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Orbicor Technologies to Design Cardiovascular Devices from a New Free Zone in Grecia, Costa Rica

Orbicor Technologies to Design Cardiovascular Devices from a New Free Zone in Grecia, Costa Rica

  • Costa Rican scientists, doctors, and engineers founded the company in 2019; they have received seed capital from the United States and Europe. 
  • The company will be located outside the Greater Metropolitan Area, in the AAA Top Talent free zone, which is working to create an innovation hub for the Western region.   
San José, May 4, 2022. Orbicor Technologies, a digital health innovation company dedicated to reducing critical cardiovascular events and mortality through innovative medical devices, confirmed that it will open a service center at the new AAA Top Talent corporate park, located in Grecia, Alajuela.

The company successfully completed its seed funding round for a total of $600,000 and, in July of this year, will begin its A round to raise an additional $3 million. The funds raised so far are of Costa Rican, American, and European origins. 

Orbicor Technologies will task the facility with designing products, such as hand and ankle bracelets, to provide real-time information on the aortic pulse rate, to aid in the detection of abnormalities and make it possible to act before onset cardiovascular disease symptoms manifest.

“At Orbicor, we want Costa Rica to transition from being one of the best foreign product manufacturing to being technology creators. We also want the wealth generated through Costa Rican intellectual value and efforts to stay here. It is a privilege for Orbicor Technologies, as a company rooted in Costa Rican talent and a global trajectory, to establish offices at this new corporate park – a unique center in Grecia, which allows us to take our investment outside the GAM,” explained Rafael Corrales, Co-Founder and CEO of Orbicor Technologies. 

The company develops devices that reflect a new trend known as IoMT (Internet of Medical Things) and allow any data obtained by the device to be uploaded to a platform developed by the UnnoMed company. The platform provides differentiated and complementary clinical data to those already available to cardiovascular patients, thus ensuring continuous monitoring and optimizing treatment for their conditions. Orbicor aims to universalize access to clinical data by developing technology that allows patients to obtain information at home, store it online, and then share it with their doctors remotely.

In February 2021, the company, comprised of Costa Rican engineers, doctors, and scientists, applied for a patent for its HeartSaver and HeartSaver Pro products, which they hope will enter the U.S. market very soon. They also expect to continue hiring Costa Rican talent this year and to intensify hiring during 2023, for their Engineering and Development areas. 

Jorge Sequeira, the Managing Director of CINDE stated, “We celebrate Orbicor’s growth. It began as a national, technology-based startup and, in addition to saving lives around the world, differentiates itself within the industry. This announcement demonstrates the potential that Costa Rican startups have within industry 4.0, as well as the opportunity that Costa Rica has for attracting foreign investment, which relies on these ventures to become leaders in innovation and health in Latin America. To this end, CINDE actively participates through initiatives like the Medical Devices Cluster and the Global Health and Well-being Hub, which are currently being developed in the country and will be fundamental. Medical devices are the main export product, exceeding $5 billion in exports for 2021.” 

In addition, Sequeira added, “We are aware that the number of devices in the IOMT (Internet of Medical Things) sector has been growing and that, by 2030, we could have more than 25 billion connected devices world-wide. That’s why we are so happy to hear that a Costa Rican company is joining this ecosystem, which in turn creates motivation for other innovative ventures.” 

Orbicor Technologies is the first company to confirm its presence at the new AAA Top Talent free zone. The park will be a hub for innovation in Costa Rica’s Western zone. Through alliances with local governments, the Western Federation of Municipalities of Alajuela (FEDOMA, for its acronym in Spanish), and the National Training Institute (INA, for its acronym in Spanish), the goal is to create an optimal environment for developing connectivity and the necessary talent. The free zone begin operations this year with its first building, which represents an investment around $25 million.  

“Our first building is marked by unique, environmentally friendly details, as we intend to seek the most prestigious environmental certifications, such as LEED, WELL, and BREEAM. We want to go beyond what the certifications require, to cover the buildings in vegetation and, thus, build the first truly green building,” explained Carlos Mateo, developer for the AAA Top Talent real estate project. 

The new AAA Top Talent park will be comprised of eight green buildings, large open areas and gardens, and a wellness center with a gym and swimming pool, among other amenities.