Magnetic Insight said today that it raised a $3 million seed round for the magnetic particle imaging technology it’s developing.
Alameda, Calif.-based Magnetic Insight said Sand Hill Angels led the round, with participation from ” other prominent angel investors” and funds including the Stanford-StartX Fund.
Magnetic particle imaging is designed to detects magnetic nanoparticle tracers for deep-tissue imaging, the company said. Unlike conventional magnetic resonance imaging, which creates images of existing tissues, the tracers used in MPI scans deliver higher levels of contrast and sensitivity, Magnetic Insight said.
Some $12 million was already spent on developing the technology before the company’s founding, plus Small Business Innovation Research grants from the National Institutes of Health and backing from pre-seed angel investors after its inception, the company said.
“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,” president & CEO Anna Christensen said in prepared remarks.