Labcyte Inc. Closes $5.3 Million Financing
SUNNYVALE, Calif.--(BUSINESS WIRE)-- Labcyte Inc., a privately-held company advancing acoustic liquid handling, today announced it has closed a Series D financing led by the healthymagination fund, a part of GE Ventures. The $5.3 million round also included current Labcyte investors: Abingworth, Alloy Ventures, Cross Atlantic Partners, Delphi Ventures, H&Q Healthcare Investors (NYS: HQH) and H&Q Life Sciences Investors (NYS: HQL) .
Labcyte will use the investment to continue to expand its revolutionary liquid handling systems based on the use of acoustic energy to precisely and accurately transfer liquids. Combined with its automation platforms and novel software capabilities, Labcyte's award-winning products offer unsurpassed control over the steps that are the backbone of life science research, molecular medicine, drug discovery and diagnostic programs. Since acoustic dispensing transfers liquids without contact and eliminates the use of pipettes and their associated problems, data quality and reliability are significantly improved while costs are substantially reduced. The Labcyte system allows for the ability to transfer very low volumes of liquids, resulting in further cost savings by minimizing the use of reagents, while conserving precious samples. It also provides the capability to miniaturize assays and thereby increase productivity and through-put, enabling significant advances in a wide range of life science applications.
"Labcyte's acoustic liquid handling products are well-established globally, with customers including pharmaceutical, biotechnology, diagnostic and contract research companies along with academic institutions. Our systems are being employed to further personalized medicine with multiple applications in genomics, proteomics, diagnostics and cell health," said Mark Fischer-Colbrie, CEO and president of Labcyte. "Closing the funding will further enable us to add to our product lines and accelerate our growth."
The investment in Labcyte reflects GE's continuing interest in life science tools, medical diagnostics solutions and the growing area of personalized medicine. The healthymagination fund is the healthcare investing group of GE Ventures and part of GE's $6 billion healthymagination initiative, a global commitment to deliver better health to more people.
"We are very pleased to add GE to our investor group," said Fischer-Colbrie. "It's a reflection of the high level of interest in the current broad-based and future uses of acoustic dispensing and the continued rapid adoption of products that can have a dramatic impact in life science."
Rafael Torres, healthymagination fund leader, GE Ventures said, "Innovations and research platforms, like Labcyte, are vital to improving healthcare quality and affordability. We are excited to invest and support Labcyte, a company positioned to serve a rapidly growing market, as it expands the breadth of its product portfolio."
Labcyte, a global biotechnology tools company headquartered in Sunnyvale, California, is revolutionizing liquid handling. Echo® liquid handling systems use sound to precisely transfer liquids without contact eliminating the use of pipettes. Labcyte instruments are used worldwide throughout the pharmaceutical industry, biotechnology firms, contract research organizations and academic institutions. Our customers work across a wide spectrum of scientific research including drug discovery, genomics, proteomics, diagnostics, personalized medicine and imaging mass spectrometry. Labcyte has 62 global patents, along with additional filings. For more information, please visit www.labcyte.com.
GE (NYS: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and helping to cure the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
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