From Crain’s Cleveland
December 16, 2021
Medical device and tech company Lazurite Holdings LLC is on the move, figuratively and now literally.
Lazurite on Thursday, Dec. 16, announced it’s in the process of moving and expanding its headquarters through a move to leased office space at 4700 Richmond Road in Warrensville Heights from its previous home in Cleveland. A spokesman said in an email that Lazurite will complete the move by the end of December.
Expanding to 6,000 square feet from 3,000 square feet in Cleveland “will provide the necessary infrastructure for the company to continue to build on its current momentum,” Lazurite said in a news release. The company at present has 15 employees and said it plans to add “at least 10” more in 2022, primarily in R&D and sales roles.
In a statement, Lazurite president Leah Brownlee said, “We selected Warrensville Heights because of its attractive economic development incentive program, convenient location, and because the space already had the electronic labs set up that we require.”
Raymon Turner, community development manager for the city, said in the release that Lazurite is “on the cutting edge of medical technology with the creation of their fully wireless, minimally invasive camera system platform.” Turner added, “With our close proximity to both University Hospitals and the Cleveland Clinic we see this as a wonderful opportunity to bolster the medical research and training happening right now in our community.”
Lazurite, founded in 2015 and formerly known as Indago, reports it has raised more than $18 million to date from institutional investors, family offices and more than 50 physicians on its way to creating what the company calls “the operating room of the future.”
The company is preparing to submit its ArthroFree wireless arthroscopic surgical camera system to the U.S. Food and Drug Administration for approval as a Class II medical device. If that process goes smoothly, the company could get FDA approval and be in position to launch ArthroFree commercially in the first half of 2022.
Eugene Malinskiy, co-founder and CEO of Lazurite, was a member of the 2021 class of Crain’s Forty Under 40. You can read the profile of Malinskiy here.