Innospin Pte. Ltd., Singapore
Why
MRI technology has not changed since it was first invented in 1974, with the first imaging system having been delivered in 1981. Since then, the technology had only incrementally improved. We had developed software that would fundamentally change the physics of MRI, and would allow for a cheaper, faster and better MRI system.
What
Innospin's mission was to design and build next generation magnetic resonance imaging systems. The technology was self-developed and owned by the company. We needed to first incorporate the software into an existing MRI system, before designing and building the first prototype.
Who
Innospin was founded with 2 directors, my brother-in-law and myself. I was personally interested in understanding the start-up scene in Singapore through first-hand experience. It was a great ride.
When and Where
Innospin was incorporated on 24 June 2013 in Singapore, with my apartment as the office. We also rented a space in a flatted factory in Woodlands, Singapore, where we installed a 2nd hand ONI MRI system, with which we proved the feasibility of our technology. Those were extremely heady days, where I worked late nights at the site.
Innospin was wound up in September 2017, in favour of a move to India.
How
Innospin was supported by a grant of SGD$250,000 provided under the Technology Enterprise Commercialization Scheme (TECS), from SPRING Singapore, a statutory board under the Ministry of Trade and Industry in Singapore.
Incubation
2nd round of funding by Tata Foundation
Innospin's technology was picked up by Tata Foundation for the 2nd round of funding, up to a limit of USD$2 mil. The company has established a testbed in Bengaluru, India. In order to access grants from the Indian government, Innospin gave up its registration in Singapore, and a new company was incorporated in India.
The new protoype system is currently undergoing testing.