And $10 million comes from the San Francisco-based venture capital and growth equity firm Telegraph Hill Partners, who announced the closing of the funding on their website on Nov. 15.
The company, which is based in Durham, has two lead products, the CellRaft AIR® System and CytoSort® consumables.
“Our Company was looking for a significant investment and a partner who would provide us with strategic guidance to grow our business,” said Gary Pace, CEO at Cell Microsystems, in the THP statement. “We found both with Telegraph Hill Partners.”
According to the statement, the company will allocate its funds to accelerate commercial activity and its product development, as the statement reads “Funding from THP will be used to accelerate commercial activity, develop new products, and expand the applications for single cell characterization and isolation on the Company’s platforms.”
The company plans to hire and expand its workforce significantly, according to the statement, including roles in engineering, manufacturing, and customer support.
“Cell Microsystems’ CellRaft technology is an innovative, enabling platform for the high-growth single cell analysis market,” said Rob Capone, Venture Partner at Telegraph Hill Partners.
Rob Capone, Alex Herzick, and Deval Lashkari from Telegraph Hill Partners will join Cell Microsystems’ Board concurrent with the financing.
According to the statement, the company has received funding from Carolina Kickstart, Kickstart Innovation Fellowship, NIH – Small Business Innovation Research program, North Carolina Department of Commerce, North Carolina Biotechnology Center, and NC IDEA.
The company raised $1.85 million in 2019.
Original Source: WRAL TechWire