EnterpriseWorks Graduate PhotoniCare Receives Over $7 Million in Funding from Series A and Phase ll SBIR
CHAMPAIGN, IL.- PhotoniCare, Inc., a company dedicated to revolutionizing healthcare by providing physicians with better diagnostic tools , today announced an oversubscribed $5.2 million Series A financing led by i2E Management Company Inc., with co-investment from OSF Ventures, Sony Innovation Fund, and Dreampact Ventures. The company also announced that it has received a $2.1 million Phase II Small Business Innovation Research (SBIR) grant from the National Institutes of Health (NIH). The competitive NIH SBIR program funds early-stage small businesses seeking to commercialize innovative biomedical technologies.
PhotoniCare is a graduate of the EnterpriseWorks incubator at Research Park, and its technology originated in the bioengineering research lab at the University of Illinois at Urbana-Champaign. PhotoniCare’s CEO and co-founder, Ryan Shelton, is currently the chair of the Champaign-Urbana Tech CEO Roundtable.
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