Shem Lachhman is the Chief Executive Officer of Pelletric LLC, an innovative medical device startup that was one of 10 finalists at the latest CTNext Entrepreneur Innovation Awards. The Shark Tank-style pitch event enables Connecticut-based entrepreneurs and startups to pitch to a panel of expert judges for a chance to win up to $10,000.
Lachhman discussed some of the startup’s challenges and how the company became involved with the Entrepreneur Innovation Awards.
Innovation Destination Hartford: When and why did you start your company?
LACHHMAN: Pelletric was founded in 2014 in Cleveland, OH. Working as an engineer in the medical device industry, I found a serious problem: America is unhealthy. I thought through technology we can help patients become more connected to physicians to facilitate better treatment regimens. This is the concept of remote monitoring. Unfortunately, the technology we have today makes remote monitoring difficult to implement for physicians and patients.
IDH: How did you develop the business concept?
LACHHMAN: We started in my basement in Cleveland, OH and built our proof of concept device. It was a head-strapped device but demonstrated that we can obtain a physiological signal called the arterial waveform. After moving to Connecticut, we connected with a prototyping firm (CDT Tech) to advance our designs to an ear-worn device.
IDH: Tell us a little about your startup.
LACHHMAN: We are developing an ear-worn vital sign monitor. From one device we aim to monitor all vital signs with accuracy and automatically bring each measurement directly to physicians. We combine the accuracy of the standard of care devices with the convenience of wearables.
IDH: Why did you become involved in the CTNext Entrepreneur Innovation Awards?
LACHHMAN: We heard about the CTNext Entrepreneur Innovation Awards through our close colleagues at BEACON. Our intention was to use the funds to advance our current prototype and also gain a little exposure.
IDH: What are the biggest challenges you’ve faced as a startup?
LACHHMAN: The largest challenge is the waiting process. You need to be patient when you apply to programs and investors. Acting out of desperation is not something that is wise when you have a tech startup.
IDH: Where do you see your company in the next three to five years?
LACHHMAN: In the future, Pelletric hopes to create multiple jobs for the best talent in Connecticut. We are striving toward one goal of delivering a new way to monitor blood pressure and creating one of the first wearables that will be accurate for in-patient and out-patient care.
Learn more about Pelletric LLC at www.pelletric.com.