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Sphere Fluidics has secured a total of $4.8 million (£3.7 million) in investment after closing its additional tranche investment work $2.9 million (£2.2 million).
Sphere Fluidics, which commercializes single-cell analysis systems, has secured a total of $4.8 million (£3.7 million) in investment after closing its additional tranche investment worth $2.9 million (£2.2 million).
The funding, which was led by Greenwood Way Capital, will be used as working capital for the company’s single-cell analysis system (Cyto-Mine), expansion of the company facility in the United Kingdom, and expansion of personnel with the opening of a new United States Sales Office and Demo Lab.
“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,” said Frank F Craig PhD MBA, CEO, Sphere Fluidics, in a June 10, 2019 press release. “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.”
“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,” added Ian Leigh, founder, Greenwood Way Capital. “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.”
Source: Sphere Fluidics