A Chinese investor whose parents were cancer patients is among those putting money into an Akron startup that is expected to bring 200 jobs to the city by 2015.
FMI Medical Systems Inc. announced Friday it will build a research center and manufacturing building at the southeast corner of Perkins and Union streets to make medical scanners to be sold in the United States, China and elsewhere.
The building will be in the city’s medical district anchored by Summa, Akron General and Children’s hospitals.
The company has been based in Akron’s Global Business Accelerator and now employs 28 people. It expects to have 40 employees by year’s end.
The size of the investment was not revealed and the names of the investors remain secret, although it was earlier announced the company had an initial investment of $18 million, with as much as $50 million available later. The building is estimated to cost $15 million to $17 million.
William McCroskey, president and chief executive of FMI, said the money comes from technicians in the Hangzhou area of China. He said one of them was inspired by the scanning abilities of FMI’s products because his parents suffered from cancer.
McCroskey said investors visited Akron recently “and the group was so impressed with what they saw and heard from the city and FMI that they approved the architectural and collaborative financing for the new facility.”
The portable product aimed at Chinese markets will be able to fit through a 30-inch-wide door and can scan a variety of body parts. Another device for the heart will be marketed in the United States.
Initially, all construction will be in Akron. McCroskey said, “Although eventually we will … do the mechanical and cover construction in our Hangzhou facility, all the high technology will always be made in Akron.”
McCroskey said the company also has eyes on markets in India, the Baltic area and elsewhere.
The company also plans a product “that will enable advanced therapy and possible cures for Alzheimer’s disease, vascular dementia, Parkinson’s disease and other psychiatric diseases like schizophrenia and depression,” according to a news release.
McCroskey said the company will be looking for “highly trained” employees, many with electrical engineering or biomedical degrees. The company also will hire manufacturing technicians.
Dave Scott can be reached at 330-996-3577 or davescott@thebeaconjournal.com.