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UK-based Sphere Fluidics secures $2.9M investment to expand operations

Author : Shikha Sinha | Published Date : 2019-06-11 

Addition of new funds raised the total investment round to $4.8 million, with 24Haymarket Limited and Greenwood Way Capital as its leading investors  

A research and development company based in the UK, Sphere Fluidics, which is currently commercializing single cell analysis system, has declared that it has closed an additional investment of $2.9 million, raising the round’s total investment to $4.8 million.

Reportedly, the company’s Cyto-Mine Single Cell Analysis System will benefit from the funding, which will be used as working capital and to expand the facility in the UK. It will also help in doubling the personnel by establishing a Demo Lab in California and new US Sales Office.

Greenwood Way Capital led the funding round, the members of which include a number of international family offices, making a total investment of $4.3 million. 24Haymarket Limited and several other individual investors also contributed to the round.

For the record, an automated platform, Cyto-Mine from Sphere Fluidics integrates single cell screening, dispensing, sorting, clone verification and imaging. Nearly 40 million cells can be processed by it every day. It evaluates and isolates those which produce a certain type of biologic or antibody that aids in streamlining workflows, resulting in an improvement of throughputs in cell line developments and biologic discoveries.

Sphere Fluidics’ CEO, Frank F Craig confirmed the raising of additional funds. The company decided to seek a second tranche to appropriate the additional interest, owing to over-subscribed investment that took place earlier that year. The company is currently focusing on recruiting and looking into prospects for new facilities in California and the UK to support and strengthen the growth of their scientific and commercial activities.

Founder of Greenwood Way Capital, Ian Leigh has commented that the company is pleased to have helped Sphere Fluidics and to have introduced them to the right investors for different stages of funding.  This was the fourth round of funding for Greenwood with Sphere Fluidics, Leigh informed.

 

Source Credit-https://www.businesswire.com/news/home/20190610005293/en/Sphere-Fluidics-Closes-4.8-Million-USD-%C2%A33.7

About Author

Shikha Sinha

Shikha Sinha

Shikha Sinha currently pens down content for fractovia.org, a news platform which provides the latest business highlights and industry trends. Shikha also is a contributor on various other online media websites where she writes informative, research-oriented content spanning the retail, healthcare, F&B, and technology sectors. As her first stint in writing, Shikha was an active contributor on Yahoo Voices where she penned down creative and imaginative pieces. She holds a Bachelor of Technology degree in Electrical and Electronics Engineering. She can be contacted at- [email protected] | https://twitter.com/shikhas999

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