TNInvestco fund looks to Knoxville for $6M play

An East Tennessee medical imaging company received a shot in the arm Thursday with the announcement that a couple of TNInvestco participants — including Nashville's Council & Enhanced Tennessee Fund — have combined efforts to contribute $6 million to support the development efforts of ABT Molecular Imaging.

“We have ambitious goals and are driving forward to achieve them,” said Tom Welch, president and CEO of ABT Molecular Imaging in a company release. “This capital will allow us to continue developing critical biomarkers while rolling out our Generator to the many organizations that are interested in making PET scans more accessible for their clinical and research needs.”

ABT's Series C round was led by River Cities Capital Funds and also included Limestone Fund and Intersouth Partners, the company’s first institutional investor.