Sphere Fluidics opening California lab after closing $4.8m funding round
UK and US expansion by Cambridge cell technology pioneer Sphere Fluidics is being bankrolled by fresh investment which has taken the latest funding round to $4.8 million.
Sphere Fluidics, which is commercialising single cell analysis systems underpinned by its patented picodroplet technology, has closed an additional tranche of investment of $2.9m.
The funding will be used as working capital for the company’s Cyto-Mine® Single Cell Analysis System, expansion of the UK facility and to enable the doubling of personnel through the opening of a new US sales office and demo lab in California. The company is also ramping its recruitment programme.
The round was led by Greenwood Way Capital whose members, which included several international family offices, invested a total of $4.3 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.
Sphere CEO Frank Craig said: “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 of Greenwood Way Capital said: “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.”