Introducing Xavier Wartelle from Avatar Medical
Q: Can you briefly introduce yourself and your startup, Avatar Medical?
A: I’m Xavier Wartelle, a long-time Silicon Valley resident originally from France. I’ve been involved with startups for many years, having started seven of them with four successful exits, primarily in telecom and software. Additionally, I’ve launched two accelerators, including one to help French startups in the U.S.
A few years ago, I connected with scientists from the Institut Pasteur in Paris. They were working on a project for medical images and needed a CEO. Their demo impressed me: Avatar Medical turns medical images into 3D reconstructions of the human body. Through virtual reality (VR), surgeons can navigate a patient’s body, improving their ability to explain pathologies and surgical strategies to patients and plan surgeries more effectively.
For example, consider an MRI or CT scan of the brain with a tumor. Traditionally, you get slices of the brain, making it hard to visualize the tumor’s relationship with surrounding arteries. Our software transforms these images into a 3D avatar, revealing the tumor and vascular system in detail. This technology aids not just surgeons in planning but also helps patients understand their condition better, fostering trust and engagement in their treatment. It also improves communication within medical teams, as 3D visualization is more intuitive than traditional 2D medical images, benefiting everyone involved in patient care.
Why Plug and Play?
Q: What motivated you to join Plug and Play?
A: I’ve known about Plug and Play for a long time, probably around 15 years. I had met Saeed, one of their key figures, a couple of times. Plug and Play is well-known for its vast network and connections, especially with venture capitalists (VCs), which particularly interested me. Although they have some corporate partnerships, my primary focus was on their VC connections.
I was introduced to Ali Reza, the fund manager, through one of their advisors. After presenting our project and demonstrating our technology, they decided to invest in Avatar Medical.
Q: Did you have to go through the traditional application process?
A: No, our process was quite different. We might have filled out some form, but it was a very rapid and efficient process. Plug and Play is known for their quick decision-making, which was the case for us as well.
Funding and Networking Benefits from Plug and Play
Q: Did the Plug and Play program itself include funding for Avatar Medical?
A: No, the funding we received wasn’t a direct part of the Plug and Play program. Our investment journey started before joining the program. Last year, after getting connected and presenting to Plug and Play, they decided to invest in us, making Avatar Medical a part of their portfolio. As a portfolio company, we were introduced to numerous VCs. These introductions have been immensely beneficial. I’m particularly grateful as one of these introductions led us to one of our current investors. We’re actually on the verge of closing a funding round, which is very exciting. This round includes three French VCs and one American VC, with the American VC being a connection made through Plug and Play. For us, this outcome clearly demonstrates the value Plug and Play offers, especially in terms of networking and facilitating investment opportunities.
Evaluating the Plug and Play Program’s Relevance
Q: Did you actively participate in the Plug and Play program, and how relevant was it for you?
A: Frankly, the program itself wasn’t particularly compelling for me, mainly because I was unable to attend most of the sessions. Running a French company means most of my calls with my team or French doctors happen in the morning, which conflicted with the program’s schedule. Additionally, the content of the program seemed more tailored for junior entrepreneurs. Given my extensive experience, including mentoring other startups, I didn’t find this part of the program very useful. We did attend a legal session, but overall, the value of these sessions was limited for us.
Q: So, the main value of Plug and Play for Avatar Medical was in the introductions to VCs?
A: Yes, the primary benefit we derived from Plug and Play was, indeed the introductions to venture capitalists. Another significant value was the exposure we received at a large event last year. I had the opportunity to present Avatar Medical to a room full of about 300 to 400 people, including investors. This exposure was incredibly valuable for us, offering a platform to showcase our work to a wide audience of potential investors and industry stakeholders.
Measuring Success Following Plug and Play Engagement
Q: Can you provide some quantifiable metrics that showcase Avatar Medical’s success after engaging with Plug and Play?
A: One of the most tangible metrics is the number of introductions to venture capitalists we received through Plug and Play. If I were to count, it would be around 20 introductions. Importantly, one of these connections resulted in an investment, which is a significant measure of success for us.
Another key metric is the exposure we gained at events. For instance, last week, we presented Avatar Medical to an audience that I estimate was about 300 people. This kind of exposure is invaluable for a startup like ours, as it not only raises awareness about our work but also opens doors to potential collaborations and additional funding opportunities. These two metrics — VC introductions and audience exposure — are concrete indicators of the progress and success we’ve experienced post our contact with Plug and Play.
Professional Network Expansion from Plug and Play
Q: How has your professional network expanded as a result of participating in the Plug and Play accelerator? Was it mainly connections with VCs?
A: Yes, the primary expansion of my professional network through Plug and Play was indeed with venture capitalists, predominantly U.S.-based VCs. I gained about 20 valuable connections from this program, which I plan to leverage for our next funding round. Most of these VCs found our project interesting but noted that we were still at a seed stage. They encouraged us to keep them informed about future rounds, which is certainly valuable for us. However, I didn’t gain any significant corporate or business contacts through Plug and Play. Their focus seems more aligned with biotech rather than medtech, which is our field. When I reviewed their list of partners, they didn’t seem particularly relevant for Avatar Medical.
Q: Since completing the accelerator, have you expanded into new markets, like the U.S. market?
A: No, expansion into new markets wasn’t an outcome of the accelerator program for us, as we were already operating in the U.S. market. The main value we derived from Plug and Play was the connections with U.S. venture capitalists, rather than market expansion.
Future Milestones and Accelerator Impact
Q: What are Avatar Medical’s next milestones, and how has Plug and Play helped prepare you for these?
A: Our next significant milestone is approaching our Series A funding round. In terms of direct business value from the Plug and Play accelerator, there hasn’t been much. However, the connections we’ve established with U.S. venture capitalists through Plug and Play will be incredibly beneficial for this next phase. These relationships are pivotal as we prepare for Series A, providing us with a network of potential investors and financial backers who could play a crucial role in our growth and scaling efforts.
Advice for Aspiring Founders on Accelerators
Q: What advice would you give to founders considering applying to Plug and Play or other accelerator programs?
A: I would definitely recommend joining an accelerator like Plug and Play, especially for young or first-time entrepreneurs. The real value of Plug and Play lies in its extensive network and the connections you can forge, particularly with investors. For new founders, this kind of network is invaluable. It provides not just potential funding opportunities but also a wealth of knowledge and experience to tap into. Joining such a platform can significantly accelerate a startup’s journey by offering mentorship, exposure, and vital industry contacts. So, if you’re a budding entrepreneur, engaging with an accelerator like Plug and Play can be a very wise and beneficial move.