Microchip Biotechnologies, Inc. Raises $18.1M in Series B Financing
PLEASANTON, Calif., Nov. 12 /PRNewswire/ -- Microchip Biotechnologies, Inc. (MBI), a provider of integrated life science systems for microsample preparation and analysis, today announced an $18.1M close of its Series B financing. The capital will fund the commercialization of the Apollo 100 System, a sample preparation system for Sanger DNA cycle sequencing, and the development of the Apollo platform for the rapidly growing Next-Generation Sequencing market and for emerging markets in DNA-based human identification and forensics.
The Series B financing was led by Domain Associates with Samsung Ventures, Western Technology Investment Inc. (WTI), and other individual investors also joining as new investors. The previous investors, Rona Syndicates LLC and In-Q-Tel, both participated in the round.
"The MBI team has tremendous depth in systems integration. This expertise, combined with MBI's MOVe(TM) technology, will allow life science products to be integrated in ways never before possible, bringing enabling new solutions to exciting growth markets," said Dr. Jim Blair, Partner at Domain Associates. Bill Byun, Managing Director Samsung Ventures America stated, "Samsung Ventures was impressed by the advanced technical progress at MBI" and sees the company at a commercial inflexion point as they commence shipping their first products.
In connection with this financing, Dr. Blair, Domain Associates LLC and Mr. Bill Byun, Samsung Ventures America, will join MBI's Board. "I am delighted to welcome Jim Blair and Bill Byun to the Board. They add significant depth and experience to the team. Jim Blair brings 30 years experience in building successful life science companies, helping them go from early concepts to market leadership positions. Bill Byun has deep experience in sales, marketing and business models from the microelectronics industry," said Dr. Stevan Jovanovich, President and CEO of MBI.
About Microchip Biotechnologies Inc.
Microchip Biotechnologies, Inc. (MBI) headquartered in Pleasanton, CA, is a venture-backed, privately held company that has developed and is producing superior sample processing systems for life sciences, applied sciences, and diagnostics markets. The company's products are based on the Apollo next-generation fluidics technology platform that integrates advanced fluidics and analytical capabilities to produce sample-to-answer performance for DNA and RNA sequencing, DNA-based forensics and human identity (HID) testing, biodefense, as well as molecular diagnostics applications. The company's first product, the Apollo 100 System, enables customers to significantly reduce an expensive and time-consuming sample preparation bottleneck within Sanger cycle sequencing with a fully automated laboratory workflow and bead-based cleanup procedure. The efficiency of the Apollo 100 process dramatically reduces the use of expensive sequencing reagents.
For more details about MBI, its technologies and products visit http://www.microchipbiotech.com.
Contact:
Howard D. Goldstein Microchip Biotechnologies Inc. 5720 Stoneridge Drive, Suite 300 Pleasanton, CA 94568 925-701-3481 howard.goldstein@microchipbiotech.com