By Jennifer Chiou
New York, July 25 - Labcyte Inc. said it closed on $21 million in series C financing led by Cross Atlantic Partners.
Investors also included Hambrecht & Quist Capital Management LLC, Bay Area Equity Fund, Abingworth Management, Alloy Ventures, Delphi Ventures and the Sprout Group.
The Sunnyvale, Calif., company also said Sandra Panem of Cross Atlantic Partners will join its board.
"We are very pleased to bring additional high quality investors into Labcyte and anticipate their assistance in accelerating commercialization of our technology," chief executive officer Elaine J. Heron said in a news release.
Labcyte said it will use these funds to expand its low-volume liquid and plate handling business.
Remaining proceeds will go towards marketing the Echo 380 auditor, which allows rapid determination of solution volume and water content in compound collections, and to continue commercializing the company's technology in genomics and proteomics.
The company has marketed its Echo 550 compound reformatter, which transfers library compounds directly into assay plates and eliminates the need for tips, washing and intermediate dilutions.
| Issuer: | Labcyte Inc.
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| Issue: | Preferred stock
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| Amount: | $21 million
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| Round: | Series C
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| Investors: | Cross Atlantic Partners (lead), Hambrecht & Quist Capital Management LLC, Bay Area Equity Fund, Abingworth Management, Alloy Ventures, Delphi Ventures, Sprout Group.
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| Announcement date: | July 25
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