Did you see that Sentio sold to Johnson & Johnson? Sentio (formerly Innovative Surgical Solutions) sells innovative nerve localization technology for spine surgery.
From the press release: “This acquisition underscores the DePuy Synthes and Johnson & Johnson Medical Device Companies strategy of investing in faster growing segments with technologies that are designed to help improve patient outcomes and bring value to our customers.”
The Michigan Pre-Seed Capital Fund invested in Sentio in May 2010. A single angel investor provided the match for the investment. Since then, the company went on to raise a little over $1 million in 2011 and $3.8 million the following year, all from angel investors. Seven years after the first investment the company exit gave all the investors a very nice return. As is normal in these transactions the amount and terms of the sale are not announced.
Sentio is the eleventh company in the PSF portfolio to give the fund a significant return on investment. There are still 65 companies in the portfolio. Returns are reinvested, most prominently each year in the winner of the Accelerate Michigan Innovation Competition.