The Wolverine Venture Fund (WVF) announced its participation in the $8m series A round of financing for Delphinus Medical Technologies, Inc., a Detroit, MI-based developer of an automated whole-breast ultrasound imaging system for breast cancer detection and a spin-out from the Karmanos Cancer Institute.
The $5.2m Wolverine Venture Fund (WVF), which is managed by The Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies at the University of Michigan Ross School of Business,
is a student-led venture fund.
The Wolverine Venture Fund invests primarily in early-stage, emerging growth companies. It typically provides $50,000 to $200,000 in seed and first-stage funding rounds in syndication with other venture capital funds and angel investors.
Commenting on the investment, Tom Kinnear, Executive Director of the Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies and Wolverine Venture Fund Director, was quoted as saying: “Our investment in Delphinus marks another exciting investment for the Wolverine Venture Fund in the medical device market.
“This new financing will provide the critical funds that Delphinus needs to commercialize its product and manage the regulatory filing process, while providing our students real-world investing experience in a large and fast-growing market sector.
“We’re confident that our student-run team’s deep experience in the medical device and imaging markets will pay significant dividends for Delphinus beyond the infusion of capital”, he added.