The CEO of Redmond-based SafKan Health, maker of the OtoSet Ear-Cleaning System, said the free consultation he and his co-founder brother received through a Life Science Washington Institute program to mentor early-stage life-science companies proved valuable for the young entrepreneurs in 2018 as they were navigating the complexities of federal regulations, fundraising, and other challenges.
The WIN Mentoring Program, whose seasoned life-science experts volunteer their time to help promising companies like SafKan, played an important role in the journey and the company went on to get the Food and Drug Administration’s 510(k) clearance in November 2020, raised about $5M in seed funding, another $8 million in Series A funding in 2022, and expects to do a Series B round next year.
SafKan is among nearly 100 Washington-based companies that have gone through the WIN Mentoring Program, now in its 10th year under LSW Institute, a nonprofit that focuses on educating entrepreneurs and is associated with the Life Science Washington industry trade association.