Rapid Micro Biosystems, Inc., a company developing innovative products for faster detection of microbial contamination, today announced that it has successfully raised $18.6 million in venture financing. Investors in the Series A round include Kleiner Perkins Caufield & Byers, TVM Capital, Quaker BioVentures, and VIMAC Milestone Medica Fund (VMM). Rapid Micro Biosystems will use the financing to expand its market presence and current product portfolio.
“We are very proud to have leaders in the venture investment community recognize the potential for Rapid Micro Biosystems’ commercial future,” says Steve Delity, President and CEO of Rapid Micro Biosystems. “Large pharma, biologics, and personal care product manufacturers have been searching for a faster, more effective solution for quality control which meets their strict regulatory compliance requirements. Our Company will change the way microbial testing is performed by replacing old art with 21st century technology. We look forward to helping the biopharmaceutical and personal care industries improve quality, safety and costs in their product supply chains by expanding our product offering and growing our presence in the U.S., Europe, and ultimately worldwide.”
“Rapid Micro Biosystems delivers unmatched value to its customers through rapid microbial contamination testing and has the opportunity to capitalize on a significant unmet need in the marketplace” says Dr. Thomas P. Monath, Partner, Kleiner Perkins Caufield & Byers. “The combination of a unique, high-throughput technologyaddressing a large market demand, and an outstanding management team with a proven track record, create a recipe for commercial success.”
The Growth DirectTM System, the lead product of Rapid Micro Biosystems, greatly reduces microbial contamination testing time by using proprietary digital imaging technology to replace detection by the human eye. The system delivers high throughput analysis with its proprietary consumable Growth CassettesTM and automates otherwise error-prone manual steps. The resulting time savings and quality improvements reduce product loss, inventory carrying costs, plant shut-downs, and labor, while contributing to significant cost savings and better manufacturing margins. The Growth Direct System was commercialized in 2008 and is currently available in the United States and Europe, where units have been sold to major pharmaceutical companies.
As part of the agreement, Monath of Kleiner Perkins Caufield & Byers; Dr. Jens W. Eckstein, General Partner at TVM Capital; and Richard Kollender, Partner at Quaker BioVentures, will join the Company’s Board of Directors, along with Delity and Don Straus, the Company’s founder and inventor of the technology. Ferghana Partners acted as the financial advisor to Rapid Micro Biosystems during this transaction.