Healthcare Industry News: U-Systems
News Release - June 27, 2007
U-Systems, Inc. Raises $16.5M in Additional Venture FundingSAN JOSE, Calif.--(HSMN NewsFeed)--U-Systems, Inc., the primary developer and leader in automated breast ultrasound systems, today announced the successful completion of a $16.5 million funding round led by Siemens Venture Capital. Other investors in this financing include existing U-Systems investors Sycamore Venture Capital, MDS Capital, Radius Ventures, Kinetic Capital and United Investments and new investors President International Development Corporation, iD Innovation, China Investment & Development Company and TSC Bioventures.
"This funding will enable us to expand our sales and marketing organizations as well as continue our investment in product development and clinical investigations," said Joseph Pepper, President and CEO of U-Systems. "We are building on the momentum we achieved in 2006 with the introduction of our proprietary SomoVu(TM) Automated Breast Ultrasound System, expanding our presence in the breast imaging marketplace."
Breast ultrasound has long been established as the preferred modality for diagnostic breast imaging, especially in women with dense breasts. With the advent of the SomoVu(TM), the automated breast ultrasound system, radiologists now have standardized, reproducible, 3-D views of the breast enabling improved diagnostic confidence.
"We were pleased to see ongoing, broad insider support and strong demand from new investors," said managing partner Dr. Andrew Jay of Siemens Venture Capital. "The investment community clearly recognizes the company's potential and growing commercial presence. The clinical community is already seeing the SomoVu as an effective tool for women with dense breast tissue. This automated approach could prove useful in women with breast implants and, ultimately, the potential exists to apply the technology to ultrasound imaging of other parts of the anatomy."
U-Systems, Inc., the Automated Ultrasound Company, was founded in the Silicon Valley in 1997. U-Systems designs, manufactures and markets automated ultrasound systems to assist healthcare providers in the early detection of breast cancer. U-Systems has built a leadership position in automated breast ultrasound imaging systems and has incorporated proprietary hardware and software technology into its FDA-cleared and CE-Marked SomoVu(TM) Automated Breast Ultrasound System.
For more information, go to www.u-sys.com.
About Siemens Venture Capital:
Siemens Venture Capital (SVC) is the corporate venture organization for Siemens AG, one of the largest global electronics and engineering companies, with reported worldwide sales of 87.3 billion euros in fiscal 2006. SVC's goal is to identify and fund investments in emerging and innovative technologies that will enhance the core business scope of Siemens, particularly in the focus areas of long-term growth markets such as Energy & Environmental Care, Automation & Control, Industrial & Public Infrastructure, and Health Care.
To date, we have invested over 700 million euros in more than 100 startup companies and 35 venture capital funds, making venture capital at Siemens an integral component of the Siemens innovation and growth strategy and supplementing its in-house research and development activities (5.7 billion euros and 50,000 R&D experts in 2006). SVC is located in Germany (Munich), in the U.S. (San Jose, CA and Boston, MA), in China (Beijing and Shanghai), in India (Mumbai and Bangalore), and is active through Siemens' regional unit in Israel.
SVC is part of a greater network at Siemens whose mission is to drive technological innovation by supporting startup companies. In addition to Siemens Venture Capital, Siemens Technology Accelerator and Siemens Technology-To-Business Center also contribute to Siemens' innovation strategy. Their individual mandates are defined according to financing stages and industry focus.
More information can be found at: www.siemensventurecapital.com
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