Magnetic Insight said on Wednesday that it raised $18 million in a Series A round of financing, with funds slated to support expanding commercial and operations teams and scaling manufacturing, as well as the development of new applications for the company’s tech platform.
The funding round was led by 5AM Ventures, the Alameda, Calif.-based company said. In connection with the funding round, Magnetic Insight said 5AM Ventures partner David Allison and RareCyte CEO Joe Victor will join the company’s board of directors.
“Magnetic Insight has the opportunity to transform in vivo imaging and become a critical tool in life science research with longer term potential for clinical applications. We are excited to work with the Magnetic Insight team to drive new application areas and scale the company globally,” 5AM Ventures partner Allison said in a press release.
Magnetic Insight developed and commercialized Magnetic Particle Imaging, a novel in vivo imaging modality designed to detect magnetic tracers which the company said allows for deep tissue imaging of functional events and pathologies.
“We are excited to partner with 5AM Ventures on our Series A financing to help us meet the global demand for the Momentum MPI system. Since our commercial launch in 2017, we have delivered systems worldwide and leaders in in vivo imaging have been publishing on the Momentum MPI system across applications in cell therapies, vascular disease and monitoring cancer treatments,” prez & CEO Anna Christensen said in a prepared statement.