Sphere Fluidics closes $2 million USD (c. £1.5 million GBP) investment round
- Investment received from Greenwood Way Capital, Oxford Technology and Innovations EIS Fund and 24Haymarket
- Funding will be used to accelerate growth in operations and sales across the UK and USA
Cambridge, UK, 29 January 2019: Sphere Fluidics, a company commercializing single cell analysis systems underpinned by its patented picodroplet technology, announced today that is has closed a $2 million (circa £1.5 million) investment round. The Company secured funding from several investors including Greenwood Way Capital, Oxford Technology and Innovations EIS Fund and 24Haymarket. The funds raised will be used to accelerate growth in operations and support sales of its Cyto-Mine® Single Cell Analysis System.
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 biologic to help streamline workflows and improve throughput in antibody discovery and cell line development. The Company will use the investment to expand operations and sales capabilities across the UK and USA and open a new US West Coast Sales Office.
Frank F Craig PhD MBA, CEO, Sphere Fluidics, said: “We are pleased to see such a high level of interest in Sphere Fluidics and receive funding from several leading investors. We are making further investment in automating and streamlining our manufacturing processes across our product range to extend our offering and to deliver our high-quality standards and service to more researchers working in biotherapeutic discovery and cell line development across the UK and USA. We will be raising additional funds to expand these capabilities further.”
Cyto-Mine will be on display in Washington, DC at SLAS 2019 from 2nd to 6th February 2019 (Booth #1655 and #1429).
For more information about Sphere Fluidics and Cyto-Mine, please visit:
Notes to Editors
About Sphere Fluidics www.spherefluidics.com
Sphere Fluidics develops and manufactures single cell analysis and monoclonality assurance systems for biotherapeutic 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 (GWC) offers their members, both funds and individuals, the opportunity to co-invest in early stage companies. The investment opportunities are usually selected by our partner syndicates and are usually early-stage UK companies which have innovative ideas or unique disruptive technologies and are led by highly entrepreneurial management. GWC members will invest in exactly the same class of shares and have the same rights as other shareholders. In early stage investing documentation is key. Our members will be signing the same subscription documentation and shareholder agreements that have been compiled by seasoned investors in the lead syndicate.
About Oxford Technology & Innovations EIS Fund www.oxfordinvestmentconsultants.com
OTIF invests in spin-out companies from world-leading universities in the UK, with a focus upon Oxford and Cambridge. The fund is structured to take advantage of HMRC’s Enterprise Investment Scheme (EIS), designed to help small companies less than ten years old raise finance by offering tax reliefs to individuals investing in these companies. Oxford Investment Consultants is investment adviser to Thompson Taraz Managers Ltd, the investment manager of OTIF. Oxford Investment Consultants (OIC) is a highly specialized investment advisory partnership that performs research analysis and offers advisory services on companies that are the product of UK university grant-funded scientific development in a broad array of fields. As of January 2019, OTIF has raised approximately £38.6m, with £33.7m of this invested in 32 companies.
About 24Haymarket www.24haymarket.com
24Haymarket 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.