MENLO PARK, Calif., June 15 /PRNewswire/ -- Aria Biosystems Corporation, a life sciences company providing tools for the detection and analysis of biomolecules and their interactions, today announced it has secured $5.5 million in its first venture capital round co-led by Alloy Ventures and Latterell Venture Partners. Also participating in the financing were Agilent Ventures and Versant Ventures.
"We are pleased to welcome an outstanding group of life sciences investors that supports and appreciates both our technology and our business model," stated Winnie H. Wan, Ph.D., chief executive officer of Aria Biosystems. "This financing allows us to complete the development of our first product and to advance our next two products."
Aria Biosystems' analytical tools are designed using optical fiber based sensors that are self-calibrating and capable of measuring molecular binding kinetics and concentrations in real-time. Most importantly, the measurements are completed in a much simpler, faster and more cost effective manner than conventional methods. In fact, an entire analysis can be completed within minutes, does not require labeling of either probe or target and does not require specially trained personnel to operate.
"We are impressed with the robustness and simplicity of Aria Biosystems' proprietary systems, which are in part adapted from the telecommunications industry," commented Craig Taylor, General Partner, Alloy Ventures. "The market opportunity for their products -- with applications in biopharmaceutical research, development, and process development -- is quite large."
"We are very excited to participate in the startup financing for such a promising company," remarked Pat Latterell, General Partner, Latterell Venture Partners. "Aria Biosystems represents a unique opportunity to invest in a company with an outstanding portfolio of products in development, strong intellectual property in place, and a founding team of seasoned industry veterans."
In addition to Dr. Wan, other members of the founding team include Hong Tan, Ph.D., president and chief technical officer; Dave Hoyt, chief financial officer; and Bob Zuk, vice president of development.
Board of Directors
Joining Dr. Wan and Dr. Tan on the Board of Directors are Craig Taylor, General Partner of Alloy Ventures; James Woody, M.D., Ph.D., Venture Partner of Latterell Venture Partners; and Deborah Neff, President and CEO of Predicant Biosciences, Inc., and former Worldwide President of BD Biosciences.
About Aria Biosystems Corporation
Aria Biosystems, located in Menlo Park, Calif., is developing and commercializing tools to make the detection and analysis of biomolecules simpler, faster and more cost effectively than conventional methods. The core of the Aria technology is a disposable fiber optic sensor adapted from the telecommunications industry and used in combination with various bioassay technologies. The use of fiber optics enables Aria's sensors to be small and readily configured to meet the bioanalytical needs of its customers.
About Alloy Ventures
Alloy Ventures is focused on early-stage investing in life science and information technology companies. Some of the life science companies that the team at Alloy have participated in include: Affymetrix (AFFX), Applied Biosystems (ABI), Adeza, BioMetric Imaging (acquired by Beckton Dickinson, BDX), CV Therapeutics (CVTX), Favril, Fusion (acquired by Baxter, BAX), Galileo Pharmaceuticals, Lynx (LYNX), Molecular Dynamics (acquired by Amersham, AHM), Pharmacyclics (PCYC), and Zyomyx. For more information please visit http://www.alloyventures.com/ .
About Latterell Venture Partners
Latterell Venture Partners is a San Francisco based venture capital firm specializing in creating and financing new startups developing innovative biotechnology and medical device products. The LVP team members have a long history of building successful new biomedical companies from the earliest stages, including significant participation with PerSeptive Biosystems, Sepracor, Applied Biosystems, Genentech, and Centocor, among many others. For more information please visit http://www.lvpcapital.com/ .
About Versant Ventures
Founded in 1999, Versant Ventures is a leading healthcare venture capital firm that currently manages $680 million in committed capital. Since its formation, Versant has invested in more than 50 companies in the Medical Device, Biotech, Healthcare Services and Healthcare Information Technology sectors. The Versant team of twelve investment professionals located in Menlo Park and Newport Beach bring together more than 175 years of combined experience and success as venture capitalists and entrepreneurs. Versant invests in early-stage healthcare companies promising to be significant, long-term market leaders. For additional information, please visit http://www.versantventures.com/ .
About Agilent Ventures
Agilent Ventures is a business unit of Agilent Technologies Inc. dedicated to investing globally in groundbreaking, privately held, early-stage technology companies. Additional information about Agilent Ventures is available at http://www.agilentventures.com/ .
Contact: Winnie H. Wan, Ph.D., Chief Executive Officer of Aria Biosystems Corporation, +1-650-322-1360 ext. 111, or winnie.wan@ariabiosystems.com
SOURCE Aria Biosystems Corporation.
CONTACT: Winnie H. Wan, Ph.D., Chief Executive Officer of AriaBiosystems Corporation, +1-650-322-1360 ext. 111, orwinnie.wan@ariabiosystems.com
Web site: http://www.alloyventures.com/
Web site: http://www.lvpcapital.com/
Web site: http://www.versantventures.com/
Web site: http://www.agilentventures.com/
Web site: http://www.ariabiosystems.com/