Medtronic, an international medical device company, recently acquired Laser Associated Sciences (LAS), a tenant at the Cove @ UCI, from Auctus Global Capital, an investment firm that focuses on investing in emerging growth life science companies. Formed at UC Irvine’s Beckman Laser Institute (BLI) and Medical Clinic in 2015, LAS developed noninvasive medical devices for healthcare applications, such as blood flow monitors for medical conditions like peripheral artery disease (PAD).

“Auctus likes to partner with innovative companies and executive teams where we can provide strategic guidance, resources and expertise,” said Shiv Grewal, co-founder and managing member of Auctus Global Capital. “The LAS team executed flawlessly and we’re confident they will continue to thrive at Medtronic.”

While at BLI, LAS served as a consultant for the Cove’s prototyping lab and joined the space once the Cove opened. As Cove tenants, the LAS team utilized the prototyping lab to develop device models and the co-working space for meetings and networking opportunities.

“We have found it to be very beneficial operating within the Cove ecosystem,” said Grewal. “After our investment in LAS, we moved the company to offices next to us at the Cove, which enabled us to have real-time interaction with the LAS team. In essence, the Cove was effectively an incubator we used for LAS – we contributed the capital and strategic input, while the Cove provided the office space and laboratory.”

While LAS was at the Cove, the startup received 510(k) FDA clearance for their device, the FlowMet-R, a light-based technology that measures peripheral blood flow to detect potentially life-threatening issues like PAD.

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