Participated · Series D · Sep 2022

Delphinus Medical Technologies is a pioneering medical imaging company that developed the SoftVue 3D Whole Breast Tomography System, featuring the first circular array transducer technology. SoftVue is a radiation-free, no-compression, single-scan ultrasound tomography device intended to be used adjunctively with screening mammography for asymptomatic women with dense breast tissue and received FDA PMA approval in October 2021 for that indication. The company says SoftVue, when paired with screening mammography, can identify up to 20% more cancers while reducing false positives, unnecessary callbacks, and biopsies; dense breast tissue affects roughly 40% of women and can obscure cancers on mammograms. Delphinus continues to expand its commercial and clinical footprint, adding Corewell Health as a clinical site and installing systems at the University of Rochester Medical Center. The company was founded as a spin-out of the Karmanos Cancer Institute and is headquartered in Novi, Mich. Recent funding is intended to help scale operations and broaden the company’s impact on the global healthcare community. Delphinus Medical Technologies developed SoftVue, a 3D whole-breast ultrasound tomography system featuring a circular-array transducer that images the entire breast with a single scan. SoftVue exams use no radiation and require no compression, and the device is completed in a single scan. SoftVue has a PMA indication as an adjunct to digital mammography for asymptomatic women with dense breast tissue and is reported to identify up to 20% more cancers with greater accuracy and potentially fewer biopsies than FFDM alone. The exam can be performed at the same appointment as a screening mammogram, enabling a streamlined workflow and rapid delivery of results. Delphinus is headquartered in Novi, Mich., was founded as a spin-out of the Karmanos Cancer Institute, and has sold its first SoftVue system to the Karmanos Cancer Institute in Detroit. The company is pursuing worldwide commercialization of SoftVue to address the unmet clinical need in dense-breast screening. Delphinus Medical Technologies develops SoftVue, an automated whole-breast ultrasound system that uses a circular array transducer to image the entire breast without radiation or compression. SoftVue captures multi-dimensional, 360-degree cross-sectional ultrasound slices and has received sequential U.S. FDA clearances as a B-mode ultrasonic imaging system. The company positions SoftVue as a supplemental screening tool for women with dense breast tissue, aiming to detect cancers missed by mammography while reducing false positives. Delphinus plans a large multi-site clinical study prospectively imaging 10,000 women across eight centers to support a PMA application for a supplemental screening indication. The business is headquartered in Plymouth, Mich., with a satellite office in Sunnyvale, Calif. Its recent financing will fund regulatory efforts and commercialization of SoftVue. Delphinus Medical Technologies is a Michigan-based company and a 2009 spin-off of the Barbara Ann Karmanos Cancer Institute focused on commercializing the SoftVue whole breast ultrasound tomography system. SoftVue is a patented whole-breast ultrasound tomography imaging device that provides no radiation, no compression, and is not dependent on operator skill. The technology was invented by Peter Littrup, M.D., and Neb Duric, Ph.D., of Karmanos and Wayne State University, and the intellectual property was transferred to Delphinus via a worldwide license. Delphinus has filed for FDA clearance; SoftVue had not received market clearance at the time of the article. The company says SoftVue has potential to improve breast cancer diagnosis and plans future advancements beyond diagnosis to interventional techniques for biopsy and screening. The recent $11 million equity and debt financing will further development and support commercialization efforts upon clearance. Delphinus develops SoftVue, a tomographic ultrasound system and risk-assessment tool that uses multi-parametric ultrasound and computer algorithms to detect benign and malignant breast masses, including in dense tissue. The SoftVue technology was created and refined at the Karmanos Cancer Institute over about 10 years, and Karmanos currently holds the only prototype. The company secured $8M in venture capital to begin commercialization and to design and build the first 10 clinical machines. Proceeds will fund further clinical research to validate initial findings and pursue U.S. Food and Drug Administration approval. Management includes CEO William C. Greenway, CMO Peter Littrup, M.D., and CTO Neb Duric, Ph.D. Delphinus has also received grants from organizations including the Avon Foundation, NCI/NIH, Susan G. Komen, and state and private donors.

