Rapid Micro Biosystems announced that it has raised $32.6 million in series B financing. The funding will be used to expand the commercial and manufacturing operations in support of the Growth DirectTM System and the companion applications including: environmental monitoring, sterility and bioburden testing. Providing faster results from quality control testing allows drugs to be produced and released more quickly, economically and safely.
Longitude Capital and TPG Biotech led this financing round with continued participation from Kleiner Perkins Caufield & Byers, TVM Capital and Quaker Partners. Dr. Mark Braganza, Principal at TPG Biotech and Dr. David Hirsch, Managing Director at Longitude Capital will be joining the Rapid Micro Biosystems’ board of directors.
“We are excited to be part of a company that offers such a compelling value proposition—both in automation and testing speed—to pharmaceutical, biotech and personal care product companies,” said Dr. Braganza.
“The Growth DirectTM system offers an innovative approach to microbial detection and enumeration, allowing quality control microbiologists to focus on higher value activities,” said Dr. Hirsch. “We are pleased to play a role in their expansion.”
The Growth DirectTM is the only system on the market where all the applications can be run both concurrently and automatically on a single instrument. The system provides results 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 DirectTM delivers exceptional enhancements to productivity, faster response time and reduction in errors.
“These unique capabilities provide an attractive return on investment for our customers and getting drugs to market faster ultimately benefits patients,” said Steve Delity, President and CEO. “Our new investment partners, along with our current investors, position Rapid Micro Biosystems to meet the customer requirements for automated microbial detection and enumeration.”