University of Michigan startup raises $85 million | ISU gets record gift

University of Michigan startup raises $85 million

ANN ARBOR, MI–HistoSonics, a medical startup spun out of the University of Michigan, has raised $85 million in financing. The company was formed by UM scientists who developed the technology of histotripsy–using noninvasive sound technology to break down liver tumors in rats, kill cancer cells, and spur the immune system to prevent further spread. The financing was led by Johnson & Johnson Innovation – JJDC, Inc., with participation from existing investors including Venture Investors, Lumira Ventures, Yonjin Venture, and the State of Wisconsin Investment Board, among others.

ISU gets record gift

TERRA HAUTE, IN–An Indiana State University graduate and his wife have donated $8 million to the western Indiana school’s college of technology, making it the largest individual gift in ISU’s history. The gift from Steve Bailey and his wife, Gloria, will benefit ISU’s College of Technology by creating scholarships and faculty fellowships, with the goal of attracting more students and faculty.

University of Iowa startup wins innovation challenge

IOWA CITY, IA–A startup out of the University of Iowa was the winner of $100,000 at the first InnoVenture Challenge. Hawkeye Surgical Lighting is the developer of the first voice- and motion-controlled surgical headlight that works with an iOS through Bluetooth. When a surgeon shines a light toward a tumor in a patient’s brain or spine, the tumor will light up bright red. InnoVenture Iowa is a $30 million co-investment fund designed to support early-stage startup companies in biosciences, advanced manufacturing, and information technology.

Northern Illinois to be home of sustainability center

DEKALB, IL–Northern Illinois University will be the home of the Northern Illinois Center for Community Sustainability (NICCS) as the state of Illinois releases the remainder of its innovation funding. NIL will receive $15 million to build the new 30,000-sq.ft. center, which will be a world-class research facility focusing on water resources, environmental change, and food systems, while also promoting science-based policies and practices for communities.