Led · Series A · May 2018

BlueWillow Biologics, formerly NanoBio Corporation, is an Ann Arbor, Mich.-based clinical-stage biopharmaceutical company led by CEO Dave Peralta. It develops and commercializes intranasal vaccines using its patented NanoVax® technology, an oil-in-water nanoemulsion adjuvant. The NanoVax platform is effective when administered intranasally or intramuscularly and can elicit both mucosal and systemic immunity when applied intranasally. The company is currently developing intranasal vaccines for RSV, pertussis, influenza, anthrax, prophylactic and therapeutic HSV-2, and chlamydia. BlueWillow closed a $10M Series A financing to advance its intranasal technology. It intends to use the funds to continue advancing the intranasal platform toward new vaccines for respiratory and sexually transmitted diseases. NanoBio is a privately-held biopharmaceutical company focused on developing and commercializing dermatological products, anti-infective treatments, and intranasal and intramuscular vaccines derived from its patented NanoStat technology platform. Its lead product candidates include treatments for herpes labialis, onychomycosis, vaginitis, cystic fibrosis and a broad platform of nanoemulsion-based vaccines. The company intends to advance multiple development programs toward commercialization, including topical therapeutics for drug-resistant pathogens and nanoemulsion vaccines for respiratory and sexually transmitted diseases. Recent studies cited by the company highlight the ability of its vaccine technology to elicit both systemic and mucosal immunity at viral entry sites. NanoBio plans to use proceeds from its latest financing to progress programs for herpes labialis, cystic fibrosis and vaccines for RSV and HSV2. The company’s headquarters and laboratory facilities are located in Ann Arbor, Michigan.

Participated · Equity · Sep 2015

Varsity News Network operates an online communication platform for high-school athletic departments, offering customized websites, mobile apps and an advertising network. The platform also produces media content targeting athletes and parents. It is used by more than 1,500 schools across 40 states. The company plans to use freshly raised capital for national expansion and to launch a mobile app. With the scheduled release of VNN 2.0 in early 2016, users will be able to create profiles to connect with families and teammates and upload and share content. Founded in 2011 by CEO Ryan Vaughn and based in Grand Rapids, Michigan, the company recently closed a $3.7M funding round led by Arsenal Venture Partners. Varsity News Network (VNN) provides turnkey websites for high school athletic departments that aggregate player stats, dynamic schedules and rich media pulled from social channels. The product offers affordable, easily managed, data-rich sites that give all players visibility beyond local media coverage. VNN has grown to 250 schools in 14 states and says it supports hundreds of thousands of students and their families. The company is Grand Rapids, Mich.-based and was started just over two years ago. VNN raised an additional $3 million to scale nationwide and to launch its first app. Prior capital included $552K from the Michigan Pre-Seed Capital Fund and a $1.09M partial close last February. Varsity is a Grand Rapids, Michigan–based news network that develops custom online publications covering high school sports. Launched in July 2010 through Momentum-MI, the network is a collaborative effort between traditional and community sports journalists. It aims to provide media coverage for every high school sport, from football to field hockey. The company says it will use the recent funding to expand its commercialization efforts. Varsity is actively hiring a Sales & Marketing Account Executive to support growth and monetization.

Led · Seed · Apr 2013

Larky provides a web and mobile service that helps users discover and redeem discounts and benefits from membership organizations, credit cards, and insurers. The app and site have documented deals for around 2,000 groups, which the company says cover 90–95% of what users seek. Larky has partnered with roughly ten associations with a combined reach of about 600,000–700,000 members and is in discussions with several larger groups, including a deal with a well-known health insurer. Consumers can use the mobile app to receive point-of-sale alerts when discounts apply and store photos of membership cards instead of sharing account numbers. The company plans to sell aggregated analytics to member organizations to show perks performance and savings, and to connect organizations with merchants to improve discounts. Near-term product plans include continuing iOS iteration, launching on Android, and releasing a browser add-on that highlights available discounts in search results; longer-term plans include integration with online and mobile payment systems.

Led · Series A · Mar 2013

Stik operates a Facebook-powered recommendation service that leverages Facebook’s social graph to personalize word-of-mouth referrals. The company relaunched with a complete front-end redesign, deep Facebook timeline integration, and mobile-friendly support. Co-founders Nathan Labenz and Jay Gierak launched Stik in November 2010 and relocated the company from San Francisco to Detroit in 2012, moving into the M@dison Building. Stik plans to use new funding to hire developers first, then designers, product managers, community managers, and eventually salespeople. Financially, Stik raised a $2.3M Series A and previously raised a $500,000 seed round led by Draper Associates. Detroit-area investors and Michigan funds participated in the round, reflecting the company’s commitment to building in Detroit.