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Fogarty Institute of Innovation is a nonprofit educational incubator based in Mountain View, California, that supports medical device startups by providing mentorship and resources to develop new therapies. Operating as a 501(c)(3) organization, the institute leverages a leadership team with experience across more than 80 companies that have collectively returned over $8 billion to investors. The organization focuses on advancing medical technology in areas such as cardiovascular and minimally invasive procedures through specialized programs like the Fog Shop. The incubator operates under the leadership of executives including Andrew Cleeland and Megan Moynahan, and receives strategic backing from supporters such as the Linda & Mike Mussallem Foundation. The institute's legacy includes foundational medical technologies, such as a balloon catheter utilized in over 300,000 procedures annually. Fogarty Institute of Innovation was founded in 2007 by Thomas J. Fogarty.
Fogarty Institute of Innovation has raised $5.0M across 1 funding round.
Fogarty Institute of Innovation has raised $5.0M in total across 1 funding round.
Fogarty Institute of Innovation has raised $5.0M across 1 funding round. Most recently, it raised $5.0M Series A in November 2021.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Nov 1, 2021 | $5M Series A | — | Avestria Ventures | Announced |
Fogarty Institute of Innovation has raised $5.0M in total across 1 funding round.
Fogarty Institute of Innovation's investors include Avestria Ventures.
The Fogarty Institute for Innovation (FII) is a nonprofit organization, not a technology company, dedicated to advancing medtech innovation by helping early-stage companies navigate from invention to patient care.[1][2][3] Founded on the philosophy "there has to be a better way," FII operates through three pillars—Education, Incubation, and Alliances—providing hands-on programs, mentorship, facilities, and partnerships to innovators in therapeutics, diagnostics, and digital health.[1][2] It incubates companies targeting critical areas like maternal/neonatal care, surgical, vascular, cardiology, neurology, oncology, and more, while fostering diverse talent through fellowships, workshops, and camps.[1][2][3] With a team boasting 450+ years of experience from 80+ medtech companies that returned over $8 billion to investors, FII emphasizes building strong leadership teams over just technology.[3]
FII was founded in 2007 by world-renowned cardiovascular surgeon Thomas J. Fogarty, M.D., an inventor and iconoclast known for pioneering the balloon catheter and numerous medical advancements.[2][3][6] Fogarty established the nonprofit to address unmet health needs by creating a hub for medtech innovation, drawing from his philosophy that innovation requires hands-on experience beyond classrooms.[2][3] Early focus centered on rigorous selection of high-potential ideas at inception, providing incubation to bridge the "valley of death" for startups.[1][2] Key evolution includes expanding from core incubation to comprehensive education (e.g., fellowships, internships) and alliances with stakeholders like FDA, hospitals, and funders, all housed in a 30,000 sq ft Silicon Valley facility on El Camino Hospital's campus.[1][3]
FII rides the medtech innovation wave in Silicon Valley, where proximity to hospitals, talent, and capital accelerates translation of ideas into therapies amid rising demands for personalized, digital health solutions post-pandemic.[1][3] Timing aligns with regulatory complexities, funding gaps for early-stage medtech, and global needs in areas like oncology and women's health, where FII's real-world expertise helps navigate multi-stakeholder hurdles (patients, payers, regulators).[1][3] Market forces favoring it include nonprofit efficiencies for alliances and a shift toward team-focused investing, enabling FII to influence the ecosystem by incubating 13+ companies, training diverse innovators, and fostering policies that strengthen medtech commercialization.[2][3] As an incubator rather than VC firm, it shapes the startup pipeline by prioritizing patient outcomes over quick exits, contributing to broader healthcare transformation.[1][2]
FII is poised to expand its incubation cohort and alliances amid booming AI-digital health integration and global health equity pushes, potentially scaling impact through more residencies and policy influence.[1][3] Trends like regulatory streamlining and diverse talent pipelines will amplify its role, evolving it from a Silicon Valley hub to a global medtech accelerator model. As medtech tackles aging populations and chronic diseases, FII's "better way" ethos—rooted in Fogarty's legacy—will continue bridging invention to care, powering the next wave of life-saving innovations.[2][3]
