Delphinus Medical Technologies has raised a Series B round of seed capital worth $11 million in equity and debt financing as it prepares to commercialize its SoftVue platform next year.
The 4-year-old start-up describes SoftVue as a “whole breast ultrasound tomography system” that will help diagnose breast cancer. Delphinus Medical Technologies filed for clearance for the technology with the U.S. Food & Drug Administration, which should be one of the final steps it needs to take before it begins making its first sales.
“We hope to get the clearance by the end of the year,” says
Bill Greenway, CEO of
Delphinus Medical Technologies. He adds that will open the door to start sales through a dealer-distribution network in early- to mid-2014.
SoftVue originated in the labs of
Wayne State University and the
Karmanos Cancer Institute. It spun out of those institutions in 2009 and moved to Plymouth. It raised $12 million in a Series A round in the spring of 2010. The Series B round was co-led by
Arboretum Ventures in Ann Arbor and
Beringea in Farmington Hills.
North Coast Technology Investors also participated in the Series B.
Delphinus Medical Technologies has hired three people over the last year. Those hires included an electronics technician, a sales professional and a vice president of marketing. It currently has a staff of 20 employees and the occasional intern. The company is also looking to hire three people right now, primarily scientists and engineers.
Source: Bill Greenway, CEO of Delphinus Medical Technologies
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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