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Cambridge Devices Raises $2.5M in Seed Venture Capital Financing
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Added: 11/22/2006
Type: Summary
Viewed: 252 time(s)
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Cambridge Devices Raises $2.5M in Seed Venture Capital Financing
Cambridge Devices, a medical device company that develops real-time pathology solutions, today announced it has completed a $2.5M round of seed funding from Kodiak Venture Partners.
Cambridge Devices was founded in 2004 by Suni Chundru, MD and Sundar Subramaniam to address the complexity in tissue identification in procedures such as breast biopsies and skin-cancer excisions. The company will use the capital to accelerate its rapid growth, and enhance product development and strategic alliance efforts. Dave Furneaux of Kodiak Venture Partners will join Cambridge Devices' board of directors.
"We are excited to welcome Dave as a member of our board of directors, "said Dr. Suni Chundru, co-founder of Cambridge Devices. "His experience in guiding young companies to market leadership is invaluable, and we look forward to his assistance during this phase of growth."
Cambridge Devices addresses complexities in tissue identification with its Pathology Manager product--a unique web-service that captures, processes and analyzes information to provide physicians with pathology information in real-time.
"Cambridge Devices is poised for great success as a company; it has the management team, product roadmap and market opportunity required to become a leader," said Dave Furneaux, Founder and Managing General Partner of Kodiak Venture Partners. "What's more, its products mean faster, accurate answers for those dealing with cancer."
Real-time pathologic information aids doctors in various procedures, including guiding removal of tissue in biopsy procedures, delineating margins of cancer in simple excisional surgeries, and testing for any remaining cancerous tissue in the surgical field during open surgeries. Cambridge Devices is currently developing two devices and has a third in clinical trial.
"We are already benefiting from Kodiak's experience and are excited to leverage Dr. Sinskey's expertise as well," said Sundar Subramaniam, CEO and co-founder of Cambridge Devices. "It's access to seasoned veterans like Dave and Anthony than can make the difference between truly life changing medical devices, and ones that never make it to market."
Dr. Anthony Sinskey, a professor of microbiology at the Massachusetts Institute of Technology (MIT), is joining Cambridge Devices' board of directors. Professor Sinskey has participated in the founding and development of over 15 biotechnology companies over the course of two decades, including Metabolix and Genzyme, Merrimack Pharmaceuticals, and Tepha, a medical device company.
About Cambridge Devices
Cambridge Devices is an early stage medical device company based in Cambridge, Massachusetts. It develops technologies that allow physicians to receive real-time feedback on tissue type, enabling more accurate and successful surgical procedures. The company was founded in 2004 by Suni Chundru and Sundar Subramaniam.
About Kodiak Venture Partners
Kodiak Venture Partners is a Waltham, Massachusetts-based venture capital firm focused on seed and early stage investments in emerging communications/wireless, semiconductor, software and Internet/new media companies. With a focus in the eastern regions of the U.S. and Canada, Kodiak Venture Partners builds relationships with entrepreneurs seeking to establish market leadership positions. Kodiak's investment partners are successful high-technology business entrepreneurs who take a high-impact, hands-on approach to forming, operating, building and funding market leaders. |
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