Madison Scientific (MadSci) has announced that aggregate target proceeds for its seed round have been increased by US$3 million in order to accommodate “overwhelming” investor support and accelerate development of the company’s SmartShunt hydrocephalus management system. Earlier this year, MadSci announced a US$7 million seed financing round co-led by Warf Ventures and two other investors.
A company press release notes that the recent oversubscription reflects additional investments from both institutional investors and strategic backers, including mHUB Ventures, Heinz Ventures, Endeavor Health Ventures, Isthmus Project, Princeton Alumni Angels, Stateline Angels, Impact Foundation, the MedTech Angels, Central Illinois Angels, and numerous family offices and angel investors.
“The enthusiastic support from investors has surpassed our expectations, and underscores widespread confidence in our technology and strategy,” commented Tyler Wanke, chief executive officer (CEO) of MadSci. “We are grateful for our investors’ continued support and confidence in our ability to execute on an ambitious vision to deliver innovative solutions for patients with hydrocephalus and their families.”
The proceeds will be used to advance product development of the company’s innovative SmartShunt system, expand preclinical experience, and grow its team. The system is designed to integrate diagnostic and therapeutic functions to enable personalised, informed hydrocephalus management, according to MadSci.
“This novel platform reflects the strength and vision of MadSci’s leadership, and holds real promise to improve the lives of patients living with this chronic disease,” said Haven Allen, CEO of mHUB Ventures. “As a proud investor, mHUB Ventures is excited to support MadSci and its continued progress.”
“The paediatric and adult hydrocephalus market faces a significant and longstanding unmet clinical need, with patients and families relying on technologies that have seen limited innovation for decades,” added Eric Heinz, founder, CEO and managing partner at Heinz Ventures. “The MadSci team brings deep expertise and a compelling vision to transform care in a market in which the company is uniquely positioned to innovate. These dynamics create a powerful opportunity for both patient impact and future strategic interest.”
The SmartShunt system is under development, and is not yet authorised for use or available for sale in any country, MadSci’s release also notes.
