Elucent Medical, a medical device startup based in Eden Prairie, MN, but with roots and employees in Wisconsin, raised $7.2 million from investors in a Series A funding round that closed last year, says co-founder and CEO Laura King.
The investment flew under the radar, and Elucent hasn’t discussed it publicly until now. Xconomy spoke with King this week to get more details about the financing and check on the progress her company has made since it won the Wisconsin Governor’s Business Plan Contest in 2014.
The funding round was led by Madison, WI-based Venture Investors and Chicago-based Baird Capital, says King. The money will go toward product development, she adds. She declined to comment on the valuation Elucent received as part of the financing round. Prior to the Series A funding round, all of the money that had come into the startup came from members of its founding team, she says.
Launched in 2014, Elucent is seeking to commercialize a biocompatible clip and detection system for breast cancer treatment. Read the full story here.