Sphere Fluidics closes a $4.8 million USD (£3.7 million) Funding Round
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)
Lead investors were Greenwood Way Capital and 24Haymarket Limited
Funding will be used to further expand operations in the UK and USA
Cambridge, UK, 10 June 2019: Sphere Fluidics, a company commercializing single cell analysis systems underpinned by its patented picodroplet technology, announced today 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 per day 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.”
For further information please contact:
Dr Zoe Nilsson
Tel: +44 (0)1223 804200
Greenwood Way Capital
Mr Ian Leigh BSc MBA
Mr Paul Tselentis BA
Dr Michelle Ricketts
Tel: +44 (0)7789 053885
About Sphere Fluidics www.spherefluidics.com
Sphere Fluidics develops and manufactures single cell analysis and monoclonality assurance systems for biologics discovery and cell line development. Sphere Fluidics’ Cyto-Mine® System integrates selective screening of tens of millions of single cells, sorting, dispensing, imaging and clone verification into a single automated platform to streamline workflows, reduce costs, improve throughput and enable high-value clones to be captured in a single run. Cyto-Mine® is underpinned by the Company’s patented, microfluidic picodroplet technology. Sphere Fluidics is located in Babraham, Cambridgeshire (UK) and Monmouth Junction, New Jersey (USA). The Company has also internationalized its business via a global network of distributors.
About Greenwood Way Capital www.gwc.london
Greenwood Way Capital is a network of investors, which include, funds, family offices and individuals, which invest in early stage companies. The investment opportunities are usually early-stage UK companies which have innovative ideas or unique disruptive technologies and are led by highly entrepreneurial management. Our deal size ranges from £500,000 to £5 million.
About 24Haymarket Limited www.24haymarket.com
24Haymarket Limited is a premium deal-by-deal investment platform focused on high-growth businesses, investing up to £5 million in any particular company. 24Haymarket’s Investor Network includes several highly experienced private equity and venture capital investors, seasoned entrepreneurs and senior operators. We invest our own capital in direct alignment with entrepreneurs and typically seek Board representation to actively support their growth agenda. Since its inception in 2011, 24Haymarket has invested in more than 50 high-growth businesses.