Delphinus Medical Technologies Funding, Investors & Competitors

Delphinus Medical Technologies has raised $101M across 5 funding rounds, most recently a $12M Series A in August 2023.

Last Delphinus Medical Technologies funding round

$12M

Series A · Aug 2023

Cumulative funding Delphinus Medical Technologies raised

$101M

across 5 funding rounds

Key investors in Delphinus Medical Technologies

  • Beringea
  • Arboretum Ventures
  • North Coast Technology Investors
  • Venture Investors
  • Hopen Life Science Ventures
  • Waycross Ventures
  • Trinity Capital

Delphinus Medical Technologies Overview

About Delphinus Medical Technologies

Delphinus Medical Technologies is a medical device company commercializing SoftVue, a 3D tomographic ultrasound system for breast imaging and cancer risk assessment. The device scans whole breasts in ring-shaped water baths to detect masses and characterize tissue density without compression. Plymouth, Michigan-headquartered, Delphinus distributes SoftVue to hospitals and clinics in the United States and Europe for adjunct screening in dense breast tissue and therapy monitoring.


Founded

2010

HQ

United StatesDetroit, MI

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Delphinus Medical Technologies Funding History

Delphinus Medical Technologies has raised a total of $101M across 5 funding rounds.

Delphinus Medical Technologies' first fundraising round was a $11M Series B in September 2013. The most recent completed round was a $12M Series A in August 2023.

Delphinus Medical Technologies funding rounds

Delphinus Medical Technologies funding rounds
DateStageInvestorsRaisedDeal Summary
Aug 2023Series ATrinity Capital (lead)$12MDelphinus Medical Technologies is a medical imaging company headquartered in Novi, Michigan, that developed SoftVue, a 3D Whole Breast Ultrasound Tomography System for dense breast screening. The SoftVue system, approved by the FDA in October 2021, serves as an adjunct to digital mammography, increasing cancer detection, reducing unnecessary callbacks, and improving patient comfort with no radiation or compression required. Approximately 95% of women who experienced SoftVue indicated they would recommend it, and it addresses challenges for the 40% of women with dense breast tissue by potentially identifying up to 20% more cancers. On August 22, 2023, Trinity Capital Inc. committed $12 million in growth capital to Delphinus to scale operations, accelerate commercialization, and broaden impact in the global healthcare community. Trinity Capital, a provider of diversified financial solutions to growth-stage companies, led the financing. The funds support expansion of Delphinus' commercial foundation, including recent additions like Corewell Health and the University of Rochester Medical Center as clinical sites for dense breast screening programs. Delphinus continues to innovate in breast cancer detection, transforming the clinical experience for patients with dense breasts where mammography alone is insufficient.
Sep 2022Series DArboretum Ventures (lead); Waycross Ventures; North Coast Technology Investors; Hopen Life Science Ventures; Venture Investors; Beringea$30MDelphinus Medical Technologies is a medical imaging company founded as a spinout of the Karmanos Cancer Institute in Detroit that develops the SoftVue, a 3D whole breast ultrasound tomography system for diagnostic imaging and dense breast screening. The company received FDA PMA approval for SoftVue for dense breast screening and announced the first system sale to Karmanos Cancer Institute in September 2022. The Series D round of $30 million closed on September 29, 2022, with participation from existing investors Arboretum Ventures, Beringea, North Coast Technology Investors, Venture Investors, Hopen Life Science Ventures, and Waycross Ventures, as well as new investor State of Michigan Retirement System. The funding was designated to fuel worldwide commercialization of SoftVue following the regulatory approval. The company had previously raised $39.5 million in a Series C round in September 2015, which was noted as the largest single funding round for a healthcare imaging company in the Midwest at that time.
Apr 2017Series C-$8MDelphinus Medical Technologies raised $39.5 million in a Series C funding round around April 2017, the largest ever for a medical device startup in Michigan. The round was led by Beringea with participation from Arboretum Ventures, North Coast Technology Investors, Venture Investors, Hopen Life Science Ventures, and Waycross Ventures. The funds supported commercialization of the SoftVue whole breast ultrasound system, including a planned launch in 2017 and a multi-site clinical study imaging 10,000 women to support a PMA application for supplemental screening in dense breasts. SoftVue provides a non-compressive ultrasound imaging approach to improve breast cancer detection accuracy and reduce false positives compared to mammography, particularly for women with dense breast tissue. The technology aims to transform breast screening by detecting cancers missed by mammography without increasing unnecessary follow-up tests.
Sep 2015Series CVenture Investors (lead); Waycross Ventures; North Coast Technology Investors; Arboretum Ventures; Hopen Life Science Ventures; Beringea$40MDelphinus Medical Technologies, a Michigan-based developer of tomographic ultrasound technology, raised $39.5 million in an oversubscribed Series C funding round on September 9, 2015, led by Venture Investors with participation from Hopen Life Science Ventures, Waycross Ventures, Arboretum Ventures, Beringea, and North Coast Technology Investors. This was described as the largest medical device fundraise in Michigan and the biggest for a healthcare imaging company in the Midwest. The company, spun out of the Karmanos Cancer Institute in Detroit, develops the SoftVue whole-breast ultrasound system, which provides multi-dimensional, cross-sectional imaging of the entire breast and chest wall to improve breast cancer detection, particularly in women with dense breast tissue. SoftVue had received FDA approval in January 2014 as a follow-on diagnostic tool but not as a replacement for screening mammography. The funding was earmarked for regulatory efforts toward premarket approval (PMA) as a supplemental screening modality, including a multisite clinical study involving 10,000 women across eight U.S. centers comparing SoftVue to digital mammography, as well as marketing and commercialization activities. The technology aims to reduce false positives prevalent in mammography for dense breasts, which increase breast cancer risk while complicating detection.
Sep 2013Series BArboretum Ventures (lead); North Coast Technology Investors; Beringea$11MDelphinus Medical Technologies is a medical device company specializing in advanced ultrasound technology for breast imaging and cancer screening. The company has developed the SoftVue System, a non-ionizing, non-invasive imaging modality positioned as an alternative to traditional mammography and MRI. The company operates in the large and growing breast imaging market, estimated at $4.6 billion globally in 2023 with ongoing growth expected through 2033. Over its history, Delphinus has raised over $140M in total funding across multiple rounds, including a Series B round of $11M from investors including Arboretum Ventures, Beringea, and North Coast Technology Investors. As of 2024, recent funding rounds have included debt facilities, indicating the company's maturation and shift toward non-equity financing.

