NEW YORK – Life science company RareCyte said on Thursday that it completed $24 million in financing from both new and existing investors.
Arboretum Ventures led the financing, along with several other new investors, including F-Prime Capital, Logos Capital, and Agilent Technologies. Existing investors HealthQuest Capital, 5AM Ventures, and RareCyte founder Ron Seubert also participated.
RareCyte anticipates that the financing will help further develop its proprietary Orion Spatial Biology platform, designed for high-resolution spatial analysis of tissue samples.
The platform shipped to early adopter sites last year and the company stated that it is increasing production at its Seattle headquarters.
"We are thrilled to have Arboretum Ventures lead this new funding round," Joe Victor, RareCyte's president and CEO, said in a statement.
"This funding will allow RareCyte to fast-track important new applications and capabilities for our Orion spatial biology platform," he added, "and accelerate the expansion of global sales and marketing channels for all of our products including our latest tissue and liquid biopsy applications."