Beringea Invests Record $39.5 Million Series C for DelphinusBy Amanda Lewan on September 14th, 2015 /
Farmington Hills Beringea announced the largest fund raised to date for a Michigan medical company Delphinus Medical Technologies, Inc. Delphinus Medical Technologies is a leader in advanced breast ultrasound imaging. They’ve raised $39.5 Million in funding, what Beringea believes is the largest amount ever raised for a Midwest based healthcare imaging and medical device company.
Breingea is a private equity firm that aims to provide growth capital for market-leading businesses. They have offices both in Farmington, Michigan and in the UK, and are joining Arboretum Ventures and North Coast Technology Investors, as well as new investors Venture Investors, Hopen Life Science Ventures and Waycross Ventures, in the syndicate. The money raised will go towards fueling the commercialization plans for their SoftVue technology, which shows a full image of the breast and chest wall vital for diagnostic purposes.
“Our Series C financing demonstrates the confidence that sophisticated medical device investors have in our SoftVue automated whole breast ultrasound technology, and its potential to serve women with a transformational approach to breast imaging,” said Mark J. Forchette, president and CEO of Delphinus.
“This syndicate of investors combines the robust strength of the Midwest venture capital community with investors in Silicon Valley to provide diverse support for our breakthrough system, which was invented right here in Michigan,” he said.
Currently 24 states in the US have enacted legistlation that requires women with dense breast tissue to receive notifiation of it in their mammography report. Why? Because most ultrasounds technology can’t read clearly through dense tissue. This affects nearly two thirds of women in the United States. As an ultrasound technology, SoftVue will help significantly, providing multi-dimensional imaging captures not only reflected echoes in a 360-degree array, but also signals passing through the breast, depicting tissue characterization.
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