Microron Technology, which makes ultrasonic sensors for medical and diagnostic applications, said it had raised $40 million in Series B financing, led by the China Investment Corporation.

It said it would also be taking on a $1 billion investment in its next stage of expansion.

Micron has been in talks with healthcare and consumer tech companies for several years, and said its first product, an ultrasound sensor, was launched in October 2014.

It expects to launch a new product for patients and medical professionals in the next two years, it said.

Microron, which was founded in 2006, had a revenue of $1.6 billion in 2014.

Micron said the Series B funding would support a $600 million expansion of its global workforce and the continued growth of its medical and biomedical businesses.

“Micron’s focus is on delivering innovative products that will accelerate the delivery of personalized healthcare to our customers,” Micron Chief Executive Officer and co-founder Eric Jaffe said in a statement.

“Our continued investments in the semiconductor and medical industries, and in R&d and research in the health care sector, will allow us to deliver on this goal, as well as our long-term goals to further advance our business.”

Micron said it will spend $50 million on research and development for its next generation of products.