Sphere Fluidics, a Cambridge University life sciences spin-out, has secured the first tranche of a £2m ($3.4m) funding round. The initial sum, which remains undisclosed, comes via Parkwalk Advisors through the Cambridge University Enterprise Fund II and Parkwalk Fund IV.
Cambridge University previously invested in Sphere Fluidics in February 2013 through its Enterprise Fund I, as part of the company’s series A of £1.6m ($2.5m). The series A was led by 24Haymarket and also included the Royal Society.
Sphere Fluidics has licensed 10 patent families from Cambridge University and other institutions. Its core technology is protected by 51 patents, and has been developed with £2.3m ($3.9m) of equity and over £7m ($11.9m) of grants.
Sphere Fluidics has developed a new technology platform for single cell analysis and characterisation which enables the discovery and development of new biopharmaceuticals and cell therapies and novel ways to study diseases, such as cancer. The company’s technology is able to find that rare “one in a billion” molecule or cell type that could be an industry blockbuster much more efficiently. The technology is also highly miniaturised, offering significant cost-savings.
The company has already secured customers. It plans to raise this current round in order to fund development of novel instruments for wider sale.
