RESEARCH TRIANGLE PARK – Durham-based Cell Microsystems has received $10 million in financing from life science and venture capital firm Telegraph Hill Partners.
The company will use the funding to accelerate commercial activity, develop new products and expand single-cell characterization and isolation on its CellRaft platforms.
The investment also sets the stage for new hires in engineering, software systems, product applications, manufacturing, customer support and commercial roles.
CytoSort Arrays above. — Cell Microsystems photos
“Our company was looking for a significant investment and a partner who would provide us with strategic guidance to grow our company,” said CEO Gary Pace. “We found both with Telegraph Hill Partners.”
The company’s CellRaft AIR system and CytoSort 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 and programming.
Nancy Albritton developed the CellRaft technology at that University of North Carolina at Chapel Hill. Albritton, along with Chris Sims and Yuli Wang, spun Cell Microsystems out of the university in 2010 to commercialize product applications for the technology. The first system prototype hit the market in 2017.
The North Carolina Biotechnology Center provided the company a $30,000 loan in 2012, two $250,000 loans (one in 2018 and the other in 2020), and a $3,000 award for an industrial intern in 2013.
In addition to support from NCBiotech and Telegraph Hill Partners, Cell Microsystems has received funding from Carolina Kickstart, Kickstart Innovation Fellowship, NIH Small Business Innovation Research Grants, N.C. Department of Commerce and NC IDEA.
