Mammography developer CapeRay Medical (Pty) Ltd of Cape Town, South Africa has received $2 million in venture capital funding.
The company, a spin-off from the University of Cape Town, has developed proprietary digital X-ray technology that is being combined with ultrasound to create an innovative system for detecting breast cancer. The lead investor is the venture capital arm of the Industrial Development Corporation of South Africa. Previously the research team received financial support from the Innovation Fund of South Africa and the National Institutes of Health in the USA.
CapeRay will use the funds to start the commercialisation process for its dual modality system, with the process for securing CE marking already well under way.