A couple of tech startups in Ann Arbor are making a splash with some big headlines. Millendo Therapeutics reports that it has raised a $62 million Series B investment round, setting a new record for venture capital investment in Michigan.
Duo Security also is reporting 200 percent revenue growth for 2015 over the previous year. Both are banner headlines for a couple of Ann Arbor’s most promising growth firms.
Millendo Therapeutics, formerly Atterocor, is a biopharmaceutical firm working on treatments for endocrine diseases. The University of Michigan spinout is focused on developing novel, disease-modifying treatments for specialty and orphan endocrine diseases caused by hormone dysregulation. It recently signed an exclusive license agreement with AstraZeneca for the worldwide development and commercialization rights to test a new compound for the treatment of polycystic ovary syndrome.
Millendo Therapeutics Series B investment round will fund clinical trials for that new compund and expand its testing of the drug ATR-101, a treatment for adrenal cancer patients. Among the investors in the Series B is the University of Michigan MINTS (Michigan Investment in New Technology Startups) program.
Duo Security also announced some big growth news in its recent revenue gains. The downtown Ann Arbor-based company specializes in providing cloud-based access security through two-factor authentication. Last sprung Duo Security launched its
Platform Edition, which builds on two-factor authentication to offer cloud security and endpoint visibility.
Over the last year, Duo Security has doubled its customer base, serving a broad spectrum of companies and institutions including American Public Media, Duke University, DraftKings, and King.com, the makers of Candy Crush. Duo Security analyzed nearly 2 million devices with 1 million users, and handled nearly 2 million authentication events per day by the end of last year.
"It's all about ease of use and keeping our customers happy," Dug Song, CEO and co-founder of Duo Security, said in a press release. "We're passionate about continuing to be the most loved company in security. People are feeling the pain of the cumbersome security products and we're here to make it painless for them."
Source: Millendo Therapeutics and Duo Security
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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