BEDFORD, MA -- (Marketwired) -- 04/15/14 -- Rapid Micro Biosystems, a leading provider of automated, non-destructive, rapid microbial detection for quality control testing of pharmaceutical and personal care products, today announced that it closed on additional funding from its existing investors on April 1, 2014. The funding will be used to expand the commercial and manufacturing operations in support of the Growth Direct System and the companion applications including: environmental monitoring, sterility and bioburden testing. Providing faster results from quality control testing allows drugs and vaccines to be produced and released more quickly, economically and safely.
This financing round featured continued participation from the existing investors; Kleiner Perkins Caufield & Byers, Longitude Capital, Quaker Partners, TPG Biotech, and TVM Capital.
"Securing the additional funding allows the company to implement our commercialization plans which will support our customers' global adoption of the Growth Direct technology," said Steve Delity, President and CEO.
Growth Direct is the only system on the market where all microbial testing can be run both concurrently and automatically on a single instrument. The system provides detection of microbial contaminants starting within just hours; sending problem alerts so that decision-making and remedial action can start immediately. Leveraging an already proven detection technology, the Growth Direct System delivers exceptional enhancements to productivity, faster response time and reduction in errors.
"The investor group sees the tremendous impact the Growth Direct System will have in the market and with the imminent launch of the product line is pleased to invest additional funding to expand operations," said Richard S. Kollender - Board Member and Partner at Quaker Partners.
About Rapid Micro Biosystems:
Rapid Micro Biosystems delivers the Growth Direct System, an automated, non-destructive, rapid detection and enumeration technology based on the compendial method for microbial quality control in pharmaceutical manufacturing. The system automates and accelerates detection and enumeration in the areas of sterility testing, environmental monitoring, and bioburden testing, eliminating manual steps and analysis. Rapid Micro Biosystems' proprietary technology, based on the detection of natural auto-fluorescence, was invented by the company's founder, Don Straus Ph.D. For more information about Rapid Micro Biosystems or to register for an upcoming workshop, visit www.rapidmicrobio.com.
About Kleiner Perkins Caufield and Byers:
Since its founding in 1972, Kleiner Perkins Caufield & Byers (KPCB) has backed entrepreneurs in over 500 ventures, including AOL, Amazon.com, Citrix, Compaq Computer, Electronic Arts, Genentech, Genomic Health, Google, Intuit, Juniper Networks, Netscape, Lotus, Sun Microsystems, Symantec, Verisign and Xilinx. KPCB portfolio companies employ more than 250,000 people. More than 150 of the firm's portfolio companies have gone public. Many other ventures have achieved success through mergers and acquisitions. KPCB has over $6 billion under management and is in its 15th fund. The firm has offices in Menlo Park, California; Beijing, China; and Shanghai, China. www.kpcb.com
About Longitude Capital:
Longitude Capital is a private equity investment firm that focuses on venture growth investments in drug development and medical technology. The firm builds balanced portfolios of mid-stage to commercial-stage companies with clinically de-risked assets that are likely to achieve key value-creating milestones within three-to-five years. Founded in 2006, Longitude Capital operates bi-coastally with offices in Menlo Park, CA and Greenwich, CT. Longitude Capital has over $700 million in assets under management, and most recently raised $385 million for its second fund, Longitude Venture Partners II, L.P., in 2012. www.longitudecapital.com
About Quaker Partners:
Quaker Partners is an East Coast-focused healthcare investment firm. The funds they manage pursue a venture capital and growth strategy, leading equity investments in healthcare companies at all stages of development. Quaker's industry expertise includes pharmaceuticals, biotechnology, healthcare services, and medical technologies such as devices, tools and human diagnostics. Since its founding in 2002, Quaker has invested in dozens of innovative, high impact healthcare companies. Quaker manages over $700 million in committed capital, and is currently investing its second fund. www.quakerpartners.com
About TPG Biotech:
TPG Biotech is part of the growth equity and venture investment platform of TPG, the global private investment firm. With more than $1.3 billion under management, TPG Biotech targets investments in pharmaceutical discovery and development, diagnostics, healthcare and pharmaceutical services, life sciences, as well as industrial applications of biotechnology. www.tpgbiotech.com
About TVM Capital Life Science:
TVM Capital is a group of globally acting venture capital and private equity firms with an operating track record of 30 years, more than 125 investments in the life science and healthcare industry, resulting in 45 IPOs from this portfolio. The firm's focus is on innovative products and technologies in the European and U.S. biopharmaceutical and medical device markets, as well as healthcare services in the Middle East and India. TVM Capital funds operate globally with dedicated Life Science venture capital funds advised by group members TVM Life Science Management in Montreal, TVM Capital in Munich, and its healthcare private equity fund managed by TVM Capital Healthcare Partners out of Dubai. www.tvm-capital.com