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Protein Discovery Raises $10M in VC Funding

NEW YORK (GenomeWeb News) – Protein Discovery today said that it has raised $10 million through a Series C round of equity financing.
 
The Knoxville, Tenn.-based firm is developing the Passport 1200 Sample Prep System for mass spectrometry applications. It said the funds raised in this round would support “market entry activities” of the Passport system.
 
"There's still too much 'artistry' involved in conventional methods of sample preparation for mass spectrometry," Chuck Witkowski, president and CEO of Protein Discovery, said in a statement. "By directing our efforts toward simplifying the process, we aim to allow mass spectrometry to grow steadily into exciting high-volume clinical applications.”
 
Santé Ventures, and Austin, Texas-based venture capital firm formed in 2006, led the Series C round. Other investors included Memphis Biomed Ventures, the Southern Appalachian Fund, and the Nashville Capital Network.
 
Kevin Lalande, managing director of Santé Ventures, will join Protein Discovery’s board of directors.

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