U of M Fund Participates in $25 Million Investment


Published:

ANN ARBOR — The Wolverine Venture Fund, announced Wednesday it has invested in a $25 million Series D in Sonitus Medical that has manufactured a non-surgical and removable hearing device to transmit sound via the teeth. 

The $25 million Series D round of venture capital financing was led by Abingworth and also included investments by Arboretum Ventures and Novartis BioVentures. The Wolverine Venture Fund first invested in Sonitus in March 2011.

Sonitus Medical is a leader in the bone conduction hearing device category, an emerging, distinct market that is differentiated from both the hearing aid and cochlear implant segments.

The company’s non-invasive SoundBite Hearing System is a prosthetic device that makes novel use of the established principle of bone conduction by transmitting sound via the teeth and thereby replacing the function of the impaired ear. 

“We are pleased to again invest in a company that is changing people’s lives by giving them the joy of hearing,” said Erik Gordon, associate director of the Zell Lurie Institute and managing director of the Wolverine Venture Fund. “This round has also been a tremendous experience for the students who oversaw the process. They were not only able to see the rapid progression of a portfolio company in the past year and participate in its latest financing, but they also got to collaborate on the deal with some very good, well-established venture capital firms from around the world.”

For more information visit www.zli.bus.umich.edu.

Edit Module
Edit Module Edit Module
Edit ModuleShow Tags

Related Articles

Ford to Launch Fully Autonomous Vehicle for Ride Sharing in 2021

Dearborn-based Ford Motor Co. has announced its intent to have a high-volume, fully autonomous SAE level 4-capable vehicle in commercial operation in 2021 in a ride-hailing or ride-sharing service.

Ford to Auction Aviation-inspired Mustang

Dearborn-based Ford Motor Co. has unveiled a new aviation-inspired Mustang, which will be auctioned off to benefit the Wisconsin-based Experimental Aircraft Association’s youth education programs.

Fontinalis Partners Closes on $100M Mobility Fund

Fontinalis Partners, a Detroit-based venture capital firm, has closed on its second fund, Fontinalis Capital Partners II L.P., for $100 million. The new fund will invest in companies working on next-generation mobility technologies.

Tropical Smoothie Opens Westland Location

Tropical Smoothie Cafe, a fast casual restaurant that focuses on smoothies and healthy food options, has opened a new location in Westland. The new location is the company’s 37th store in Michigan and 500th store total.

Sophia Loren Event to be Held at Detroit Opera House

An event featuring Italian film actress Sophia Loren will take place at the Detroit Opera House this fall.
Edit ModuleShow Tags

Most Popular

  1. American Expedition Vehicles Completes Move to New Wixom Headquarters
    American Expedition Vehicles, a company that designs and manufactures Jeep accessories and...
  2. Two-level Corktown Loft in Detroit Draws Record Price of $531K
    Corktown has drawn a record price for a residential loft in Detroit’s oldest neighborhood, a...
  3. Olga’s Kitchen to Expand Across Michigan, Remodel Existing Restaurants
    Livonia-based Olga’s Kitchen Inc. plans to expand across Michigan, with up to 10 new locations...
  4. BAE System Awarded $54M to Supply Upgraded Vehicles to Brazilian Army
    Under a new U.S. Foreign Military Sales contract, BAE Systems, a global defense, security, and...
  5. Paradise Valley in Detroit Grows, Mixed-use Development Planned Behind Music Hall
    Rainy Hamilton, principal of Hamilton Anderson Associates in Detroit, plans to break ground early...
  6. Luxury Space: New $3.5M Penthouse in Downtown Birmingham Now on the Market
    Bailey Schmidt Inc., a Birmingham-based, full-service real estate company, is seeking a buyer for...