# Delphinus Medical Technologies, Inc.
Delphinus Medical Technologies, Inc. is a Novi, Michigan medical-imaging company, founded in 2010 as a spin-out of the Barbara Ann Karmanos Cancer Institute in Detroit by Peter Littrup, MD and Neb Duric, PhD, that manufactures SoftVue, a 3D whole-breast ultrasound tomography system approved by the FDA in October 2021 as an adjunct to mammography for screening asymptomatic women with dense breast tissue.[1](https://www.delphinusmt.com/about/company-overview/) • [2](https://prod.crainsdetroit.com/technology/delphinus-breast-cancer-detection-tech-maker-raises-30-million) • [3](https://www.businesswire.com/news/home/20230822143600/en/Delphinus-Medical-Technologies-Raises-%2412-Million-as-Footprint-Continues-to-Expand) The company remains an independent, privately held SEC filer: its most recent Form D amendment was filed April 3, 2025, and no press-recorded acquisition, merger, IPO, or shutdown appears in the record through that filing.[4](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&filenum=021-509769)
| Key fact | Detail |
|---|---|
| Founded | 2010, as a spin-out of the Barbara Ann Karmanos Cancer Institute, Detroit[1](https://www.delphinusmt.com/about/company-overview/) |
| Founders | Peter Littrup, MD and Neb Duric, PhD[1](https://www.delphinusmt.com/about/company-overview/) |
| Headquarters | 45525 Grand River Avenue, Novi, Michigan; Delaware-incorporated[5](https://www.sec.gov/Archives/edgar/data/1492534/000149253424000002/0001492534-24-000002.txt) |
| Sector | Medical imaging / biotechnology[5](https://www.sec.gov/Archives/edgar/data/1492534/000149253424000002/0001492534-24-000002.txt) |
| Total capital raised | SEC Form D filings record six offerings totaling $110,720,641 (using the primary $20,375,000 figure for the 2024 offering), including an $11 million 2013 round reported in trade press[6](https://www.dealdata.net/company-profile/0001492534/) • [5](https://www.sec.gov/Archives/edgar/data/1492534/000149253424000002/0001492534-24-000002.txt) • [7](https://vcnewsdaily.com/Delphinus%20Medical%20Technologies/venture-funding.php) |
| Regulatory milestone | FDA approval of SoftVue, October 2021, as an adjunct to digital mammography for asymptomatic women with dense breasts[2](https://prod.crainsdetroit.com/technology/delphinus-breast-cancer-detection-tech-maker-raises-30-million) |
| Known investors | Arboretum Ventures, Beringea, North Coast Technology Investors, Waycross Ventures, Trinity Capital[7](https://vcnewsdaily.com/Delphinus%20Medical%20Technologies/venture-funding.php) • [3](https://www.businesswire.com/news/home/20230822143600/en/Delphinus-Medical-Technologies-Raises-%2412-Million-as-Footprint-Continues-to-Expand) |
| Status (September 2026) | Active SEC filer; latest Form D/A filed April 3, 2025; no reported change of control[4](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&filenum=021-509769) |
## Founding and origins
Delphinus was formed in 2010 to commercialize breast imaging research conceived at the Barbara Ann Karmanos Cancer Institute, where both co-founders worked: Peter Littrup, a physician, and Neb Duric, a physicist.[1](https://www.delphinusmt.com/about/company-overview/) • [2](https://prod.crainsdetroit.com/technology/delphinus-breast-cancer-detection-tech-maker-raises-30-million) Early development was supported by an NIH Small Business Innovation Research (SBIR) award (1R44CA165320-01A1) for a "new ultrasound scanner for breast cancer screening without radiation."[8](https://sbir.org/awards/hhs-1R44CA165320-01A1-1) The company's first recorded Form D round dates to May 2010.[6](https://www.dealdata.net/company-profile/0001492534/)
Scott White is president and CEO as of the November 2024 filing; the board then included Mark Forchette, Hugo Braun, Michael Gross, Ronald Ho, John Neis, Michael Fulton, and Rachel Brem.[5](https://www.sec.gov/Archives/edgar/data/1492534/000149253424000002/0001492534-24-000002.txt) Mark Forchette led the company as CEO during the 2022 Series D.[2](https://prod.crainsdetroit.com/technology/delphinus-breast-cancer-detection-tech-maker-raises-30-million)
