Ximedica

In 1985, two graduates of the Rhode Island School of Design, Stephen Lane and Aidan Petrie, founded a company with a focus on developing and commercializing medical devices. Initially known as the Item Group, the company would become Ximedica. It established itself as a full-service product development firm, offering research, design, and manufacturing services to medical technology companies. The company’s core business is to help clients navigate the complex process of bringing a medical product from an initial idea to a market-ready launch. This involves a human-centered design approach, focusing on the needs of the end-user to create effective and safe medical technologies. In 2014, the founders sold a majority stake in Ximedica to the investment group SV Health, marking a significant transition for the company. This move was aimed at fueling the next phase of its global growth strategy. The journey culminated in 2021 when Ximedica was acquired by Veranex, a newly formed company backed by private equity firm Summit Partners. This acquisition integrated Ximedica into a larger entity designed to provide a comprehensive, end-to-end service for the medtech industry, from concept through to commercialization.