From university spinout to $93M company | University of Minnesota partners on VC businesses
University of Minnesota partners on growing businesses
MINNEAPOLIS, MN–The University of Minnesota is partnering with the State of Minnesota to inject $34.5 million into Minnesota’s early-stage, venture-backed businesses — a key step toward maintaining Minnesota’s position as one of the best states nationally for growing new businesses. The University-operated programs will focus particularly on investments in life sciences, agriculture/food tech, climate tech, advanced manufacturing, software, and technology.
From university spinout to $93M company
CLEVELAND, OH–In 2015, American medical device company Medtronic acquired CardioInsight Technologies for $93 million. CardioInsight Technologies was a company spun out from research developed by a biomedical engineering professor at Case Western Reserve University: a single-use, disposable vest that sticks to the chest like cling wrap and records the heart’s electrical activity. Here’s the story of the company’s path from startup to sale.
Carnegie Mellon spinout merges in $328M deal
PITTSBUGH, PA–Carnegie-Mellon spinout Carmell will merge with a New York-based special purpose acquisition company in a deal worth $328 million. Carmell has developed plasma-based bioactive materials, which deliver biologic medicines that help quickly heal bones or tissues that have been injured in traumatic fractures, severe wounds or the fusion of a foot and ankle or spine.
Series C round for cancer platform company
GREENVILLE, SC–Clemson University spinout Kiyatec announced a Series C round with an $18 million closing to accelerate the adoption of its transformational cancer platform. Kiyatec focuses on functional precision oncology, in which clinically relevant laboratory models measure the response of living cells to cancer drugs. New investor Bruker led the financing and was joined by existing investors Seae Ventures, VentureSouth, and LabCorp.