CYTOO Raises 10 M$ (7M€) in Series C Round
Released on: November 24, 2011, 6:27 am
Author:
CYTOO SA, François Chatelain
Industry:
Biotech
Grenoble, France CYTOO SA, a company that specializes in cell-based assays, is pleased to announce the closing of a series C funding round of USD 10M (EUR 7M). New investors, Sham and Entrepreneurs Fund (EF), led the round. Existing investors AURIGA Partners and Jacques Lewiner, co-founder and president of the supervisory board at CYTOO, also participated.
CYTOO will use the financing to fully exploit its fast growing
business within the global market of cellbased assays and screening,
and bring the company up to profitability. Having the potential to lead
the next innovation wave in cell-based drug discovery and in vitro
toxicology, CYTOO is already on the radar screen of several key
industrial actors.
“We are very excited about joining CYTOO as it enters a new phase in its
development,” says Olivier Szymkowiak, Chief Investment Officer at Sham. “There is
an exceptional opportunity for CYTOO to revolutionize the cell culture for low and
high throughput applications,” added Maciek Drozdz, Investment Manager at EF and
future Supervisory Board member.
Leveraging its exclusive technology of adhesive micropatterning, CYTOO’s products
and services bring robustness, sensitivity and powerful quantification to cell-based
assays, high content analysis and cell screening for the life science research
market.
CYTOO holds an exclusive worldwide license from the Institut Curie and the CNRS (The
French national scientific research center) for the adhesive micropattern patent
portfolio, as well as license agreements with Harvard University (USA) and CEA, the
largest government-funded technological research organization in France.
“This funding represents a strong achievement in the young history of CYTOO: the
company has now the financial means for turning its technological advantage into a
commercial success. A shift that the company has already initiated with the
commitment of existing investors and our support through the expertise of Jacques
Mallet, partner at Auriga Partners” added Franck Lescure, partner at Auriga Partners
and member of the supervisory board at CYTOO.
François Chatelain, CEO of CYTOO, commented: “I am excited to lead the company and
thrilled to close our series C financing round with a renowned international venture
capital investors syndicate. We are welcoming Entrepreneurs Fund and Sham who bring
their high level experience in building up successful biotech and medtech companies,
we are also pleased with the continued commitment of our historical investors. Together we are looking to move our business and technology onto the next level of
growth.”
CYTOO was advised for its capital raising by Silver Ocean Ventures' Managing
Partner Dr John Tchelingerian.
About Sham
Founded in 1927 by Hospital Directors, Sham is a Mutual Insurance Company
specializing in risk management of professionals in the health, social and
socio-medical sectors. Sham is the French leader in medical malpractice liability
insurance. Sham has assets worth 1.4 billion Euros. Although its investment
portfolio mainly consists of traditional investments vehicles (bonds, shares, real
estate, mutual funds, etc.), Sham also invests a significant portion of its assets
in innovative healthcare companies. www.sham.fr
About Entrepreneurs Fund
The Entrepreneurs Fund is the venture capital member of COFRA, a global,
family-controlled group of businesses. The Entrepreneurs Fund has €100 million under
management, which it invests in early stage and growth companies owning strong
technology/IP, with a focus on Europe. Sectors of interest include life sciences and
clean technology. The Entrepreneurs Fund is an active investor working closely with
outstanding management teams in developing their businesses.
www.entrepreneursfund.com
About Auriga
Auriga Partners is an independent venture capital firm based in Paris, France. It
invests in innovative, high potential ventures in information & communication
technology and life science at the seed or early development stage in Europe, North
America and Israel. Auriga Partners manages three funds totaling over €330 million.
As well as investing the necessary capital, Auriga Partners also provides its
portfolio companies with its know-how in developing and solidifying executive teams,
structuring
companies, broadening their networks and forming strategic & corporate alliances.
www.aurigapartners.com
About CYTOO
CYTOO is a distinctive Life Sciences Systems/Tools enabling company that currently
offers a disruptive solution that brings robustness, sensitivity and powerful
quantification to cell-based assays and High Content Screening (HCS). The technology
offers exquisite control over the cells’ microenvironment, leading to normalized
cell morphology and behavior. CYTOO is engaged in developing, manufacturing and
commercializing innovative products to the Life Sciences research community
(industry and academia). The company has tailored a portfolio of innovative products
using its proprietary cell adhesive micropattern technologies to target first its
fast growing High Content Screening and Analysis segment within the large cell
biology market.
www.cytoo.com
Contact Details: François Chatelain
CEO, CYTOO SA
+33(0)4 38 88 47 05
www.cytoo.com
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