Photo Diagnostic Systems Inc. took off with a little seed money from Analogic Corp. (NSDQ:ALOG) founder Bernard Gordon.
The Danvers, Mass.-based medical imaging start-up, which was incorporated in 2009, brought in a $5 million equity investment from a single investor in February, according to a Securities & Exchange Commission filing.
According to Mass High Tech, the financing came from Gordon through his Gordon Charitable Remainder Trust. He established the company in the shell of defunct Boxborough, Mass.-based Photo Detection Systems, of which Gordon was a board member.
Fifteen-person Photo Diagnostic Systems is working on a portable version of a positron emission tomography, or PET, scanner, according to the MHT article.