ALAMEDA, Calif., July 18, 2016 /PRNewswire/ -- Magnetic Insight Inc announced today that the company has secured an oversubscribed seed round of $3M. The equity round is led by Sand Hill Angels with contributions from other prominent angel investors and funds including the Stanford-StartX Fund.
Magnetic Insight was founded to commercialize Magnetic Particle Imaging (MPI), a new imaging modality that directly detects magnetic nanoparticle tracers enabling deep tissue imaging of functional events and disease states. Because the tracer is not normally found in the body, MPI offers exceptional contrast and high sensitivity. Many traditional imaging studies involve the use of radiation or toxic agents. MPI raises the bar in imaging safety and advancement with its non-radioactive and quantitative nanoparticle detection technology. The technology is transforming preclinical research and therapy development with the promise of direct translation to the clinical.
Magnetic Insight is building on $12M in research, invested in the fundamental technology prior to the company founding, as well as multiple NIH SBIR grants and pre-seed angel investments obtained by the company.
"Our successful and oversubscribed round is an overwhelming vote of confidence in both the Magnetic Insight team and magnetic particle imaging by the investor community. The funds will support our global commercialization of the Magnetic Insight Momentum™ Magnetic Particle Imaging System. Our scale-up is a milestone for magnetic particle imaging, enabling the pursuit of research goals unobtainable by current methods," said Anna Christensen PhD, President and CEO of Magnetic Insight.
The company is being accelerated by Silicon Valley's most prominent startup programs which includes StartX and CLSA Fast.
About Magnetic Insight
Magnetic Insight is an early stage diagnostic imaging company accelerating preclinical research with direct translation into the clinic. Magnetic Particle Imaging (MPI) is an ultrasensitive, safe and quantitative technology, harnessing high contrast detection of iron oxide nanoparticles. MPI will provide faster, safer and more accurate detection of cells, blood flow and targeted biological events.
About Sand Hill Angels
Sand Hill Angels is a group of 100+ Silicon Valley accredited investors who are passionate about entrepreneurialism and the commercialization of disruptive new technologies. Early stage and follow-on investments are made in promising start-ups. With experience spanning all aspects of growing successful companies, Sand Hill Angels seeks to provide expertise and assistance to these fledging enterprises. The investment focus includes Internet, Information Technology, Clean Tech, Consumer, and Life Sciences businesses. The Sand Hill Angel operating model is to work openly and collaboratively with venture capital funds, angel organizations, and the SF Bay Area ecosystem that fosters the growth of technology start-ups. For additional information, visit www.sandhillangels.com
StartX is a 501(c)(3) Stanford-affiliated nonprofit in Silicon Valley that runs one of the world's top startup accelerator programs. Our mission is to advance the development of the best entrepreneurs through experiential education and collective intelligence. Since 2009, we have supported hundreds of companies and entrepreneurs across a wide spectrum of industries. StartX provides founders with access to a powerful network of entrepreneurs, investors, mentors, and industry partners. For more information, visit http://startx.stanford.edu.
SOURCE Magnetic Insight Inc.