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Labcyte Closes $21M Financing; Aims to Expand Presence in Genomics and Proteomics

NEW YORK, July 25 (GenomeWeb News) - Labcyte, a privately held liquid-handling equipment provider, said today that it has closed a $21 million Series C round of financing.

 

Labcyte said that it will use the funds to "expand the commercial applications of [its] technology in genomics and proteomics."    

 

The company said that in addition to further developing its flagship Echo 550 acoustics-based liquid-handling platform and its Echo 380 auditor technology, it will use the financing to develop an instrument for preparing tissue samples for quantitative imaging by MALDI mass spectrometry that will provide "unique information about the spatial distribution of proteins in a tissue."

 

Labcyte also said it plans to apply its acoustic technologies in genomics and proteomics "by developing systems for small volume expression and mutation assays."

 

The financing round was led by Cross Atlantic Partners and included Hambrecht & Quist Capital Management, the Bay Area Equity Fund, and existing investors Abingworth Management, Alloy Ventures, Delphi Ventures, and the Sprout Group.

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