Madison stem cell technology firm secures $18 million in venture financing

Cellular Dynamics International Inc., a Madison-based developer of stem cell technologies for drug development and medicine applications, closed an $18 million Series A financing round at the end of October.

The round was led by Tactics II Stem Cell Ventures LP, with participation by Tactics II Ventures LP and the Wisconsin Alumni Research Foundation.

"Closing a venture round in early October was truly remarkable," said David Snyder, chief financial officer of CDI. "Even during a major financial market downturn, business leaders in Milwaukee as well as WARF continue to provide the critical financial backing for our efforts to build a world-leading stem cell company."

On Monday, the company announced that it was merging its sister companies Stem Cell Products Inc. and iPS Cells Inc. into CDI. All three companies were founded by Dr. James Thompson, a stem cell researcher at the University of Wisconsin. The combined CDI now has almost 60 employees, the company said.

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