LOS ANGELES (CBS19 NEWS) -- A Charlottesville company is among 50 startups from around the world that have been selected for a medical technology accelerator program.

According to a release, MedTech Innovator is the world’s largest accelerator of medical technology companies, which operates a four-month Accelerator program featuring medical device, diagnostic, and digital health technologies from around the world.

It recently announced its 2022 Cohort of starts, which will gain access to leading manufacturers, providers, investors and other stakeholders throughout the program.

At the end of the accelerator, MedTech Innovator will be awarding $500,000 in cash and in-kind prizes in a competition among the participating startups.

“Over the past nine years, MedTech Innovator has established a unique track record of identifying and supporting leading startups, with 95 percent of our graduates either still in business or having been acquired,” said Paul Grand, CEO of MedTech Innovator. “The 2022 MedTech Innovator Cohort represents a diverse and focused group of innovators, and we are excited to work with them alongside our corporate partners and industry advisers to ensure their success in addressing important unmet needs and improving patient care.”

The release says this accelerator program is by invite-only, and leadership teams from each of the participating startups have convened for networking events and workshops at the MedTech Innovator Summit.

MedTech says there were more than 1,000 applications from companies in 49 countries and 43 states, with only the top 50 being selected.

The selected companies represent 10 U.S. states, Canada, France, Germany, Israel, Ireland, Luxembourg, Singapore and the United Kingdom.

The program will culminate in October with all of the participating startups presenting Showcase panels.

Five of the startups will also compete for the Execution Award and five others will advance to the Grand Final competition.

The release says an audience vote will select the winner of the $350,000 non-dilutive grand prize and the 2022 MedTech Innovator.

The Charlottesville company selected for this year’s cohort is MicroGEM US. A second company from Virginia was also selected: Liquet Medical in Glen Allen.

To see the full list of this year’s cohort, click here.