Cancer technology development company closes £1.6m funding round
Sphere Fluidics backed by London business Angels’ EIS structured fund
Cambridge-based life sciences firm Sphere Fluidics has secured a £1.6m investment from backers including London Business Angels.
Founded in 2010, Sphere Fluidics focuses on developing products for use in single cell analysis and is currently working on commercialising a technology to enable new studies on single cell diseases such as cancer and generate stem cell therapies.
The product, which can perform up to eight million single cell tests every day, has so far been used by a number of blue chip clients.
The investment, which includes £133,000 from London Business Angels’ Enterprise Investment Scheme (EIS) Approved Roundtable Syndicate Fund, will help the early-stage firm to increase its recruitment drive, boost sales growth and relocate to a new facility.
Frank Craig, Sphere Fluidics CEO commented: “We are very pleased to close this round as it gives us the resources to fully develop our business. I am excited about further applying our exciting technology to the life sciences markets and accelerating its commercialisation.”