Who has invested in Delphinus Medical Technologies?

7 investors have backed Delphinus Medical Technologies across its funding rounds, including Beringea, Arboretum Ventures, North Coast Technology Investors, Venture Investors, Hopen Life Science Ventures and Waycross Ventures.

Lead investors include Trinity Capital, Arboretum Ventures and Venture Investors.


Delphinus Medical Technologies Investors

Investors in Delphinus Medical Technologies by funding rounds participated
InvestorHQRoundsRoleFirst check
North Coast Technology InvestorsUnited StatesAnn Arbor, MI3ParticipantSep 2013
Arboretum VenturesUnited StatesAnn Arbor, MI3LeadSep 2013
BeringeaUnited StatesDetroit, MI3ParticipantSep 2013
Waycross VenturesUnited StatesSan Francisco, CA2ParticipantSep 2015
Hopen Life Science VenturesUnited StatesGrand Rapids, MI2ParticipantSep 2015

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Delphinus Medical Technologies Competitors

Delphinus Medical Technologies competitors include listed companies like Detection Technology, GE HealthCare, United Imaging and Lantheus Holdings, and private ones like United Imaging Intelligence and Carestream.

Public and private companies comparable to Delphinus Medical Technologies
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Detection TechnologyFinlandFinlandPublicly listed$116M$11M$128M0.9x
GE HealthCareUnited StatesUnited StatesPublicly listed$21B$3.7B$29B1.8x
United ImagingChinaChinaPublicly listed$2.1B$367M$12B4.8x
Lantheus HoldingsUnited StatesUnited StatesPublicly listed$1.5B$380M$6.6B4.4x
United Imaging IntelligenceChinaShanghaiPrivate--$1.4B-
CarestreamChinaShanghaiPrivate--$800M-

Delphinus Medical Technologies Public Comps

Delphinus Medical Technologies is still privately-owned, but its public comps include Natera, Agilent, GE HealthCare, Quest Diagnostics, Labcorp, Guardant Health, Revvity, Pro Medicus, United Imaging and bioMérieux.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Natera$2.3B($266M)22.5x19.0x(195.0x)(261.5x)
Agilent$6.9B$1.8B6.7x6.2x26.1x21.0x
GE HealthCare$21B$3.7B1.8x1.8x10.1x10.0x
Quest Diagnostics$11B$2.2B3.0x2.9x15.5x14.5x
Labcorp$14B$2B2.4x2.3x16.3x13.0x
Guardant Health$982M($408M)25.7x20.2x(61.8x)(129.5x)
Revvity$2.9B$735M6.5x6.6x25.4x21.0x
Pro Medicus$186M$147M66.6x62.7x84.4x77.6x

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Common questions about Delphinus Medical Technologies

When was Delphinus Medical Technologies founded?Delphinus Medical Technologies was founded in 2010.
Where is Delphinus Medical Technologies headquartered?Delphinus Medical Technologies is headquartered in Detroit, MI, United States.
Is Delphinus Medical Technologies publicly listed?No, Delphinus Medical Technologies is a private, VC-backed company.
How much funding has Delphinus Medical Technologies raised?Delphinus Medical Technologies has raised $101M across 5 funding rounds.
What was Delphinus Medical Technologies' last funding round?Delphinus Medical Technologies' last funding round was a $12M Series A in August 2023, led by Trinity Capital.
Who are Delphinus Medical Technologies' investors?Delphinus Medical Technologies' investors include North Coast Technology Investors, Arboretum Ventures, Beringea, Waycross Ventures, Hopen Life Science Ventures, Venture Investors and Trinity Capital.
Which companies are comparable to Delphinus Medical Technologies?Companies comparable to Delphinus Medical Technologies include Detection Technology, GE HealthCare, United Imaging, Lantheus Holdings, United Imaging Intelligence and Carestream.

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