US-based medical device company Medtronic and an undisclosed consumer health company have invested as part of a $10m round in US-based flexible electronics company MC10 today.
Medtronic was joined in the series C round by all of Cambridge, Massachusetts-headquarted MC10’s existing investors. MC10’s technology makes it is easier to twist, stretch and expand integrated circuits, which can be used inside or on the human body.
Stephen Oesterle, senior vice president of medicine and technology at Medtronic, has become a board observer at MC10.
Oesterle said: “The work that MC10 is pursuing on flexible electronics has myriad applications in the device industry. Several of our business units have been collaborating with MC10 for many years, and this investment should catalyse an expanded relationship between our two companies.”
In January this year MC10 raised $2m from venture firm Aberdare Ventures.
MC10’s B round raised $12.5m last year. This round was led by Braemar Energy Ventures, and was also backed by Osage University Partners, a venture firm which shares its profits with universities including Caltech, Columbia, Duke and Berkeley, as well as venture firms North Bridge Venture Partners, and Terawatt Ventures. Venture firm Windham Venture Partners is also listed as an investor on MC10’s website.
MC10’s first round raised $5.7m in 2009, according to a filing with US regulator Securities and Exchange Commission.
MC10 was formed in 2008 based on research from founders John Rogers of UIUC and George Whitesides of Harvard.