Sphere Fluidics raises $7m in the first close of a new funding round
The investment round was led by an Asian corporate investor alongside existing backers to fund the commercial launch of Cyto-Mine.
≈ £4.8M at $1 = £0.6895 on 12 Feb 2016
Sphere Fluidics develops single cell analysis and characterisation systems for the biopharmaceutical sector.
Sphere Fluidics has raised $7m in the first close of a new funding round to prepare its Cyto-Mine system for commercial launch. The capital will support final product manufacturing ahead of the system rollout later this year.
The investment was led by an Asian corporate investor, with continued participation from existing angel investors and UK angel networks including 24Haymarket, Park Walk Advisors and London Business Angels. The company plans to target the biopharmaceutical market initially before expanding into synthetic biology and diagnostics.
The financing follows the successful development of an alpha version of the Cyto-Mine platform, which has already attracted development funding from leading biopharmaceutical firms.
From the founder
"Sphere Fluidics Limited has recently successfully developed an alpha-version of its single cell analysis and characterization system (Cyto-Mine® for the biopharmaceutical discovery and development market. We have also convinced several leading biopharmaceutical companies to fund development of this system – indicating the global potential of the product. This new funding will used to develop the manufactured version of Cyto-Mine® (see image below) and enable its commercial launch later this year. This system is transformational for the Biopharmaceutical market."
Frank Craig
CEO at Sphere Fluidics
Use of funds
- 01Continue product development
- 02Accelerate go-to-market
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About the company
Sphere Fluidics
Sphere Fluidics develops single cell analysis and characterisation systems for biopharmaceutical discovery.