Sofie raises $5m

California-based biotech Sofie Biosciences has raised $5m in series A in a round led by multinational conglomerate Tata Industries.

Joining the round in the UC Los Angeles and Caltech joint spin-out were existing backers MRM Capital and the Cycad Group, which participated in a $2m seed round in 2010. The latest financing bring the total venture support in Sofie to $7m.

The biotech plans to use the funds to support development of its molecular imaging technologies with an eye to reduce both the cost and complexity.

Patrick Phelps, chief executive at Sofie, said: “Closing the Series A is an important milestone for SOFIE. It will augment revenue from our growing instrument business, as well as funds brought in by grants and contracts, including $1.8M awarded this month by the NIMH. Together, these will enable the team to accelerate and expand SOFIE’s product pipeline.”