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Sphere Fluidics Closes $4.8M Financing Round

NEW YORK (GenomeWeb) – Sphere Fluidics announced today that it has closed an additional tranche of $2.9 million in a funding round, securing a total of$4.8 million.

According to Sphere, it will use the funding for working capital for the Cyto-Mine single-cell analysis system, expansion of the UK facility, and to open a new US sales office and demo lab in California, thereby doubling the company's workforce. The Cyto-Mine system automates single-cell screening, sorting, imaging, and dispensing to speed biopharmaceutical discovery.

The funding round was led by Greenwood Way Capital, who invested a total of $4.3 million, as well as 24Haymarket Limited, and other individual investors.

Sphere Fluidics previously closed a $2 million investment round in January.

"Due to our oversubscribed investment round earlier this year, we decided to add on a second tranche to accommodate this additional interest," Sphere Fluidics CEO Frank Craig said in a statement. "We are currently recruiting and looking at prospective new facilities in the UK and California to support the growth of our commercial and scientific activities."