Sphere Fluidics, a University of Cambridge life sciences spin-out, has received £1.6m ($2.5m) in a series A round led by private equity firm 24Haymarket and joined by the Royal Society and the University of Cambridge.
Also backing the round were Cambridge Enterprise Limited, Providence Investment Company Limited, the London Business Angels Roundtable EIS Fund, and a number of independent angel backers.
It was the first venture round for Sphere Fluidics.
The Cambridge-based life sciences firm specialises in the analysis and detection of single cells and their biomolecules. Sphere’s technology enables, amongst other things, the study of the mechanism that causes chemotherapy resistance in cancerous cells.
Andrew Mackintosh , chairman of Sphere Fluidics and the former chief executive officer (CEO) of a number of Oxford and Cambridge spin-outs including Oxford’s first spin-out, Oxford Instruments, is also the CEO of the Royal Society Enterprise Fund.
He said: “Sphere Fluidics is exactly the sort of early-stage, high-potential company that the Royal Society Enterprise Fund was set up to support. The business is an outstanding example of the successful translation of excellent science into commercial potential. I am delighted that such a strong network of business angels is supporting the company, bringing not only funding but extensive business experience and contacts.”
Frank Craig, Sphere Fluidics’ CEO, also commented on the deal: “We are very pleased to close this round as it gives us the resources to further develop our business. There was strong interest in the company and we were pleased to welcome 24Haymarket into an impressive syndicate of investors. I am excited about further applying our exciting technology to major Life Sciences markets and accelerating its commercialisation.”
