· New funding of $2.9 million USD (£2.2 million) is in addition to the $2 million (£1.5 million GBP) investment (announced in January 2019), brings the total raised to $4.8 million USD (£3.7 million GBP)
· Investors were Greenwood Way Capital and 24Haymarket Limited
· Funding will be used to further expand operations in the UK and USA
Cambridge, Sphere Fluidics, a company commercializing single cell analysis systems underpinned by its patented picodroplet technology, announced that it has closed an additional tranche of investment of $2.9 million (£2.2 million), securing a total of $4.8 million (£3.7 million) in investment. The funding will be used as working capital for the Company’s Cyto-Mine® Single Cell Analysis System, expansion of the UK facility and enable the doubling of personnel through the opening of a new US Sales Office and Demo Lab in California.
The funding round was led by Greenwood Way Capital whose members, which included several international family offices, invested a total of $4.3 million (£3.3 million), alongside 24Haymarket Limited and other individual investors.
Sphere Fluidics’ Cyto-Mine® is an automated platform which integrates single cell screening, sorting, dispensing, imaging and clone verification. It can process up to 40 million cells and assesses and isolates those that produce a specific antibody or biologic to help streamline workflows and improve throughput in biologics discovery and cell line development.
Frank F Craig PhD MBA, CEO, Sphere Fluidics, commented: “We are delighted to raise this additional funding. Due to our over-subscribed investment round earlier this year, we decided to add on a second tranche to accommodate the additional interest. We are currently recruiting and looking at prospective new facilities in the UK and California to support the growth of our commercial and scientific activities.”
Ian Leigh, Founder, Greenwood Way Capital commented: “We are very pleased to have been able to assist Sphere Fluidics once again and to have introduced them to suitable investors for their various funding stages. This was our fourth funding round with them. Our members range from high net worth individuals to large family offices which have enabled us to support the Company from its early stage investment rounds to the recent larger scale-up fundraising. It has been exciting to have worked with such a professional team developing such a unique technology.”