at their journey and ask them what their experience is like, and usually, they'll tell you they went to the hospital a bunch of times before a doctor spent five to ten minutes looking around with an endoscope and then told them they had gastritis," Torrey says.
Essentially, the PillBot was designed to lower the barrier for patients to get diagnosed and treated for gastrointestinal conditions. Yet, this groundbreaking invention did not require never-heard-of mechanics or novel technologies to shift the healthcare landscape in a tangible manner.
Furthermore, the company is now looking to attain FDA clearance through the 510(k) or De Novo pathways, both heavily reliant on existing predicates.
In other words, currently-approved products using similar technologies can pave the way for you to get your device into the market quicker through a fast-tracked clearance process.
Don’t Underappreciate Social Media as a Valuable Networking Tool
Torrey uses social media platforms such as LinkedIn and YouTube to share the progress and development of the PillBot. According to him, LinkedIn has played a significant role in amplifying the company's reach and success. But this came about with an intentional commitment and initiative to network and build genuine connections with doctors and prospective investors.
"I am so grateful to the LinkedIn platform because it allowed me, as literally someone kind of starting from scratch, to just start sharing the journey and start making friends. And if your title on LinkedIn said Gastroenterologist, there's a good chance you had an invite in your inbox from me," Torrey notes.
Networking has helped Endiatx garner the interest and support of experienced, renowned, and highly-respected gastroenterologists, some of whom have joined the company’s medical advisory board.
Torrey's team also frequently uploads YouTube videos about the PillBot to increase product awareness and bring more people on board with their vision.
Of course, this doesn't discount the importance of physical networking and attending in-person events. But with the exponential growth of social media, it's wise to utilize these platforms to network with people in your field and even worldwide.
Share Your Product Development Process in Real-Time
Getting investment dollars is one of the biggest challenges a medtech startup like Endiatx often faces. For example, Torrey mentions that the company has eyes on a market launch sometime in 2026, which equates to roughly seven years of research, validation, and product iteration before any commercialization (and revenue) can take place.
According to Torrey, storytelling was the simple yet powerful strategy he took to get venture capitalists, doctors, and investors to fund and support his company's growth. That said, you don't have to wait until you have a finished, perfected end-product before telling your story.
Torrey leveraged the power of storytelling from the get-go by sharing the Pillbot development process with just about anyone happy to listen.
"It's a story that you tell your team and when you're trying to bring people on board. This story helps you make it real to your investors and to stakeholders like doctors. And then, eventually, it goes all the way to patients when you're finally saying, hey, we're trying to change your life substantially for the better. The storytelling never ends, and there's something kind of beautiful and sacred to it," Torrey says.
Torrey also emphasizes the importance of being vulnerable and open with your journey. This gives your company a unique heartbeat and fosters a personal and genuine connection with those following along.
Through his email updates, Torrey shares the achievements he's proud of, as well as the struggles, challenges, regrets, and fears he encounters, showcasing his grit to make the PillBot a reality.
"Share your ideas, share your dream, but make yourself dangerous. If you're unwilling to give up on something and you can find a way to take punches and stand up after failure, you start to build a founder's persona that, over time, starts to look pretty investable," he says.
