InnoSound Technologies Selects Richmond's Bio Park
Monday, April 21, 2014
InnoSound Technologies, Inc., has selected the Virginia Biotechnology Research Park in Richmond, Va., as the location for its first sales and service facility. Manufacturers and distributors of ultrasonic surgical equipment and devices, InnoSound Technologies has been distributing their devices in Asia and will now be entering U.S. markets from their location in the Virginia Biotechnology Research Park.
“We are pleased to welcome InnoSound Technologies to our scientific community and to the Richmond region,” said Carrie Roth, Interim President & CEO of the Virginia Biotechnology Research Park. “The Research Park offers a dynamic and growing life sciences community, including a number of international companies who have found the Park to be an excellent location for entering the U.S. with their unique technologies and services.”
The City of Richmond and Greater Richmond Partnership worked with Dr. Wenyong Shi, Chief Executive Officer and founder of the company, during his visits to the region to address steps to starting a business in the U.S., including scheduling meetings for legal and accounting advice. “InnoSound is a small company now, but with a tremendous upside,” said Greg Wingfield, President and CEO of the Greater Richmond Partnership. “From the start, we felt that Dr. Shi’s business could succeed in the Biotech Park with the innovative community and resources that are provided by the state, City of Richmond and Virginia Commonwealth University.”
InnoSound Technologies will begin by leasing a laboratory and office in the Virginia Biotechnology Center. Initially, the company will be focused on securing FDA approval for their line of ultrasonic surgical equipment so they can begin selling and distributing in the U.S. The surgical equipment including the generators, cutters, aspirators, handpieces and ancillary equipment are manufactured in the company’s facilities in Tianjin, China. Eventually, the company expects to expand to manufacture and assemble their lines of equipment in Virginia as well as continuing to provide sales and service support. The company expects to employ 25 full time people and invest $1 million within the next two years.