Janesville-based SHINE Medical Technologies receives $80M in funding
JANESVILLE, Wis. — Janesville-based SHINE Medical Technologies has received $80 million in Series C funding, the company announced Wednesday.
The funding, provided by Fidelity Management and Research Company LLC, will go towards capital expenses tied to the building of a medical isotope production facility already under construction.
“It’s really important,” CEO and Founder Greg Piefer said about the funding. “It’s going to help us do a lot of the (capital expenses) for the diagnostic facility that we’re doing, accelerate a lot of that (capital expense), it also is really important for funding our therapeutics business that we launched at the groundbreaking last year.”
Piefer says he’s hopeful the construction of SHINES second building could be finished by the end of 2020. When the company broke ground on the building in May 2019, they were hopeful to hire 60 new employees upon its opening.
While Piefer says SHINE struggled with funding after its founding in 2010, a partnership with Deerfield Group in 2018 signified a turning point. With the most recent funding and the opening of the second facility, Piefer says the company will start to profit.
“It signals the change from us taking money to making money,” Piefer said. “It’s all the sudden where the business will become profitable instead of continuously spending money without making much money. It’s not just the path to sustainability for our business, but it’s the path to growth and even greater things.”
Piefer says long term, he’s hopeful SHINE could focus on increased research and development, potentially exploring ideas to eliminate nuclear waste while even focusing on creating clean energy.
Most importantly, Piefer says the news of the funding is a sign SHINE, which once was a beacon of hope for a recovering city, will now start to provide results to the city that gave it a chance.
“I think it’s moving from symbol of hope to actualization of real benefit,” Piefer said. “When the facility is done, it’s going to provide a significant amount of money to the tax base. It’s going to provide a significant amount of jobs there.”
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