Gyros, the Swedish startup that uses compact disc technology to design round microfluidics chips, has raised $29.5 million or 309 million krona in a series B round of financing.
The financing will be used to “continue commercialization” of Gyros’ technology and “ramp up” product development, according to Maris Hartmanis, the company’s CEO.
Gyros, an Uppsala-based spinoff of Amersham Pharmacia Biotech (now Amersham Biosciences) founded in 2000, has leveraged 10 years of AP Biotech research to develop what it calls “microlaboratories,” microfluidics devices that perform sample preparation and other steps of the experiment automatically, and allows hundreds of simultaneous analyses to be performed in parallel. The round shape of the devices allow minute samples to be distributed along a channel as the chip is spun.
The company began developing microfluidics-based protein chips in partnership with Affibody, of Stockholm in May.
The investors included 3i, the Swedish Industrial Development Fund, InnovationsKapital, and H&B Capital. In addition, existing investors such as Investor AB, the National Pension Insurance Fund, Karolinska Investment Fund, HealthCap, and the Swedish Union of Clerical and Technical Employees in Industry, have increased their contributions.
The company also said that Ron Long, a former CEO of Amersham Biosciences, would be invited to join Gyros’ board of directors.