By Kimberly N. Alleyne
Stroudsburg, Pa., Sept. 6 - SpinX Technologies announced Tuesday it has secured €10 million in a series B financing. The funds raised will support the further development and initial commercialization of SpinX's programmable microfluidics platform to perform biological assays.
The round was led by Bio Fund Management, with equal participation from seed and series A investor Index Ventures, as well as from Auriga Partners and DFJ ePlanet Ventures. The CERN Pension Fund also participated in the financing.
"We are delighted with the confidence placed in us by the new investors and by the unwavering support from our existing investor for our mission to transform the instrumentation for biological assays," said Bart Van de Vyver, founder of SpinX and head of corporate development, in a news release.
As part of the financing, Seppo Makinen, senior partner of Bio Fund Management, and Philippe Peltier, partner of Auriga Partners, will become directors.
SpinX Technologies is a Geneva-based company that is developing a programmable lab-on-a-chip platform for applications ranging from drug discovery to consumer diagnostics.
| Issuer: | SpinX Technologies
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| Issue: | Product development financing
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| Round: | B
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| Amount: | €10 million, $12.5 million
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| Investors: | Bio Fund Management (lead), Index Ventures, Auriga Partners, DFJ ePlanet Ventures, and CERN Pension Fund
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| Announcement date: | Sept. 6
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