## Product and technology
**SoftVue** is an ultrasound tomography system. A patient's breast is immersed in a warm-water bath and sound waves are transmitted through the entire breast; the system reconstructs detailed 3D cross-sectional images, similar to how CT scans work but using sound instead of radiation.[2](https://prod.crainsdetroit.com/technology/delphinus-breast-cancer-detection-tech-maker-raises-30-million) • [8](https://sbir.org/awards/hhs-1R44CA165320-01A1-1) The exam involves no radiation exposure and no compression.[2](https://prod.crainsdetroit.com/technology/delphinus-breast-cancer-detection-tech-maker-raises-30-million) The NIH award abstract framed the goal as combining mammography's low cost with MRI-like accuracy for dense breast tissue, in a clinical gap where mammography appears to miss up to half of cancers in women with dense breasts and MRI costs thousands of dollars per scan.[8](https://sbir.org/awards/hhs-1R44CA165320-01A1-1)
The company says SoftVue uses proprietary TriAD technology, measuring three critical sound characteristics through proprietary algorithms that go beyond traditional B-mode ultrasound.[1](https://www.delphinusmt.com/about/company-overview/)
## Funding and investors (by the numbers)
SEC Form D filings record six offerings; using the primary $20,375,000 figure for the 2024 offering, they total $110,720,641:[6](https://www.dealdata.net/company-profile/0001492534/) • [5](https://www.sec.gov/Archives/edgar/data/1492534/000149253424000002/0001492534-24-000002.txt)
- **May 2010:** $7,162,500[6](https://www.dealdata.net/company-profile/0001492534/)
- **September 2013:** $11 million from [Arboretum Ventures](https://www.edgepedia.org/arboretum-ventures), Beringea, and North Coast Technology Investors[7](https://vcnewsdaily.com/Delphinus%20Medical%20Technologies/venture-funding.php)
- **August/September 2015:** $39.5 million Series C (the same investors plus Waycross Ventures)[6](https://www.dealdata.net/company-profile/0001492534/) • [7](https://vcnewsdaily.com/Delphinus%20Medical%20Technologies/venture-funding.php)
- **April 2017:** $8,229,049[6](https://www.dealdata.net/company-profile/0001492534/)
- **August/September 2022:** $30 million Series D, recorded on Form D as $30,406,961; the company had yet to record any sales at that point, and then-CEO Mark Forchette declined to disclose valuation or revenue projections[2](https://prod.crainsdetroit.com/technology/delphinus-breast-cancer-detection-tech-maker-raises-30-million) • [6](https://www.dealdata.net/company-profile/0001492534/)
- **June 2023:** $5 million[6](https://www.dealdata.net/company-profile/0001492534/)
In August 2023 the company announced $12 million in growth capital from Trinity Capital Inc. (NASDAQ: TRIN).[3](https://www.businesswire.com/news/home/20230822143600/en/Delphinus-Medical-Technologies-Raises-%2412-Million-as-Footprint-Continues-to-Expand) A further offering dated March 22, 2024 shows conflicting amounts: the Form D/A filed November 26, 2024 reports $20,375,000 sold to 8 investors,[5](https://www.sec.gov/Archives/edgar/data/1492534/000149253424000002/0001492534-24-000002.txt) while the DealData aggregation records $27,602,177 for the same date.[6](https://www.dealdata.net/company-profile/0001492534/) The primary SEC filing figure should be treated as authoritative for that offering, which means the DealData aggregate total of $117,947,818 is correspondingly overstated. PitchBook separately lists a $27.6M later-stage round dated April 3, 2025 matching the most recent Form D/A; this is unverified aggregator data.[10](https://pitchbook.com/profiles/company/43030-90)
## Regulatory status and clinical claims
The FDA approved SoftVue in October 2021 as an adjunct to digital mammography in the screening of asymptomatic women with dense breast tissue.[2](https://prod.crainsdetroit.com/technology/delphinus-breast-cancer-detection-tech-maker-raises-30-million) • [3](https://www.businesswire.com/news/home/20230822143600/en/Delphinus-Medical-Technologies-Raises-%2412-Million-as-Footprint-Continues-to-Expand) The company states SoftVue is FDA-approved for same-day screening alongside mammography, and describes it as the only ultrasound-based breast imaging system with that approval; this is a company claim.[9](https://www.businesswire.com/news/home/20240723645504/en/Delphinus-Announces-Installation-of-Its-SoftVue-Breast-Ultrasound-Tomography-System-at-McLeod-Regional-Medical-Center) Dense breast tissue affects roughly 40 percent of women, and the company cites figures that mammography alone reduces breast cancer mortality by 41 percent in women with non-dense breasts but only 13 percent in women with dense breasts.[2](https://prod.crainsdetroit.com/technology/delphinus-breast-cancer-detection-tech-maker-raises-30-million) • [9](https://www.businesswire.com/news/home/20240723645504/en/Delphinus-Announces-Installation-of-Its-SoftVue-Breast-Ultrasound-Tomography-System-at-McLeod-Regional-Medical-Center)
