StartingBlock, Cellectar & 500 Startups: This Week’s WI Watchlist
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raising money from investors, the Sheboygan Press reported. Founder Jeff Leismer told the newspaper that his company’s current focus is on getting the machines into “nursing homes, hospitals, and physical therapy clinics,” but the technology could also eventually be used to help astronauts stay in shape, a prospect Xconomy explored in this profile from September. At the time, Leismer said that VibeTech had raised about $1 million via research grants, state loans, awards, and partners who had become investors.
—Mequon-based Smart Choice MRI raised $7 million from Edward-Elmhurst Health, a hospital system based in Naperville, IL. Smart Choice CEO Rick Anderson said his company will use the latest financing to help fund its expansion from Wisconsin and Illinois into the Twin Cities and potentially other metropolitan areas such as Indianapolis, Denver, and Salt Lake City. Edward-Elmhurst now owns a 10 percent stake in Smart Choice, Anderson said; the $70 million valuation is a sharp increase from last year, when the company was valued at less than half that amount.