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Screening Technology Company IntelliCyt Raises $8M

NEW YORK (GenomeWeb News) – Screening technology firm IntelliCyt today said it raised $8 million in a financing round.

New investor Arboretum Ventures led the financing and was joined by existing investors Prolog Ventures, Verge Fund, and New Mexico Community Capital.

Tim Petersen and George Dunbar from Arboretum Ventures are joining IntelliCyt's board in connection to the financing, the Albuquerque, NM-based company said.

"We are seeing a significant acceleration in customer adoption and these funds will enable the company to expand our commercial efforts globally, grow manufacturing capacity, and expand our suite of reagent kits," IntelliCyt President and CEO R. Terry Dunlay said in a statement.

The company was founded in 2006 and develops high-throughput cell- and bead-based screening technologies. Its platform called the iQue Screener allows for microvolume sample delivery and rapid processing, the firm said.