By AuntMinnie.com staff writers

August 24, 2010 -- South African mammography developer CapeRay Medical has received $2 million in venture capital funding to develop a breast cancer detection system.

CapeRay of Cape Town, a spin-off of the University of Cape Town, is developing digital x-ray technology that is being combined with ultrasound for breast cancer detection. The lead investor in the funding round is the venture capital arm of the Industrial Development Corporation of South Africa.

CapeRay will use the funds to start the commercialization process for the system, with the process for securing the CE Mark in Europe already under way.

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