Royal Society Enterprise Fund portfolio company Sphere Fluidics closes £1.6 million investment round
01 March 2013
Sphere Fluidics, an early-stage, Cambridge-based company focussing on developing novel products and services for single cell analysis, has just completed a £1.6 million investment round.
The investment syndicate was led by 24Haymarket and included the Royal Society Enterprise Fund, Cambridge Enterprise Limited, Providence Investment Company Limited, University of Cambridge Enterprise Fund, the London Business Angels Roundtable EIS Fund and a number of individual angels from London (including members of the London Business Angels) and Cambridge.
Sphere Fluidics Limited is a growing Life Sciences company, based on technology originating from the Chemistry Department of Cambridge University. The company has now fully developed this technology into a novel platform for single cell analysis and characterisation that enables the discovery and development of new biopharmaceuticals and cell therapies and novel ways to study single cell diseases, such as cancer.
Sphere Fluidics has patented novel biochip systems that automatically process millions of miniaturised (picolitre to nanolitre) tests in picodroplets enabling the discovery of the one in a million cells or molecules that could be the next pharmaceutical industry “blockbuster”.
Andrew Mackintosh, Chairman of Sphere Fluidics and Chief Executive of the Royal Society Enterprise Fund, comments:
“Sphere Fluidics is exactly the sort of early-stage, high-potential company that the Royal Society Enterprise Fund was set up to support. The business is an outstanding example of the successful translation of excellent science into commercial potential. I am delighted that such a strong network of business angels are supporting the company, bringing not only funding but extensive business experience and contacts."
Ian Gray, a member of 24Haymarket and a new Company Director of Sphere Fluidics, says:
“24Haymarket are delighted to participate in the next phase of the Company's growth. This growth will be based on the foundations of world-class science and strong focused management, and will result from sales to and collaborations with innovative forward thinking customers and contacts."
Anne Dobrée, Head of the University of Cambridge Enterprise Fund, states:
“Sphere Fluidics is a company with enormous potential. We are very pleased to make another investment from the University of Cambridge Enterprise Fund in order to support the Sphere Fluidics’ team and their technology.”
Frank Craig, Sphere Fluidics’ CEO, comments:
“We are very pleased to close this round as it gives us the resources to fully develop our business. There was strong interest in the company and we were pleased to welcome 24Haymarket into an impressive syndicate of investors. I am excited about further applying our exciting technology to major Life Sciences markets and accelerating its commercialisation”.