NEW YORK – Flow cytometry startup BennuBio has closed on $5 million of a $7 million Series B financing round, which it plans to use to expand commercial efforts, accelerate development of new features for its initial product, and develop additional complementary products.
The funding round was led by new investor Co-Win Ventures, with additional investment by existing investors Tramway Partners, Cottonwood Technology Fund, and Sun Mountain Capital. Xin Huang, managing partner at Co-Win Ventures, will also join BennuBio's board of directors.
Albuquerque, New Mexico-based BennuBio is developing its VeloCyt flow cytometer platform, which uses acoustic technology to measures cellular properties, model tissue systems, small organisms, and other particles. The firm believes that VeloCyt's properties will allow rare cell detection for numerous diseases and rapid discovery of new pharmaceuticals for cancer treatment and other diseases.
In addition to VeloCyt, BennuBio said that it is developing products for rare cell sorting and 3D tissue model generation for disease research.
"We believe BennuBio's innovative cell and particle analysis platform will play an important role in high-growth research markets throughout the life sciences and potential clinical applications," Huang said in a statement.