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Beringea investment helps Molecular Imaging smash $8.5m financing target

7 Mar 2012

Venture capital firm Beringea has helped US company Molecular Imaging (MI) to smash its Series A financing target by almost $1.5m.

The medical imaging company secured $2.5m from Beringea through the $185m InvestMichigan! Growth Capital Fund, taking its total financing for the round to $9.9m.

MI provides preclinical imaging services such as MRI to pharmaceutical and biotech companies to aid early-stage research and development decision making.

Beringea invested in UK price comparison service Utility Exchange Online last November, several months after selling its stake in video delivery developer Saffron Digital to HTC.

The firm was founded in the 1980s to support businesses in growth industries, focusing on media, healthcare, cleantech and IT.

Beringea managing director Michael Gross, now a director of Molecular Imaging, said, “Beringea is excited to make this investment in Molecular Imaging – it’s the 26th company in the InvestMichigan! Growth Capital fund portfolio.

“We believe that the early application of imaging in drug discovery can make a significant difference in the efficiency and effectiveness of a company’s R&D investment.”

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