Early stage, Cambridge based, life science company, Sphere Fluidics, has closed a £1.6m funding round which included a £133k investment by a syndicate of London Business Angels and its EIS Approved Roundtable Syndicate Fund 2012.

The company is commercialising a highly innovative single cell analysis technology which can accelerate new bio-pharmaceutical discovery, generate stem cell therapies and enable novel studies on single cell diseases such as cancer. This picodroplet technology, using a microfluidic chip, can perform up to eight million single cell tests per day and has already been used by a number of Blue Chip clients. This new round of substantial funding will enable the company to expand its management resources, relocate to a new facility and accelerate sales growth.

Frank Craig, Sphere Fluidics CEO, comments, “We are very pleased to close this round as it gives us the resources to fully develop our business. The London Business Angels were one of the first angel groups we contacted. They were excellent at helping us polish our investment proposition and were key early members of our angel syndicate. I am excited about further applying our exciting technology to the Life Sciences markets and accelerating its commercialisation”.

Anthony Clarke, London Business Angels CEO, comments, “Sphere Fluidics, led by a highly experienced management team, is commercialising a ground-breaking technology in the single cell analysis sector which has the potential for explosive growth. I am delighted that a group of LBA investors as well as our LBA EIS Approved Roundtable Syndicate Fund 2012 has been able to participate in the round alongside existing renowned institutional early stage investors such as the Royal Society Enterprise Fund who continue to show their support to the company. The company is now well-placed to exploit the potential of its technology and continue to build its relationships with a range of blue-chip customers. My congratulations to Frank and his team.”