Funds will accelerate commercial activity and product development initiatives
Durham, NC: Cell Microsystems Inc, a developer and manufacturer of innovative products for single cell workflows, announced the closing of a $10 million financing from Telegraph Hill Partners (“THP”), a life science venture capital and growth equity firm based in San Francisco, CA.
The Company’s lead products, the CellRaft AIR® System and CellRaft Array consumables, enable multiple discovery and development applications across a range of single cell methodologies, including single cell isolation, CRISPR gene editing, ‘track and trace’ clonal propagation, genomics, stem cell propagation and programming, and development of novel cell lines and organoids. Cell Microsystems’ products have been purchased by leading academic, government, and pharma research organizations in the U.S. and Europe.
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.
A pillar of THP’s investment strategy is to partner with companies by providing capital and strategic guidance to innovate and expand. “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. “We found both with Telegraph Hill Partners.”
In the coming months, Cell Microsystems will add new hires in engineering, software systems, product applications, manufacturing, customer support, and commercial roles, significantly increasing headcount and capability across the Company.
“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. “We look forward to partnering with Gary and the Cell Microsystems team to accelerate commercial penetration into the market and drive advancements in the field of precision medicine.” Rob Capone, Alex Herzick, and Deval Lashkari from Telegraph Hill Partners will join Cell Microsystems’ Board concurrent with the financing.
Cell Microsystems has been funded to date by Carolina Kickstart, Kickstart Innovation Fellowship, NIH – Small Business Innovation Research program, North Carolina Department of Commerce, North Carolina Biotechnology Center, and NC IDEA.
About Telegraph Hill Partners: Telegraph Hill Partners, founded in 2001 and based in San Francisco, CA, invests in commercial stage life science, medical technology, and healthcare companies. For more information, please see www.telegraphhillpartners.com.
View the official press release.