On performance, the company claims that combined with mammography, SoftVue increases sensitivity by 20 percent and specificity by 8 percent. These figures are company statements from press releases, not independently published trial results in this record.[9](https://www.businesswire.com/news/home/20240723645504/en/Delphinus-Announces-Installation-of-Its-SoftVue-Breast-Ultrasound-Tomography-System-at-McLeod-Regional-Medical-Center)
## Business, customers and traction
Commercial rollout began after the October 2021 FDA approval. As of the September 2022 Series D, the company had no sales; it planned to roll out SoftVue in the 50 largest US markets.[2](https://prod.crainsdetroit.com/technology/delphinus-breast-cancer-detection-tech-maker-raises-30-million) Documented installations since then include [Corewell Health](https://www.edgepedia.org/corewell-health), a research installation at the University of Rochester Medical Center (announced August 2023),[3](https://www.businesswire.com/news/home/20230822143600/en/Delphinus-Medical-Technologies-Raises-%2412-Million-as-Footprint-Continues-to-Expand) and in July 2024 a system at McLeod Regional Medical Center in [Florence, South Carolina](https://www.edgepedia.org/florence-south-carolina), extending the commercial footprint beyond Michigan.[9](https://www.businesswire.com/news/home/20240723645504/en/Delphinus-Announces-Installation-of-Its-SoftVue-Breast-Ultrasound-Tomography-System-at-McLeod-Regional-Medical-Center)
## Status and recent developments
The post-2023 record shows continued financing and installation activity: the Trinity Capital raise in August 2023,[3](https://www.businesswire.com/news/home/20230822143600/en/Delphinus-Medical-Technologies-Raises-%2412-Million-as-Footprint-Continues-to-Expand) a $5 million Form D in June 2023,[6](https://www.dealdata.net/company-profile/0001492534/) the March 2024 offering (Form D filed April 5, 2024, amended November 26, 2024),[4](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&filenum=021-509769) • [5](https://www.sec.gov/Archives/edgar/data/1492534/000149253424000002/0001492534-24-000002.txt) the July 2024 McLeod installation,[9](https://www.businesswire.com/news/home/20240723645504/en/Delphinus-Announces-Installation-of-Its-SoftVue-Breast-Ultrasound-Tomography-System-at-McLeod-Regional-Medical-Center) and a further Form D/A filed April 3, 2025, the company's latest filing.[4](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&filenum=021-509769) In 2022, Forchette said all exit options remained on the table, including growing into an independent multi-billion-dollar company, an IPO, or an acquisition by a private equity firm.[2](https://prod.crainsdetroit.com/technology/delphinus-breast-cancer-detection-tech-maker-raises-30-million)
## References
1. [About Delphinus — Company Overview (company website)](https://www.delphinusmt.com/about/company-overview/)
2. [Delphinus breast cancer detection tech maker raises $30 million (Crain's Detroit Business, 2022)](https://prod.crainsdetroit.com/technology/delphinus-breast-cancer-detection-tech-maker-raises-30-million)
3. [Delphinus Medical Technologies Raises $12 Million as Footprint Continues to Expand (Business Wire, Aug 22, 2023)](https://www.businesswire.com/news/home/20230822143600/en/Delphinus-Medical-Technologies-Raises-%2412-Million-as-Footprint-Continues-to-Expand)
4. [SEC EDGAR filing index for File Number 021-509769, Delphinus Medical Technologies, Inc.](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&filenum=021-509769)
5. [SEC Form D/A, Delphinus Medical Technologies, Inc., filed 2024-11-26 (Accession 0001492534-24-000002)](https://www.sec.gov/Archives/edgar/data/1492534/000149253424000002/0001492534-24-000002.txt)
6. [DELPHINUS MEDICAL TECHNOLOGIES, INC. (DealData Form D aggregation, CIK 0001492534)](https://www.dealdata.net/company-profile/0001492534/)
7. [Delphinus Medical Technologies Venture Capital and Private Equity Financings (VC News Daily)](https://vcnewsdaily.com/Delphinus%20Medical%20Technologies/venture-funding.php)
8. [Delphinus Medical Technologies — New ultrasound scanner for breast cancer screening without radiation (NIH SBIR award 1R44CA165320-01A1)](https://sbir.org/awards/hhs-1R44CA165320-01A1-1)
9. [Delphinus Announces Installation of Its SoftVue System at McLeod Regional Medical Center (Business Wire, July 23, 2024)](https://www.businesswire.com/news/home/20240723645504/en/Delphinus-Announces-Installation-of-Its-SoftVue-Breast-Ultrasound-Tomography-System-at-McLeod-Regional-Medical-Center)
10. [Delphinus Medical Technologies Profile (PitchBook)](https://pitchbook.com/profiles/company/43030-90)
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