Medical Media Systems Inc. (MMS), a provider of advanced, remote 3-D medical imaging and treatments for aortic aneurysms and other diseases, last week closed an oversubscribed Series B financing for $3.5 million.
New investors Borealis Ventures and Village Ventures led the financing of the West Lebanon, N.H.-based medical technology company.
Village Ventures affiliate funds Fresh Tracks Capital, Long River Ventures, and Worcester Capital Partners also participated along with Peninsula Equity Partners, Commons Capital, Stanford University and Cedar Street Group. The round included a number of individual investors.
As part of the Series B financing, Phil Ferneau, managing director of Borealis, Will Cowen of Long River and Worcester Capital Partners, and individual investor Scott Berry have joined the company’s board. The board also includes Charles Hutchinson, CEO of GlycoFi Inc.; Dean Emeritus of Dartmouth College’s Thayer School of Engineering; Shimon Topor, general partner of Steinhardt Partners; and Wes Chapman, MMS chairman and CEO.
Chapman says the financing will be used to expand the company’s image processing capacity to keep up with rapidly growing demand. The proceeds also will help the company launch new clinical services that it has been developing in conjunction with Dartmouth-Hitchcock Medical Center and Massachusetts General Hospital.